The current section of Yawn Ltd's statement of
financial position at 30 June 2016 is presented...
The current section of Yawn Ltd's statement of
financial position at 30 June 2016 is presented below.
2016
2015
$
$
Current assets
Cash
104,300
101,400
Accounts receivable
117,800
88,400
Inventory
163,500
184,700
Prepaid expenses
26,200
22,200
Total current assets
411,800
396,700
Current liabilities
Accounts payable
84,300
94,500
Accrued expenses payable
14,500
4,900
Total current liabilities
98,800
99,400
Other information
1.
Profit for the year ended 30 June 2016 was
$149,100.
2.
Depreciation expense was $18,900.
Required
Prepare the net...
The current sections of Scoggin Inc.’s balance sheets at
December 31, 2016 and 2017, are presented...
The current sections of Scoggin Inc.’s balance sheets at
December 31, 2016 and 2017, are presented here.
Scoggin’s net income for 2017 was $154,700. Depreciation expense
was $23,300.
2017
2016
Current assets
Cash
$102,700
$97,700
Accounts receivable
109,400
80,000
Inventory
158,200
173,000
Prepaid expenses
26,900
25,900
Total current assets
$397,200
$376,600
Current liabilities
Accrued expenses payable
$15,000
$9,300
Accounts payable
84,000
95,600
Total current
liabilities
$99,000
$104,900
Prepare the net cash provided by operating activities section of
the company’s statement...
Following is the June 30, 2019, statement of net position for
the City of Bay Lake...
Following is the June 30, 2019, statement of net position for
the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water
Utility Fund Statement of Fund Net Position June 30, 2019 Assets
Current assets: Cash and investments $ 1,775,142 Accounts
receivable (net of $13,367 provision for uncollectible accounts)
306,870 Accrued utility revenue 499,600 Due from General Fund
29,288 Interest receivable 81,936 Total current assets 2,692,836
Restricted assets: Cash 9,194 Capital assets: Land $ 1,781,141
Buildings (net of...
Rockhouse Corp. reported the following on its statement of
financial position:
June 30, 20X5
June 30,...
Rockhouse Corp. reported the following on its statement of
financial position:
June 30, 20X5
June 30, 20X4
Inventory
$1,700,000
$1,500,000
Accounts
payable
$325,000
$440,000
Salaries
payable
$600,000
$500,000
For the year ended June 30, 20X5, Rockhouse reported cost of
goods sold of $3,900,000 on the statement of comprehensive income.
Using the direct method, what amount would be reported by Rockhouse
under the operating activities section in the statement of cash
flows for the year ended June 30, 20X5, for cash...
The current sections of Shamrock, Inc.’s balance sheets at
December 31, 2016 and 2017, are presented...
The current sections of Shamrock, Inc.’s balance sheets at
December 31, 2016 and 2017, are presented here. Shamrock, Inc.’s
net income for 2017 was $ 153,612. Depreciation expense was $
27,108.
2017
2016
Current assets
Cash
$ 105,420
$ 99,396
Accounts receivable
80,320
89,356
Inventory
168,672
172,688
Prepaid expenses
27,108
22,088
Total current assets
$ 381,520
$ 383,528
Current liabilities
Accrued expenses payable
$ 15,060
$ 5,020
Accounts payable
85,340
92,368
Total current liabilities
$ 100,400
$ 97,388
Prepare the...
The income statement of Booker T Industries Inc. for the current
year ended June 30 is...
The income statement of Booker T Industries Inc. for the current
year ended June 30 is as follows:
Sales
$352,820
Cost of goods sold
200,340
Gross profit
$152,480
Operating expenses:
Depreciation expense
$27,070
Other operating expenses
71,580
Total operating expenses
98,650
Income before income tax
$53,830
Income tax expense
14,930
Net income
$38,900
Changes in the balances of selected accounts from the beginning
to the end of the current year are as follows:
Increase/ Decrease
Accounts receivable (net)
$(7,820)
Inventories...
The income statement for Rhino Company for the current year
ended June 30 and balances of...
The income statement for Rhino Company for the current year
ended June 30 and balances of selected accounts at the beginning
and the end of the year are as follows:
1
Sales
$450,000.00
2
Cost of goods sold
151,700.00
3
Gross profit
$298,300.00
4
Operating expenses:
5
Depreciation expense
$37,780.00
6
Other operating expenses
115,450.00
7
Total operating expenses
153,230.00
8
Income before income tax
$145,070.00
9
Income tax expense
39,310.00
10
Net income
$105,760.00
End
Beginning
of
Year
of...
GCA Ltd reported the following information in its statement of
financial position at 30 June 2020:...
GCA Ltd reported the following information in its statement of
financial position at 30 June 2020: Plant $650,000 Accumulated
depreciation – plant (150,000) Intangible assets 300,000
Accumulated amortisation (100,000) Land 300,000 Total non-current
assets 1,000,000 Cash 50,000 Inventory 180,000 Total current assets
230,000 Total assets $1,230,000 Liabilities 150,000 Net assets
$1,080,000 At 30 June 2020, GCA Ltd analysed the internal and
external sources of information that would indicate deterioration
in the worth of its assets. It determined that there were...