Cal Farms reported supplies expense of $2,400,000 this year. The supplies account decreased by $280,000 during the year to an ending balance of $370,000. What was the cost of supplies the Cal Farms purchased during the year? $2,680,000. $2,120,000. $2,030,000. $2,770,000.
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Cal Farms reported supplies expense of $2,400,000 this year. The supplies account decreased by $280,000 during the year to an ending balance of $370,000. What was the cost of supplies the Cal Farms purchased during the year? $2,680,000. $2,120,000. $2,030,000. $2,770,000.
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- Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?Trumpet and Trombone Manufacturing, Inc. began the year with a retained earnings balance of $545,000. The company had a great year and earned a net income of $190,000 this year and paid dividends of $14,000. Additionally, the companys controller determined that it had made an error when calculating tax expense in the preceding year, resulting in an understated expense amount of $22,000. What is the ending retained earnings balance?
- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.Mission Manufacturing’s depreciation expense for the most recent year was $72,000 and its net income was $424,000. The company’s net cash flow from operating activities was $569,600. Other information from Mission’s financial statements includes a decrease in accounts receivable of $24,000, a $27,200 increase in accounts payable, and a $9,600 decrease in prepaid expenses. The only other activity that occurred, for the company this year, was the sale of a piece of equipment whose book value was $16,000. Taking into consideration only the activities listed, what amount will Mission report in cash flows from investing activities? $3,200 cash outflow $28,800 cash inflow $12,800 cash inflow $3,200 cash inflowConsider the following information: Service Revenue for the year = $81,000. Of this amount, $70,500 is collected during the year and $10,500 is expected to be collected next year. Salaries Expense for the year = $41,000. Of this amount, $35,500 is paid during the year and $5,500 is expected to be paid next year. Advertising Expense for the year = $10,500. All of this amount is paid during the year. Supplies Expense for the year = $4,500. No supplies were purchased during the year. Utilities Expense for the year = $13,000. Of this amount, $11,500 is paid during the year and $1,500 is expected to be paid next year. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,500.
- PPP Company sold $5 million of protective equipment during the current year of operations. The company received payments of $4.4 million from its customers for these goods. The company's income statement for the current year would report?The business is a trading business. For the period, it purchased goods for sale valued at ₱100,000. The goods were all sold for a total price of ₱120,000. For the sale only 10% was received as down payment, 60% were later collected, and at the end of the year 30% are still for collection. How much is the business incomeSouth Valley Company’s assets for the current year decreased by P135,000 while its liabilities increased by P25,000. During the year, the owner withdrew P12,000 and made additional investment of P17,000. How much is the net income (loss) for the year?a. (P165,000) c. (P105,000)b. (P115,000 d. (P110,000)
- the business is a trading business. for the period, it purchased goods for sale valued at 120,000. for the sale only 10% was received as down payment, 60% were collected, and at the end of the year, 30% are still for collection. How much is the business income?In its first year of operations, Maria Corp.earned 48,100 in service revenue.Of that amount, 8,200 was on account and the remainder, 39, 900, was collected in cash from customers. The company incurred various expenses totalling 32,300, of which 28,800 was paid in cash. At the year end, 3,500 was still owing on account. In addition, Maria prepaid 2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. maria expects to owe 3000 of income tax when it files its corporate income tax return after year end.In its first year of operations, Crane Company recognized $22,400 in service revenue, $4,800 of which was on account and still outstanding at year-end. The remaining $17,600 was received in cash from customers.The company incurred operating expenses of $12,640. Of these expenses, $9,600 were paid in cash; $3,040 was still owed on account at year-end. In addition, Crane prepaid $1,920 for insurance coverage that would not be used until the second year of operations.(a) Calculate the first year’s net earnings under the cash basis of accounting, and calculate the first year’s net earnings under the accrual basis of accounting. Cash Basis Accrual Basis Net Income $enter net income in dollars $enter net income in dollars (b) Which basis of accounting (cash or accrual) provides more useful information for decision-makers? select the basis of accounting Accrual basis Cash basis
