Homework Answers
Part A
|
event |
Assets |
= |
liabilities |
+ |
equity |
Revenue |
- |
Expenses |
= |
Net income |
Cash flows |
|
2016 |
|||||||||||
|
1 |
+ |
NA |
+ |
NA |
NA |
NA |
+ FA |
||||
|
2 |
+/- |
NA |
- |
+ |
- |
-OA |
|||||
|
3a |
+ |
NA |
+ |
+ |
+ |
+OA |
|||||
|
3b |
+ |
NA |
+ |
+ |
+ |
+ |
- OA |
||||
|
3c |
+ |
NA |
+ |
+ |
NA |
+ |
|||||
|
3d |
NA |
NA |
- |
NA |
+ |
- |
-OA |
||||
|
4 |
+/- |
NA |
NA |
NA |
NA |
NA |
+OA |
||||
|
5 |
+/- |
NA |
NA |
NA |
NA |
NA |
+OA |
||||
|
6 |
- |
NA |
- |
NA |
+ |
- |
-OA |
||||
|
7 |
- |
NA |
- |
NA |
+ |
- |
-OA |
Part B
|
NORTHWEST SALES Income statement For the year ended year 1 |
||
|
Sales Revenue (520000+380000+300000) |
1200000 |
|
|
Cost of Goods Sold |
(710000) |
|
|
Gross Margin |
490000 |
|
|
Operating Expenses |
||
|
Credit card expense (380000*4%) |
15200 |
|
|
Selling and administrative expense |
190000 |
|
|
Uncollectible accounts receivable expense |
4500 |
|
|
Total operating expense |
(209700) |
|
|
Net income |
$280300 |
|
Part C
|
NORTHWEST SALES Statement of changes in Stockholders’ equity For the year ended year 1 |
||
|
Beginning common stock |
0 |
|
|
Plus: stock issued |
200000 |
|
|
Ending common stock |
200000 |
|
|
Beginning retained earnings |
0 |
|
|
Plus: net income |
280300 |
|
|
Ending retained earnings |
280300 |
|
|
Total stockholders’ equity |
480300 |
|
Part D
|
NORTHWEST SALES Balance sheet As of December 31, Year 1 |
||
|
Assets |
||
|
Cash |
204800 |
|
|
Accounts receivable |
90000 |
|
|
Less: Allowance for Doubtful Accounts receivable |
(4500) |
85500 |
|
Merchandise inventory |
190000 |
|
|
Total assets |
480300 |
|
|
Liabilities |
0 |
|
|
Stockholders’ equity |
||
|
Common stock |
200000 |
|
|
Retained earnings |
280300 |
|
|
Total stockholders’ equity |
480300 |
|
|
Total liabilities and stockholders’ equity |
480300 |
|
Part E
|
NORTHWEST SALES Statement of changes in Stockholders’ equity For the year ended year 1 |
||
|
Cash Flows From Operating Activities: |
||
|
Inflow from Customers (520000+364800+210000) |
1094800 |
|
|
Outflow for Inventory |
(900000) |
|
|
Outflow for Expenses |
(190000) |
|
|
Net Cash Flow from Operating Activities |
4800 |
|
|
Cash Flows From Investing Activities |
0 |
|
|
Cash Flows From Financing Activities: |
||
|
Inflow from Stock Issue |
200000 |
|
|
Net Cash Flow from Financing Activities |
200000 |
|
|
Net Change in Cash |
204800 |
|
|
Plus: Beginning Cash Balance |
0 |
|
|
Ending Cash Balance |
204800 |
|
Add Answer to:
statement of cash flow, balance sheet, income statement and changes
in stockholder's equity
Font Alignment Clipboard...
plug infromation in income statement,balance sheet Formatting Alignment Number Clipboard 1 * A Given Data P07-21A...
plug infromation in income statement,balance sheet
Formatting Alignment Number Clipboard 1 * A Given Data P07-21A f 'Given Data P07-21A: EFGHIJK SHERMAN EQUIPMENT CO. $ Salaries Expense Common Stock Notes Receivable (short term) Allowance for Doubtful Accounts Uncollectible Accounts Expense Supplies Interest Revenue Sales Revenue Dividends Interest Receivable (short term) Beginning Retained Earnings 69,000 Operating Expenses 100.000 Cash Flow from Investing Activities 24.000 Prepaid Rent 7,800 Land 8,100 Cash 1.200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable 3.500 Cost of...
LE SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Gross Margin...
LE SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Gross Margin Operating Expenses Total Operating Expenses Operating Income Non-Operating Items Net Income SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Given Data P07-21A: SHERMAN EQUIPMENT CO. Salaries Expense Common Stock Notes Receivable (short tem) Allowance for Doubtful Accounts Uncollectible Accounts...
SHERMAN EQUIPMENT CO Income Statement For the Year Ending December 31, Year 2 7 8 10...
SHERMAN EQUIPMENT CO Income Statement For the Year Ending December 31, Year 2 7 8 10 Gross Margin Operating Expenses 11 12 13 14 15 Total Operating Expenses Operating Income Non-Operating Items 16 17 18 19 20 Net Income 21 22 SHERMAN EQUIPMENT CO. 23 Balance Sheet 24 25 As of December 31, Year 2 26 27 Assets Assets 28 29 30 31 32 33 34 35 36 37 38 Total Assets 39 Liabilities and Stockholders Equity 40 41 Current...
T-Accounts? Trial Balance? Income statement? Statement of changes? Balance sheet? Statement of cash flows? The following...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
c. Income Statement, Statement of Equity, Balance Sheet, Statement of Cash Flow d. Statement of Cash...
c. Income Statement, Statement of Equity, Balance Sheet, Statement of Cash Flow d. Statement of Cash Flows, Income Statement, Statement of Equity, Balance Sheet QUESTION 22 USE THIS INFORMATION TO ANSWER PARTS I, II, & III Advertising Expense $33,500 Service Revenue $127,600 Buildings $150,000 Interest Expense $ 3,500 Salaries Expense $ 65,000 Utilities Expense $ 15,500 Accounts Payable $ 6,400 Equipment $ 27,000 Cash $ 5,500 Notes Payable $30,000 The Company had Common Stock of $100,000 at the beginning of...
Paste u B I U tu Clipboard Font Alignment N18 Columni Column 2 Income Statement Column3...
Paste u B I U tu Clipboard Font Alignment N18 Columni Column 2 Income Statement Column3 Columns Columns Column Use 2018 Column 2 Column3 G 2018 5 Sales 6 COGS 7 GrossMargin ROE 900 550 350 2017 Sales COGS GrossMargin 800 500 300 EPS 95&G 200 S&G 200 10 150 EBIT 100 Current ratio 11 EBIT 12 13 Interest Exp 14 Taxes 20 15 Interest Exp Coverage ratio 16 Net Income 115 Net Income Debt to EBITDA 67 Cash Flow...
Income Statement, Statement of Stockholders Equity, and Balance Sheet Napolean Corporation started business on January 1.2016....
Income Statement, Statement of Stockholders Equity, and Balance Sheet Napolean Corporation started business on January 1.2016. The following information was compiled by Napolean's accountant on December 31, 2016: Fir Sales Revenue $27,000 Equipment, net $20,250 Expenses Dividends Cash Accounts Receivable3,375 Common Stock 27,000 Inventory 6,200 Building, net 4,050 Accounts Payable 5,400 2.025 Notes Payable 44,550 4,000 4,050 Retained Earnings Required You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above...
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d. Prepare a multistep income statement, a statement of changes in stockholders' equity, a balance sheet,...
d. Prepare a multistep income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for year 2. (Statement of Cash Flows only, items to be deducted must be indicated with a minus sign.) Answer is not complete. REDD COMPANY Income Statement For the Year Ended December 31, Year 2 Net sales $ 10,178 Cost of goods sold 6,542 Gross margin 3,636 Operating expenses Transportation-out (140) 3.496 Operating income Nonoperating items Sales returns...
