Homework Answers
Calculate net income
| Revenues | 106000 |
| Salaries expense | -14000 |
| Utilities expense | -12000 |
| Advertising expense | -10000 |
| Net income | 70000 |
Ending balance in retained earnings = Beginning balance+Net income-Dividend = 0+70000-8000 = 62000
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I can't figure this one out.
Land Common Stock $53,000 $56,000 What are total assets at...
I can't figure out the Return on Equity. I took net sales / avg stockholders equity...
I can't figure out the Return on Equity. I took net sales / avg
stockholders equity but everything i have tried has been wrong
VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $3,016,000 1,946,000 1,070,000 Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $854,000 27,000 7,600 13,000 44,000 Total expenses 945,600 Net income $ 124,400 VIRTUAL GAMING SYSTEMS Balance Sheets December...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
Examples of liabilities include: A. accounts payable and long - term debt. O B. accounts payable...
Examples of liabilities include: A. accounts payable and long - term debt. O B. accounts payable and dividends. O C. investments and note payable. O D. accounts payable and common stock. A net loss occurs when: O A. total revenues and dividends exceed total expenses and losses. B. total revenues exceed total expenses. O C. total expenses and losses exceed total revenues and gains. O D. not enough cash exists. The income statement: A. reports the results of operations since...
0.12 points Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash...
0.12 points Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $26,000 3,000 33,000 11,000 18,000 20,000 39,000 6,000 eBook Required: Use only the appropriate accounts to prepare a balance sheet. Hint WOLFPACK CONSTRUCTION Balance Sheet December 31 Print Assets Liabilities $ 3,0 $ References Cash Land Equipment 6,000 Accounts payable 18,000 Notes payable 20,0 26,000 Total liabilities Stockholders' Equity Common stock Retained earnings 16. Total stockholders' equity null $
nse Common Stock Cash Dividends Service Revenue Land Miscellaneous Expense...
nse Common Stock Cash Dividends Service Revenue Land Miscellaneous Expense Supplies Supplies Expense Wages Expense Points: Feedback Check My Work Explanation none X Financial Statements A business will construct its financial statements in a particular order because they are interrelated. This means that items formulated in an earlier statement feed into the subsequent statements, and changes to items on one financial statement can have compounding effects on the overall financial position of a company. Which of the following is one...
The income statement and additional data of Supplements Plus, Inc. follow: (Click the icon to view...
The income statement and additional data of Supplements Plus, Inc. follow: (Click the icon to view the income statement.) i (Click the icon to view the additional data.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. Use the transaction references in Panel B when selecting the transaction references in Panel Alf a box is not used in the spreadsheet, leave the box emoty: do not select a label...
please correct the balance sheet and add what is necessary Exercise 3-5 (Algo) Balance sheet preparation...
please correct the balance sheet and add what is
necessary
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation, Credits Debits $ 31,000 68,000 93,000 $ 16,000 56,000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings nccumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next...
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $299,700 on January 1,...
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $299,700 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $333,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows Peanut Company Snoopy Company Debit Credit Debit Credit $162,000 180,000 205,000 351,900 211,000 710,000 188,000 44,000 216,000 84,000 $85,000 84,000 83,000 Cash Accounts Receivable Inventory Investment in...
Paxton Company purchased 90% of the outstanding shares of slinton Company's common stock on December 31,...
Paxton Company purchased 90% of the outstanding shares of slinton Company's common stock on December 31, 2017 for $144,000 in cash. Paxton paid the prevaling market price per share (no control premium) Several of Slinton's accounts had fair market values that differed from book values at the date of a cquisition Land Building (10 year life) Equipment (6 year life) Book Value $24,000 $40,000 $24,000 Fair Market Value $16,000 $58,000 $18,000 The 2017 and 2018 year-end trial balances for each...
The total asset and total liabilities & SE are not balanced but I don't know where...
The total asset and
total liabilities & SE are not balanced but I don't know where
is incomplete. I try to plug in the difference between them into
the NCI in NA, but it doesn't work.
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $299,700 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $333,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and...
I can't figure out the Return on Equity. I took net sales / avg
stockholders equity but everything i have tried has been wrong
VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $3,016,000 1,946,000 1,070,000 Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $854,000 27,000 7,600 13,000 44,000 Total expenses 945,600 Net income $ 124,400 VIRTUAL GAMING SYSTEMS Balance Sheets December...
Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 0,000 18,000 $ 179,000 132,000 $ 354,000 292,000 Total liabilities and equity Balance Sheet Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable S 29,000 S 39,000 3,000 8,000 2,000 10,000 ,0003,000 S 79,000 S 70,000 Total current liabilities 96,000 90,000 Notes payable (long-term) Total liabilities S 175,000 S 160,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity S 139,000 S 114,000 40,000...
Examples of liabilities include: A. accounts payable and long - term debt. O B. accounts payable and dividends. O C. investments and note payable. O D. accounts payable and common stock. A net loss occurs when: O A. total revenues and dividends exceed total expenses and losses. B. total revenues exceed total expenses. O C. total expenses and losses exceed total revenues and gains. O D. not enough cash exists. The income statement: A. reports the results of operations since...
0.12 points Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $26,000 3,000 33,000 11,000 18,000 20,000 39,000 6,000 eBook Required: Use only the appropriate accounts to prepare a balance sheet. Hint WOLFPACK CONSTRUCTION Balance Sheet December 31 Print Assets Liabilities $ 3,0 $ References Cash Land Equipment 6,000 Accounts payable 18,000 Notes payable 20,0 26,000 Total liabilities Stockholders' Equity Common stock Retained earnings 16. Total stockholders' equity null $
The income statement and additional data of Supplements Plus, Inc. follow: (Click the icon to view the income statement.) i (Click the icon to view the additional data.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. Use the transaction references in Panel B when selecting the transaction references in Panel Alf a box is not used in the spreadsheet, leave the box emoty: do not select a label...
please correct the balance sheet and add what is
necessary
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation, Credits Debits $ 31,000 68,000 93,000 $ 16,000 56,000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings nccumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next...
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $299,700 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $333,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows Peanut Company Snoopy Company Debit Credit Debit Credit $162,000 180,000 205,000 351,900 211,000 710,000 188,000 44,000 216,000 84,000 $85,000 84,000 83,000 Cash Accounts Receivable Inventory Investment in...
Paxton Company purchased 90% of the outstanding shares of slinton Company's common stock on December 31, 2017 for $144,000 in cash. Paxton paid the prevaling market price per share (no control premium) Several of Slinton's accounts had fair market values that differed from book values at the date of a cquisition Land Building (10 year life) Equipment (6 year life) Book Value $24,000 $40,000 $24,000 Fair Market Value $16,000 $58,000 $18,000 The 2017 and 2018 year-end trial balances for each...
The total asset and
total liabilities & SE are not balanced but I don't know where
is incomplete. I try to plug in the difference between them into
the NCI in NA, but it doesn't work.
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $299,700 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $333,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and...
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