The following reflects Ace Inc.’s adjusted accounts at their
normal balances for the year ended December...
The following reflects Ace Inc.’s adjusted accounts at their
normal balances for the year ended December 31, 2019.
Cash
80,000
Accounts Receivable
15,000
Supplies
3,000
Inventory
150,000
Prepaid Insurance (represents 2 years)
50,000
Equipment
300,000
Accumulated Depreciation - Equipment
40,000
Land
75,000
Patent
5,000
Accounts Payable
145,000
Note Payable (due in 3 equal annual installments)
36,000
Deferred Revenue (represents 8 months)
16,000
Common Stock (50,000 shares authorized, $5 par, 20,000 shares
issued and outstanding
100,000
Additional Paid in Capital
30,000...
Use the statements below to answer the questions that
follow:
Income Statement for the Year Ended,...
Use the statements below to answer the questions that
follow:
Income Statement for the Year Ended, December 31,
2017
Sales
150,000
Expenses
Cost of Goods Sold
80,000
Operating Expenses
30,000
EBIT (aka Operating Profit)
40,000
Interest
8,000
Income Tax
13,000
Total Expenses
131,000
Net Operating Income
19,000
Other Income
Gain on Sale of Equipment
10,000
Net income
29,000
Balance Sheet
31-Dec-17
31-Dec-16
Assets
Current Assets
Cash
95,000
78,000
Accounts Receivable
60,000
82,000
Finished Goods
25,000
50,000
Materials Inventory
110,000
80,000...
Use the following information for Netflix Inc. to calculate the
company's accounting net income for the...
Use the following information for Netflix Inc. to calculate the
company's accounting net income for the year.
Sales on credit
$600,000
Sales (cash)
$700,000
Administrative Expenses
$100,000
Selling and marketing Expenses
$800,000
Interest Expenses
$160,000
Accounts Receivable (Beg. of Year)
$50,000
Accounts Receivable (End of Year)
$80,000
Accounts Payable (Beg. of Year)
$50,000
Accounts Payable (End of Year)
$100,000
Corporate Tax Rate
50%
Complete the following:
You will need financial statements and information to make the
required calculations.
Click...
Complete the following:
You will need financial statements and information to make the
required calculations.
Click on the link below to access the handout with the necessary
information.
INCOME STATEMENT –
Fiction, INC.
Sales 2,000,000
Cost of goods sold 1,400,000
Gross profit 600,000
Operating expenses
Selling & marketing 100,000
Administrative 80,000
Depreciation 50,000
Total operating expenses 230,000
Operating income (operating profits) 370,000
Interest expense 50,000
Earnings before tax 320,000
Income taxes 80,000
Net income 240,000
Total number of shares outstanding...
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc.
Account...
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc.
Account Title
Debits
Credits
Cash
$
55,000
Accounts receivable
39,000
Inventories
45,000
Prepaid insurance
15,000
Equipment
100,000
Accumulated depreciation—equipment
$
34,000
Patent, net
40,000
Accounts payable
12,000
Interest payable
2,000
Note payable (due in 10, equal annual installments)
100,000
Common stock
70,000
Retained earnings
76,000
Totals
$
294,000
$
294,000
a. Calculate the current ratio.
b. Calculate the acid-test ratio.
c. Calculate the debt to...
Prepare a multiple-step income statement for Yazdy Company for
2020
DR.
CR.
Accounts Payable
26,000
Accounts...
Prepare a multiple-step income statement for Yazdy Company for
2020
DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000
Sales Revenue
250,000
Cash
25,000
Common Stock
50,000
Equipment
150,000
Investment in Debt Securities
45,000
Freight-out
5,000
Insurance Expense
2,500
Salaries and Wages expense
30,000
Rent Expense
20,000
Sales Discount
8,000
Retained Earnings
25500
Prepaid Insurance
7,500
Sales Return and Allowance
12,000
Gain on Disposal of Plant Asset
6,000
Dividends
7,000
Interest Expense
7,500...
Prepare SFP
Consider the following data:
Cash.........................................................
$ 15,200
Accounts receivable.................................
29,500
Accounts payab
Prepare SFP
Consider the following data:
Cash.........................................................
$ 15,200
Accounts receivable.................................
29,500
Accounts payable.....................................
34,500
Note payable............................................
50,000
Inventory..................................................
17,000
Dividends payable....................................
5,200
Equipment................................................
220,000
Supplies....................................................
6,400
Net Income..............................................
35,000
Accumulated Depreciation.......................
100,000
Common shares.......................................
40,000
Beginning Retained earnings...................
23,400
Prepaid rent.............................................
1,600
Salaries payable......................................
12,000
1. Total Asset amount=?
2. Total Liabilities amount =?
3.Total SHE amount=?
Accounts payable-trade .......4,350,00
Accounts receivable-trade ......3,100,00
Bank loan, short-term borrowings..... 1,500,000
Processing formulas ......300,000
Land held...
Accounts payable-trade .......4,350,00
Accounts receivable-trade ......3,100,00
Bank loan, short-term borrowings..... 1,500,000
Processing formulas ......300,000
Land held for speculation...... 2,500,000
Land ......5,000,000
Change fund .....30,000
Prepaid advertising ......80,000
Unused office supplies .......20,000
Notes payable-trade ......2,500,000
Notes receivable ........1,000,000
Copyright ........300,000
Tools...... 100,000
Building...... 8,000,000
Machinery...... 5,000,000
Office furniture...... 1,800,000
Computer software ......500,000
Bonds payable .......5,000,000
Time deposit due december 31, 2023...... 5,000,000
Premium on bonds payable..... 500,000
Cash in PNB#001 .......2,300,000
Cash in PNB#002 .......(150,000)
Jenny, capital..... 17,880,000
Accumulates depreciation, building..........
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title Debits Credits Cash $
45,000 Accounts receivable 39,000 Inventories 80,000 Prepaid rent
for the next 8 months 21,000 Marketable securities (short term)
15,000 Machinery 170,000 Accumulated depreciation—machinery $
16,000 Patent (net of amortization) 84,000 Accounts payable 10,500
Wages payable 6,500 Taxes payable 37,000 Bonds payable (due in 10
years) 190,000 Common stock 150,000 Retained earnings 44,000 Totals
$ 454,000 $ 454,000 Required: Prepare a...
The following
data was taken from the financial records of Rock Corporation for
the year 2019...
The following
data was taken from the financial records of Rock Corporation for
the year 2019 at December 31.
Accounts Payable
160,000
Accounts Receivable
200,000
Building
400,000
Accumulated Depreciation-Building
320,000
Cash
175,000
Common Stock ($3 Par Value)
600,000
Common Stock Additional Paid-In Capital
100,000
Current Portion of Long-Term Debt
20,000
Equipment
60,000
Accumulated Depreciation-Equipment
40,000
Marketable Securities
125,000
Merchandise Inventory
90,000
Mortgage Payable
50,000
Notes Payable
25,000
Notes Payable (due in 2022)
75,000
Notes Receivable
15,000
Notes
Receivable (due...