Calculate Net Income for the year ending 6/30/21.
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Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000.
|
Accounts payable |
$ 30 |
Notes payable (due in 5 years) |
$100 |
|
|
18 |
Prepaid insurance |
8 |
|
Accumulated depreciation |
160 |
Remodeling revenue |
650 |
|
Cash |
15 |
Rent expense |
63 |
|
Common stock |
150 |
|
79 |
|
Depreciation expense |
40 |
Salaries expense |
150 |
|
Dividends |
25 |
Salaries payable |
17 |
|
Equipment |
500 |
Supplies |
31 |
|
Income taxes payable |
3 |
Supplies expense |
275 |
|
Miscellaneous expense |
84 |
Unearned revenue |
20 |
Calculate Net Income for the year ending 6/30/21.
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- On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…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…On 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 following is a partial listing of accounts for XYZ, Inc., for the year ended December 31, 2020. Required: Prepare multiple step income statement for the year of 2020. Finished Goods Current Maturities of Long-Term Debt Accumulated Depreciation Accounts Receivable $ 38,872 2,515 19,960 Sales Revenue 6,273 127,260 Treasury Stock 251 Prepaid Expenses 2,199 Deferred Taxes (long-term liability) 8,506 Interest Expense 2,410 Allowance for Doubtful Accounts 915 Retained Earnings 18,951 Raw Materials 9,576 Accounts Payable 19,021 Cash and Cash Equivalents 8,527 Sales Salaries Expense 872 Cost of Goods Sold 82,471 Investment in Unconsolidated 3,559 Subsidiaries Income Taxes Payable 8,356 Work In Process 1,984 Additional Paid-In Capital 9,614 Equipment 41,905 Long-Term Debt 15,258 Rent Income 2,468 Common Stock 3,895 Notes Payable (short-term) 6,156 Income Tax Expense 2,461The following data are taken from the financial statements of Cullumber Company. 2022 2021 Accounts receivable (net), end of year $ 587,000 $ 585,000 Net sales on account 4,927,000 3,921,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Accounts receivable turnover Enter turnover in times rounded to 1 decimal place. times Enter turnover in times rounded to 1 decimal place. times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021 Average collection period Enter the collection period in days rounded to 1 decimal place. days Enter the collection period in days rounded to 1 decimal place. daysMacroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 19,805 $ 12,895 $ 23,325 $ 22,110 Balance Sheets: Accounts receivable, net Income statements: Sales revenue 6/30/2020 (04) $ 15,361 $ 24,545 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Answer is complete but not entirely correct. Receivables turnover ratio Q4 Receivables turnover ratio Q3 Average collection period Q4 Average collection period Q31 1.396 times 1.427 Simes 261.46 days 255.78 days
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- On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 94,000 Accounts receivable 44,000 Allowance for uncollectible accounts $ 9,400 Inventory 30,400 Building 90,400 Accumulated depreciation 14,000 Land 208,000 Accounts payable 40,000 Notes payable (8%, due in 3 years) 60,000 Common stock 104,000 Retained earnings 239,400 Totals $ 466,800 $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $24,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold…