Dzeko Company began operations on December 1, 2020. Presented below is selected information related to Dzeko Company at December 31, 2020: Equipment $160,000 Utilities Expense $76,000 Cash 56,000 Accounts Payable 64,000 Service Revenue 432,000 Salaries and Wages Expense 188,000 Notes Payable 40,000 Rent Expense 42,000 Required: Compute the net income for the month of December. (show your computation). A. 140,000 B. 126,000 C. 120,000 D. 100,000
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- Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The following balances have been excerpted from the company's comparative balance sheets: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 The amount of cash paid by the companies for salaries in 2024 was Select one: $89,700. $93,900. $80,300. $80,800.Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The following balances have been excerpted from the company's comparative balance sheets: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 The amount of cash paid by the company to suppliers in 2024 was Select one: $215,800. $212,200. $219,400. $248,290.Sage Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes $628,000 61,000 26,000 715,000 133,000 Income tax expense 40,000 $93.000 Net income Sage's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37.00 $52,000 Accounts payable 39.000 32,000 Income taxes payable 4,000 8.400 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. SAGE COMPANY Statement of Cash Flows (Partial) 24 %24 >
- 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 are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The company's comparative balance sheets included the following: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 What amount of cash was received for interest revenue during 2024? Select one: $65,500 $63,900 $67,100 $56,400
- Flint Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $839,000 Operating expenses (excluding depreciation) $624,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 Net income $90,000 Flint’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $39,000 $53,000 Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows 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).) FLINT COMPANYStatement of Cash Flows (Partial)…Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2021 2020 Sales revenue $ 4,450,000 $ 3,550,000 Cost of goods sold 2,870,000 2,010,000 Administrative expense 810,000 685,000 Selling expense 370,000 312,000 Interest revenue 151,000 141,000 Interest expense 202,000 202,000 Loss on sale of assets of discontinued component 52,000 — On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $52,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2021–9/30/2021 2020 Sales revenue $ 410,000 $ 510,000 Cost of goods sold (295,000 ) (326,000 ) Administrative expense (51,000 ) (41,000 )…Carla Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $843,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 708,000 Income before income taxes 135,000 Income tax expense 40,000 Net income $95,000 Carla’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $36,000 $55,000 Accounts payable 43,000 33,000 Income taxes payable 4,200 8,200 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the indirect method.
- Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?Inko Inc. reported the following balances at the end of each year: 2020 2019Inventory P2,600,000 P2,900,000Accounts Payable 750,000 500,000The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…