The following information are offered to you for X Company
Account Name
2019
2018
Cash
$...
The following information are offered to you for X Company
Account Name
2019
2018
Cash
$ 70,500
$50,300
Accounts Receivable
40,500
48,500
Marketable Securities
6,000
10,000
Inventory
65,000
50,000
Accounts payable
$ 65,000
$ 55,000
Salaries Payable
3,900
7,900
Other information:
· Net
income at the end of 2019 is $50,000.
· Depreciation
expense of 2019 is $15,000.
· A Truck
with a cost of $18,000 and a net book value of $7,000 was sold
during 2019 at $5,000.
Using indirect method, the...
The following selected account balances were taken from ABC Company's general
ledgers for 2019:
January 1,...
The following selected account balances were taken from ABC Company's general
ledgers for 2019:
January 1, 2019 December 31, 2019
Inventory 47,000 56,000
Accounts payable 50,000 28,000
Salaries payable 9,000 4,000
Investments 68,000 75,000
Accounts receivable 69,000 53,000
Land 58,000 88,000
Notes payable 95,000 120,000
Unearned revenue 17,000 25,000
Common stock 100,000 170,000
Retained earnings 23,000 35,000
The following information was taken from ABC Company's 2019 income statement:
Sales revenue $420,000
Cost of goods sold 300,000
Salaries expense 88,000
Net...
Given the following information for Company X at the end of
2019:
· Net cash
flows from...
Given the following information for Company X at the end of
2019:
· Net cash
flows from operating activities is $150,000
· Net cash
flows from investing activities is ($50,000)
· Net cash
flows from financing activities is ($80,000)
· Cash
balance at the beginning of the 2019 is $10,000
From the previous information, the balance of cash at the end of
2019 is:
Select one:
a. $20,000
b. All answers are wrong
c. $10,000
d. 0
e. $30,000
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...
Jackson Bottle Yard, a recycling glass company, has supplied the
following information in relation to their...
Jackson Bottle Yard, a recycling glass company, has supplied the
following information in relation to their actual sales in 2019 and
planned sales for the first quarter of 2020.
Cash
Credit
Total
$
$
$
2019 Actual Sales for
November
25,000
25,000
50,000
December
35,000
40,000
75,000
2020 Estimated Sales for
January
15,000
20,000
35,000
February
18,000
30,000
48,000
March
22,000
40,000
62,000
Past records indicate that expected receipts collected from
debtors will be:
60 per cent in the...
Selected
financial information for the Adelphi Company for the fiscal years
ended December 31, 2018 and...
Selected
financial information for the Adelphi Company for the fiscal years
ended December 31, 2018 and 2017 follows. Prepare a cash flow
statement using the indirect method. Properly title the
statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Microsoft Company for the
fiscal years ended December 31, 2018 and...
Selected financial information for the Microsoft Company for the
fiscal years ended December 31, 2018 and 2017 follows. Prepare a
cash flow statement using the indirect method. Properly title the
statement.
2018 2017
Cash balance $113,500 $37,500
Net income 142,500 162,000
Depreciation Expense 42,000 35,000
Purchase of Plant Assets 135,000 125,000
Disposal of Plant Assets 40,000 50,000
Gain (Loss) on Disposal of Plant Assets (10,000) 5,000
Accounts Receivable Balance 64,500 58,000
Accounts Payable Balance 42,000 39,000
Interest Expense 8,000 6,000...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
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 ...