Homework Help is Here – Start Your Trial Now!
Business
Accounting
Excellent Corporation Income Statement for the year Dec. 31 ended 2018 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 (118,700) $ 77,300 78,000 Cost of goods sold 68,000 74,000 Gross profit on sales 114.000 132,000 $310,000.00 $318,000.00 Operating expenses Operating income Total Assets Accounts payable Interest expense and income taxes (28,750) 54,000 60,000 Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable Capital stock, $10 par (14,000 shs) Retained earnings 32,000 32,000 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity ow calculations below

Excellent Corporation Income Statement for the year Dec. 31 ended 2018 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 (118,700) $ 77,300 78,000 Cost of goods sold 68,000 74,000 Gross profit on sales 114.000 132,000 $310,000.00 $318,000.00 Operating expenses Operating income Total Assets Accounts payable Interest expense and income taxes (28,750) 54,000 60,000 Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable Capital stock, $10 par (14,000 shs) Retained earnings 32,000 32,000 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity ow calculations below

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 3MC
See similar textbooks
icon
Related questions
Question
Practice Pack
Given below are the comparative balance sheets and an income statement for the excellent corporation. calculate the current ratio at year end and the quick ratio at the beginning of the year
Excellent Corporation Income Statement for the year ended 2018 Dec. 31 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 78,000 Cost of goods sold 68,000 Gross profit on sales Operating expenses Operating income 74,000 (118,700) $77,300 114,000 132,000 Total Assets $310,000.00 $318,000.00 Accounts payable (28,750) Interest expense 54,000 60,000 and income taxes Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable 32,000 32,000 Capital stock, $10 par (14,000 shs) Retained earnings 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity (Show calculations below or on back
Transcribed Image Text:Excellent Corporation Income Statement for the year ended 2018 Dec. 31 Jan. 1 Cash $ 34,000 Accounts receivable 94,000 $ 34,000 $524,000 Sales Inventory Equipment (net) (328,000) $ 196,000 78,000 Cost of goods sold 68,000 Gross profit on sales Operating expenses Operating income 74,000 (118,700) $77,300 114,000 132,000 Total Assets $310,000.00 $318,000.00 Accounts payable (28,750) Interest expense 54,000 60,000 and income taxes Dividends payable 20,000 $48,550 12,000 Net income Long-term note payable 32,000 32,000 Capital stock, $10 par (14,000 shs) Retained earnings 140,000 140,000 64,000 74,000 Total Liabilities+ $310,000 $318,000 Equity (Show calculations below or on back
Expert Solution
trending now

Trending now

This is a popular solution!

video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS