The management accountant for the Chocolate S'more
Company has prepared the following income statement for the...
The management accountant for the Chocolate S'more
Company has prepared the following income statement for the most
current year:
Chocolate Other Candy Fudge Total
Sales $40,000 $25,000 $35,000 $100,000
Cost of goods sold 26,000 15,000 19,000
60,000
Contribution margin 14,000 10,000 16,000
40,000
Delivery and ordering costs 2,000 3,000 2,000
7,000
Rent (per sq. foot used) 3,000 3,000 2,000
8,000
Allocated corporate costs 5,000 5,000 5,000
15,000
Corporate profit $4,000 $(1,000) $7,000
$10,000
a. Do you recommend discontinuing the Other...
(please only answer this if you know how to do GDP Accounting,
thank you).
1. Assume...
(please only answer this if you know how to do GDP Accounting,
thank you).
1. Assume an economy with two firms. Firm A produces wheat and
firm B produces bread. In a given year, firm A produces 50,000
bushels of wheat, sells 20,000 bushels of wheat to firm B at $3 per
bushel, exports 25,000 bushels of wheat at $3 per bushel, and
stores 5,000 bushels as inventory. Firm A pays $50,000 in wages to
consumers. Firm B produces 50,000...
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account....
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account. The cost of the
goods sold were $60,000.
Bobcat Coffee purchased $80,000 of inventory. All
purchases were on account.
Bobcat Coffee paid salaries of $50,000. This was payment
for salaries of $35,000 and $15,000 that was payable from last
year.
Bobcat Coffee purchased $7,000 of supplies. All of these
purchases were on account.
Bobcat Coffee received $40,000 cash from customers who
had been granted...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
Prepare Income Statement from following information:
Date
Account Titles
Debit
Credit
2016
$
$
Jan 1...
Prepare Income Statement from following information:
Date
Account Titles
Debit
Credit
2016
$
$
Jan 1
Cash
4,000,000
Common Stock
50,000
Paid-in Capital in Excess of Par: Common Stock
3,950,000
Jan 1
Cash
104,000
Premium on Bonds Payable
4,000
Bonds Payable
100,000
Jan 1
Equipment 1
50,000
Cash
50,000
Jan 1
Equipment 2
550,000
Cash
550,000
Jan 3
Inventory
22,000
Cash
22,000
Apr 1
Building
900,000
Cash
900,000
June 1
Equipment 3
100,000
Cash
100,000
June 1
Inventory
23,000
Cash...
Sweet Candy Corp. has prepared the following financial
statements:
Sweet Candy Corp.
Sweet Candy Corp.
Income...
Sweet Candy Corp. has prepared the following financial
statements:
Sweet Candy Corp.
Sweet Candy Corp.
Income Statement
Balance Sheet
For the Year Ended Dec. 31 2017
As of Dec. 31 2017
2017
2016
Assets
2017
2016
Sales
3,074,000
2,567,000
Cash
431,000
339,000
Cost of Goods Sold
2,088,000
1,711,000
Accounts Receivable
503,000
365,000
Gross Profit
986,000
856,000
Inventories
289,000
300,000
Selling and G&A Expenses
294,000
295,000
Total Current Assets
1,223,000
1,004,000
Fixed Expenses
35,000
35,000
Gross Fixed Assets
4,669,000
4,322,000
Depreciation...
Grove Co started trading on 1 January 2018 with a medium-term 5%
loan of €30,000 and...
Grove Co started trading on 1 January 2018 with a medium-term 5%
loan of €30,000 and a share issue which raised €40,000. The company
purchased non-current assets for €35,000, for which €25,000 was
paid in cash and a note payable due in June 2019 was signed for
€10,000. During the year to 31 December 2018 entered into the
following transactions:
Purchases from suppliers were €19,500, of which €2,500 was
unpaid at the year-end.
Wages and salaries amounted to €10,500, of...
SPRING TRAINING INC.
Balance
Sheet
December 31, 2017
ASSETS &nb
SPRING TRAINING INC.
Balance
Sheet
December 31, 2017
ASSETS
LIABILITIES
Cash
$25,000
Accounts
Payable
$50,000
Accounts
Rec.
5,000
Mortgage
Payable
50,000
Inventory
14,000
Supplies
2,000
Total
Liabilities
$100,000
Land
18,000
Buildings
$220,000
STOCKHOLDER
EQUITY
Acc. Depr. <20,000>
200,000
Equipment
200,000
Common Stock $5 Par
$30,000
Acc. Depr <14,000>
186,000
Excess of
Par
$300,000
Retained
Earnings
20,000
Total
Equity
$350,000
TOTAL ASSETS
$450,000
TOTAL LIAB. &
EQUITY ...
Question 1 0.5 pts Where should accounts receivable should
entered? on the income statement, just below...
Question 1 0.5 pts Where should accounts receivable should
entered? on the income statement, just below sales revenues on the
balance sheet as a short-term liability on the balance sheet as a
long-term asset None of the above are correct.
Question 2 0.5 pts Sam purchased a new ice-cream machine for
$45,000 for his Frozen Delights store. Which of the following
options reflects how his purchase should be recorded?
$45,000 expense as part of cost of goods sold on the...
PROBLEM 1:
The 2018 and 2019 comparative balance sheets and 2019 income
statement for Edmond &...
PROBLEM 1:
The 2018 and 2019 comparative balance sheets and 2019 income
statement for Edmond & Edmond Company appear below:
EDMOND & EDMOND COMPANY
Comparative Balance Sheet
December 31
2019
2018
Assets
Cash
$
26,000
$ 23,000
Accounts
receivable
25,000
34,000
Merchandise
inventory
32,000
15,000
Property, plant, and
equipment
60,000
78,000
Accumulated
depreciation
(21,000)
(24,000)
Total
$122,000
$126,000
Liabilities and Stockholders' Equity
Accounts
payable
$
18,000
$ 23,000
Income taxes
payable
9,000
8,000...