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Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided...
DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple...
DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple Inc. Income Statement For the Year Ended December 31, 2018 Revenues $2,800,000 Gain on sale of land 4,000 Total revenues 2.804.000 Expenses Cost of goods sold 1,900,000 Operating expenses 575,000 Depreciation expense 38,000 Interest expense 16,000 Income tax expense 63,000 Total expenses 2.592.000 Net Income $212,000 Apple Inc. Balance Sheets December 31 Assets 2017 Current Assets: Cash $182,000 $187,000 Accounts receivable 83,000 95.000 2018...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES,...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2018 Net sales $ 3,636,000 Expenses: Cost of goods sold $ 2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash $ 254,600 ...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Additional Information...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES,...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 3,536,000 Expenses: Cost of goods sold $ 2,350,000 Operating expenses 938,000 Depreciation expense 35,000 Loss on sale of land 8,800 Interest expense 19,000 Income tax expense 56,000 Total expenses 3,406,800 Net income $ 129,200 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 260,880 $...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine...
The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2019 $45,000 175,000 240,000 230,000 70,000 $760,000 1300000 450,000 $850,000 1610000 LIABILITIES AND SHAREHOLDERS' EQUITY $110,000 65,000 30,000 5,000 400 000 2020 $50,000 160,000 275,000 55,000 $760,000 1550000 $950,000 1710000 Accounts payable Notes payable Accrued Expenses Income Taxes...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple Inc. Income Statement For the Year Ended December 31, 2018 Revenues $2,800,000 Gain on sale of land 4,000 Total revenues 2.804.000 Expenses Cost of goods sold 1,900,000 Operating expenses 575,000 Depreciation expense 38,000 Interest expense 16,000 Income tax expense 63,000 Total expenses 2.592.000 Net Income $212,000 Apple Inc. Balance Sheets December 31 Assets 2017 Current Assets: Cash $182,000 $187,000 Accounts receivable 83,000 95.000 2018...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
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