On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 Accounts Receivable 72,000 Merchandise Inventory, January 1, 2019 257,000 Estimated Returns Inventory 35,000 Office Supplies 3,000 Prepaid Insurance 4,500 Land 150,000 Store Equipment 270,000 Accumulated Depreciation-Store Equipment 55,900 Office Equipment 78,500 Accumulated Depreciation-Office Equipment 16,000 Accounts Payable 27,800 Customer Refunds Payable 50,000 Salaries Payable 3,000 Unearned Rent 8,300 Notes Payable 50,000 Shirley Wyman, Capital 515,600 Shirley Wyman, Drawing 25,000 Sales 3,280,000 Purchases 2,650,000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Freight In 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 Delivery Expense 9,000 Depreciation Expense-Store Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent Expense 28,000 Insurance Expense 3,000 Office Supplies Expense 2,000 Depreciation Expense-Office Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000     Required: 1. Does Wyman Company use a periodic inventory system or perpetual inventory system? Which account listed would not be used under both inventory systems? 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. Be sure to complete the heading of the statement. The merchandise inventory as of December 31, 2019, was $305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was $30,000. Refer to the chart of accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Less”, “Add” or colons (:) will automatically appear if required. In the Other revenue and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. Refer to the Chart of Accounts for exact wording of account titles. 4. What would the net income have been if the perpetual inventory system had been used?

You observe a company with the following items on the balance sheet (in thousands): Cash and equivalents 2018: $22 Cash and equivalents 2017: $23 Inventory 2018: $26 Inventory 2017: $21 Accounts receivable 2018: $144 Accounts receivable 2017: $129 Property, Plant, and Equipment 2018: $1,584 Property, Plant, and Equipment 2017: $1,663 Current Liabilities 2018: $247 Current Liabilities 2017: $291 Long-term debt 2018: $857 Long-term debt 2017: $1,494   What is the change in net working capital for the firm for these years. Answer in thousands (the same as how the numbers are presented).

The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.

The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest revenue $87,950 Accumulated depreciation-equipment $41,950 Cash 52,950 Accumulated depreciation-buildings 29,950 Sales revenue 1,381,950 Notes receivable 156,950 Accounts receivable 151,950 Selling expenses 195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales returns and allowances 151,950 Bonds payable 101,950 Allowance for doubtful accounts 8,950 Administrative and general expenses 98,950 Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950 Interest expense 61,950 Equipment 201,950 Notes payable 101,950 Buildings 141,950 Loss from earthquake damage 151,950 Cost of goods sold 622,950 Common stock 501,950 Retained earnings 22,950 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) Search DILL

On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $746,350 Administrative Expenses 515,750 Building 2,419,500 Cash 168,150 Cost of Merchandise Sold 3,900,350 Interest Expense 9,750 Kathy Melman, Capital 1,585,350 Kathy Melman, Drawing 180,400 Merchandise Inventory 941,750 Notes Payable 261,150 Office Supplies 21,000 Salaries Payable 7,850 Sales 6,627,450 Selling Expenses 710,900 Store Supplies 93,650     Required: a. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other expenses section only, enter amounts that represent other expenses as negative numbers…

The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest revenue $87,400 Accumulated depreciation—equipment $41,400Cash 52,400 Accumulated depreciation—buildings 29,400Sales revenue 1,381,400 Notes receivable 156,400Accounts receivable 151,400 Selling expenses 195,400Prepaid insurance 21,400 Accounts payable 171,400Sales returns and allowances 151,400 Bonds payable 101,400Allowance for doubtful accounts 8,400 Administrative and general expenses 98,400Sales discounts 46,400 Accrued liabilities 33,400Land 101,400 Interest expense 61,400Equipment 201,400 Notes payable 101,400Buildings 141,400 Loss from earthquake damage 151,400Cost of goods sold 622,400 Common stock 501,400   Retained earnings 22,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)

In alphabetical order below are current asset items for Roland Company's balance sheet at December 31, 2020. Accounts receivable Cash Finished goods Prepaid expenses Raw materials Work in process $214,000 65,000 88,000 39,000 91,000 94,000 Prepare the current assets section. (List Current Assets in order of liquidity.)