Accounts payable 45,000 Accounts receivable 122,400 Accruals 13,500 Additional paid in capital 216,660 Cash ??? ???...
Accounts payable
45,000
Accounts receivable
122,400
Accruals
13,500
Additional paid in capital
216,660
Cash
???
???
Common Stock @ par value
42,000
COGS
170,859.00
Depreciation expense
22,505.00
Interest expense
16,397.00
Inventories
115,200
Long-term debt
137,579.00
Net fixed assets
399,600
Notes payable
64,800
Operating expenses (excluding depreciaiton)
65,679.00
Retained earnings
136,800
Sales
338,326.00
Taxes
18,562.00
Hello I am given the current year's financial data for a firm. The question asks me: "What is the firm's net income for the current year?", It says the answer is $44,324, but I can't figure out how to get to it. Any help would be greatly appreciated. Thank You!
Homework Answers
Answer
- Net Income = Revenues – All Expenses.
- Calculation of Net Income:
|
Revenues: |
||
|
Sales |
$338,326 |
|
|
Less: Expenses |
||
|
Cost of Goods Sold (COGS) |
$170,859 |
|
|
Depreciation expense |
$22,505 |
|
|
Interest expense |
$16,397 |
|
|
Operating expenses |
$65,679 |
|
|
Taxes |
$18,562 |
|
|
Total expenses |
$294,002 |
|
|
Net Income |
[$ 338326 - $ 294002] |
$44,324 |
Add Answer to:
Accounts payable
45,000
Accounts receivable
122,400
Accruals
13,500
Additional paid in capital
216,660
Cash
???
???...
Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000...
Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash ??? ??? Common Stock @ par value 37,600 42,000 COGS 131,400 178,442.00 Depreciation expense 21,600 23,886.00 Interest expense 16,200 16,553.00 Inventories 111,600 115,200 Long-term debt 135,000 138, 160.00 Net fixed assets 377,219.00 399,600 Notes payable 59,400 64,800 50,400 65,252.00 Operating expenses (excl. depr.) Retained earnings 122,400 136,800 Sales 255,600 339,952.00 Taxes 9,900 19,348.00 What is the current year's cash balance? Submit Answer...
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Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash ??? ??? Common Stock @ par value 37,600 42,000 COGS 131,400 172,391.00 Depreciation expense 21,600 23,813.00 Interest expense 16,200 16,246.00 Inventories 111,600 115,200 Long-term debt 135,000 139,538.00 Net fixed assets 376,626.00 399,600 Notes payable 59,400 64,800 Operating expenses (excl. depr.) 50,400 68,509.00 Retained earnings 122,400 136,800 Sales 255,600 335,355.00 Taxes 9,900 19,189.00 What is the current year's...
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return on equity (ROE). I keep getting the incorrect answer and it
tells me that the correct answer is 9.11%. Any help would be
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Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash 777 ???...
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scenario I cannot figure out. I am being asked to find the cash
balance for the current year. I keep getting the incorrect answer
and it tells me that the correct answer is $20,355. Any help would
be greatly appreciated! Thank You!
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cannot figure out. I am being asked to find the current year's
return on assets (ROA). I keep getting the incorrect answer and it
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Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash 777 ??? Common Stock @par value 37,600...
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