Given the following Financial Information Answer the following
question:
2017
2018
Cash
7,000
218,462
Accounts Receivable...
Given the following Financial Information Answer the following
question:
2017
2018
Cash
7,000
218,462
Accounts Receivable
8,000
8,800
Inventory
4,000
4,400
Prepaid Assets
3,000
3,300
Other Assets
1,000
1,100
Total Current Assets
23,000
236,062
Net PPE
80,000
14,000
Intangibles
4,000
4,000
Total Assets
107,000
254,062
Accounts Payable
8,000
8,800
Salary Payable
1,000
1,100
Notes Payable
3,000
3,000
Total Current Liabilities
12,000
12,900
Long-Term Debt
50,000
50,000
Total Liabilities
62,000
62,900
Common Stock
70,000
70,000
Retained Earnings
-25,000
121,162
total equity...
QUESTION 18
Use the following information to answer the next Two
questions: (Questions 1 of 2)...
QUESTION 18
Use the following information to answer the next Two
questions: (Questions 1 of 2)
On November 1, 2019, Kathie Company received five months' rent
for office space for November 2019 through March 2010 totaling
$50,000. The payment was originally recorded by a credit to a real
account. Kathie’s required adjusting entry at December 31, 2019
would include:
A.
a debit to Unearned Rent Revenue.
B.
a credit to Rent Expense.
C.
a credit to Unearned Rent Revenue.
D....
Question 17
Given the following information: sales = $525; costs = $400; tax
rate = 34%....
Question 17
Given the following information: sales = $525; costs = $400; tax
rate = 34%. Assuming costs run at a constant percentage of sales,
if sales rise by 10% next year, what will net income be?
Select one:
a. $33.00
b. $90.75
c. $3.30
d. $72.60
e. $66.00
Question 18
The financial statement summarizing the value of a firm's
current assets on a particular date is the balance sheet.
Select one:
True
False
Question 19
If you borrow $5,000,...
Use the income statement and the list of changes to answer the
question.
Valley Technology
Income...
Use the income statement and the list of changes to answer the
question.
Valley Technology
Income Statement
January 1 to December 31, 2019
(amounts in thousands)
Revenue
8,200
Cost of Goods Sold (COGS)
2,460
Gross Income
5,740
Sales, General, & Administrative Expenses (SG&A)
1,640
Depreciation Expense
600
Other Expenses
700
Earnings Before Interest & Taxes
(EBIT)
2,800
Interest
80
Pre-Tax Income
2,720
Income Taxes
1,088
Net Income
1,632
Between January 1 and December 31, 2019:
1. Accounts Receivable increase by...
Use the income statement and the list of changes to answer the
question.
Ruston
Company
Income...
Use the income statement and the list of changes to answer the
question.
Ruston
Company
Income Statement
January 1 to December 31, 2017
(amounts in thousands)
Revenue
7,800
Cost of Goods Sold
(COGS)
1,560
Gross
Income
6,240
Sales, General, &
Administrative Expenses (SG&A)
780
Depreciation
Expense
700
Other Expenses
500
Earnings Before
Interest & Taxes (EBIT)
4,260
Interest
70
Pre-Tax
Income
4,190
Income Taxes
1,676
Net
Income
2,514
Between January 1 and December 31, 2017:
1. Accounts Receivable increase by...