The following information has been given by Put Put Inc. The
information covers an accounting period...
The following information has been given by Put Put Inc. The
information covers an accounting period from January 1st
– December 31st of its second year in operation.
Balance Sheet of accounts as of Jan 1st
–
Accounts
Payable
$75,000
Accounts Receivable
$125,000
Accumulated Depreciation – Display Cases
$20,000
Allowance for Uncollectable
Accounts
$10,000
Cash
$850,000
Common
Stock
$700,000
Merchandise Display
Cases
$200,000
Inventory (12,000 putters x
$50/putter)
$600,000
Note Payable (Due in 3
years)
$200,000
Retained...
Answer the following questions according to Table 4-1.
Table 4-1
Zcijekoulo, Inc.
Balance Sheet...
Answer the following questions according to Table 4-1.
Table 4-1
Zcijekoulo, Inc.
Balance Sheet
Assets:
Cash and marketable securities
$600,000
Accounts receivable
900,000
Inventories
1,500,000
Prepaid expenses
75,000
Total current assets
$3,075,000
Fixed assets
8,000,000
Less: accum. depr.
(2,075,000)
Net fixed assets
$5,925,000
Total assets
$9,000,000
Liabilities:
Accounts payable
$800,000
Notes payable
700,000
Accrued taxes
50,000
Total current liabilities
$1,550,000
Longminus−term
debt
2,500,000
Owner's equity (1 million shares of common stock
outstanding)
4,950,000
Total liabilities and owner's equity...
For Question 1 through 4, see the following financial
information (Income Statement and balance Sheet) for...
For Question 1 through 4, see the following financial
information (Income Statement and balance Sheet) for Thornton
Company for the years ending December 31, 1998 and
1999.
1998
1999
Notes
Payable
$250,000
$220,000
Inventories
$430,000
$390,000
Long-term
Investment
$70,000
$80,000
Sales
$2,500,000
$2,900,000
Corporate
Bond
$580,000
$650,000
Annual
Depreciation
$100,000
$110,000
Excess Paid in
Capital
$100,000
$130,000
Taxes
$70,000
$90,000
Cash
??
??
Accumulated
Depreciation
$200,000
$310,000
Accounts
Payable ...
Use the following information to complete
questions
Income Tax Rate: 40%
Income Before Income Tax:...
Use the following information to complete
questions
Income Tax Rate: 40%
Income Before Income Tax: $500,000
Cash: $50,000
Inventory: $80,000
Accounts Receivable, Net: $30,000
Accounts Payable: $20,000
Prepaid Rent: $50,000
Note Payable: $30,000
Interest Expense: $5,000
Beginning Retained Earnings Balance: $40,000
Dividends Paid: $1,000
Machinery: $100,000
Common Stock: $80,000
Accumulated Depreciation:
$50,000
Bonds Payable: $150,000
Patent: $3,000
Note Receivable:
$150,000
Land: $106,000
Building:
$100,000
What is...
14 Compare the reasons for the changes in
return on equity for Eastnorth Manufacturing and its...
14 Compare the reasons for the changes in
return on equity for Eastnorth Manufacturing and its industry.
Balance Sheets for INDUSTRY:
December 31
2017
2016
2015
ASSETS
Cash and marketable securities
$30,000
$25,000
$20,000
Accounts receivable
110,000
90,000
60,000
Inventories
100,000
80,000
80,000
Total current assets
240,000
195,000
160,000
Gross plant and equipment
250,000
220,000
200,000
Less: accumulated depreciation
−100,000
−65,000
−50,000
Net plant and equipment
150,000
155,000
150,000
Land
50,000
50,000
50,000
Total fixed assets
200,000
205,000
200,000
Total...
Use the following information to determine Net
Income for the year ended December 31, 2020. All...
Use the following information to determine Net
Income for the year ended December 31, 2020. All accounts
have normal balances.
Sales Revenue $2,000,000
Interest Revenue 50,000
COGS Sold 1,000,000
Selling and Administrative expenses 200,000
Realized gain on sale of investments 10,000
Loss on Discontinued Operations (net of taxes) 100,000
Tax Rate is equal to 20%
Group of answer choices
$640,000
$688,000
$540,000
$588,000
Morningside Technologies Inc. uses flexible An accounting device
used to plan and control resources of operational...
Morningside Technologies Inc. uses flexible An accounting device
used to plan and control resources of operational departments and
divisions.budgets that are based on the following data:
Sales commissions
6% of sales
Advertising expense
23% of sales
Miscellaneous administrative expense
$1,300 per month plus 1% of sales
Office salaries expense
$12,000 per month
Customer support expenses
$1,800 plus 2% of sales
Research and development expense
2,400 per month
Prepare a flexible selling and administrative expenses budget
for April for sales volumes...
The accounting records of Swan Ltd recorded the following
information.
30-Jun-19
30-Jun-20
Accounts receivable
50,000
30,000...
The accounting records of Swan Ltd recorded the following
information.
30-Jun-19
30-Jun-20
Accounts receivable
50,000
30,000
Inventories
87,000
70,000
Prepaid expenses
40,000
30,000
Dividend receivable
21,000
23,000
Land
490,000
1,000,000
Property
4,000,000
4,000,000
Accounts payable for inventories purchased
70,000
80,000
Bills payable
40,000
44,000
Employee benefit liabilities
59,000
42,000
Provision for warranty
40,000
30,000
Debenture
100,000
400,000
Sales revenue
3,800,000
5,000,000
Dividend revenue
28,000
60,000
Depreciation expense
320,000
350,000
Cost of sales
3,900,000
3,500,000
Warranty expenses
80,000
100,000
Other operating...
The financial statements of Flathead Lake Manufacturing Company
are shown below.
Income Statement 2017
Sales
$...
The financial statements of Flathead Lake Manufacturing Company
are shown below.
Income Statement 2017
Sales
$
9,300,000
Cost of Goods Sold
5,750,000
Depreciation Expense
550,000
Gross Profit
$
3,000,000
Selling and Administrative Expenses
2,200,000
EBIT
$
800,000
Interest Expense
200,000
Income before Tax
$
600,000
Taxes
375,000
Net Income
$
225,000
Flathead Lake Manufacturing
Comparative Balance Sheets
2017
2016
Cash
$
50,000
$
40,000
Accounts Receivable
570,000
600,000
Inventory
530,000
460,000
Total Current Assets
$
1,150,000
$
1,100,000
Fixed Assets...
The financial statements of Garver, Inc., provide the following
information for the current year:
Dec.31
Jan.1...
The financial statements of Garver, Inc., provide the following
information for the current year:
Dec.31
Jan.1
Accounts receivable
$
70,000
$
80,000
Inventory
$
110,000
$
102,000
Prepaid expenses
$
24,000
$
28,000
Accounts payable (for merchandise)
$
66,000
$
64,000
Accrued expenses payable
$
30,000
$
40,000
Net sales
$
520,000
Cost of goods sold
$
260,000
Operating expenses (including depreciation of $36,000)
$
160,000
Compute the cash received from customers during the current
year.
a
$530,000
b
$510,000...