Homework Answers
Number of common shares outstanding
= 50,000/10 par = 5000 shares
Earnings Per Share = Net income/Common shares outstanding
= 18,000/5,000 shares
= 3.60
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The following information pertaining to Shorty's Shirt Factory for the year 2013 is to...
help me fill out the charts please Required information [The following information applies to the questions...
help me fill out the charts please
Required information [The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $139,200 Expenses Cost of goods sold 56,000 Depreciation expense 19,000 Salaries expense 32,000 Rent expense 10,400 Insurance expense 5,200 Interest expense 5,000 Utilities expense 4,200 Net income $ 7,400 LANSING...
The following information is related to Towson Company's fiscal year 2018. Income Statement: &nb
The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $4,000,000 Depreciation Expense 300,000 Loss on Sale of Plant Assets 25,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 50,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000...
The following information is related to Towson Company's fiscal year 2018. Income Statement: &nbs
The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $2,800,000 Depreciation Expense 400,000 Loss on Sale of Plant Assets 50,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 45,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000 Use this information to determine Towson Company's Net Cash Flows from Operating Activities. If the...
The following information is related to Towson Company's fiscal year 2018. Income Statement: &nb
The following information is related to Towson Company's fiscal year 2018. Income Statement: Net Income $4,000,000 Depreciation Expense 300,000 Loss on Sale of Plant Assets 25,000 Interest Expense 5,000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 50,000 Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000...
Can anyone please help fill in the remaining blanks. Thank you so much. Required information Exercise...
Can anyone please help fill in the remaining blanks. Thank you
so much.
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 50,000 57,000 95,500 6,600 209,100 121,000 (12,000) $318,100 Assets Cash $103,900 Accounts receivable, net 74,000 Inventory 69,800 Prepaid expenses 5,000 Total current...
From the following information what is the total Assets for Zack's Brokerage: Commissions income $50,000. Accoun
From the following information what is the total Assets for Zack's Brokerage: Commissions income $50,000. Accounts payable 3,500. Accounts receivable, net 5,000. Zach’s Capital at 12/31/XX 103,500. Office equipment, net 10,000. Advertising expense 3,200. Cash and cash equivalents 8,000. Land 35,000. Notes payable 50,000. Insurance expense 1,500. Real estate taxes 9,000. Salaries expense 12,000. Salaries payable 1,000. Building, net 100,000. Total Assets Fill in #? A. $104,500 B. $182,200 C. $103,500 D. $158,000 E. None of the Above
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2013....
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2013. Assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 30,200 Depreciation expense 10,600 Land 26,300 Cost of goods sold 88,500 Retained earnings 61,400 Cash 11,800 Equipment 70,000 Supplies 5,400 Accounts payable 22,500 Service revenue 29,700 Interest expense 2,400 Common stock 5,000...
Please help me Required information Use the following information for the Problems below. [The following information...
Please help me
Required information Use the following information for the Problems below. [The following information applies to the questions displayed below.] Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid...
Required information The following information applies to the questions displayed below. A comparative balance sheet and...
Required information The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2817 2016 2817 Assets $89,000 22,100 38,200 80,e80 88,800 4,900 Cash Accounts receivable, net Inventory Prepaid expenses 46,900 4,000 212,100 161,000 98,800 113,380 (15,300)(8,689) $295,600 $265, 700 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable...
Required Information Use the following information for the Problems below. [The following information applies to the...
Required Information Use the following information for the Problems below. [The following information applies to the questions displayed below.) Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit Sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Inventory, and (5) Other Ex and are initially debited to Prepaid Expenses. The...
help me fill out the charts please
Required information [The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $139,200 Expenses Cost of goods sold 56,000 Depreciation expense 19,000 Salaries expense 32,000 Rent expense 10,400 Insurance expense 5,200 Interest expense 5,000 Utilities expense 4,200 Net income $ 7,400 LANSING...
Can anyone please help fill in the remaining blanks. Thank you
so much.
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 50,000 57,000 95,500 6,600 209,100 121,000 (12,000) $318,100 Assets Cash $103,900 Accounts receivable, net 74,000 Inventory 69,800 Prepaid expenses 5,000 Total current...
Please help me
Required information Use the following information for the Problems below. [The following information applies to the questions displayed below.] Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid...
Required information The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2817 2016 2817 Assets $89,000 22,100 38,200 80,e80 88,800 4,900 Cash Accounts receivable, net Inventory Prepaid expenses 46,900 4,000 212,100 161,000 98,800 113,380 (15,300)(8,689) $295,600 $265, 700 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable...
Required Information Use the following information for the Problems below. [The following information applies to the questions displayed below.) Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit Sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Inventory, and (5) Other Ex and are initially debited to Prepaid Expenses. The...
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