Homework Answers
| Req-C Computaiton of Percentage change in Net Income | |
| Net Income in Year -1 | $110,000.00 |
| Net Income in Year -2 | $57,500.00 |
| Net Income Decreased by | $52,500.00 |
| In % ( 110000-57500)/110000 | 47.73% |
| Hence Net Income Decrease by 47.73% | |
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In
Year 1, Kim Company sold land for $107,000 cash. The land had
originally cost $43,000....
In Year 1, Kim Company sold land for $107.000 cash. The land had originally cost $43,000....
In Year 1, Kim Company sold land for $107.000 cash. The land had originally cost $43,000. Also, Kim sold inventory that had cost $199,000 for $284,000 cash. Operating expenses amounted to $39,000. Required a. Prepare a Year 1 multistep income statement for Kim Company KIM COMPANY Income Statement For the year ended December 31, Year 1 Expenses Non-Operating Items b. Assume that normal operating activities grow evenly by 25% during Year 2. Prepare a Year 2 multistep income statement for...
In Year 1, Kim Company sold land for $96,000 cash. The land had originally cost $45,000....
In Year 1, Kim Company sold land for $96,000 cash. The land had originally cost $45,000. Also, Kim sold inventory that had cost $200,000 for $289,000 cash. Operating expenses amounted to $33,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 27% during Year 2. Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year...
Mays Company sold a machine for $10,000 cash. The machine originally cost $65,000 and the company...
Mays Company sold a machine for $10,000 cash. The machine originally cost $65,000 and the company had recognized $53,000 in depreciation over the life of the machine. What is the effect of this sale on Mays Company's income statement and its statement of cash flows? Multiple Choice $2,000 loss on the income statement; $10,000 cash outflow from operating activities $2,000 loss on the income statement; $10,000 cash inflow from investing activities $55,000 loss on the income statement; $10,000 cash inflow...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $24,000 was sold for $45,600 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,500. The merchandise had cost Ozark $1,000. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,560. 5. Interest expense paid amounted to $350....
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting
records as of December 31, Year 1:
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $15,600 was sold for $23,400 under terms 2/20, net 30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $550. The merchandise had cost Ozark $440. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $2,340. 5. Interest expense paid amounted to...
1. A company sold a piece of PP&E for 8,000 that had originally cost 25,000. Accumulated...
1. A company sold a piece of PP&E for 8,000 that had originally cost 25,000. Accumulated depreciation was 15,000. What amount if any would appear in the operating section of the cash flow statement (indirect method) because of this transaction?
Joyner Company’s income statement for Year 2 follows: Sales $ 718,000 Cost of goods sold 43,000...
Joyner Company’s income statement for Year 2 follows: Sales $ 718,000 Cost of goods sold 43,000 Gross margin 675,000 Selling and administrative expenses 218,000 Net operating income 457,000 Nonoperating items: Gain on sale of equipment 8,000 Income before taxes 465,000 Income taxes 139,500 Net income $ 325,500 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and cash equivalents $ 285,100 $ 78,400 Accounts receivable 255,000 124,000 Inventory...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity 2 Assets 45,e00 Accounts Payable 43,80 Common Stock 31,000 Retained Earnings Accounts Receivable $119,80 Total $119,00e The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $40,000 cash from the issue of common stock Feb. 1 Paid $5,400 cash in advance for a one-year lease for office space Mar. 1 Paid a $1,900 cash dividend to...
Exercise 4-15A Sales returns, discounts, gain, and a multistep income statement LO 4-2,4-3, 4-6 The following...
Exercise 4-15A Sales returns, discounts, gain, and a multistep income statement LO 4-2,4-3, 4-6 The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920. 3. All customers paid their accounts within the discount period. 4....
In Year 1, Kim Company sold land for $107.000 cash. The land had originally cost $43,000. Also, Kim sold inventory that had cost $199,000 for $284,000 cash. Operating expenses amounted to $39,000. Required a. Prepare a Year 1 multistep income statement for Kim Company KIM COMPANY Income Statement For the year ended December 31, Year 1 Expenses Non-Operating Items b. Assume that normal operating activities grow evenly by 25% during Year 2. Prepare a Year 2 multistep income statement for...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $24,000 was sold for $45,600 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,500. The merchandise had cost Ozark $1,000. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,560. 5. Interest expense paid amounted to $350....
Waddell Company had the following balances in its accounting
records as of December 31, Year 1:
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $15,600 was sold for $23,400 under terms 2/20, net 30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $550. The merchandise had cost Ozark $440. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $2,340. 5. Interest expense paid amounted to...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity 2 Assets 45,e00 Accounts Payable 43,80 Common Stock 31,000 Retained Earnings Accounts Receivable $119,80 Total $119,00e The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $40,000 cash from the issue of common stock Feb. 1 Paid $5,400 cash in advance for a one-year lease for office space Mar. 1 Paid a $1,900 cash dividend to...
Exercise 4-15A Sales returns, discounts, gain, and a multistep income statement LO 4-2,4-3, 4-6 The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920. 3. All customers paid their accounts within the discount period. 4....
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