Hello tutor provide solution Inspirational Corp. is a motivational consulting business. At the end ofits accounting period, December 31, 2017, Inspirational has assets of$567,480 and liabilities of $179,320. Determine the net income (or loss)during 2018, assuming that as of December 31, 2018, assets were$715,020, liabilities were $116,330, and no additional capital stock wasissued or dividends paid.

Step 1: Effect of Net Income on the Accounting Equation:The main objective of every business entity…

Answered: Inspirational Corp. is a motivational…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inspirational Co. is a motivational consulting business. At the end of its accounting period, December 31, 2017, Inspirational has assets of $567,480 and liabilities of $179,320. Determine the Stockholders' equity as of December 31, 2018, assuming that assets decreased by $44,830 and liabilities increased by $15,890 during 2018.
Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Assume that at the end of 2017, Cullumber used $3,720 cash to pay off $3,720 of accounts payable. How would the current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amount Compute the debt to assets ratio and…
General Accounting
Anderson Corporation had a credit balance of $43,000 in its Retained Earnings account on December 31, 2018. Net income of $6,000 was reported on its income statement for the year ended December 31, 2019. Dividends in the amount of $5,625 were declared on December 31, 2018; the dividends are payable to the company's stockholders on February 1, 2019. The balance in its Retained Earnings account on December 31, 2019 equals
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Need asap please and thank you. Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amount
Wirefree Corporation began 2021 with retained earnings of $290 million. Revenues during the year were $440 million, and expenses totaled $340 million. Wirefree declared dividends of $62 million. What was the company's ending balance of retained earnings? To answer this question, prepare Wirefree's statement of retained earnings for the year ended December 31, 2021, complete with its proper heading. Prepare the statement of retained earnings. (Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the "Add" line of the statement.)
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Cerritos Company began operations on January 1, 201. During the first three years of operations, the entity reported following net income and dividends declared: Net income = 2016 - 1,500,000; 2017 - 2,500,000; 2018 - 3,000,000. Dividends declared = 2016 - 0; 2017 - 1,000,000; 2018 - 1,000,000. The entity provided the following information for 2019: Income before income tax = 5,000,000; Prior period error - understatement of 2018 depreciation before tax = 500,000; Cumulative decrease in income from change in inventory method before tax = 1,000,000; Dividend declared = 2,000,000; Income tax rate = 30%. What amount should be reported as retained earnings on December 31, 2019?
Wireless Corporation began 2021 with retained earnings of $290 million. Revenues during the year and expenses totaled $360 million. Wireless declared dividends of $60 million. What was the company's ending balance of retained earnings? To answer this question, prepare Wireless's statement of retained earnings for the year ended December 31, 2021, complete with its proper heading. Prepare the statement of retained earnings. (Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the "Add" line of the statement.) Add: Subtotal Less: (millions)
General Accounting
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