A company had the following balance sheet amounts at the beginning of the year: Total assets $750,000 Total liabilities $425,000 During the year, total assets increased by $350,000, total liabilities increased by $130,000. Dividends were paid in the amount of $60,000. No other transactions occurred except revenues and expenses (i.e. no changes in the stock account). How much is net income for the year? Show and label your work.
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- Nairobi Ltd Trial Balance As at 31st December 2020 Dr. Cr. Kshs'000 Kshs'000 Sales 500 Furniture-at cost 35 Salaries 80 Buildings-at Cost 100 Accounts Receivable 120 Cash and Cash Equivalent 443 Machinery-at Cost 122 Accounts Payable 105 Salaries Payable 42 Long-term Loans 100 Ordinary Share Capital 150 Stock(Inventories) on 31.12.2020 94 Retained Earnings 157 Cost of Sales 60 1,054 1,054 Additional information (i) Machinery is to be depreciated at 10% p.a.…The following is a trail balance of ACC Limited for the year ended 31 December 2014:RBALANCE SHEET ACCOUNTSCapital 250 000Drawings 4 400Land and buildings (at cost) 180 000Vehicles (at cost) 120 000Furniture (at cost) 15 000Bank 5 900Debtors 40 140Stock ( 1/01/2014) 4 000Creditors 50 750Accumulated Depreciation: Vehicles 26 000Accumulated Depreciation: Furniture 3 000NOMINAL ACCOUNTSSales 252 145Sales returns 615Commission Income 670Rent received 1950Purchases 170 550Purchases Returns 550Bad Debts/credit losses 230Insurance 2 750Packing material 800Salaries 38 500Water and electricity 3300Additional information:1. Inventory on 31 December 2014 : Trading inventory R6 500Packing Material R1752. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable3. Provision must be made for depreciation as follows:a. Vehicles 20% on diminishing balance method/reducing balance.b. Furniture 10% Straight Line method.4. A Debtor, Mr Fletcher who wed R230 finally managed to pay…On 28 February 20.2 you are given the following information for Betties Plumbing. RCapital252 000Services rendered510 000Wages100 000Telephone expenses10 000Water and electricity8 000Insurance1 500Maintenance of vehicles2 500Interest expenses1 500Interest income2 000 The total expenditure for Betties Plumbing for the year ended 28 February 20.2 is ... NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72)
- The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: 101Cash $65,000 111Accounts receivable 35,860 121 Supplies 9,100 131 Prepaid insurance 23,500 141Equipment 103,000 142 Accumulated depreciation—Equipment 39,820 202 Accounts payable 11,500 301 Aretha Hinkle, Capital 115,000 302Aretha Hinkle, Drawing 11,500 401Fees income 311,000 510Depreciation expense—Equipment 19,660 511Insurance expense 9,900 514Rent expense 31,500 517Salaries expense 151,000 518Supplies expense 4,100 519Telephone expense 5,300 523Utilities expense 7,900 Required: Prepare the closing entries. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances.Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500. The net profit or the net loss of the entity is … NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) 3. If it is a loss, please enter the amount as a negative (eg: -12141.72)
- Assume that a company has current assets of R60 000, current liabilities of R5 000 and prepaid expenses of R5 000. Calculate the quick ratio of the company? Select one: a. 1.86 b. 0.58 c. 1.71 d. 12The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
- 15) The following financial information is from ABC:Accounts Payable $15,000Buildings 80,000Cash 10,500Accounts Receivable 9,500Sales Tax Payable 4,500Retained Earnings 47,500Supplies 40,000Notes Payable (due in 18 months) 35,000Interest Payable 3,000Common Stock 35,000 What is the amount of current assets, assuming the accounts above reflect normal activity?A) $140,000. B) $20,000. C) $60,000. D) $175,000.Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.I need help figuring out the correct journey entries for the items 4d & 10j. Problem#8. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the…