Homework Answers
| LIFO | FIFO | |
| Sales revenue | 79000 | 79000 |
| Less: Cost of goods sold | 42000 | 35000 |
| Gross profit | 37000 | 44000 |
| Less: Operating expenses | 29000 | 29000 |
| Income before taxes | 8000 | 15000 |
| Less: Taxes 30% | 2400 | 4500 |
| Net income | 5600 | 10500 |
Add Answer to:
eyplus.com/courses/25927/assignments Question 2 bort View Policies Current Attempt in Progress The following comparative information is available...
Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. asks your help...
Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (14,500 units) $ 43,500 Cost of 117,000 units purchased 398,000 Selling price of 102,000 units sold 780,000 Operating expenses 124,500 Units purchased consisted of 32,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and...
Question 2 --/3 View Policies Current Attempt in Progress The comparative statement of financial position for...
Question 2 --/3 View Policies Current Attempt in Progress The comparative statement of financial position for Sandhill Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $66,000 $46,500 Inventory 77,000 64,500 Accounts payable 32,500 49,000 Dividends payable 1,500 2,000 Sandhill's income statement reported the following selected information for the year ended March 31, 2018: net income was $270,000, depreciation expense was $63,000, and a loss on the disposal of land was $14,000....
Question 2 View Policies Current Attempt in Progress Ivanhoe's Home Renovations was started in 2008 by...
Question 2 View Policies Current Attempt in Progress Ivanhoe's Home Renovations was started in 2008 by Jim Ivanhoe, Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company's assets and liabilities as at December 31, 2021, and the revenues, expenses, and drawings for the year ended December 31, 2021: Accounts payable $8,301 Operating expenses $3,252 Accounts receivable 10,372 Prepaid insurance 1,572 Cash 7,550 Salaries expense 89,289 Equipment 29.518 Service revenue 154,658 Insurance...
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc....
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 43,200 10,260 73.800 8,640 5,580 102,960 187,200 68,400 7,020 145,800...
faWileyPLUS Assignments Question 6 of 6 0.67 / 1 View Policies Show Attempt History Current Attempt...
faWileyPLUS Assignments Question 6 of 6 0.67 / 1 View Policies Show Attempt History Current Attempt in Progress Blossom Company had a beginning inventory of 115 units of Product RST at a cost of $7 per unit. During the year, purchases were: 490 units at Feb. 20 May 5 690 590 units at units at $8 $9 Aug. 12 Dec. 8 $10 $11 115 units at Blossom uses a periodic inventory system. Sales totaled 1,530 units. Your answer is correct....
-/8 Question 18 of 50 View Policies Current Attempt in Progress Pancho Company reported net income...
-/8 Question 18 of 50 View Policies Current Attempt in Progress Pancho Company reported net income of $240,000 for 2020. Pancho sold equipment that cost $108,000 and had a book value of $64,800 for $54,800. The comparative balance sheet shows a decrease in accounts receivable of $21,000 for the year, a $14,000 increase in accounts payable, a $3,000 increase in prepaid expenses, and a $19,000 increase in accumulated depreciation. Prepare the operating activities section of the statement of cash flows...
Question 3 View Policies Current Attempt in Progress The following information is available for Kingbird, Inc....
Question 3 View Policies Current Attempt in Progress The following information is available for Kingbird, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 30,000 7,125 51,250 6,000 3,875 71.500 130.000 47,500 4,875 101,250...
Question 9 View Policies Current Attempt in Progress The following information is available for Windsor, Inc....
Question 9 View Policies Current Attempt in Progress The following information is available for Windsor, Inc. for the year ended December 31, 2022: Sales revenue $672,400 Other revenues and gains Other expenses and losses $10,700 13,000 251,500 5,500 Operating expenses Sales returns and allowances 244,800 40,000 Cost of goods sold Other comprehensive Income Bookmarks Window Help 10% Inbox (20657 messages, 136 unread) Harl File Edit View History DO OBO O SPONGE assessment.education.wiley.com 2017 WAS Assessment Income Statement Windsor, Inc. Comprehensive...
6500 61500 View Policies Current Attempt in Progress The following information is available for Novak Corp....
6500 61500 View Policies Current Attempt in Progress The following information is available for Novak Corp. for the year ended December 31 2022 Beginning cash balance $36.000 Accounts payable increase 8.550 Depreciation expense Accounts receivable decrease 7200 Inventory decrease 4,650 Net income 85,800 Cash received for sale of land at book value 156,000 Cash dividends paid 57.000 Income taxes payable decrease 5.850 Cash used to purchase land 121.500 Cash used to redeem bonds 99.000 Cash received from issuing stock 240,000...
Question 2 View Policies Current Attempt in Progress You have the following information for Marigold Corp....
Question 2 View Policies Current Attempt in Progress You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold uses a periodic method for inventory Unit Cost or Selling Price Units 55 Date Description Oct 1 Beginning inventory Oct 9 Purchase Oct. 11 Sale Oct 17 Purchase Oct 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted average cost. (Round answer to 3 decimal places, e... 5.125.) Weighted average cost per units e...
Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (14,500 units) $ 43,500 Cost of 117,000 units purchased 398,000 Selling price of 102,000 units sold 780,000 Operating expenses 124,500 Units purchased consisted of 32,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and...
Question 2 --/3 View Policies Current Attempt in Progress The comparative statement of financial position for Sandhill Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $66,000 $46,500 Inventory 77,000 64,500 Accounts payable 32,500 49,000 Dividends payable 1,500 2,000 Sandhill's income statement reported the following selected information for the year ended March 31, 2018: net income was $270,000, depreciation expense was $63,000, and a loss on the disposal of land was $14,000....
Question 2 View Policies Current Attempt in Progress Ivanhoe's Home Renovations was started in 2008 by Jim Ivanhoe, Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company's assets and liabilities as at December 31, 2021, and the revenues, expenses, and drawings for the year ended December 31, 2021: Accounts payable $8,301 Operating expenses $3,252 Accounts receivable 10,372 Prepaid insurance 1,572 Cash 7,550 Salaries expense 89,289 Equipment 29.518 Service revenue 154,658 Insurance...
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 43,200 10,260 73.800 8,640 5,580 102,960 187,200 68,400 7,020 145,800...
faWileyPLUS Assignments Question 6 of 6 0.67 / 1 View Policies Show Attempt History Current Attempt in Progress Blossom Company had a beginning inventory of 115 units of Product RST at a cost of $7 per unit. During the year, purchases were: 490 units at Feb. 20 May 5 690 590 units at units at $8 $9 Aug. 12 Dec. 8 $10 $11 115 units at Blossom uses a periodic inventory system. Sales totaled 1,530 units. Your answer is correct....
-/8 Question 18 of 50 View Policies Current Attempt in Progress Pancho Company reported net income of $240,000 for 2020. Pancho sold equipment that cost $108,000 and had a book value of $64,800 for $54,800. The comparative balance sheet shows a decrease in accounts receivable of $21,000 for the year, a $14,000 increase in accounts payable, a $3,000 increase in prepaid expenses, and a $19,000 increase in accumulated depreciation. Prepare the operating activities section of the statement of cash flows...
Question 3 View Policies Current Attempt in Progress The following information is available for Kingbird, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 30,000 7,125 51,250 6,000 3,875 71.500 130.000 47,500 4,875 101,250...
Question 9 View Policies Current Attempt in Progress The following information is available for Windsor, Inc. for the year ended December 31, 2022: Sales revenue $672,400 Other revenues and gains Other expenses and losses $10,700 13,000 251,500 5,500 Operating expenses Sales returns and allowances 244,800 40,000 Cost of goods sold Other comprehensive Income Bookmarks Window Help 10% Inbox (20657 messages, 136 unread) Harl File Edit View History DO OBO O SPONGE assessment.education.wiley.com 2017 WAS Assessment Income Statement Windsor, Inc. Comprehensive...
6500 61500 View Policies Current Attempt in Progress The following information is available for Novak Corp. for the year ended December 31 2022 Beginning cash balance $36.000 Accounts payable increase 8.550 Depreciation expense Accounts receivable decrease 7200 Inventory decrease 4,650 Net income 85,800 Cash received for sale of land at book value 156,000 Cash dividends paid 57.000 Income taxes payable decrease 5.850 Cash used to purchase land 121.500 Cash used to redeem bonds 99.000 Cash received from issuing stock 240,000...
Question 2 View Policies Current Attempt in Progress You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold uses a periodic method for inventory Unit Cost or Selling Price Units 55 Date Description Oct 1 Beginning inventory Oct 9 Purchase Oct. 11 Sale Oct 17 Purchase Oct 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted average cost. (Round answer to 3 decimal places, e... 5.125.) Weighted average cost per units e...
Most questions answered within 3 hours.
-
why it is important and how it integrates within ERP? And what
the core challenges of...
asked 21 minutes ago -
A strawberry farmer determines that the average weight of
individual strawberries produced by plants in his...
asked 40 minutes ago -
Chargaff's results yielded a molar ratio of 0.400 for A to G in
avian tubercle bacillus...
asked 2 hours ago -
Which of the following binds ATP/ADP?
a. microfilaments
b. microtubules
c. intermediate filaments
d. microfilaments and...
asked 3 hours ago -
Assume that the situation can be expressed as a linear cost
function. Find the cost function....
asked 4 hours ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 5 hours ago -
2) A 9 volt battery is connected to a parallel plate capacitor
with an initial capacitance...
asked 4 hours ago -
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 5 hours ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 5 hours ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 6 hours ago -
A soft drink machine outputs a mean of 25 ounces per cup. The
machine's output is...
asked 7 hours ago -
Ross Co., Westerfield, Inc., and Jordan Company announced a new
agreement to market their respective products...
asked 6 hours ago