|
Net Income | = | $ 36,790 | |
Workings: | |||
Computation of Net Income: | |||
Change in Assets | = | $ 1,11,250 | |
Less: | Change in Liabilities | = | $ 12,030 |
Change in Stockholder's Equity | = | $ 99,220 | |
Add: | Dividend | = | $ 16,680 |
Less: | Investment by Stockholder's | = | $ 79,110 |
Net Income | = | $ 36,790 | |
Change in Assets: | |||
Cash | = | $ 29,910 | |
Accounts receivables | = | $ -18,300 | |
Inventory | = | $ 52,770 | |
Plant Assets, Net | = | $ 46,870 | |
Total | = | $ 1,11,250 | |
Change in Liabilities: | |||
Accounts payable | = | $ 35,710 | |
Bonds payable | = | $ -23,680 | |
Total | = | $ 12,030 |
Exercise 104 Presented below are changes in the account balances of Wenn Company during the year,...
Presented below are changes in the account balances of Ennis Company during the year, except for retained earnings. Increase Increase (Decrease Cash (Decrease $25,000 Accounts receivable (net) Accounts payable $35,000 (13,000) Bonds payable (20,000) Inventory 52,000 Common stock 88,000 Plant Assets (net) 37,000 The only entries in the Retained Earnings account were for net income and a dividend declaration in the amount of $10,000. Required: Determine the net income for the year. Show all supporting calculations
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Exercise 4-1 Presented below are changes in all the account balances of Fritz Mayhew Furniture Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $79,000 Accounts Payable (51,000) Accounts Receivable (net) 45,000 Bonds Payable 82,000 Inventory 127,000 Common Stock 125,000 Investments (47,000) Pald-In Capital in Excess of Par-Common Stock 13,000 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a...
Presented below are changes in all the account balances of Coronado Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $69400 Accounts Payable $(52400) Accounts Receivable (net) 50300 Bonds Payable 83900 Inventory 130400 Common Stock 128000 Investments (47870) Paid-In Capital in Excess of Par-Common Stock 15480 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of...
Question 2 Presented below are changes in all the account balances of Nash Furniture Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $69,040 Accounts Payable $(51.520 Accounts Receivable (net) 47,400 Bonds Payable 82,870 Inventory 130,000 Common Stock 129,700 Investments (48.170) Paid-In Capital in Excess of Par-Common Stock 14,990 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend...
The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $80,000 Accounts payable $(83,900 ) Accounts receivable (net) 77,000 Unearned revenue 25,000 Inventory 174,000 Bonds payable 90,900 Investments in FV-NI securities (24,000 ) Common shares 127,000 Contributed surplus 82,900 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and...
The following are all changes in the account balances of Martinez Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $100,000 Accounts payable $(69,000 ) Accounts receivable (net) 63,000 Unearned revenue 22,000 Inventory 162,000 Bonds payable 75,600 Investments in FV-NI securities (28,000 ) Common shares 124,000 Contributed surplus 68,000 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and...
What is net income for the below statement? Presented below are changes in all the account balances of Coronado Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $ 71,190 Accounts Payable $( 52,460 ) Accounts Receivable (net) 48,200 Bonds Payable 82,370 Inventory 129,800 Common Stock 134,400 Investments ( 48,900 ) Paid-In Capital in Excess of Par—Common Stock 15,280 Compute the net income for the current year, assuming that there were no entries in...
The following are all changes in the account balances of Blue Spruce Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $90,000 Accounts payable $(71,900 ) Accounts receivable (net) 65,000 Unearned revenue 25,000 Inventory 163,000 Bonds payable 77,400 Investments in FV-NI securities (28,000 ) Common shares 128,000 Contributed surplus 70,900 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income...
E4.2 (L02) Computation of Net Income). The following are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Cash £ 69,000 Accounts Receivable (net) 45,000 Inventory 127,000 Investments (47,000) Accounts Payable £ (51,000) Bonds Payable 82,000 Share Capital-Ordinary 138,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of £24,000 which...