170.0004.170.000230.0004.130.000Net IncomeTotal Liabilities and Net Worth,For year 20121. Compute Increase (Decrease)2. Mark the Increase (Decrease). Answer choices A, B, C.A-to be listed in cash flows for or from operating activitiesB- to be listed in cash flows for or from investing activitiesC- to be listed in cash flows for or from financing activitiesComputeA-OperatingB - InvestingC- FinancingIncrease(Decrease)CashAccounts ReceivableAllowance for Bad DebtsMerchandise InventoryLandEquipmentAllowance for DepreciationPrepaid ExpensesTotal AssetsAccounts PayableElpidio, CapitalElpidio, DrawingsNet IncomeTotal Liabilities and Net Worth Real CompanyStatement of Financial PositionAs of December 31, 2012(With comparative figures for 2011)20122011ComputeIncrease(Decrease)CashAccounts ReceivableAllowance for Bad DebtsMerchandise InventoryLand160,000430,000340,000390,000(10.,000)500,0002,100,000(15,000)540,0002,000,000EquipmentAllowance for DepreciationPrepaid ExpensesTotal Assets1.300,000(380.000)70,0004.170.0001,100,000(300,000)75,0004.130.000Accounts PayableElpidio. CapitalElpidio. Drawings2,150,0002.100,0002,080,0002,000,000(250.000)(180,000)

The cash flow statement is prepared to estimate the net cash inflow or outflow from the business…

Answered: Total Liabilities and Net Worth…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Maligalig Company Comparative Statement of Financial Position December 31 (in Thousand Dollars) 2017 2016 2015 ASSETS Current Assets Cash and Cash Equivalents 91,100 12,628 11,254 Short term Investments 193,230 12,000 12,000 Trade Receivables, net of $30,000 allowance 485,000 529,949 510,435 Note Receivable – related party 12,325 18,941 21,543 Other Receivables 80,532 Inventory 212,515 252,567 252,567 Prepaid Insurance 7,500 7,500 7,500 Total Current Assets 1,001,670 914,117 815,299 Non-Current Asset Property, Plant and Equipment 209,330 209,330 209,330 Less Accumulated Depreciation 87,260 75,332 64,034…
The following pretax amounts pertain to Company for the year ended December 31, 2020:Sales –P800,000; Distribution and administrative costs –P84,000; Other income –P40,000; Interest expense –P4,000; Cost of goods sold –P480,000; Correction of prior period error (credit) –P16,000; Discontinued operations (debit) –P40,000; Cumulative effect of change in accounting policy (credit) –P28,000; Retained earnings, January 1 (not restated) –P160,000; Dividends declared –P12,000; Income tax rate is 30%. How much retained earnings would be shown on December 31, 2020 statement of financial position?
During fiscal year 2012, Byrd Inc. wrote-off $8,000 of customer accounts as uncollectible. Which of the following items would be decreased by these write-offs? (indicate all that apply) a. Accounts Receivable b. Allowance for Doubtful Accounts c. Net Income d. Bad Debt Expense e. Cash flow from Operations
The data below is for Alta Corporation for 2016.Accounts receivable--December 31, 2016 $2,144,000Customer accounts written off as uncollectible during 2016 32,000Allowance for doubtful accounts--January 1, 2016 34,800Estimated uncollectible accounts based on an aging analysis 42,400 If the aging approach is used to estimate bad debts, determine the bad debt expense for 2016.
Exxon Mobil Corporation: Analyzing Effects of LIFO on Inventory Turnover Ratios The current assets of Exxon Mobil Corporation follow: ($ millions) 2014 2013 Current Assets Cash and Cash Equivalents $4,658 $4,913 Notes and Accounts Receivables 28,009 33,152 Inventories: Crude oil, products and merchandise 12,384 12,117 Materials and supplies 4,294 4,018 Other current assets 3,565 5,108 Total current assets $52,910 $59,308 In addition, the following note was provided in its 2014 10-K report: Inventories. Crude oil, products, and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out method—LIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of…
1. During 2014, Gambler Company discovered that the ending inventories on its financialstatements were incorrect by the following amounts:2012 P120,000 understated2013 150,000 overstatedGambler uses the periodic system to ascertain year-end quantities that are converted to pesoamounts using FIFO cost method.Prior to any adjustments for these errors and ignoring income taxes, how much would be theaccumulated profits and losses of Gambler at January 1, 2014? 2. Market Corporation failed to recognize accruals and prepayments since the inception of itsbusiness three years ago. The accruals and prepayments at the end of 2014 are given below:Prepaid insurance P60,000Accrued wages 75,000Rent revenue collected in advance 96,000Interest receivable 81,000What is the net effect of the above errors in the 2014 net income?
