Answered: Notes payable $ 30,000 Accumulated…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.33E

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Accounts payable $18,200 Accounts receivable 8,500 Accumulated depreciation—equipment 5,300 Bonds payable 17,500 Cash 25,000 Common stock 26,800 Cost of goods sold 28,800 Depreciation expense 5,000 Dividends 5,900 Equipment 45,500 Interest expense 2,300 Patents 7,260 Retained earnings, January 1, 2022 19,300 Salaries and wages expense 6,100 Sales revenue 53,800 Supplies 6,540 find Earning per share
Accounting Accounts payable $18,200 Accounts receivable 8,500 Accumulated depreciation—equipment 5,300 Bonds payable 17,500 Cash 25,000 Common stock 26,800 Cost of goods sold 28,800 Depreciation expense 5,000 Dividends 5,900 Equipment 45,500 Interest expense 2,300 Patents 7,260 Retained earnings, January 1, 2022 19,300 Salaries and wages expense 6,100 Sales revenue 53,800 Supplies 6,540 1. Find the Current ratio 2. Debt to assets ratio enter debt to assets ratio in percentages rounded to 1 decimal place % 3. Working capital $enter working capital in dollars 4. Earnings per share value plzz help me in these ratios thnx
Cash $ 89,600 Accounts receivable 64,000 Prepaid insurance 10,400 Equipment 720,000 Accumulation depreciation $ 168,000 Accounts payable 18,400 Common stock 325,600 Retained earnings 138,000 Service revenue 840,000 Miscellaneous revenue 16,400 Salaries expense 456,000 Rent expense 65,600 Insurance expense 14,400 Depreciation expense 33,600 Income tax expense 102,400 Income tax payable 49,600 $1,556,000 $ 1,556,000 Prepare an income statement. Prepare closing entries in journal entry form.After Purrfect Pet’s closing entries are posted, what is the balance in the Retained Earnings account?
Advertising expense $8,600;Interest expense $3,600;Rent expense $16,000;Loss on sale of property and equipment $6,400;Cost of goods sold $22,000;Depreciation expense $7,800;Prepaid insurance expense $1,700. How much were Hable's operating expenses?
Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…
BALANCE SHEET Liabilities Amt Assets Amt Accounts payable 5,000 Machine and equipment 15,000 Long term debt 8,700 Cash on hand 1,500 Current portion of long term debts 1,700 Merchandise inventory 12,400 Accrued interest payable 1,400 Buildings and improvements 20,000 Mortgage payable 14,500 Accounts receivables 6,200 Capital 74,500 Land 50,000 Prepaid expenses 700 105,800 105,800 Compute for and interpret the following:a. Current ratiob. Working capitalc. Acid-test ratiod. Net capital ratioe. Networth ratiof. Debt/Asset ratiog. Debt/Equity ratio3. What can you say about the short-run and long-run financial conditions of Farm A?4. What do you think is the main limitation of the given information? Can you effectively analyze both the short-run and long-run positions of Farm A? Why or why not?
Balance Sheet June 30th, Year 5Assets Liabilities and Equity   Cash               10,000 Accounts Payable       19,000Accounts receivables   34,000 Wages Payable       4,000Inventory           60,000 Income Tax Payable       1,000Prepaid Insurance       4,000 Notes Payables       80,000Capital Assets           200,000 Common Shares       100,000Accumulated depreciation   (40,000) Retained Earnings       64,000Total Assets           268,000 Total Liabilities and Equity   268,000               The following are all transactions that happened during Year 6:               Made all sales on account of $246,200Collected accounts receivable of $243,280Purchased merchandise on account of $134,000Determined cost of goods sold was $140,000Paid accounts payable (for…
The following information is for Benton Office Supplies: Benton Office Supplies Balance Sheet December 31, 201X Cash                                               $ 65,000              Accounts Payable                      $ 60,000 Prepaid Insurance                              30,000              Salaries Payable                            10,000 Accounts Receivable                         50,000              Mortage Payable                            90,000 Inventory                                             70,000                  Total Liabilities                       $160,000 Land held for investment                    75,000              Land                                                    90,000              Building                         $100,000                               Common Stock                          $120,000 Less Accumulated                                                  Retained Earnings                       250,000 Depreciation          (20,000)…
The following information is for Benton Office Supplies: Benton Office Supplies Balance Sheet December 31, 201X Cash                                               $ 65,000              Accounts Payable                      $ 60,000 Prepaid Insurance                              30,000              Salaries Payable                            10,000 Accounts Receivable                         50,000              Mortage Payable                            90,000 Inventory                                             70,000                  Total Liabilities                       $160,000 Land held for investment                    75,000              Land                                                    90,000              Building                         $100,000                               Common Stock                          $120,000 Less Accumulated                                                  Retained Earnings                       250,000 Depreciation          (20,000)…
Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $67,000 $73,000 Accounts Receivable (net) 73,000 60,000 Inventories 54,000 37,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 1,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankOperating Activities Section Cash flows from (used for) operating activities: $- Select - - Select - - Select - Net cash flows from operating activities $fill in the blank 7
Net income for the current year was $92,150. Depreciation expense was $26,500. The balances of the current asset and current liability accounts at the beginning and end of the year are listed below. End of Year Beginning of Year a) Cash $61,500 56,250 b) Accounts receivable 81,250 74,100 c) Inventories 103,000 81,000 d) Prepaid expenses 6,100 7,600 e) Accounts payable 49,400 51,200 Required: Prepare the cash flows from operating activities section of the statement…
Fountain Office Supply's March 31, 2018, balance sheet follows: Fountain Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $34,000 Accounts Receivable 22,000 Merchandise Inventory 21,500 Prepaid Insurance 2,500 Total Current Assets $80,000 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (30,000) 25,000 Total Assets $105,000 Liabilities Current Liabilities: Accounts Payable $15,000 Salaries and Commissions Payable 6,450 Total Liabilities $21,450 Stockholders' Equity Common Stock, no par 14,000 Retained Earnings 69,550 Total Stockholders' Equity 83,550 Total Liabilities and Stockholders' Equity $105,000 The budget committee of Fountain Office Supply has assembled the following data: a. Sales in April…

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