Husky Company's revenue for March is $75,000, but only $15,000 cash is collected. Expenses for March are $41,000, of which $28,000 is paid in cash. During March, additional capital stock is issued in exchange for $5,000 cash. Using the accrual basis of accounting, Husky Company's income statement for March reports

Husky Company's revenue for March is $75,000, but only $15,000 cash is collected. Expenses for March are $41,000, of which $28,000 is paid in cash. During March, additional capital stock is issued in exchange for $5,000 cash. Using the accrual basis of accounting, Husky Company's income statement for March reports

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Knicks Incorporated reported sales of 5 million under accrual basis of accounting for the month of June. Other transactions which transpired during the month are as follows: - Advances received from customers amounted to 130,000 - Advances made to suppliers amounted to 140,000 - Credit sales amounted to 3,000,000 during the month. - Accounts receivable has a balance of 1,200,000 at the beginning of the month and 1,350,000 at the end. How much sales shall be reported under cash basis?
Sheridan Company obtains $36,800 in cash by signing a 7%, 6-month, $36,800 note payable to First Bank on July 1. Sheridan's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements? In the balance sheet, Notes Payable of $ reported as In the income statement, Interest Expense of $ and Interest Payable of $ should be reported under should be
Sandhill Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,158,300, accounts receivables of $3,469,000, short-term notes payable worth $1,128,000, and other current assets of $121,455. What is the company's net working capital?Excel Template(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.) Net working capital $enter the Net working capital in dollars
Canon Company finances some of its current operations by assigning accounts receivable on a notification basis to Josiah Finance. On July 1 of the current year, it assigned, under guarantee, specific accounts amounting to P2,000,000. Josiah Finance shall advance to Canon Company 80% of the accounts assigned, less a finance charge of 1% of the total accounts assigned. On August 1, Canon Company received a statement that Josiah had collected P1,100,000 of these accounts and had made an additional charge of 1% of the total outstanding payable as of July 31. This charge is to be deducted at the time of the first remittance due to Canon Company from the Josiah Finance. On September 1, Canon Company received a second statement from Josiah Finance, together with a check for the amount due. The statement indicated that the Josiah had collected an additional of P600,000 and had made a further charge of 1% of the balance outstanding as of August 31. Required: 1. Compute for the cash…
Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.
Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Revenue collected?
Festivus Company has working capital of $140,680 on December 30. On December 31 it has the following transactions: 1) An account payable for $10,000 is paid off 2) An account receivable of $1,000 is written off (Festivus does not use the direct write-off method) 3) $16,600 more inventory is purchased on account. Assume a 365 day year. Sales for the period amounted to $1,700,000 and the average mark up is 25%. Required 1: What is the working capital on December 31st after all transactions took place? $[ Required 2: The working capital turnover for the period ended on December 31st is: Required 3: If Account Payable balance on December 30th is $10,000 what is the Accounts Payable Turnover? Use ending balance of AP instead of the average. Required 4: If Account Payable balance on December 30th is $10,000 what is the Days Accounts Payable are outstanding? Use ending balance of AP instead of the average. Required 5: Festivus' Gross profit percentage is (report it as multiplied by 100 to…
Working capital: Winston Electronics reported the following information at its annual meetings. The company had cash and marketable securities worth $1,236,761, accounts payables worth $4,159,857, inventory of $7,122,108, accounts receivables of $3,488,872, notes payable worth $1,152,718, and other current assets of $121,748. What is the company’s net working capital?
On January 1, MM Company borrows $290,000 cash from a bank and in return signs an 4% installment note for five annual payments of $65,142 each. Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction.
Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Service and Business Income collected?
On January 1, MM Company borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90, 164 each. Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction.