asset nabllity year End Beginning Cash $ 62,000 $73,000 Accounts receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts payable (merchandise creditors) 43,000 37,000 Salaries payable 2,800 3,800 Sales (on account) 210,000 Cost of goods sold 70,000 Operating expenses other than depreciation 67,000 Jse the direct method to prepare the cash flows from operating activities section of a statement of cash flows. Use the minus sign to indicate c cash, or any negative adjustments.
Q: Identify the better performer between Best Buy and Dollar General. Calculate how much inventory the…
A: We are given some calculations regarding two companies - Best Buy and dollar General. Based on the…
Q: The financial manager of Company X is evaluating Company Y as a possible acquisition. Company Y is…
A: A wealth of a shareholder is the sum total of the earnings per share and the market price of the…
Q: Reversing entries are Optional Made prior to preparing a post - closing trial balance Required by…
A: A reversing entry is a journal entry that is entered at the start of an accounting period to reverse…
Q: Materials are added at the beginning of a production process, and ending work in process inventory…
A: Production cost report is the summary showing the units which are required to be produced and how…
Q: s paid during the year 475 nt, net of accumulated depreciation 1,220 сах ехрense caxes payable 265…
A: Preparing the Income statement for the year ending April,30, 2022 Concept of Preparing the income…
Q: Macy's was selling Calvin Klein jean shirts that were originally priced at $46.00 for $8.74. a. What…
A: Formulas: Markdown amount = Original price - Selling Price Markdown % = (Markdown amount / Original…
Q: Money market deposit accounts (MMDAS) O a. have floating maturity dates. O b. are federally insured.…
A: 1. a. have floating maturity dates. 2 d. allow check writing privileges above a stipulated minimum…
Q: a. Imelda Company budgets sales of $1,800,000, fixed costs of $394,000, and variable costs of…
A: Contribution margin ratio = (Total contribution/sales) ×100
Q: Your Company's residual income was $13.500. Net income was $67.500 and average operating assets were…
A: Residual income = Net income - Minimum profit required where, Minimum profit required = Average…
Q: Cash flow statements help users decide whether a company has enough cash to pay Its debts. True or…
A: A cash flow statement is a written tool for managing finances since it tracks an organization's cash…
Q: Ferrante Company sells 90,000 units at $60 per unit. Variable costs are $42 per unit, and fixed…
A: A corporation's contribution margin is the percentage change in revenue and variable expenses. An…
Q: Natural Desserts has 2,500 gallons of paint in WIP inventory, with all materials already added.…
A: Under process costing, manufacturing of a product may require multiple processes. In order to…
Q: How must profits and losses be handled when generating the operational portion of the cash flow…
A: The cash flow statement assesses a company's capacity to manage its financial situation, namely how…
Q: amilton who works in 0.00. His employer pays the insurer 100% of the cost of his life insurance…
A: Life Insurance Coverage Life insurance is a contract between an insurer and a policyholder. The…
Q: Equarter by month. Cash sales are 10% of total sales each month. Historically, sales on ccount lave…
A: The cash collection schedule is prepared to estimate the cadh collection during the period.
Q: The comparison of a company's financlal condition and performance across time is known as: Multiple…
A: The financial position of the organization is defined as the current balances of its reported…
Q: Energy Products Company produces a gasoline additive, Gas Gain. This product increases engine…
A: Variance analysis is defined as the deviations study under which the actual behavior and planned…
Q: Which of the following statements about forms of variable pay are true? Group of answer choices A…
A: Variable pay refers to the sales remuneration portion which is dependent through job performance. It…
Q: Use the following selected Information from Letterman Corporation to determine the Year 1 and Year 2…
A: Common size percentage commonly known as vertical analysis is calculated by dividing the amount by…
Q: Julio acquired 2,000 shares of stock in Gray Corporation seven years ago at a cost of $50 per share.…
A: Income Tax Liability: -Income tax liability is the amount of money an individual or a business or…
Q: The balance sheet accounts of partners Pacman, Marquez and Mayweather before liquidation are the…
A: Answer:- Liquidation of partnership meaning:- When the partners in the partnership firm agree to…
Q: Cash dividends of $88,319 were declared during the year. Cash dividends payable were $9,765 at the…
A: Cash dividends paid = Beginning cash dividends + Dividends declared - Ending cash dividends
Q: TRUE or FALSE 1. If all individual B/C ratios of MEAs are less than 1.00, then the preferred option…
A: B/C ratio is the ratio which measure the benefits over the costs and it is determined through…
Q: One of the companies purchased a set of fixed assets for an amount of 12 million dinars in cash. The…
A: When group of assets are purchased at single amount they are recorded in proportion to their fair…
Q: On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…
A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…
Q: Bonds Payable has a balance of $1,137,000 and Discount on Bonds Payable has a balance of $13,644. If…
A: Bonds: Bonds is a long-term liability of a company where it has to repay the principal amount along…
Q: A company uses the perpetual inventory system and recorded the tollowing entry: Accounts Payable…
A: The perpetual inventory system records all expenses or losses or discount related to purchases with…
Q: Nagy Industries reported a net income of $600,360 on December 31, 2021. At the beginning of the…
A: Basic EPS is the earnings per share which only includes the effect of common shares while…
