Oriole Company had • Sales of $10080 on account • Collected $4480 for services to be performed in 2017 • Paid $4200 cash in salaries for 2016 • Purchased airline tickets for $560 in December for a trip to take placei What is Oriole's 2016 net income using a crual accounting?
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- Changes in Owners Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated: Required Compute the changes in Coaches and Carriages owners equity during 2015 and 2016. Compute the amount of Coaches and Carriages net income (or loss) for 2015 assuming that no dividends were paid and the owners made no additional contributions during the year. Compute the amount of Coaches and Carriages net income (or loss) for 2016 assuming that dividends paid during the year amounted to $10,000 and no additional contributions were made by the owners.Metlock, Inc. had the following transactions during 2016.• Sales of $8100 on account• Collected $3600 for services to be performed in 2017• Paid $2390 cash in salaries• Purchased airline tickets for $450 in December for a trip to take place in 2017What is Metlock's 2016 net income using cash basis accounting? a.) $1210 b.) $9310 c.) $760 d.) $8860Hello, For the following accounting records ending on 12/31/2016: Selling, general and Admin expenses: $61,200 Accounts Payable: $102,000 Research and Development expenses: $44,400 Loss from Discontinued Operations, (net tax savings of $6,000): $19,200 Provision for income taxes: $88,800 Net Sales: $694,800 Interest Expense: $76 ,800 Net cash provided by Operations: $177,600 Cost of Goods Sold: $326,400. Question: Calculate the company's net income for 2016. Thanks.
- O. Tybalt invested $7,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $122,100). Tybalt Construction is required to make a $9,000 payment on its long-term notes payable during 2018. Required:1a. Prepare the income statement for the calendar-year 2017.1b. Prepare the statement of owner's equity for the calendar-year 2017.1c. Prepare the classified balance sheet at December 31, 2017.2. Prepare the necessary closing entries at December 31, 2017.3. Use the information in the financial statements to compute the following ratios:Carmelita Dresses started operations on July 1, 2014, withP200,000 from personal savings and P30,000 from abank loan. During the first year of operations, net income wasP60,000. On December 15, 2014, Carmelita withdrewP8,000 cash. No additional activities affected owners' equityin 2014. By December 31, 2014, Carmelita's liabilities hadîncreased to P57,600. In Carmelita's December 31, 2014financial statements, how much total assets should be reportedeUse the following information to answer this question. Windswept, Inc.2017 Income Statement($ in millions) Net sales $ 9,750 Cost of goods sold 7,800 Depreciation 355 Earnings before interest and taxes $ 1,595 Interest paid 94 Taxable income $ 1,501 Taxes 450 Net income $ 1,051 Windswept, Inc.2016 and 2017 Balance Sheets($ in millions) 2016 2017 2016 2017 Cash $ 250 $ 270 Accounts payable $ 1,480 $ 1,732 Accounts rec. 1,050 950 Long-term debt 1,040 1,228 Inventory 1,720 1,630 Common stock 3,300 3,000 Total $ 3,020 $ 2,850 Retained earnings 620 870 Net fixed assets 3,420 3,980 Total assets $ 6,440 $ 6,830 Total liab. & equity $ 6,440 $ 6,830 Windswept, Inc., has 520 million shares of stock outstanding. Its price–earnings ratio for 2017 is 20. What is the market price per share of stock?
- The following amounts were taken from the financial statements of Blossom Company: 2017 2016 Current liabilities $1270000 $1223000 Long-term liabilities 1816000 1621000 Interest expense 117000 54800 Income tax expense 53600 32500 Net income 318000 187000 Net cash provided by operating activity 328000 283000 The times interest earned for 2017 is 3.7 times. 4.2 times. 3.2 times. 3 times.3. LeAnne Company had the ff transaction during 2021: • Sales of 9000 on account Collected 4000 for services to be performed Paid 260 cash in salaries Purchased airline tickets for 500 in Dec. for a trip to take place in 2022 What is the company's 2021 net income using cash basis accounting?Carmelita Dresses started operations on July 1, 2014, with P200,000 from personal savings and P30,000 from abank loan. During the first year of operations, net income was760,000. On December 15, 2014, Carmelita withdrewP8,000 cash. No additional activities affecled owners' equityin 2014. By December 31, 2014, Carmelita's liabilities hadincreased to 57,600. In Carmelita's December 31, 2014financial statements, how much total assets should be reported?
- Balance Sheet at End of Year- figures in millions Assets 2015 2016 Liability & Shareholder Equity 2015 2016 Current Assets $90 $140 $50 $60 Net fixes Asst. $800 $900 $600 $750 ___________________________________________________________ Income Statement 2016 Revenue $1,950 Cost Goods $1,030 Depreciation $350 Interest expense $240 What are the taxes paid in 2016? Assume the firm pay taxes equal to 35% of taxable income. What is cash provided by operations during 2016? Net fixed assets increased form 800 to 900 during 2016, what was the gross investment in fixed assets in 2016?David and Roger Ltd is an expanding public company selling a variety of products (only on credit). Simplified income statements and balance sheets for the past 2 years, together with other selected information about the company, are provided below. Balance sheet of David and Roger Ltd 30 June 2017 30 June 2016 $’000 $’000 Current assets Cash 400 200 Accounts receivable 2 500 1 300 Inventory 1 150 750 Total current assets 4 050 2 250…David and Roger Ltd is an expanding public company selling a variety of products (only on credit). Simplified income statements and balance sheets for the past 2 years, together with other selected information about the company, are provided below. Balance sheet of David and Roger Ltd 30 June 2017 30 June 2016 $’000 $’000 Current assets Cash 400 200 Accounts receivable 2 500 1 300 Inventory 1 150 750 Total current assets 4 050 2 250…