Bernie's Ltd.
Income Statement
For the Year ended December 31, 20X5
Income:
Sales
682,000
Dividends
22,000...
Bernie's Ltd.
Income Statement
For the Year ended December 31, 20X5
Income:
Sales
682,000
Dividends
22,000
Interest
29,000
Gain on sale of PPE (Property Plant
& Equipment)
19,000
Total income
752,000
Expenses:
Cost of goods sold
360,000
Depreciation
43,000
Wages
134,000
Interest
38,000
Other expenses
41,000
Total expenses
616,000
Net income before income tax
expense
136,000
Income tax expense
36,000
Net income after income tax
expense
100,000
Additional information:
PPE purchases during 20X5 were $735,000
Issuance of mortgage payable during...
Clark Co.'s advertising expense account had a balance of
$146,000 at December 31, 20X3, before any...
Clark Co.'s advertising expense account had a balance of
$146,000 at December 31, 20X3, before any necessary year-end
adjustment relating to the following: • Included in the $146,000 is
the $15,000 cost of printing catalogs for a sales promotional
campaign in January 20X4. • Radio advertisements broadcast during
December 20X3 were billed to Clark on January 2, 20X4. Clark paid
the $9,000 invoice on January 11, 20X4. What amount should Clark
report as advertising expense in its Income Statement for...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of financial
position
as at December 31, 20X8
20X8
20X7
Assets
Cash and cash equivalent
$94,000
$123,000
Accounts receivable (net)
114,000
111,500
FVOCI investments
15,000
12,000
Inventory
69,000
73,800
Prepaid expenses
15,000
11,700
Property, plant, and equipment (PPE), net
622,000
425,000
Trademark
48,000
63,000
$977,000
$820,000
Liabilities and shareholder equity
Accounts payable
$62,100
$57,500
Income taxes payable
21,100
19,000
Dividends payable
15,000
18,000
Bank loan...
Sensational Aqua Sports Corp. (SAS) is a publicly reportable
enterprise with a December 31 year end....
Sensational Aqua Sports Corp. (SAS) is a publicly reportable
enterprise with a December 31 year end. Select details regarding
SAS’s accounts receivables (ARs) and allowance for doubtful
accounts (AFDA) follow:
Closing balance AFDA 12/31/20X3
$46,750
Net sales 20X4
$12,235,000
Percentage of net sales made on credit terms
90%
Net credit sales in December 20X4
$1,310,000
Monthly estimate of bad debt expense
1% of net credit sales
Bad debts written off in 20X4 during the year
$112,000
20X4 collection of ARs...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of financial
position
as at December 31, 20X8
20X8
20X7
Assets
Cash and cash equivalent
$94,000
$123,000
Accounts receivable (net)
114,000
111,500
FVOCI investments
15,000
12,000
Inventory
69,000
73,800
Prepaid expenses
15,000
11,700
Property, plant, and equipment (PPE), net
622,000
425,000
Trademark
48,000
63,000
$977,000
$820,000
Liabilities and shareholder equity
Accounts payable
$62,100
$57,500
Income taxes payable
21,100
19,000
Dividends payable
15,000
18,000
Bank loan...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of financial
position
as at December 31, 20X8
20X8
20X7
Assets
Cash and cash equivalent
$94,000
$123,000
Accounts receivable (net)
114,000
111,500
FVOCI investments
15,000
12,000
Inventory
69,000
73,800
Prepaid expenses
15,000
11,700
Property, plant, and equipment (PPE), net
622,000
425,000
Trademark
48,000
63,000
$977,000
$820,000
Liabilities and shareholder equity
Accounts payable
$62,100
$57,500
Income taxes payable
21,100
19,000
Dividends payable
15,000
18,000
Bank loan...
Selected information taken from the financial statements of
Verbeke Co. for the year ended December 31,...
Selected information taken from the financial statements of
Verbeke Co. for the year ended December 31, 2016, follows:
Gross profit
$413,000
General and administrative
expenses
84,000
Net cash used by investing
activities
107,000
Dividends paid
54,000
Interest expense
65,000
Net sales
741,000
Advertising expense
76,000
Accounts payable
102,000
Income tax expense
81,000
Other selling expenses
44,000
Required:
a. Calculate income from operations (operating
income) for the year ended December 31, 2016.
b. Calculate net income for the year ended
December...
Calculate the operating income for Manahan Co. for the year ended
December 31, 2016.
Calculate the...
Calculate the operating income for Manahan Co. for the year ended
December 31, 2016.
Calculate the company's net income for 2016.
The following
information is available from the accounting records of Manahan Co.
for the year ended December 31, 2016:
Net cash provided by financing activities
$
113,000
Dividends
paid
18,200
Loss from
discontinued operations, net of tax savings of $36,767
110,300
Income tax
expense
24,746
Other selling
expenses
14,500
Net sales
642,100
Advertising
expense
47,400
Accounts
receivable
61,200
Cost...
The unadjusted net accounts receivable on the books of Elantra
Ltd. as of 31 December 20X4...
The unadjusted net accounts receivable on the books of Elantra
Ltd. as of 31 December 20X4 are as follows:
Accounts receivable
$ 250,000
Less: Allowance for doubtful accounts
40,000
$ 210,000
40% of the accounts are current and 5% might not be collected, and
the remainder is past due and 30% might not be collected.
Required:
Calculate the bad debt expense, the balance in the allowance for
doubtful accounts, and the net accounts receivable on the SFP at
the end...
Ringmeup Inc. had net income of $101,800 for the year ended
December 31, 2019. At the...
Ringmeup Inc. had net income of $101,800 for the year ended
December 31, 2019. At the beginning of the year, 44,000 shares of
common stock were outstanding. On May 1, an additional 11,000
shares were issued. On December 1, the company purchased 4,100
shares of its own common stock and held them as treasury stock
until the end of the year. No other changes in common shares
outstanding occurred during the year. During the year, Ringmeup
paid the annual dividend...