QUESTION 15 During the year, Proffitts, Inc., had revenue of $83,000 and expenses of $26,000. During the year, it collected $10,000 from its customers and paid $3,000 of its expenses and $20,000 of dividends to its owners. Net income for the year equals $
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Revenue = $83000
Expenses = $26000
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- a. (1) Current year working capital. 1,090,000 Current position analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash 391,000 300,000 Marketable securities 515,000 354,000 Accounts and notes receivable (net) 634,000 426,000 Inventories 368,000 222,000 Prepaid expenses 182,000 138,000 Total current assets 2,090,000 1,440,000 Current liabilities: Accounts and notes payable (short-term) 725,000 600,000 Accrued liabilities 275,000 300,000 Total current liabilities 1,000,000 900,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. b. What conclusions can be drawn from these data as to the companys ability to meet its currently maturing debts?Brief Exercise 1-24 The Accounting Equation Financial information for three independent cases is as follows: The liabilities of Dent Company are $82,000, and its stockholders' equity is $120,000. What is the amount of Dents total assets? The total assets of Wayne Inc. are $55,000, and its stockholders' equity is $22,500. What is the amount of Waynes total liabilities? Gordon Companys total assets increased by $60,000 during the year, and its liabilities decreased by $35,000. Did Gordons stockholders' equity increase or decrease? By how much? Required: Determine the missing amount for each case.The Accounting Equation Using the accounting equation, answer each of the following independent questions. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners equity at the end of the year? Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners equity is $20,000. What is the amount of Chapmans assets at the beginning of the year? During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $30,000, and owners equity is $10,000. What is the amount of liabilities at the end of the year?
- Net income and dividends The income statement of a corporation for the month of November indicates a net income of $90,000. During the same period, $100,000 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of $10,000 during the month? Discuss.Five measures of solvency or profitability The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Income before income tax was 3,000,000, and income taxes were 1,200,000 for the current year. Cash dividends paid on common stock during the current year totaled 1,200,000. The common stock was selling for 32 per share at the end of the year. Determine each of the following: (a) times interest earned ratio, (b) earnings per share on common stock, (c) price-earnings ratio, (d) dividends per share of common stock, and (e) dividend yield. Round ratios and percentages to one decimal place, except for per-share amounts.29. Retained earnings balance of ABC Corp. at the beginning of the year is P5,000,000. During the year, ABD earned revenues of P10,000,000 and incurred operating expenses of P6,500,000. Also during the year, a dividends of P1,000,000 were declared and paid, leaving the cash balance of P800,000 for the following years’ operations. What is the year-end balance in the retained earnings after payment of dividends?
- 26 Fireside, Incorporated uses accrual basis accounting. Its balance sheets reported Accounts Receivable of $12,000 at the end of its first year and $18,000 at the end of its second year. Its income statement reported Sales Revenue of $120,000 in its second year. What would Fireside's revenues have been if it had used cash basis accounting? Multiple Choice $120,000 $114,000 $126,000 $12,00024. Pinaasa Company had total assets of P4,000,000 and shareholder’s equity of P2,080,000 at the beginning of the year. During the year, assets increased by P520,000 and liabilities decreased by P820,000. What is the shareholder’s equity at the end of the year? Choices: P3,700,000 P3,420,000 P3,380,000 P1,340,000Question A Blossom Corporation reported EBITDA of $7,299,875 and net income of 3,789,692.44 last year. The company also had $1,155,390 in interest expense, $1,023,279 in depreciation and amortization expense, and an average corporate tax rate of 26 percent. What was the firm's cash flow to investors from operating activity during the year? Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line. .
- Q4) Tolson Corp. had operating expenses of $48,000. At the beginning of the year, Tolson owed $10,000 on Accrued liabilities. At year-end, Accrued liabilities were $5,000. How much cash did Tolson pay for operating expenses?Question 25 Jarvis, Inc. reported net income of $59,000 for the year ended December 31, 2021 Included in net income were depreciation expense of $8,400 and a gain on sale of equipment of $1,700. Each of the following accounts increased during 2021: Accounts receivable $2,200 Inventory $4,500 Prepaid rent $6,800 Available-for-sale securities $1,000 Accounts payable $5,000 What is the amount of cash provided by operating activities for Jarvis, Inc. for the year ended December 31, 2021? $47,200 $56,200 $57,200 $58,900vi. Subject:- Finance A corporation began the year with total assets of $125,000 and stockholders' equity of $40,000. During the year, the company reported the following: Net income, $90,000 Dividends, $20,000 Total assets at the end of the year were $215,000. How much were total liabilities at the end of the year?
