Fox, Inc. reported net income of $300,000 for the current.
Changes occurred in several balance sheet...
Fox, Inc. reported net income of $300,000 for the current.
Changes occurred in several balance sheet
accounts as follows:
Equipment $25,000 increase
Accumulated depreciation 30,000 increase
Note payable 30,000 increase
Additional current year information:
• During the year, Fox received $10,000 for the sale of
equipment costing $25,000, with accumulated depreciation of
$11,000.
• In December, Fox purchased equipment costing $50,000 with
$20,000 cash and a 12% note payable of $30,000.
In Fox's statement of cash flows for the year,...
A merchandising company began in 2019 with $10,000 in cash and
reported net income of $6,700...
A merchandising company began in 2019 with $10,000 in cash and
reported net income of $6,700 on its 2019 income statement.
During the year a loss of $250 was reported on the cash sale of
a piece of equipment with a book value of $1,000. A new piece of
equipment was purchased at a cost of $8,500 to replace the
equipment that was sold. The company paid $1,500 from its
available cash balance to purchase the equipment and took out...
Decide with a (Yes) or (No) if the account balance would be
reported in the income...
Decide with a (Yes) or (No) if the account balance would be
reported in the income statement or balance sheet for each option
(1,2,3,4,5,6,7,8)?
1. Rent Receivable= reported in the income statement or balance
sheet?
2. Maintenance Supplies= reported in the income statement or
balance sheet
3. Unearned Rent Revenue= reported in the income statement or
balance sheet
4. Salaries Payable= reported in the income statement or balance
sheet
5. Rent Revenue= reported in the income statement or balance
sheet...
Preparing a Balance Sheet, Computing Net Income, and
Understanding Equity Transactions
At the beginning of 2015,...
Preparing a Balance Sheet, Computing Net Income, and
Understanding Equity Transactions
At the beginning of 2015, Barth Company reported the following
balance sheet.
Assets
Liabilities
Cash
$3,600
Accounts Payable
$9,000
Accounts Receivable
11,025
Equity
Equipment
7,500
Common Stock
35,625
Land
37,500
Retained Earnings
15,000
Total Assets
$59,625
Total Liabilities and Equity
$59,625
Required
a. At the end of 2015, Barth Company reported the following assets
and liabilities: Cash, $6,600; Accounts Receivable, $13,800;
Equipment, $6,750; Land, $37,500; and Accounts Payable, $5,625....
On 12/31/2013, Heaton Industries Inc.
reported retained earnings of $675,000 on its balance sheet, and it...
On 12/31/2013, Heaton Industries Inc.
reported retained earnings of $675,000 on its balance sheet, and it
reported that it had $172,500 of net income during the year. On its
previous balance sheet, at 12/31/2012, the company had reported
$555,000 of retained earnings. No shares were repurchased during
2013.
Required:
How much in dividends did Heaton pay during 2013?
Does dividends announcement affect the firm’s market value?
Discuss.
Please explain briefly.
Thank you.
Determining Net Cash Flow from Operating Activities: Burch
Company reported the following items in its balance...
Determining Net Cash Flow from Operating Activities: Burch
Company reported the following items in its balance sheet and
income statement: increase in cash account, $20,000; increase in
accounts receivable, $5,000; increase in inventory, $20,000;
increase in accounts payable, $10,000; decrease in income taxes
payable, $1,000; net income, $70,000; depreciation expense,
$25,000. Required: Compute the net cash flows from operating
activities using the indirect method.
. On which of the four major
financial statements (balance sheet, income statement, statement of
cash...
. On which of the four major
financial statements (balance sheet, income statement, statement of
cash flows, or statement of retained earnings) would you find the
following items?
a. earnings before taxes
b. net plant and equipment
c. increase in fixed assets
d. gross profits
e. balance of retained earnings,
December 31, 20xx
f. common stock and paid-in
surplus
g. net cash flow from investing
activities
h. accrued wages and taxes
i. increase in inventory
10. How does the payment...
The 2016 income statement of Gregg Co. reported wages expense of
$348,000; the 2015 balance sheet...
The 2016 income statement of Gregg Co. reported wages expense of
$348,000; the 2015 balance sheet showed a balance in wages payable
of $43,200, while the 2016 balance sheet included wages payable of
$59,400. What amount of cash was paid for wages in 2016?
$348,000.
$331,800.
$391,200.
$304,800.