INCLUDED ARE MY ANSWERS. UNSURE IF THEY ARE CORRECT.
Homework Answers
| Calculation for Total Liabilities of the Firm: | ||||
| Particulars | Amt. ($) | |||
| Account Payable | $ 24,786.00 | |||
| Long-Term Debt | 174,804.00 | |||
| Total Liabilities | $ 199,590.00 | |||
| Calculation for Net Income of the Firm: | ||||
| Particulars | Amt. ($) | |||
| Sales | $ 7,743.00 | |||
| Less: Cost of Goods Sold | 2,368.00 | |||
| Gross Income | $ 5,375.00 | |||
| Less: Interest Expense | 3,957.00 | |||
| Gross Income | $ 1,418.00 | |||
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INCLUDED ARE MY ANSWERS. UNSURE IF THEY ARE
CORRECT.
Answer the question using the following ending...
Question 10 (1 point) On December 31st, the firm had the following pre-closing account balances: Accounts...
Question 10 (1 point) On December 31st, the firm had the following pre-closing account balances: Accounts Payable 151 820 Cash 79 155 Common Stock Cost of Goods Sold Intangible Assets Interest Expense Inventory Long-term Debt Property, Plant, and Equipment Sales 756 390 272 211 What is the closing adjustment to retained earnings? Your Answer: Answer
Your answer is partially correct. The following items were taken from the financial statements of Concord...
Your answer is partially correct. The following items were taken from the financial statements of Concord Company. (All amounts are in thousands.) $5,600 1,900 500 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash $900 850 11,400 400 3,800 500 2,900 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory 9,750 3,600 2,100 1,300 Prepare a classified balance sheet in good form as of December...
1. Consider the following financial statement information for the Hop Corporation: Item Beginning Ending Inventory $...
1. Consider the following financial statement information for the Hop Corporation: Item Beginning Ending Inventory $ 10,800 $ 11,800 Accounts receivable 5,800 6,100 Accounts payable 8,000 8,400 Net sales $ 88,000 Cost of goods sold 68,000 Calculate the operating cycle Calcuate the cash cycle 2. Here are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount. COUNTRY KETTLES, INC. Balance Sheet 2018...
can someone please help. what is missing in my answer? The following are the ending balances...
can someone please help. what is missing in my answer?
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Credits Cash Debits $ 34,000 74,000 99,000 $ 19,000 62,000 138,000 345,000 109,000 93,000 34,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible...
Self-Assessment Quiz Financial Statements Income Statement Sell Assessment Quiz Financial Information All values are end of...
Self-Assessment Quiz Financial Statements Income Statement Sell Assessment Quiz Financial Information All values are end of year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning of year Inventory 50,000 Beginning of year Retained Earnings 120.000 Cash 7.000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion - Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, plant, and Equipment 400,000 Interest Expense 15,000 Long Term Debt (excluding current portion) 120,000...
Balance sheet. From the following balance sheet accounts in the popup window, a-construct a balance sheet...
Balance sheet. From the following balance sheet accounts in the popup window, a-construct a balance sheet for 2016 and 2017. b, list all the working capital accounts c. find the net working capital for the years ending 2016 and 2017 d. calculate the change in net working capital for the year 2017 a·construct a balance sheet for 2016and 2017 Complete the balance sheet for 2016 below (Round to the nearest dollar) Roman Corporation Balance Sheet as of December 31, 2016,...
Creating Balance Sheets and Income Statements Using the information in the below table, prepare a classified...
Creating Balance Sheets and Income
Statements
Using the information in the below table, prepare a classified
balance sheet for Arrow Company as of December 31, 2014 and
December 31, 2015, along with multi-step income statements for the
years then ended.
Account
December 31, 2014
December 31, 2015
Property, plant, and equipment (net)
$650
$735
Long-term debt
490
690
Depreciation expense
50
60
Retained earnings
130
295
Sales revenue
1,000
1,500
Income taxes
50
70
Current portion of long-term debt
50...
