Prepare a multiple step income statement based on the following account balances: Sales $1,300,000 Allowance for doubtful accounts 45,000 Bad debt expense 30,000 40,000 Beginning inventory Ending inventory 30,000 Depreciation expense Dividends declared Freight in Freight out Lottery winnings Prepaid insurance Purchases 20,000 18,000 Loss from discontinued operations 80,000 Loss from earthquake damage 22,000 Loss from sale of Available for Sale securities 7,000 Purchase returns Purchase discounts Rent expense Salary expense Sales returns Sales discounts 90,000 Income tax rate 25,000 20% 50,000 25,000 600,000 20,000 10,000 100,000 240,000 Unrealized loss from Available for Sale securities 42,000 Unrealized gain from Trading securities 25,000 Unearned rent revenue 15,000 20,000 8,000

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AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $

Use the following information for Transylvania Railroad: Long-term debt ratio: 0.5 • Times-interest-earned: 8.0 Current ratio: 1.5 • Quick ratio: 1.0 ⚫ Cash ratio: 0.3 • Inventory turnover: 4.9 • Receivables collection period: 73.0 days • Tax rate = 0.40 Work out the missing entries. For this problem, use the following definitions: Inventory turnover = COGS ÷ average inventory Receivables collection period = average receivables (sales + 365). Complete this question by entering your answers in the tabs below. Balance Sheet Income Statement Work out the missing entries. Note: Enter your answers in millions. Do not round intermediate calculations. Round your answers to 2 decimal places. Balance Sheet ($ in millions) December 2020 December 2019 Cash 21.00 Accounts receivable 34.10 Inventory 27.50 Total current assets 82.60 Fixed assets (net) 111.00 Total 193.60 Notes payable 31.00 20.10 Accounts payable 26.00 15.10 Total current liabilities 35.20 Long-term debt 37.90 Equity 120.50 Total…

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