Homework Answers
Service revenue = $147000
Salary Expense = $87000
Net Income = Revenue - Expenses
= 147000 - 87000 = $60000
Hence, option A should be the right answer
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10. Listed below are the account balances of the Grahamm Corporation: Accounts Payable Cash Common Stock...
If you could explain/show how you came to your answer that would be great! Listed below...
If you could explain/show how you came to your answer that would be great! Listed below are the account balances of the Grahamm Corporation: Accounts Payable $ 75,000 Cash 100,000 Common Stock 200,000 Dividends 10,000 Land 170,000 Miscellaneous Expense 10,000 Service Revenue 147,000 Equipment 130,000 Note Payable due in 90 days 60,000 Long-Term Debt 15,000 Salary Expense 87,000 Net Income (Net Loss) is: A. $60,000 B. $40,000 C. ($18,000) D. $50,000
Listed below are the account balances of s of the Soloman Corporation: Accounts Payable Building Cash...
Listed below are the account balances of s of the Soloman Corporation: Accounts Payable Building Cash Common Stock Dividends Land Miscellaneous Expense Service Revenue Equipment Note Payable due in 60 days Long-Term Debt Salary Expense $ 63,000 190,000 88,000 150,000 5,000 160,000 3,000 250,000 35,000 125,000 13,000 120,000 ngol Total Assets are: a A. $473,000. B. $438,000. C. $248,000. 0 O D. $385,000.
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000 Inventory …………………… $40,000 Accounts receivable ………….. $40,000 Land ………………………... $100,000 Bonds payable, long-term …… $250,000 Goodwill ……………………. $10,000 Buildings ……………………….. $160,000 Retained earnings ………… $115,000 Cash ……………………………. $50,000 Sales revenue ……………... $500,000 Common stock ………………… $100,000 Supplies inventory ………… $5,000 Cost of goods sold ……………. $200,000 Supplies expense …………. $20,000 Equipment ……………………... $80,000 Wages expense …………… $100,000 What is Daniels Company’s net income for...
The records of Andy’s Games at December 31, 2017 showed the following account balances: Accounts payable...
The records of Andy’s Games at December 31, 2017 showed the following account balances: Accounts payable $12,000 Wages expense $60,000 Insurance expense 1,000 Advertising expense 10,000 Accounts receivable 19,000 Cash 15,000 Andy, capital, Jan 1, 2017 62,500 Equipment 25,000 Land 12,000 Maintenance expense 6,000 Notes payable 31,000 Revenues 130,000 Building 50,000 Interest expense 1,500 I n addition, Andy withdrew $36,000 during the year for personal expenses. Prepare in good form an Income Statement, Statement of Owner’s Equity, and Balance Sheet...
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net...
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Case A $310, 689 40,000 100,000 (50,000) (50,000) 60,000 Case B $ 15,000 150,000 (200,000) 35,000 120, (220,000) Case C $420,000 80,000 (20,000) 50,000 70,000 (40,000) Show the operating activities section of cash flows for each of the given cases. (Amounts to minus sign.) Case A...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000 Accounts Receivable 5,000 Accrued Expenses 15,000 Accumulated Depr. Equipment 5,000 Building 100,000 Capital Stock ####### Cash 50,000 Cost of Goods Sold 10,000 Equipment 50,000 Income Tax Payable 1,000 Land 50,000 Long Term Debt 75,000 Long Term Investments 100,000 Marketing Expenses 8,000 Merchandise Inventory 2,500 PrePaid Expenses 3,000 Rent Expenses ...
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of...
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of Goods Sold Depreciation Expense Dividend Revenue Discontinued Operations Loss Gain on sale of PP&E Interest Expense Interest Revenue Inventory Loss on Sale of Land Coffee Expense Salaries Expense Sales Sales Discount Sales Returns & Allowances 85,000 300.000 2,200,000 20.000 600.000 1,400,000 275,000 40,000 460,000 700,000 75,000 20,000 120,000 350,000 100,000 1,600,000 8,700,000 100,000 300,000 Tax Rate => 20% What is the second number of...
Calculate the accounts receivable turnover, average collection period (days), inventory turnover, fixed asset turnover, and total...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash InvestmentS Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (net of amortization) Accounts payable Notes pavable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $45,000 110,000 60,000 200,000 9,000 90,000 420,000 s 100,000 110,000 60,000 10,000 75,000 130,000 20,000 240,000 300,000 129,000 $1,054,000 $1,054,000 Additional information 1. The investment account includes...
Listed below are the account balances of s of the Soloman Corporation: Accounts Payable Building Cash Common Stock Dividends Land Miscellaneous Expense Service Revenue Equipment Note Payable due in 60 days Long-Term Debt Salary Expense $ 63,000 190,000 88,000 150,000 5,000 160,000 3,000 250,000 35,000 125,000 13,000 120,000 ngol Total Assets are: a A. $473,000. B. $438,000. C. $248,000. 0 O D. $385,000.
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Case A $310, 689 40,000 100,000 (50,000) (50,000) 60,000 Case B $ 15,000 150,000 (200,000) 35,000 120, (220,000) Case C $420,000 80,000 (20,000) 50,000 70,000 (40,000) Show the operating activities section of cash flows for each of the given cases. (Amounts to minus sign.) Case A...
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of Goods Sold Depreciation Expense Dividend Revenue Discontinued Operations Loss Gain on sale of PP&E Interest Expense Interest Revenue Inventory Loss on Sale of Land Coffee Expense Salaries Expense Sales Sales Discount Sales Returns & Allowances 85,000 300.000 2,200,000 20.000 600.000 1,400,000 275,000 40,000 460,000 700,000 75,000 20,000 120,000 350,000 100,000 1,600,000 8,700,000 100,000 300,000 Tax Rate => 20% What is the second number of...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash InvestmentS Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (net of amortization) Accounts payable Notes pavable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $45,000 110,000 60,000 200,000 9,000 90,000 420,000 s 100,000 110,000 60,000 10,000 75,000 130,000 20,000 240,000 300,000 129,000 $1,054,000 $1,054,000 Additional information 1. The investment account includes...
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