The records of Brenda Corporation at December 31, 2021 showed the following balances: Uncollectible accounts expense 2,000,000, Administrative expenses 10,000,000, Freight out 3,500,000, Finished goods inventory, Jan 1 60,000,000, Cost of sales 40,000,000, Sales commissions 7,000,000, Loss on sale of equipment 1,500,000, Finished goods inventory, Dec 31 55,000,000, Sales 90,000,000 Interest income 4,000,000 Based on the information given above, compute for the following 1. What is the total operating expenses 2. What is the net income or loss
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The records of Brenda Corporation at December 31, 2021 showed the following balances:
Uncollectible accounts expense 2,000,000, Administrative expenses 10,000,000,
Freight out 3,500,000, Finished goods inventory, Jan 1 60,000,000,
Cost of sales 40,000,000, Sales commissions 7,000,000,
Loss on sale of equipment 1,500,000, Finished goods inventory, Dec 31 55,000,000,
Sales 90,000,000
Interest income 4,000,000
Based on the information given above, compute for the following
1. What is the total operating expenses
2. What is the net income or loss
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- The accounting records of Uniontown Industries, Inc., provided the data below for the year endedDecember 31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the direct method. Show all work for partial credit.The following information is shown in the accounting records of ToDas Company for the current year 2020. Balances as of Jan 1 Cash 620,000; Accounts receivable 670,000; Inventory 860,000; Accounts Payable 530,000. Balances as of Dec 31 Accounts receivable 900,000; Inventory 780,000; Accounts Payable 480,000. The total sales and cost of goods sold were P7,980,000 and P5,830,000, respectively. All sales and all merchandise purchases were made on credit. Various expenses of P1,070,000 were paid on cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2020Presented below are selected accounts of Flint Company at December 31, 2020. Inventory (finished goods) $ 53,500 Cost of Goods Sold $2,192,400 Unearned Service Revenue 95,200 Notes Receivable 41,000 Equipment 257,100 Accounts Receivable 161,020 Inventory (work in process) 36,000 Inventory (raw materials) 182,280 Cash 43,800 Supplies Expense 65,490 Debt Investments (trading) 39,500 Allowance for Doubtful Accounts 11,290 Customer Advances 53,200 Licenses 16,890 Restricted Cash for Plant Expansion 58,300 Additional Paid-in Capital 88,040 Treasury Stock 22,320 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $47,568. 3. The short-term investments have a fair value of $29,730. 4. The notes receivable are due April 30, 2022, with…
- The following selected information is for Sandhill Company for the year ended January 31, 2021: Freight in $6,500 Purchase discounts $12,000 Freight out 7,500 Purchase returns and allowances 16,500 Insurance expense 12,000 Rent expense 20,500 Interest expense 6,000 Salaries expense 60,800 Merchandise inventory, beginning 61,400 Salaries payable 2,500 Merchandise inventory, ending 42,000 Sales 324,000 O. G. Pogo, capital 105,000 Sales discounts 14,000 O. G. Pogo, drawings 42,000 Sales returns and allowances 20,400 Purchases 213,000 Unearned sales revenue 4,500 prepare closing entriesThe following are selected ledger accounts of Marigold Corporation at December 31, 2020. Cash $177,600 Salaries and wages expense (sales) $272,640 Inventory 513,600 Salaries and wages expense (office) 332,160 Sales revenue 4,104,000 Purchase returns 14,400 Unearned sales revenue 112,320 Sales returns and allowances 75,840 Purchases 2,674,560 Freight-in 69,120 Sales discounts 32,640 Accounts receivable 136,800 Purchase discounts 25,920 Sales commissions 79,680 Selling expenses 66,240 Telephone and Internet expense (sales) 16,320 Accounting and legal services 31,680 Utilities expense (office) 30,720 Insurance expense (office) 23,040 Miscellaneous office expenses 7,680 Advertising expense 51,840 Rent revenue 230,400 Delivery expense 89,280 Casualty loss (before tax) 67,200 Depreciation expense (office equipment) 46,080 Interest expense 168,960 Depreciation expense (sales equipment) 34,560 Common stock ($10 par) 753,760 Marigold's effective tax rate on all items is 20%. A physical…The following selected information is for Sandhill Company for the year ended January 31, 2021: Freight in $6,500 Purchase discounts $12,000 Freight out 7,500 Purchase returns and allowances 16,500 Insurance expense 12,000 Rent expense 20,500 Interest expense 6,000 Salaries expense 60,800 Merchandise inventory, beginning 61,400 Salaries payable 2,500 Merchandise inventory, ending 42,000 Sales 324,000 O. G. Pogo, capital 105,000 Sales discounts 14,000 O. G. Pogo, drawings 42,000 Sales returns and allowances 20,400 Purchases 213,000 Unearned sales revenue 4,500 (a) Prepare a multiple-step income statement
- An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000The following are selected ledger accounts of Spock Corporation at December 31, 2020. Cash $ 185,000 Salaries and wages expense (sales) $284,000 Inventory 535,000 Salaries and wages expense (office) 346,000 Sales revenue 4,275,000 Purchase returns 15,000 Unearned sales revenue 117,000 Sales returns and allowances 79,000 Purchases 2,786,000 Freight-in 72,000 Sales discounts 34,000 Accounts receivable 142,500 Purchase discounts 27,000 Sales commissions 83,000 Selling expenses 69,000 Telephone and Internet expense (sales) 17,000 Accounting and legal services 33,000 Utilities expense (office) 32,000 Insurance expense (office) 24,000 Miscellaneous office expenses 8,000 Advertising expense 54,000 Rent revenue 240,000 Delivery expense 93,000 Casualty loss (before tax) 70,000 Depreciation expense (office equipment) 48,000 Interest expense 176,000 Depreciation expense (sales equipment)…The accounting records of Colton Industries, Inc., provided the data below for the year ended December31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the indirect method.
- The following are selected ledger accounts of Blossom Corporation at December 31, 2020. Cash $247,900 Salaries and wages expense (sales) $380,560 Inventory 716,900 Salaries and wages expense (office) 463,640 Sales revenue 5,728,500 Purchase returns 20,100 Unearned sales revenue 156,780 Sales returns and allowances 105,860 Purchases 3,733,240 Freight-in 96,480 Sales discounts 45,560 Accounts receivable 190,950 Purchase discounts 36,180 Sales commissions 111,220 Selling expenses 92,460 Telephone and Internet expense (sales) 22,780 Accounting and legal services 44,220 Utilities expense (office) 42,880 Insurance expense (office) 32,160 Miscellaneous office expenses 10,720 Advertising expense 72,360 Rent revenue 321,600 Delivery expense 124,620 Casualty loss (before tax) 93,800 Depreciation expense (office equipment) 64,320 Interest expense 235,840 Depreciation expense (sales…$ 15,000,000 (9,000,000) 6,000,000 Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense Selling expense Restructuring costs Loss on inventory write-down Total operating expenses Operating income $ (1,000,000) (500,000) (300,000) (400,000) (2,200,000) 3,800,000 Other income (expense): Interest expense (700,000) 3,100,000 (775,000) 2,325,000 Income before income taxes Income tax expense Net income Other comprehensive income, (net of tax): Foreign currency translation adjustment Gains on debt securities Total other comprehensive income (loss) Comprehensive incomeThe following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000