Homework Answers
Solution 2:
Net Profit = Service revenue - Operating expense - Interest expense - Income tax expense
= 6700 - 4940 - 500 - 310 = $950
Net Profit Margin = Net profit / Service Revenue = $950 / $6700 = 14.2%
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Required: 1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate...
1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1)...
1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1) whether it is reported in the income statement (U/S) or balance sheet (B/S) and (2) whether it is an asset, liability, stockholders' equity, revenue, or expense account. The first item is given as an example 2. Old Time Cable also reported $5,840 in operating expenses. Based on the available information, determine the company's net profit margin expressed as a percent Complete this question by...
Listed below are a number of financial statement captions. Indicate the following for each item: (1)...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
Oakley, Inc., reported the following items in its financial statements. For each item, select (1) the...
Oakley, Inc., reported the following items in its financial statements. For each item, select (1) the type of account and (2) whether it is reported on the income statement (/S), statement of retained earnings (SRE), and/or balance sheet (B/S). (1) Type (2) Statement 2. Common Stock IS 3. Sales Revenue /s Asset Dividend Expense Liability /S 5. Cash 6. Notes Payable 7. Accounts Payable 8. Retained Earnings, Beginning of Year rs RE
For each item, select (1) whether it is reported on the income statement (/S) or balance...
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it...
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
For the items listed below, indicate whether the item is an asset, liability, stockholders' equity, or...
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Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls each day. The following...
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls each day. The following items were listed on Tootsie Roll's recent income statement and balance sheet. For each item, select (1) the type of account and (2) whether it is reported on the income statement (V/S) or balance sheet (B/s (1) Type (2) Statement Asset Expense Asset Asset Expense Revenue Liability Stockholders' Equity Liability 1. Accounts Receivable 2 Office Expenses 3. Cash 5. Advertising Expense 6. Sales Revenue...
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The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet, the end of its first year of operations. $2.000 Equipment, net $ 54.000 Interest expense Interest payable 500 Depreciation expense 3,000 11.000 Supplies Notes payable 4,000 44,000 Common stock 25,600 Sales revenue 2.400 Retained earnings Cash Salaries and wages expense 700 15.000 Supplies expense In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Expense Interest expense...
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1)...
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense Liability Stockholders' equity Stockholders' equity
1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1) whether it is reported in the income statement (U/S) or balance sheet (B/S) and (2) whether it is an asset, liability, stockholders' equity, revenue, or expense account. The first item is given as an example 2. Old Time Cable also reported $5,840 in operating expenses. Based on the available information, determine the company's net profit margin expressed as a percent Complete this question by...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
Oakley, Inc., reported the following items in its financial statements. For each item, select (1) the type of account and (2) whether it is reported on the income statement (/S), statement of retained earnings (SRE), and/or balance sheet (B/S). (1) Type (2) Statement 2. Common Stock IS 3. Sales Revenue /s Asset Dividend Expense Liability /S 5. Cash 6. Notes Payable 7. Accounts Payable 8. Retained Earnings, Beginning of Year rs RE
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
For the items listed below, indicate whether the item is an asset, liability, stockholders' equity, or income statement item Stockholders' Equity Asset Liability 1. Rent Expense 2. Equipment 3. Accounts Payable 4. Common Stock 5. Insurance Expense 6. Cash 7. Accounts Receivable Stockholders' Equity Stockholders' Equity Asset 8. Retained Earnings Stockholders Equity 9. Service Revenue Stockholders Equity 10. Notes Payable
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls each day. The following items were listed on Tootsie Roll's recent income statement and balance sheet. For each item, select (1) the type of account and (2) whether it is reported on the income statement (V/S) or balance sheet (B/s (1) Type (2) Statement Asset Expense Asset Asset Expense Revenue Liability Stockholders' Equity Liability 1. Accounts Receivable 2 Office Expenses 3. Cash 5. Advertising Expense 6. Sales Revenue...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet, the end of its first year of operations. $2.000 Equipment, net $ 54.000 Interest expense Interest payable 500 Depreciation expense 3,000 11.000 Supplies Notes payable 4,000 44,000 Common stock 25,600 Sales revenue 2.400 Retained earnings Cash Salaries and wages expense 700 15.000 Supplies expense In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Expense Interest expense...
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense Liability Stockholders' equity Stockholders' equity
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