Waldorf, Incorporated provided the following balance sheet, income statement, and cash flow information for the current...
Waldorf, Incorporated provided the following balance sheet, income statement, and cash flow information for the current year. (Click the icon to view the balance sheet.) (Click the icon to view the income statement.) E (Click the icon to view the cash flow information.) Requirement Prepare the statement of cash flows under the indirect method for Waldorf, Incorporated. Accrued expenses relate to Selling, Gener Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use...
plug infromation in income statement,balance sheet
Formatting Alignment Number Clipboard 1 * A Given Data P07-21A f 'Given Data P07-21A: EFGHIJK SHERMAN EQUIPMENT CO. $ Salaries Expense Common Stock Notes Receivable (short term) Allowance for Doubtful Accounts Uncollectible Accounts Expense Supplies Interest Revenue Sales Revenue Dividends Interest Receivable (short term) Beginning Retained Earnings 69,000 Operating Expenses 100.000 Cash Flow from Investing Activities 24.000 Prepaid Rent 7,800 Land 8,100 Cash 1.200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable 3.500 Cost of...
LE SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Gross Margin Operating Expenses Total Operating Expenses Operating Income Non-Operating Items Net Income SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Given Data P07-21A: SHERMAN EQUIPMENT CO. Salaries Expense Common Stock Notes Receivable (short tem) Allowance for Doubtful Accounts Uncollectible Accounts...
SHERMAN EQUIPMENT CO Income Statement For the Year Ending December 31, Year 2 7 8 10 Gross Margin Operating Expenses 11 12 13 14 15 Total Operating Expenses Operating Income Non-Operating Items 16 17 18 19 20 Net Income 21 22 SHERMAN EQUIPMENT CO. 23 Balance Sheet 24 25 As of December 31, Year 2 26 27 Assets Assets 28 29 30 31 32 33 34 35 36 37 38 Total Assets 39 Liabilities and Stockholders Equity 40 41 Current...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
c. Income Statement, Statement of Equity, Balance Sheet, Statement of Cash Flow d. Statement of Cash Flows, Income Statement, Statement of Equity, Balance Sheet QUESTION 22 USE THIS INFORMATION TO ANSWER PARTS I, II, & III Advertising Expense $33,500 Service Revenue $127,600 Buildings $150,000 Interest Expense $ 3,500 Salaries Expense $ 65,000 Utilities Expense $ 15,500 Accounts Payable $ 6,400 Equipment $ 27,000 Cash $ 5,500 Notes Payable $30,000 The Company had Common Stock of $100,000 at the beginning of...
Paste u B I U tu Clipboard Font Alignment N18 Columni Column 2 Income Statement Column3 Columns Columns Column Use 2018 Column 2 Column3 G 2018 5 Sales 6 COGS 7 GrossMargin ROE 900 550 350 2017 Sales COGS GrossMargin 800 500 300 EPS 95&G 200 S&G 200 10 150 EBIT 100 Current ratio 11 EBIT 12 13 Interest Exp 14 Taxes 20 15 Interest Exp Coverage ratio 16 Net Income 115 Net Income Debt to EBITDA 67 Cash Flow...
Income Statement, Statement of Stockholders Equity, and Balance Sheet Napolean Corporation started business on January 1.2016. The following information was compiled by Napolean's accountant on December 31, 2016: Fir Sales Revenue $27,000 Equipment, net $20,250 Expenses Dividends Cash Accounts Receivable3,375 Common Stock 27,000 Inventory 6,200 Building, net 4,050 Accounts Payable 5,400 2.025 Notes Payable 44,550 4,000 4,050 Retained Earnings Required You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above...
d. Prepare a multistep income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for year 2. (Statement of Cash Flows only, items to be deducted must be indicated with a minus sign.) Answer is not complete. REDD COMPANY Income Statement For the Year Ended December 31, Year 2 Net sales $ 10,178 Cost of goods sold 6,542 Gross margin 3,636 Operating expenses Transportation-out (140) 3.496 Operating income Nonoperating items Sales returns...
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