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Answer :- e. $1,100
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Halbur Company reported the ompany reported the following for its recent year of operation: From Income...
A company reported the following information for its most recent year of operation: purchases, $118,000; beginning...
A company reported the following information for its most recent year of operation: purchases, $118,000; beginning inventory, $29,000; and cost of goods sold, $128,000. How much was the company's ending inventory?
Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...
Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue $ 17,250 Service revenue 6,400 Total revenue $ 23,650 Operating expenses: Cost of goods sold 8,700 Selling 3,900 General and administrative 3,000 Total operating expenses 15,600 Operating income 8,050 Interest expense 350 Income before income taxes 7,700 Income tax expense 4,000 Net income $ 3,700 Balance Sheet Information ($ in...
Below are the two most recent balance sheets and most recent income statement for Seashell Industries....
Below are the two most recent balance sheets and most recent income statement for Seashell Industries. The company has an effective tax rate of 35% Balance Sheet 2018 2017 Assets Cash Accounts Receivable (net) Inventory Long-lived assets Less: Accumulated depreciation $10,000 6,000 1,500 10,000 11,000 (4.000 2,000) S32.000 S26.500 6,000 8,000 12,000 Total assets Liabilities and Stockholders' Equity: Accounts payable Deferred revenues Long-term note payable Less: Discount on note payable Common stock Retained earnings S 5,000 1,000 10,000 (800) 12,000...
Below are the two most recent balance sheets and most recent income statement for Seashell Industries....
Below are the two most recent balance sheets and most recent income statement for Seashell Industries. The company has an effective tax rate of 35% Balance Sheet 2018 2017 Assets Cash Accounts Receivable (net) Inventory Long-lived assets Less: Accumulated depreciation $10,000 6,000 8,000 12,000 (4,000 $32.000 6,000 1,500 10,000 11,000 Total assets $26.500 Liabilities and Stockholders' Equity Accounts payable Deferred revenues Long-term note payable Less: Discount on note pavable Common stock Retained earnings S 5,000 1,000 10,000 (800) 12,000 4,800...
Pleas enter the correct answers. At the beginning of its current fiscal year, Willie Corp.'s balance...
Pleas enter the correct answers.
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,500 and liabilities of $6.000. During the year, liabilities decreased by $1,000. Net income for the year was $2,600, and net assets at the end of the year were $7,000. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus...
Soft Touch Company was started several years ago by two golf instructors. The company’s comparative balance...
Soft Touch Company was started several years ago by two golf instructors. The company’s comparative balance sheets and income statement are presented below, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 15,000 $ 10,500 Accounts Receivable 3,300 4,500 Equipment 12,100 11,000 Accumulated Depreciation—Equipment (4,100 ) (3,500 ) Total Assets $ 26,300 $ 22,500 Accounts Payable $ 2,000 $ 3,000 Salaries and Wages Payable 1,400 2,000 Note Payable (long-term) 4,000 1,000 Common Stock 11,000...
Use the following adjusted trial balance compiled for our company on December 31 of the current...
Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit Cash $1,000 Accounts receivable $2,000 Equipment $3,250 Accounts payable $2,500 Common stock $1,500 Retained earnings ? Dividends $250 Service revenue $4,500 Salaries expense $1,100 Advertising expense $900 [ Select ] ["A", "B", "C", "D"] Select the correct closing entry...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
Dawson Hair Stylists' adjusted trial balance follows Prepare Dawson's income statement for the year ended December...
Dawson Hair Stylists' adjusted trial balance follows Prepare Dawson's income statement for the year ended December 31, 2018 (Click on the icon to view the adjusted trial balance.) Year Ended December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. Cash $ 1,200 Accounts Receivable 2,000 Office Supplies 1,100 20,000 Equipment Accumulated Depreciation-Equipment $ 1,800 Accounts Payable 900 Interest Payable 400 Notes Payable 3.500 Common Stock 14.000 Common Stock 14,000...
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its...
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its comparative balance sheet indicates the following. Beginning Ending $ 37 85 255 $217 187 147 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings S 12 110 $ 60 108 383 Total Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)...
Below are the two most recent balance sheets and most recent income statement for Seashell Industries. The company has an effective tax rate of 35% Balance Sheet 2018 2017 Assets Cash Accounts Receivable (net) Inventory Long-lived assets Less: Accumulated depreciation $10,000 6,000 1,500 10,000 11,000 (4.000 2,000) S32.000 S26.500 6,000 8,000 12,000 Total assets Liabilities and Stockholders' Equity: Accounts payable Deferred revenues Long-term note payable Less: Discount on note payable Common stock Retained earnings S 5,000 1,000 10,000 (800) 12,000...
Below are the two most recent balance sheets and most recent income statement for Seashell Industries. The company has an effective tax rate of 35% Balance Sheet 2018 2017 Assets Cash Accounts Receivable (net) Inventory Long-lived assets Less: Accumulated depreciation $10,000 6,000 8,000 12,000 (4,000 $32.000 6,000 1,500 10,000 11,000 Total assets $26.500 Liabilities and Stockholders' Equity Accounts payable Deferred revenues Long-term note payable Less: Discount on note pavable Common stock Retained earnings S 5,000 1,000 10,000 (800) 12,000 4,800...
Pleas enter the correct answers.
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,500 and liabilities of $6.000. During the year, liabilities decreased by $1,000. Net income for the year was $2,600, and net assets at the end of the year were $7,000. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus...
Dawson Hair Stylists' adjusted trial balance follows Prepare Dawson's income statement for the year ended December 31, 2018 (Click on the icon to view the adjusted trial balance.) Year Ended December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. Cash $ 1,200 Accounts Receivable 2,000 Office Supplies 1,100 20,000 Equipment Accumulated Depreciation-Equipment $ 1,800 Accounts Payable 900 Interest Payable 400 Notes Payable 3.500 Common Stock 14.000 Common Stock 14,000...
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its comparative balance sheet indicates the following. Beginning Ending $ 37 85 255 $217 187 147 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings S 12 110 $ 60 108 383 Total Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)...
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