The following separate account balances are for these two companies for December 31, 2015.. Note: Parentheses indicate a credit balance. Sales revenues and interest income Cost of goods sold Expenses Equity in earnings of Akron Net income Doone (868,000) 518,000 Akron (381,000) 212,000 185,700 64,000 (59,540) 0 (223,840) (105,000) Retained earnings, 1/1/15 (494,000) (320,000) Net income (above) (223,840) (105,000) Dividends declared 132,000 22,000 Retained earnings, 12/31/15 (585,840) (403,000) Cash and receivables 149,000 Inventory 270,000 137,000 151,000 nvestment in Akron 456,000 0 Long-term Investment and PPE (net) 967,000 331,000 Total assets 1,842,000 619,000 Liabilities Common stock Retained earnings, 12/31/15 Total liabilities and equity (726,160) (530,000) (585,840) (1,842,000) (37,000) (179,000) (403,000) (619,000) Compute the amounts that make up the Investment in Akron account balance and the oncontrolling interest as of December 31, 2015. Show the detailed calculation. Prepare an accounting memo describing the errors you identified as well as your proposed orrections.

d

The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands)         % of Net Sales   Net sales   $2,111,000   enter percentages of net sales %   Cost of goods sold   1,464,000   enter percentages of net sales %   Selling and administrative expenses   312,200   enter percentages of net sales %   Nonrecurring expenses   27,600   enter percentages of net sales %   Earnings before interest, taxes, depreciation, and amortization (EBITDA)   $307,200   enter percentages of net sales %   Depreciation   117,000   enter percentages of net sales %   Earnings before interest and taxes (EBIT)   190,200   enter percentages of net sales %   Interest expense   118,600   enter percentages of net sales %   Earnings before taxes (EBT)…

Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense 88 88 88 38 88 88 Allowance for…

Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)

Selected income statement data follow for Harper, Inc., for the year ended December 31 (in thousands). What is the company's times interest earned ratio? Operating income before interest Interest expense Operating income after interest Income tax Income after tax 35.6 30.6 11.2 24.4 6,617 189 6.428 1,607 4,821

Millennial Manufacturing has net credit sales for 2018 in the amount of $1,453,630, beginning accounts receivable balance of $587,900, and an ending accounts receivable balance of $623,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. Accounts receivable turnover ratio fill in the blank 1 times Sales in receivables ratio fill in the blank 2 days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day’s sales ratio is 180 days? a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years’ data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.

The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: Required: 1. Complete the two final columns shown beside each item in Pinnacle's comparative financial statements. (Round your percentage answers to 1 decimal place. Any decrease in the amount should be indicated with minus sign.) Increase (Decrease) 2017 over 2016 4 2017 2016 Amount Income statement Sales revenue Cost of goods sold $ 106,400 $96.000 50,200 46.500 Gross profit 56.200 49.500 Operating expenses 35,400 32.400 Interest expense 3,700 3,700 income before income tax expense 17.100 13.400 Income tax expense (30%) 5.130 4,020 Net income $ 11.970 $ 9.380 Balance sheet: Cash $ 55,370 $16,770 Accounts receivable, net Inventory 35,800 30,500 23,800 44,500 Property and Equipment, net Total assets Accounts payable 92,600 102.000 $ 207,570 $ 193.770 S 41,100 $33.500 Income tax payable 1,000 470 Note payable, long-term Total liabilities Contributed capital (9,000…

Need a,b,c

At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…