Homework Answers
ANS $ 20,000
| REVENUES | 105000 | |
| LESS | RENT EXPENSE | 25000 |
| LESS | WAGE EXPENSE | 45000 |
| LESS | MISCELLANEOUS EXPENSE | 15000 |
| NET INCOME | 20000 |
Cash is an asset. Therefore no effect goes in Calculation of Income.
Dividend is treated in Retained Earnings Ledger. It is not a part of expense.
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4. Determine Net income from the information provided: Cash Revenues Rent Expense S10,000 Wages Expense 105,000...
2. Clayborn Corporation's net cash provided by operating activities was $119,900; its net income was $105,000;...
2.
Clayborn Corporation's net cash provided by operating activities was $119,900; its net income was $105,000; its income taxes were $46,000; its capital expenditures were $95,400; and its cash dividends were $29,400. Required: Determine the company's free cash flow. (Negative amounts should be indicated by a minus sign.) Free cash flow Cridberg Corporation's selling and administrative expenses for last year totaled $296,000. During the year the company's prepaid expense account balance increased by $36,000 and accrued liabilities decreased by $30,000....
Clayborn Corporation's net cash provided by operating activities was $115,400; its net income was $105,000; its...
Clayborn Corporation's net cash provided by operating activities was $115,400; its net income was $105,000; its income taxes were $47,300; its capital expenditures were $98,100; and its cash dividends were $30,000. Required: Determine the company's free cash flow. (Negative amounts should be indicated by a minus sign.)
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of acc...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected on account Cash paid for expenses Accounts payable Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 18,000 15,000 19,000 7,000
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Given an income and expense scenario, determine net cash flow . You will be provided with...
Given an income and expense scenario, determine net cash flow . You will be provided with a table of income and expense values, and will find the monthly net cash flow. Recompute that cash flow with a lottery win of a specified amount. The following table shows income and expenses for Bobby. Income Expense $2400 per month Rent per month: $ 850 Dining per week: $ 45 Groceries per month: $ 350 Automobile per year: $ 1,800 Cell phone per...
The following adjusting journal entry found in the journal is missing an explanation. Select the best...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense...
Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 400,000 $ 121,500 $ 25,000 $ 875,000 $ 108,000 $ 9,000 $ 46,000 $ 124,000 $ 373,000 $ 78,600 $ 37,000 $ 86,400 $ 14,500 $ 533,000 $ 15,100 What is the net income or net loss for the year-ended December 31, 2020? (Net Loss shown negative) ($39,400)...
calculate net income from trial balance Using the trial balance below, calculate net income for the...
calculate net income from trial balance
Using the trial balance below, calculate net income for the company. Credit Debit 50,000 250,000 15,000 120,000 80,000 Cash Accounts Receivable Supplies Equipment Accounts Payable Smith, Capital Fees Earned Wages Expense Insurance Expense Rent Expense Miscellaneous Expense Totals 300,000 294,000 130.000 40,000 60.000 9,000 674.000 674,000
Net loss, $20,900 EX 4-6 Income statement; net loss OBJ. 2 The following revenue and expense...
Net loss, $20,900 EX 4-6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 29, 2016, the end of the fiscal year: Depreciation Expense $ 7,500 Service Revenue $448,400 Insurance Expense 3,000 Supplies Expense 2.750 Miscellaneous Expense 8,150 Utilities Expense 33.900 Rent Expense 54,000 Wages Expense 360,000 Prepare an income statement SHOW ME HOW
Payment of salaries and wages $36,000 Net income $24,000 Depreciation expense 15,000 Payment of income tax...
Payment of salaries and wages $36,000 Net income $24,000 Depreciation expense 15,000 Payment of income tax 10,000 Payment of interest 14,000 Collection of dividend revenue 5,500 Payment of dividends 5,500 Payment to suppliers 58,000 Collections from customers 115,000 The accounting records of Best Parts reveal the following: Compute cash flows from operating activities using the direct method for the year ended December 31, 2018 (Use a minus sign or parentheses for amounts that result in a decrease in cash. If...
2.
Clayborn Corporation's net cash provided by operating activities was $119,900; its net income was $105,000; its income taxes were $46,000; its capital expenditures were $95,400; and its cash dividends were $29,400. Required: Determine the company's free cash flow. (Negative amounts should be indicated by a minus sign.) Free cash flow Cridberg Corporation's selling and administrative expenses for last year totaled $296,000. During the year the company's prepaid expense account balance increased by $36,000 and accrued liabilities decreased by $30,000....
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected on account Cash paid for expenses Accounts payable Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 18,000 15,000 19,000 7,000
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 400,000 $ 121,500 $ 25,000 $ 875,000 $ 108,000 $ 9,000 $ 46,000 $ 124,000 $ 373,000 $ 78,600 $ 37,000 $ 86,400 $ 14,500 $ 533,000 $ 15,100 What is the net income or net loss for the year-ended December 31, 2020? (Net Loss shown negative) ($39,400)...
calculate net income from trial balance
Using the trial balance below, calculate net income for the company. Credit Debit 50,000 250,000 15,000 120,000 80,000 Cash Accounts Receivable Supplies Equipment Accounts Payable Smith, Capital Fees Earned Wages Expense Insurance Expense Rent Expense Miscellaneous Expense Totals 300,000 294,000 130.000 40,000 60.000 9,000 674.000 674,000
Net loss, $20,900 EX 4-6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 29, 2016, the end of the fiscal year: Depreciation Expense $ 7,500 Service Revenue $448,400 Insurance Expense 3,000 Supplies Expense 2.750 Miscellaneous Expense 8,150 Utilities Expense 33.900 Rent Expense 54,000 Wages Expense 360,000 Prepare an income statement SHOW ME HOW
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