CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $146,802 Amortization Expense $8,000 Loss on Goodwill $4,411 NSF fees Expense $1,300 Rental Equipment Expense $1,000 Advances from customers $500 Gain from asset disposition $7,000 Accounts Receivable $20,000 Sales Revenue $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $

CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $146,802 Amortization Expense $8,000 Loss on Goodwill $4,411 NSF fees Expense $1,300 Rental Equipment Expense $1,000 Advances from customers $500 Gain from asset disposition $7,000 Accounts Receivable $20,000 Sales Revenue $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer all 3 parts accordingly: Joyner Company’s income statement for Year 2 follows: Sales $ 709,000 Cost of goods sold 76,000 Gross margin 633,000 Selling and administrative expenses 150,800 Net operating income 482,200 Nonoperating items: Gain on sale of equipment 5,000 Income before taxes 487,200 Income taxes 146,160 Net income $ 341,040 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash $ 313,940 $ 57,200 Accounts receivable 222,000 143,000 Inventory 319,000 279,000 Prepaid expenses 11,000 22,000 Total current assets 865,940 501,200 Property, plant, and equipment 640,000 508,000 Less accumulated depreciation 165,400 130,900 Net property, plant, and equipment 474,600 377,100 Loan to Hymans Company 48,000 0 Total assets $ 1,388,540 $ 878,300 Liabilities and Stockholders' Equity Accounts payable $ 315,000 $ 254,000 Accrued liabilities 43,000 51,000 Income…
Provide the Correct answer of what is the Correct
The company made a sale of goods for RO. 10000 (cost RO 12000) and received 45% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) + 5500 (Receivables) = 0 + - 2000 (Loss) b. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + - 2000 (Loss) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Receivables) + + 2000 (Profit)
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Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960…
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