Question 2.17. Using the information provided in the problem on page 83, calculate/answer the following questions:...
Question 2.17. Using the information provided in the problem on page 83, calculate/answer the following questions: a. Calculate the depreciation expense using the straight-line method for the equipment. b. Calculate the depreciation expense using the double-declining balance method for the first year the equipment was owned c. Calculate the depreciation expense using the double-declining balance method for the second year the equipment was owned. CHAPTER 2 The Balance Sheet 83 Year Net Income co او برای 2.17. The Lazy O...
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Property, plant, and Equipment Inventories Long-Term Debt Cost of Goods Sold Retained Earnings Research and Development Prepaid Expense Common Stock Accounts Receivable
Using the following financial information, create an income statement reflecting business activity during the year, and...
Using the following financial information, create an income statement reflecting business activity during the year, and a balance sheet reflecting the firm's end-of-year financial position. Financial Information All values are end-of-year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning-of-year Inventory 50,000 Beginning-of-year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion of Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000...
Question 10 (1 point) On December 31st, the firm had the following pre-closing account balances: Accounts Payable 151 820 Cash 79 155 Common Stock Cost of Goods Sold Intangible Assets Interest Expense Inventory Long-term Debt Property, Plant, and Equipment Sales 756 390 272 211 What is the closing adjustment to retained earnings? Your Answer: Answer
Your answer is partially correct. The following items were taken from the financial statements of Concord Company. (All amounts are in thousands.) $5,600 1,900 500 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash $900 850 11,400 400 3,800 500 2,900 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory 9,750 3,600 2,100 1,300 Prepare a classified balance sheet in good form as of December...
can someone please help. what is missing in my answer?
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Credits Cash Debits $ 34,000 74,000 99,000 $ 19,000 62,000 138,000 345,000 109,000 93,000 34,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible...
Self-Assessment Quiz Financial Statements Income Statement Sell Assessment Quiz Financial Information All values are end of year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning of year Inventory 50,000 Beginning of year Retained Earnings 120.000 Cash 7.000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion - Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, plant, and Equipment 400,000 Interest Expense 15,000 Long Term Debt (excluding current portion) 120,000...
Balance sheet. From the following balance sheet accounts in the popup window, a-construct a balance sheet for 2016 and 2017. b, list all the working capital accounts c. find the net working capital for the years ending 2016 and 2017 d. calculate the change in net working capital for the year 2017 a·construct a balance sheet for 2016and 2017 Complete the balance sheet for 2016 below (Round to the nearest dollar) Roman Corporation Balance Sheet as of December 31, 2016,...
Creating Balance Sheets and Income
Statements
Using the information in the below table, prepare a classified
balance sheet for Arrow Company as of December 31, 2014 and
December 31, 2015, along with multi-step income statements for the
years then ended.
Account
December 31, 2014
December 31, 2015
Property, plant, and equipment (net)
$650
$735
Long-term debt
490
690
Depreciation expense
50
60
Retained earnings
130
295
Sales revenue
1,000
1,500
Income taxes
50
70
Current portion of long-term debt
50...
Question 2.17. Using the information provided in the problem on page 83, calculate/answer the following questions: a. Calculate the depreciation expense using the straight-line method for the equipment. b. Calculate the depreciation expense using the double-declining balance method for the first year the equipment was owned c. Calculate the depreciation expense using the double-declining balance method for the second year the equipment was owned. CHAPTER 2 The Balance Sheet 83 Year Net Income co او برای 2.17. The Lazy O...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Property, plant, and Equipment Inventories Long-Term Debt Cost of Goods Sold Retained Earnings Research and Development Prepaid Expense Common Stock Accounts Receivable
Using the following financial information, create an income statement reflecting business activity during the year, and a balance sheet reflecting the firm's end-of-year financial position. Financial Information All values are end-of-year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning-of-year Inventory 50,000 Beginning-of-year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion of Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000...
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