Question

Columbia Sportswear                       Under Armour, Inc. 1 Accounts receivable             &nbsp

Columbia Sportswear                       Under Armour, Inc.

1 Accounts receivable                       1 Inventories

2 Property, plant, and equipment 2 Provision for income taxes

3 Accounts payable                           3 Long term debt

4 Common stock                                4 Retained earnings

5 Interest income                              5 Cost of goods sold

Directions:

a. Determine the normal balance (debit or credit) for cash of the accounts listed above.

b. Identify the probable other account involved when:

1. Cost of Goods is increased.

2. Interest income is increased.

3. Accounts receivable is decreased.

4. income taxes payable is increased.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Comparing Two Companies in the Same Industry: Under Armour and Columbia Sportswear The following information is...
Comparing Two Companies in the Same Industry: Under Armour and Columbia Sportswear The following information is available from the financial statements included in Form 10-K for fiscal years 2014 and 2013 for Under Armour, Inc. and Columbia Sportswear Company (in thousands of dollars): Under Armour, Inc. Columbia Sportswear Company Net revenues (Net sales for Under Armour, Inc. & Columbia Sportswear) for the year ended December 31, 2014 $3,084,370 $2,100,590 Accounts receivable, net: December 31, 2014 279,835 344,390 December 31, 2013...
Comparative Analysis Problem: Columbia Sportswear Company vs. Under Armour, Inc. The financial statements for the Columbia...
Comparative Analysis Problem: Columbia Sportswear Company vs. Under Armour, Inc. The financial statements for the Columbia Sportswear Company can be found in Appendix A, and Under Armour, Inc's financial can be found in Appendix B at the end of this book. Columbia Statements are here: http://www.chegg.com/homework-help/questions-and-answers/financial-statements-columbia-sportswear-company-presented-appendix-b-based-information-fi-q20398389 Under Armour Statements are here: https://www.sec.gov/Archives/edgar/data/1336917/000133691715000006/ua-20141231x10k.htm Required a. Examine the balance sheet of Columbia Sportswear and identify three items that indicate that the company uses accural method of accounting. In each case, identify the...
Patagonia and Columbia Sportswear released the following financial statement information: Patagonia Columbia Sportswear (in thousands) 2019...
Patagonia and Columbia Sportswear released the following financial statement information: Patagonia Columbia Sportswear (in thousands) 2019 (in millions) 2019 Year-end accounts payable $ 1,242 Year-end accounts payable $ 203,872 Average accounts payable 1,193 Average accounts payable 190,373 Sales 16,148 Sales 3,305,802 Cost of goods sold 9,855 Cost of goods sold 2,191,803    Which of the two companies listed above is leaning on the trade more? Patagonia because its accounts payable turnover is higher and its accounts payable days outstanding is...
1. Under the perpetual inventory system, which of the following accounts would not be used? Select...
1. Under the perpetual inventory system, which of the following accounts would not be used? Select one: a. Sales b. Accounts Payable c. Cost of Goods Sold d. Purchases e. Inventory 2. Jones Merchandise uses a perpetual inventory system. It is a publicly traded company. On February 19 it sold $8,000 of motor parts to Vivak Candles on account. Jones statistics indicate 5% of its sales will result in returns. Jones's cost of inventory on motor parts is 50% of...
The following are independent situations. Sales = $610,000; Accounts receivable increased by $22,100. Calculate cash receipts...
The following are independent situations. Sales = $610,000; Accounts receivable increased by $22,100. Calculate cash receipts from sales. Cash receipts from sales $Enter cash receipts from sales in dollars       Cost of goods sold = $510,000; inventory decreased by $76,000; accounts payable decreased by $34,500. Calculate cash payments for purchases. Cash payments for purchases $Enter cash payments for purchases in dollars       The income statement shows $12,000 in income taxes. The balance sheet shows an increase in taxes...
Under Armour Inc. Consolidated Statement of Income Dec. 31, 2015 Net Revenues 3,963,313 Cost of goods...
Under Armour Inc. Consolidated Statement of Income Dec. 31, 2015 Net Revenues 3,963,313 Cost of goods sold 2,057,766 Gross profit 1,905,547 Selling, general and administrative expenses 1,497,000 Income from operations 408,547 Interest expense, net -14,628 Other expense, net -7,234 Income before income taxes 386,685 Provision for income taxes 154,112 Net income 232,573 Under Armour Inc. Consolidated Balance Sheet Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net 433,638 279,835 Inventories 783,031 536,714 Prepaid...
The income statement for Strait Horn Inc., a publicly traded company following IFRS, is presented here...
The income statement for Strait Horn Inc., a publicly traded company following IFRS, is presented here Strait Horn Inc. Income Statement Year Ended December 31, 2019 Sales $5,200,000 Cost of Goods Sold $3,155,000 Gross Profit $2,045,000 Operating Expenses $1,025,000 Profit from Operations $1,020,000 Interest Expense $120,000 Profit before Income Taxes $900,000 Income Taxes $230,000 Profit $670,000 Additional Information: 1. Operating expenses include $50,000 of depreciation expense and a $45,000 impairment loss on property, plant and equipment. 2. Accounts Receivable increased...
1)True or False: Accounts receivable capture sales and accounts payable capture COGS 2)True or False: Per...
1)True or False: Accounts receivable capture sales and accounts payable capture COGS 2)True or False: Per the flow of the Income Statement, we should deduct tax expenses and then interest expenses in order to obtain net income, which is often referred to as the "bottom line." 3)True or False: Depreciation is added to earnings on the statement of cash flows because it was included in COGS on the Income Statemet 4)True or False:EBIT stands for " earnings before income taxes"...
N&M Corporation reported the following information for the current year: (1) Net income is $560 million....
N&M Corporation reported the following information for the current year: (1) Net income is $560 million. (2) Sales of assets $26 million. (3) Customer accounts receivable decreased by $14 million. (4) Repurchases of common stock were $20 million. (5) Depreciation expense was $38 million. (6) Income tax payable increased by $4 million. (7) Long-term debt decreased by $13 million. (8) Accounts payable increased by $9 million. (9) Inventories increased by $24 million. Required: Based on the above information, calculate the...
1. When direct write off method is used, the journal entry should be DR: accounts receivable...
1. When direct write off method is used, the journal entry should be DR: accounts receivable and CR: provision for doubtful accounts. True False 2. When the due date of a note is stated in days, the time factor in computing interest is the number of months divided by 360 days. True False 3. Current liabilities are expected to be paid within one year. True False 4. Provision for Doubtful Accounts is an expense account, and its normal balance is...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT