Homework Answers
Answer:
| a. | Total current assets | $73,000 |
| b. | Total liabilities and stockholder's equity | $125,400 |
| c. | Operating income | $58,000 |
| d. | Net income | $39,550 |
| e. | Average income tax rate | 30% |
| f. | Retained earnings | $35,050 |
Calculations:
Requirement a:
| Cash | $9,600 |
| Supplies | $5,800 |
| Merchandise inventory | $25,800 |
| Accounts receivable | $31,800 |
| Total current assets | $73,000 |
Requirement b:
| Accounts payable | $21,800 |
| Long-term debt | $40,000 |
| Total liabilities (i) | $61,800 |
| Common stock | $9,000 |
| Retained earnings | $54,600 |
| Total stockholder's equity (ii) | $63,600 |
| Total liabilities and stockholder's equity (i+ii) | $125,400 |
Requirement c:
| Service revenue | $23,400 | |
| Net sales | $143,000 | |
| (Less): Cost of goods sold | ($85,000) | |
| Gross profit | $81,400 | |
| Operating expenses: | ||
| Depreciation expense | $10,000 | |
| Supplies expense | $13,400 | ($23,400) |
| Operating income | $58,000 |
Requirement d:
| Operating income | $58,000 |
| Non-Operating income(expense): | |
| Interest expense | ($1,500) |
| Income before income tax | $56,500 |
| Income tax expense | ($16,950) |
| Net income | $39,550 |
Requirement e:
Average income tax rate = Income tax expense ÷ Income before income tax
= 16,950/56,500
= 0.30 or 30%
Requirement f:
| Retained earnings, Dec 31,2019 | $54,600 |
| Add: Dividends | $20,000 |
| (Less): Net income | ($39,550) |
| Retained earnings, Jan 1,2019 | $35,050 |
Add Answer to:
$ 31,800 Accounts receivable Depreciation expense 10,000 25,400 85,000 54,600 Land Cost of goods sold Retained...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
Calculate d Accounts receivable $ 30,000 Depreciation expense 11,000 24,400 Cost of goods sold 87,000 Retained...
Calculate d Accounts receivable $ 30,000 Depreciation expense 11,000 24,400 Cost of goods sold 87,000 Retained earnings 55,300 11,300 69,000 5,500 Accounts payable 22.300 28,200 1,300 8,000 Income tax expense 22,178 42,000 Land Cash Supplies Service revenue Interest expense Common stock Accumulated Long-term debt Supplies expense 39,000 13,600 26,400 inventory Sales revenue 170,000 Required: a. Calculate the total current assets at December 31, 2016. b. Calculate the total liabilities and stockholders' equity at December 31, 2016 e. Calculate the eamings...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Please explain in depth so i can see how to get there $ 31,700 Accounts receivable...
Please explain in depth so i can see how to get there
$ 31,700 Accounts receivable Depreciation expense Land 10,400 24,200 89,000 Cost of goods sold Retained earnings 64,400 11,900 70,500 5,300 22,700 Cash Equipment Supplies Accounts payable Service revenue 24,500 3,300 Interest expense 6,000 Conimon stock Income tax expense 12,225 Accumulated depreciation Long-term debt Supplies expense Merchandise inventory 42,000 37,000 12,900 28,500 140,000 Net sales Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $ 30,100...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Check my work Pope's Garage had the following accounts and amounts in its financial statements on...
Check my work Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory...
Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods...
Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods sold 28,200 Cash 186,500 Property and equipment, net 53,000 Common stock 28,000 Inventories 5,300 Long-term liabilities 21,000 Dividends 136,400 26,900 19,900 30,800 38,000 1,600 All other expenses Other current assets Other assets. Print Done Uptown Sporting Goods Company Balance Sheet July 31, 2018 Thousands Assets Current assets Cash Accounts receivable 26,900 28,200 38,000 Inventories Other current assets 5,300 98,400 Total current assets Property and...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
Calculate d Accounts receivable $ 30,000 Depreciation expense 11,000 24,400 Cost of goods sold 87,000 Retained earnings 55,300 11,300 69,000 5,500 Accounts payable 22.300 28,200 1,300 8,000 Income tax expense 22,178 42,000 Land Cash Supplies Service revenue Interest expense Common stock Accumulated Long-term debt Supplies expense 39,000 13,600 26,400 inventory Sales revenue 170,000 Required: a. Calculate the total current assets at December 31, 2016. b. Calculate the total liabilities and stockholders' equity at December 31, 2016 e. Calculate the eamings...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Please explain in depth so i can see how to get there
$ 31,700 Accounts receivable Depreciation expense Land 10,400 24,200 89,000 Cost of goods sold Retained earnings 64,400 11,900 70,500 5,300 22,700 Cash Equipment Supplies Accounts payable Service revenue 24,500 3,300 Interest expense 6,000 Conimon stock Income tax expense 12,225 Accumulated depreciation Long-term debt Supplies expense Merchandise inventory 42,000 37,000 12,900 28,500 140,000 Net sales Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $ 30,100...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $...
Check my work Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory...
Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods sold 28,200 Cash 186,500 Property and equipment, net 53,000 Common stock 28,000 Inventories 5,300 Long-term liabilities 21,000 Dividends 136,400 26,900 19,900 30,800 38,000 1,600 All other expenses Other current assets Other assets. Print Done Uptown Sporting Goods Company Balance Sheet July 31, 2018 Thousands Assets Current assets Cash Accounts receivable 26,900 28,200 38,000 Inventories Other current assets 5,300 98,400 Total current assets Property and...
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