Q: A major disclosure items for public companies is: lack of internal controls pension…
A:
Q: s online recruitment industry trends:
A: Recruitment refers to the process of searching, finding, or hiring the best suitable candidate for…
Q: The management of Your Corporation is considering dropping a product. Data from the company's…
A: Increase (decrease) in overall net operating income if product is dropped = Savings in avoidable…
Q: What is the production budgeted for the second quarter? Company policy is to have a finished goods…
A: Production budget shows the number of units to be produced by the company in the given period. It is…
Q: Diane Baumah, a professional artist with AGI in excess of $65,000, made the following donations.…
A: GIVEN Diane Bauman, a professional artist with AGI in excess of $65,000, made the following…
Q: On January 1, Kale Company has a beginning cash balance of $42,000. During the year, the company…
A: Amount to be borrowed = Desired ending cash balance - Amounts available where, Amounts available =…
Q: Your Company sells exercise bikes for $675 each. The following cost formula relates to last year's…
A: Net income is the amount remaining after reducing all the costs and expenses from the sales revenue.…
Q: $ 17.00 Price per cake Variable cost per cake Ingredients Direct labor 2.50 1.40 Overhead (box,…
A: Formula: Break even point in units = Fixed cost / Unit contribution margin
Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day,…
A: Solution... Principal amount = $91,392 Time period = 90 days Rate of interest = 7%
Q: te ar
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: John Keeley begins operating his Black Hole Bar and Grill on 1/1/19 with an equity investment of…
A: You have posted multiple-part questions, so as per our policy only the first three sub-parts are…
Q: 1. Determine Cove's break-even point in units and sales dollars.
A: Break-even point in sales dollars is that much of sales revenue or sales amounts which are required…
Q: 14. A and B form an LLC. A contributes cash of $120, B contributes land worth $120 with an adjusted…
A: Introduction A Limited liability company LLC member who contributes a property to LLC with fair…
Q: Natural Desserts has 2,500 gallons of paint in WIP inventory, with all materials already added. The…
A: Introduction:- Equivalent units are the units in production multiplied by the percentage of units…
Q: $100,000 $85,000 $20,711 $5,000 Lessee expected salvage value $8,000 4% Asset FMV Asset Book Value…
A: GIVEN Brooks Company leases a machine from TCS Company on 1/1/23 Asset FMV $100,000 Asset Book…
Q: Your Division makes a part that can either be sold to outside customers or transferred internally to…
A: As per the general transfer pricing rule, in the case of sufficient capacity available, the minimum…
Q: The following information applies to Your Company for the current year: Direct labor-hours:…
A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins.…
Q: Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance…
A: Solution... Standard quantity used = 2.60 pounds Allowances for wastage = 0.30 pounds…
Q: Required information [The following information applies to the questions displayed below.] Tyrell…
A:
Q: A company uses the perpetual inventory system and recorded the following entry: 2,500 Accounts…
A: Accounts payable is the amount owed by an entity to its suppliers/vendors for the goods and services…
Q: Use the following selected information from Corolla to determine the Year 1 and Year 2 trend…
A: Trend Percentage Analysis refers to calculation of Increased or Decreased in From the past year or…
Q: Which of the following is not a purpose of the Center for Audit Quality which is affiliated with the…
A: Centre for Audit Quality (CAQ) is affiliated to the AICPA. As the name indicates CAQ is focused…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338
- Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsOn January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…The net income reported on the income statement for the current year was $295,779. Depreciation recorded on fixed assets and amortization of patents for the year were $36,030 and $11,489, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $64,081 $48,791 Accounts Receivable 123,219 102,308 Inventories 100,310 86,859 Prepaid Expenses 3,248 6,877 Accounts Payable (merchandise creditors) 45,294 62,023 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
- The following is a portion of the current asset section of the balance sheets of HiROE Co., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for uncollectibleaccounts of $23,000 and $11,000, respectively $457,000 $359,000 e-2. What factors might have caused the change in this ratio? Check All That Apply Credit was extended to proportionately more slow-paying or high credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or high credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or lower credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or lower credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or high credit-risk customers during 2019. Credit was extended to proportionately more slow-paying or high credit-risk customers during 2019. Credit was extended…The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489The net income reported on the income statement for the current year was $315,287. Depreciation recorded on fixed assets and amortization of patents for the year were $40,641, and $10,191, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories Prepaid expenses Accounts payable (merchandise creditors) End Beginning $37,456 $65,345 121,519 101,361 109,151 93,765 3,426 57,828 6,921 64,298 What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $404,638 b. $246,318 c. $327,600 d. $384,256
- Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67.000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Cash Flows From The Operating Activities Section Cash flows from (used for) operating activities:On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…