Changes in Various RatiosPresented below is selected information for Brimmer Company: 2013 2012 Sales revenue $911,000 $840,000 Cost of goods sold 576,000 542,000 Interest expense 21,000 20,000 Income tax expense 28,000 24,000 Net income 62,000 52,000 Cash flow from operating activities 66,000 55,000 Capital expenditures 43,000 45,000 Accounts receivable (net), December 31 127,000 120,000 Inventory, December 31 197,000 160,000 Stockholders' equity, December 31 451,000 400,000 Total assets, December 31 731,000 660,000 RequiredCalculate the following ratios for 2013. The 2012 results are given for comparative purposes. Round answers to one decimal place. Use 365 days in a year. 2012 2013 1. Gross profit percentage 35.5% Answer % 2. Return on assets 8.3% Answer % 3. Return on sales 6.2% Answer % 4. Return on common stockholders' equity (no preferred stock was outstanding) 13.9% Answer % 5. Accounts receivable…
FINANCIAL STATEMENT ANALYSIS DATA INFORMATION Statement of Financial Position of cf company 2015 2016 Cash and Cash Equivalents $ 990,000.00 $ 950,000.00 Short Term Marketable Securities $ 10,000.00 $ 15,000.00 Accounts Receivable $ 1,020,000.00 $ 1,550,000.00 Inventory $ 1,005,000.00 $ 1,360,000.00 Other Current Assets $ 870,000.00 $ 1,150,000.00 Total Current Assets $ 3,895,000.00 $ 5,025,000.00 Fixed Assets $ 14,006,000.00 $ 17,605,000.00 Accumulated Depreciation $ -1,280,000.00 $ -1,700,000.00 Net Fixed Assets $ 12,726,000.00 $ 15,905,000.00 Longterm Investments $ 360,000.00 $ 320,000.00 Investments in Other Companies $ 65,000.00 $ - Intangibles and Other Assets $ 100,000.00 $ 110,000.00 Total Non Current Assets $…
E8-7A Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: 2015 2016 Net sales $71, 050 $81, 662 Beginning accounts receivable (net) 3, 896 4, 100 Ending accounts receivable (net) 4, 100 3, 596 Calculate the accounts receivable turnover ratio for both years Calculate the average collection period for both years. Is the company’s account receivable management improving or…
The following information is taken from the 2014 annual report to shareholders of Hewlett-Packard Year Ended 2014 2013 Accouts receivable, net $ 18,481 $ 16,537 Accounts receivable, gross $ 19,066 $ 17,166 Bad debt expense $ 156 $ 345 What is the Balance in HP's allownace for doubtful accounts at the end of the fiscal year? 2013? 2014?
Circle Inc. had bad debt expense on its customer receivables as follows for 2016-2019, respectfully. Compute the trend percentages (whole number % changes, only) for these years assuming 2016 is the base year. 2016 $80,000 2017 $88,000 2018 $95,000 2019 $102,000
1. The following information is provided in the 2011 annual report toshareholders of The Biz Store:December 31, 2011 December 31, 2010Accounts Receivable Y $ 6 millionInventory $ 25 million $ 20 millionTotal assets $ 250 million XTotal Stockholders Equity W $ 130 millionNet Sales $ 115 millionCost of goods sold ZNet Income UAverage Collection Period 22.2 daysAverage days in inventory 104 DaysEquity multiplier 1.9Return on stockholder Equity 16.0 %Profit Margin on sales 17.4 %ROA VRequired: Compute U-Z in the tableabove. 2. Shown below is the activity for one of the products of Random Creations:January 1 balance, 80 units @ $50 $4,000Purchases:January 18: 40 Units @ $51January 28: 40 Units @ $52Sales:January 12: 30 UnitsJanuary 22: 30 UnitsJanuary 31:45 Units2a. Compute the ending inventory and cost of goods sold assuming RandomCreations uses FIFO.2b. Compute the ending inventory and cost of goods sold assuming RandomCreations uses LIFO and perpetual inventory system.2c. Compute the…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS