The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017.       Cash received from customers  $400,000 Revenue recognized 478,000 Cash paid for expenses     280,000 Cash paid for computers on November 1, 2016 (annual depreciation is $15,000)    55,000 Expenses incurred, including interest, but excluding any depreciation    230,000 Proceeds from a bank loan, part of which was used to pay for the computers       100,000  Based on the accrual basis of accounting, what is Monty Corporation’s net income for the year ending October 31, 2017?

Balance Sheet as of December 31, 2021 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2021 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends 552 Addition to retained earnings 2$ 828

Rosewood corporation began 2018 with a balance in accounts receivable of $575,000. Service revenue, all on account, for the year totaled $2,000,000. The company ended the year with a balance in accounts receivable of $800,000. Rosewoods bad debt write offs are nonexistent. How much cash did the comapny collect from customers in 2018?   a.$1,775,000 b.$2,225,000 c.$2,800,000 d.$2,000,000

Presented below are selected accounts of Novak Company at December 31, 2017. Inventory (finished goods) $ 53,500 Cost of Goods Sold $2,192,400 Unearned Service Revenue 95,200 Notes Receivable 41,000 Equipment 257,100 Accounts Receivable 161,020 Inventory (work in process) 36,000 Inventory (raw materials) 182,280 Cash (not including restricted cash) 43,800 Supplies Expense 65,490 Debt Investments (trading) 39,500 Allowance for Doubtful Accounts 11,290 Customer Advances 53,200 Licenses 16,890 Restricted Cash for Plant Expansion 58,300 Additional Paid-in Capital 88,040 Treasury Stock 22,320 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $47,568. 3. The short-term investments have a fair value of $29,730. 4. The notes receivable are due April 30, 2019, with interest receivable every April 30. The notes bear interest at 6%.…

Portions of the financial statements for Peach Computer are provided below. FEACH COMPUTER Income Statement For the year ended December 31, 2015 Net sales $1,575,000 Expenses: Cost of goods sold $960,000 Operating expenses 470,000 Depreciation expense 41,000 Income tax expense 31,000 Total expenses 1,502,000 Net income $73,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Total 2015 2014 Increase (I) or Decrease (D) Cash $93,000 $80,500 $12,500 (1) Accounts receivable 46,900 53,500 6,600 (D) Inventory 66,000 50,500 15,500 (1) Prepaid rent 2,100 3,200 1,100 (D) Accounts payable 36,000 32,500 3,500 (1) Income tax payable 4,100 5,500 1,400 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)

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Current Attempt in Progress         Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill   $ 211,800   Accumulated depreciation-equipment   $ 467,100 Payroll taxes payable   67,100   Inventory   400,400 Bonds payable   501,800   Rent payable (short-term)   41,800 Discount on bonds payable   35,100   Income tax payable   112,600 Cash   62,800   Rent payable (long-term)   81,800 Land   352,800   Common stock, $1 par value   251,800 Notes receivable   162,300   Preferred stock, $25 par value   1,251,800 Notes payable (to banks)   266,700   Prepaid expenses   70,560 Accounts payable   348,800   Equipment   1,387,800 Retained earnings   ?   Equity investments (trading)   376,800 Income taxes receivable   47,400   Accumulated depreciation-buildings   361,300 Unsecured notes payable (long-term)   1,301,800   Buildings   2,801,800 Prepare a classified…

Boston Accounting Services provides accounting services to small businesses. The following data relate to the preparation of a master budget for January 2017. 1. At the end of 2016, the company's general ledger indicated the following balances: Cash Accounts receivable Equipment (net) Total $ 62,000 48,000 80,000 $190,000 Accounts payable Note payable Common stock Retained earnings $ 40,000 10,000 50,000 90,000 $190,000 2. Revenue in December 2016 was $80,000, and revenue budgeted for January 2017 is $70,000. 3. Forty percent of revenue is collected in the month earned, and 60 percent is collected in the subsequent month. The receivable balance at the end of 2016 reflects revenue earned in December 2016. 4. Monthly expenses (excluding interest expense) are budgeted as follows: salaries, $50,000; rent, $3,000; depreciation of equipment, $3,000; utilities, $1,000; other, $2,000. REQUIRED Complete the following budgets: 5. Expenses are paid in the month incurred. Purchases of equipment…