The income statement and selected balance sheet information for
Direct Products Company for the year ended...
The income statement and selected balance sheet information for
Direct Products Company for the year ended December 31 are
presented below.
Income Statement
Sales Revenue
$
42,600
Expenses:
Cost of Goods Sold
18,000
Depreciation Expense
1,400
Salaries and Wages
Expense
8,400
Rent Expense
3,900
Insurance Expense
1,600
Interest Expense
1,500
Utilities Expense
1,100
Net Income
$
6,700
Selected Balance Sheet Accounts
Ending Balances
Beginning Balances
Accounts
Receivable
$
565
$
590
Inventory
830
690
Accounts
Payable...
The income statement and selected balance sheet information for
Direct Products Company for the year ended...
The income statement and selected balance sheet information for
Direct Products Company for the year ended December 31 are
presented below.
Income Statement
Sales Revenue
$
42,600
Expenses:
Cost of Goods Sold
18,000
Depreciation Expense
1,400
Salaries and Wages
Expense
8,400
Rent Expense
3,900
Insurance Expense
1,600
Interest Expense
1,500
Utilities Expense
1,100
Net Income
$
6,700
Selected Balance Sheet Accounts
Ending Balances
Beginning Balances
Accounts
Receivable
$
565
$
590
Inventory
830
690
Accounts
Payable...
Using the following accounts and their amounts, prepare in good
format an Income Statement, Balance Sheet...
Using the following accounts and their amounts, prepare in good
format an Income Statement, Balance Sheet and Statement of
Owner’s Equity for Cloe Company, month ended Jan 31,
2009:
Telephone Expense P750
Cash P3,150
Accounts Payable P640
Cloe, Withdrawal P300
Fees Earned P10,700
Rent Expense P1,000
Supplies P230
Accounts Receivable P1,800
Computer Equipment P15,000
Cloe, Capital P13,080
Wages Expense P3,600
Utilities Expense P350
Notes Payable P2,000
Office Expense P240
The income statement and a partial balance sheet for Jefferson
Company is presented below. Prepare the...
The income statement and a partial balance sheet for Jefferson
Company is presented below. Prepare the operating
activities section of the statement of cash flows using
the indirect method.
Jefferson Company
Income Statement
For the Year Ended December 31, 2006
Sales
$500,000
Cost of goods
sold
390,000
Gross
profit
$110,000
Operating expenses:
Salaries
$70,000
Depreciation
expense
20,000
Miscellaneous
10,000
100,000
Net
income
$10,000
Jefferson Company
Partial Balance Sheet
December 31,...
The income statement and selected balance sheet information for
Direct Products Company for the year ended...
The income statement and selected balance sheet information for
Direct Products Company for the year ended December 31 are
presented below.
Income Statement
Sales Revenue
$
45,600
Expenses:
Cost of Goods Sold
19,500
Depreciation Expense
1,700
Salaries and Wages
Expense
8,700
Rent Expense
4,200
Insurance Expense
1,750
Interest Expense
1,650
Utilities Expense
1,250
Net Income
$
6,850
Selected Balance Sheet Accounts
Ending Balances
Beginning Balances
Accounts
Receivable
$
575
$
610
Inventory
860
705
Accounts
Payable...
complete a Trial Balance, Income Statement, Statement of
Retained Earnings, Balance Sheet, and calculate all of...
complete a Trial Balance, Income Statement, Statement of
Retained Earnings, Balance Sheet, and calculate all of the
ratios.
Accounts Receivable
16,250
Accumulated depreciation: Office equipment
25,000
Cash
25,300
Land
58,500
Merchandise inventory
25,250
Office equipment
41,000
Office supplies
4,410
Prepaid rent
1,800
Cost of Goods Sold
112,575
Depreciation expense: office equipment
2,750
Income tax expense
9,000
Insurance expense
1,900
Office supplies expense
520
Rent expense
5,700...
Prepare the income statement for this Information.
ABC
Corporation
Adjusted Trial Balance
December 31, 2016
Debit...
Prepare the income statement for this Information.
ABC
Corporation
Adjusted Trial Balance
December 31, 2016
Debit
Credit
Cash
$ 1,597,218
Accounts receivable
442,120
Allowance for doubtful accounts
75,000
Inventory
70,000
Allowance to Reduce Inventory to NRV
16,000
Purchases
-
Prepaid insurance
4,500
Land
88,000
Building
37,500
Accumulated depreciation: building
1,265
Equipment
21,600
Accumulated depreciation: equipment
9,900
Patent
50,000
Accounts payable
88,851
Notes payable
40,000
Income taxes...
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 ...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash 30,000 35,000 -5,000
accounts receivable 55,000 45,000 10,000
inventory 65,000 45,000 20,000
preppaid expense 15,000 25,000 -10,000
land 70,000 40,000 30,000
right of use of asset 100,000 0 100,000
equipment 90,000 75,000 15,000
accumulated depreciation -18,000 -8,000 -10,000
total 407,000 257,000 150,000
Accounts payable 65,000 52,000 13,000
accrued expense 15,000 18,000 3,000
notes payable 0 23,000 -23,000
bonds payable 30,000 0 30,000
lease...
Income Statement Data
Selected Year-End Balance Sheet
Data
Revenues
$
110,000
Accounts receivable decrease
$
29,000...
Income Statement Data
Selected Year-End Balance Sheet
Data
Revenues
$
110,000
Accounts receivable decrease
$
29,000
Expenses
Purchased a machine for cash
20,000
Salaries expense
68,000
Salaries payable increase
26,000
Utilities expense
30,000
Other accrued liabilities decrease
16,000
Depreciation expense
32,400
Other expenses
7,700
Net loss
$
(28,100
)
Required:
1. Prepare the operating activities section of
the statement of cash flows using the indirect method.
(Any losses or amounts to be deducted should be
indi