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
The balance sheet for Aggie Company at December 31, 2021 indicated that total assets were $1,450 and total liabilities were $1,160. At December 31, 2022 total assets had decreased to $1,280. Additional information available for 2022 included the following: Revenues $580 Expenses 370 Dividends 48 Total liabilities on the December 31, 2022 balance sheet were: Select one: O O O O a. $500 b. $452 C. $876 d. $828 e. $1,032
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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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
The 2017 balance sheet of Dream, Inc., showed current assets of $3300 and current liabilities of $1391. The 2018 balance sheet showed current assets of $3200 and current liabilities of $1467. What was the company’s 2018 change in net working capital, or NWC? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.)
Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $554,000, total liabilities of $261,800, common stock of $139,300, and retained earnings of $152,900. During 2019, KJ had net income of $225,200, paid dividends of $74,400, and issued additional common stock for $93,900. KJ's total assets at the end of 2019 were $721,800. Required: Calculate the amount of liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.

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