Homework Answers
Question 94: deducting vacancies and bad debts
Question 95: $384,615
As per US tax code, Depreciation for office building = Original cost / 39
Depreciation for office building = $15,000,000 / 39 = $384,615
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QUESTION 94 In a cash-flow projection, the net operating income is determined by starting with the...
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow...
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow from operating activities of $201,300 on its statement of cash flows for the year ended December 31. The following information was reported in the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method: Decrease in income taxes payable Decrease in inventories $4,500 11,200 17,300 7,800 Depreciation Gain on sale of investments Increase in accounts payable 3,100 Increase...
Calculate the following: - Net income - Operating income - Total assets - Total Liabilities -...
Calculate the following:
- Net income
- Operating income
- Total assets
- Total Liabilities
- Total stockholders equity
- Gross revenue
- Net revenue
- Operating margin ratio
- Net profit margin ratio
- Estimated cash flow
- Times interest earned ratio
Prestige Worldwide - Trial balance as of December 31, 2018: Gross Service Revenue $ 115,981,250 Bad Debt Expense 2,655,000 (3,575,000) Discounts on Sales Salaries $ 55,825,000 Benefits 14,178,292 Administrative 4,342,500 Insurance 325,000 Interest 164,575 Depreciation 3,200,000 Maintenanсe...
What is the operating cash flow, given the following information? $ 740 Net income Depreciation Issuance...
What is the operating cash flow, given the following information? $ 740 Net income Depreciation Issuance of new stock Repayment of dept Sale of old equipment Purchase of new equipment Dividend payments Interest payments EA A A A A A $780 $890 $930 $680 $650 QUESTION 3 The management of the Downtown Athletics recently voted to limit any future borrowing or sales of company stock. By taking this action, management has effectively done which one of the following? increased the...
P23-6B (L02,3,4) (SCF—Indirect Method, and Net Cash Flow from Operating Activities, Direct Method) Comparative balance sheet...
P23-6B (L02,3,4) (SCF—Indirect Method, and Net Cash Flow
from Operating Activities, Direct Method) Comparative balance sheet
accounts of Easton Inc. are presented below and on the next
page.
EASTON INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 Cash Accounts receivable Inventory Investments (available-for-sale) Land Buidings Equipment Total debits December 31, 2017 $ 40,500 120,500 81,000 41,000 25,000 98,000 60.800 December 31, 2016 $ 33,600 96,000 85,600 65,000 25,000 76,000 41,000 $422,200 $466,800 Allowance for doubtful accounts...
Create a cash flow with the following information: Sales Projection for the month is $30,000 75...
Create a cash flow with the following information: Sales Projection for the month is $30,000 75 % of sales are expected to be collected in current month and the remaining 25% to be collected in the following month. Cost of Goods equals =45% of sales (Materials) 15% of sales (direct labor) 15% of sales (subcontractors) *Materials and subcontractors and paid in the following month while direct labor is paid in the month worked* The owners deposit $20,000 in the bank...
Complete the cash flow from Operating Activities Additions to Net Income Decrease in accounts receivable Decrease...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
do the whole statement of cash flow Sullivan's Island Company began operating a subsidiary in a...
do the whole statement of cash flow
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 72,000 pounds. The subsidiary immediately borrowed 148,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 220,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method....
Prepare a monthly budgeted cash flow, income statement and balance sheet: Sales Projection for next 3...
Prepare a monthly budgeted cash flow, income statement and balance sheet: Sales Projection for next 3 months October $30,000 November $70,000 December $50,000 75 % of sales are expected to be Collected in current month and the remaining 25% to be collected in the following month. Cost of Goods equals =45% of sales (Materials) 15% of sales (direct labor) 15% of sales (subcontractors) *Materials and subcontractors and paid in the following month while direct labor is paid in the month...
Find the following things: gross margin on january income statement, net cash flow from operating activities...
Find the following things: gross margin on january income
statement, net cash flow from operating activities in january, and
balance in inventory at the end of january.
Pago < 3 > of 5 0 - ZOOM + Survey of Accounting Class 13 Packet Semester Case - My Assistant, Inc./Cowboy Ice Cream, Inc. W.T. finally made the decision to sell My Assistant, Inc. and did so in December. With the cash he realized from the sale, he'll be investing in a...
How to get RE of 54 880 and Net Income -59120 , highlighted above Question 4...
How to get RE of 54 880 and Net Income -59120 , highlighted
above
Question 4 (60 minutes, 23.5 marks) Today Ad Corp. is a company that provides advertising services to other companies. They have recently relocated in a new office building and, in the moving process, have lost most of their accounting documents. They were able to recover the adjusted trial balance at the end of December 31, 2016 (the current year) and the statement of cash flows prepared...
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow from operating activities of $201,300 on its statement of cash flows for the year ended December 31. The following information was reported in the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method: Decrease in income taxes payable Decrease in inventories $4,500 11,200 17,300 7,800 Depreciation Gain on sale of investments Increase in accounts payable 3,100 Increase...
Calculate the following:
- Net income
- Operating income
- Total assets
- Total Liabilities
- Total stockholders equity
- Gross revenue
- Net revenue
- Operating margin ratio
- Net profit margin ratio
- Estimated cash flow
- Times interest earned ratio
Prestige Worldwide - Trial balance as of December 31, 2018: Gross Service Revenue $ 115,981,250 Bad Debt Expense 2,655,000 (3,575,000) Discounts on Sales Salaries $ 55,825,000 Benefits 14,178,292 Administrative 4,342,500 Insurance 325,000 Interest 164,575 Depreciation 3,200,000 Maintenanсe...
What is the operating cash flow, given the following information? $ 740 Net income Depreciation Issuance of new stock Repayment of dept Sale of old equipment Purchase of new equipment Dividend payments Interest payments EA A A A A A $780 $890 $930 $680 $650 QUESTION 3 The management of the Downtown Athletics recently voted to limit any future borrowing or sales of company stock. By taking this action, management has effectively done which one of the following? increased the...
P23-6B (L02,3,4) (SCF—Indirect Method, and Net Cash Flow
from Operating Activities, Direct Method) Comparative balance sheet
accounts of Easton Inc. are presented below and on the next
page.
EASTON INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 Cash Accounts receivable Inventory Investments (available-for-sale) Land Buidings Equipment Total debits December 31, 2017 $ 40,500 120,500 81,000 41,000 25,000 98,000 60.800 December 31, 2016 $ 33,600 96,000 85,600 65,000 25,000 76,000 41,000 $422,200 $466,800 Allowance for doubtful accounts...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
do the whole statement of cash flow
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 72,000 pounds. The subsidiary immediately borrowed 148,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 220,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method....
Find the following things: gross margin on january income
statement, net cash flow from operating activities in january, and
balance in inventory at the end of january.
Pago < 3 > of 5 0 - ZOOM + Survey of Accounting Class 13 Packet Semester Case - My Assistant, Inc./Cowboy Ice Cream, Inc. W.T. finally made the decision to sell My Assistant, Inc. and did so in December. With the cash he realized from the sale, he'll be investing in a...
How to get RE of 54 880 and Net Income -59120 , highlighted
above
Question 4 (60 minutes, 23.5 marks) Today Ad Corp. is a company that provides advertising services to other companies. They have recently relocated in a new office building and, in the moving process, have lost most of their accounting documents. They were able to recover the adjusted trial balance at the end of December 31, 2016 (the current year) and the statement of cash flows prepared...
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