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EXERCISES E4-1 (LO2) (Computation of Net Income) Presented below áre changes in alt the account balances of Fritz Mayhew Fumit Co.during the current yeat, except for retained eamings. Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $ 79,000 45,000 127,000 (47,000) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par- Cornmon Stock Increase (Decresse $61.000 82,000 125,000 13,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year. 4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017 the end of its finst year of operations. $310,000 140,000 50,000 30,000 10,000 6,000 12,000 5,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Dividends declared and paid Instructions mpule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eamings bal ance at December 31, 2017. (Ignore income tax effects.)

EXERCISES E4-1 (LO2) (Computation of Net Income) Presented below áre changes in alt the account balances of Fritz Mayhew Fumit Co.during the current yeat, except for retained eamings. Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $ 79,000 45,000 127,000 (47,000) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par- Cornmon Stock Increase (Decresse $61.000 82,000 125,000 13,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year. 4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017 the end of its finst year of operations. $310,000 140,000 50,000 30,000 10,000 6,000 12,000 5,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Dividends declared and paid Instructions mpule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eamings bal ance at December 31, 2017. (Ignore income tax effects.)

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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and payment using the gross method. (b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (c) At what amount would the purchase on February 1 be recorded if the net method were used? E8-9 (LO3) EXCEL (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is infor mation for January for Fong Sai-Yuk Company. Inventory Sale 100 units at $5 each 80 units at $8 each 150 units at $6 each Jan. 1 11 Purchase 13 Sale 120 units at $8.75 each 160 units at $7 each 100 units at $9 each 20 Purchase 27 Sale Bong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. 87°F ENG
Transcribed Image Text:and payment using the gross method. (b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (c) At what amount would the purchase on February 1 be recorded if the net method were used? E8-9 (LO3) EXCEL (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is infor mation for January for Fong Sai-Yuk Company. Inventory Sale 100 units at $5 each 80 units at $8 each 150 units at $6 each Jan. 1 11 Purchase 13 Sale 120 units at $8.75 each 160 units at $7 each 100 units at $9 each 20 Purchase 27 Sale Bong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. 87°F ENG
EXERCISES E4-1 (LO2) (Computation of Net Income) Presented below are changes in all the account balances of Fritz Mayhew Fumito Co. during ihe current year, except for retained eamings Cash Accounts Recelvable (net Invent Increase (Decrease) $ 79,000 45,000 127 000 (47,000) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par Common Stock Increase (Decrease $(51,000) 82000 125,000 13,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earmings account exKcept f net income and a dividend declaration of $19,000 which was paid in the current year. 4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017 the end of its first year of operations. $310,000 140,000 50,000 30,000 10,000 6,000 12,000 5,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unnealized gain on available-for-sale investments Interest expense Loss on discontinued operations Dividends declared and paid Instructions ampule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eanings ance at December 31, 2017. (Ignore income tax effects.) E4-3 ILO2.41 (Income Statement Items) Presented below are certain account balances of Paczki Products Co.
Transcribed Image Text:EXERCISES E4-1 (LO2) (Computation of Net Income) Presented below are changes in all the account balances of Fritz Mayhew Fumito Co. during ihe current year, except for retained eamings Cash Accounts Recelvable (net Invent Increase (Decrease) $ 79,000 45,000 127 000 (47,000) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par Common Stock Increase (Decrease $(51,000) 82000 125,000 13,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earmings account exKcept f net income and a dividend declaration of $19,000 which was paid in the current year. 4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017 the end of its first year of operations. $310,000 140,000 50,000 30,000 10,000 6,000 12,000 5,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unnealized gain on available-for-sale investments Interest expense Loss on discontinued operations Dividends declared and paid Instructions ampule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eanings ance at December 31, 2017. (Ignore income tax effects.) E4-3 ILO2.41 (Income Statement Items) Presented below are certain account balances of Paczki Products Co.
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