[The following information applies to the questions displayed below] Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable oved to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 254 pretax income; all paid during December of the current year Common stock at the end of the current year No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations. Required: 1. Prepare a summarized income statement for the year. $ 15,050 12,200 33,500 72,500 34,100 2,150 INFLUENCE CORPORATION Income Statement 113,000 75,000 7 48,500

[The following information applies to the questions displayed below] Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable oved to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 254 pretax income; all paid during December of the current year Common stock at the end of the current year No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations. Required: 1. Prepare a summarized income statement for the year. $ 15,050 12,200 33,500 72,500 34,100 2,150 INFLUENCE CORPORATION Income Statement 113,000 75,000 7 48,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is total net sales for this company? What is total gross profit for this company? What is total operating expenses for this company? What is net income for this company? What is the company's gross profit ratio, also called gross profit margin ratio? Just enter the digits without decimals or punctuation.
Show the solution in good accounting form. Thank you! Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see photo attached) 1. Determine the net profit of the Cavite Branch for 2021.
mework i ! Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Saved Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and…
Blooming Flower Company was started in Year 1 when it acquired $61,400 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Balance Sheets Assets Cash Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Merchandise inventory Complete this question by entering your answers in the tabs below. Total assets Liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Year 1 $22,300 26,500 12,400 5,310 $ 60,290 9,900 Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting…
The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31: Jan. 29 Received 40% of the $17,000 balance owed by Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,560 cash in full payment of Karm’s account. Aug. 9 Wrote off the $22,380 balance owed by Golden Stallion Co., which has no assets. Nov. 7 Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $13,220 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Claire Moon Inc., $22,860; Jet Set Co., $15,320; Randall Distributors, $41,460; Harmonic Audio, $18,890. 31 Based on an analysis of the $2,740,000 of accounts receivable, it was estimated that $113,330 will…
Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400
The following information are extracted from the books and records of the Company and its branch. The balances are at December 31,2021, the third year of the corporation’s existence. (see image below). The branch acquires all of its merchandise from the home office. The inventories of the branch at billed prices on January 1, 2021 is P 90,000 and on December 31, 2021 is P100,800. Determine a. The percentage of profit on cost that the home office uses to bill merchandise shipped to branch and b. The balance of the Shipments to Branch account before the books are closed
The following are extracted from the books and records of ABC Corp. And its branch. The balances are at December 31, 2021, the third year of the corporation existence. BRANCH BOOKS HOME OFFICE BOOKS Allowance for Overvaluation Sales Expenses Shipment from Home Office 72,500 600,000 200,000 444,000 The branch acquires all of it merchandise from the Home Office. The inventories of the Branch at bilied prices are as follows: January 1, 2021, P47,717.18 and December 31, 2021, P84,000. How much is the adjusted branch profit?
Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
es Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) 2. Prepare a statement of stockholders' equity for the year. Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first…
What is total net sales for this company? What is total gross profit for this company? What is total operating expenses for this company? What is net income for this company? What is the company's gross profit ratio, also called gross profit margin ratio? Just enter the digits without decimals or punctuation.