Homework Answers
Question 29
A. Are the excess of the book value over the cash received
.
Question 30
A. To allocate the cost of a long term asset to an expense over its service life.
.
Question 31
| BEASLEY, INC. | ||
| Multiple-step Income Statment | ||
| For the Year Ended December 31, 2018 | ||
| Sales revenue | $300,000 | |
| Cost of Goods Sold | $125,000 | |
| Gross Profit [$300,000 - $125,000] | $175,000 | |
| Salaries expense | $35,000 | |
| Utilities expense | $41,000 | |
| Advertising expense | $24,000 | |
| Total operating expenses | $100,000 | |
| Operating Income [$175,000 - $100,000] | $75,000 | |
| Interest expense | = | $12,000 |
| Income before income taxes [$75,000 - $12,000] | $63,000 | |
| Income tax expense | $38,000 | |
| Net Income [$63,000 - $38,000] | $25,000 | |
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29. Losses on the sale of long-term assets for cash: A. Are the excess of the...
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expens...
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expenses Sold $1,000 4,000 2,000 $3,000 $8,000 9,000 8,000 8,000 $4,000 Lennon 2,000 3,000 3,000 3,000 Harrison McCartney Starr 5,000 3,000 5,000 45) Beasley Inc., reports the following amounts in its December 31, 2018, income statement Sales Income tax revenue $300,000 expense Interest expense12,000 sold Salaries expense $38,000 Cost...
Tangier Company paid cash to purchase a long-term operational asset. The cost of the asset will...
Tangier Company paid cash to purchase a long-term operational asset. The cost of the asset will be expensed (depreciated). Multiple Choice on the day it is purchased. at the end of its useful life. over the useful life of the asset. when the asset is sold
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Entries for Sale of Long-term or relatively permanent tangible assets such as equipment, machinery, and buildings that are used in the normal business operations and that depreciate over time.Fixed Asset Equipment acquired on January 8 at a cost of $156,950, has an estimated useful life of 15 years, has an estimated The estimated value of a fixed asset at the end of its useful life.residual value of $9,050, and is depreciated by the A method of depreciation that provides for...
HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018,...
HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018, income statement. $ 30,000 Sales revenue Interest expense Salaries expense Utilities expense $330,000 Income tax expense 12,000 Cost of goods sold 36,000 Advertising expense 45,000 22,000 Prepare a multiple-step income statement. BEASLEY, INC Multiple-step Income Statement For the year ended December 31, 2018 Total operating expenses Income before income taxes
only final answers no explaining If credit terms are 2/10, 19. On May L Ace Bonding...
only final answers no explaining
If credit terms are 2/10, 19. On May L Ace Bonding Company purchased inventory costing $2,000 on account n30 and Ace pays for this inventory on May 30 which of the following records the payme perpetual inventory system? 2.000 T 2,000 1,960 40 2,000 A Accounts Payable Cash B. Accounts Payable Inventory Cash C. Accounts Payable Inventory Cash D. Cash Accounts Payable 2.000 1,9601 2,000 2,000 20. A company has 10 units of inventory with...
GRANGER INC. Comparative Balance Sheets December 31 Assets 2016 Cash Accounts receivable Inventory Prepaid expenses Long-term...
GRANGER INC. Comparative Balance Sheets December 31 Assets 2016 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable 2017 $ 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $102,000 16,500 110,000 az $ 67,300 21,000 146,000 ense 4.730 4,730 Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense...
Complete the general ledger accounts to calculate cash received from the sale of furniture. 2018 CRUZ,...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
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NOSKER COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Cash $38,000 $20,000 Accounts Receivable 30,000...
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Ehrens Corporation Balance Shorts At December 31 Assets: Cash... Accounts receivable... Merchandise inventory Long-term investments .....
Ehrens Corporation Balance Shorts At December 31 Assets: Cash... Accounts receivable... Merchandise inventory Long-term investments .. Equipment ............. Accumulated depreciation .... Total assets................... why dorou thak prefered: Direct Mothed 2009 2008 wat sletinal $ 24,640 $ 23,040 of cash flow show 32.180 20.00 73.125 61.710 55.900 56,400 175,500 145,500 (33.550) (31.200) $327.795 $284.850 Liabilities: Accounts payable $ 65,000 S 40,380 Income taxes payable..... 10,725 10,200 Bonds payable............. 48.750 66.000 Total liabilities.... $124,475 S116,580 Equity: Common stock 117.000 96,000 Contributed capital...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash Accounts receivable Inventory Total current assets Fixed assets $ 12,000 Accounts payable 67,000 Notes payable $ 38,000 20,000 48,000 127,000 Total current liabilities 58,000 20,000 125,000 $203,000 76,000 Long-term debt Equity $203,000 Total liabilities and equity Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income...
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expenses Sold $1,000 4,000 2,000 $3,000 $8,000 9,000 8,000 8,000 $4,000 Lennon 2,000 3,000 3,000 3,000 Harrison McCartney Starr 5,000 3,000 5,000 45) Beasley Inc., reports the following amounts in its December 31, 2018, income statement Sales Income tax revenue $300,000 expense Interest expense12,000 sold Salaries expense $38,000 Cost...
Tangier Company paid cash to purchase a long-term operational asset. The cost of the asset will be expensed (depreciated). Multiple Choice on the day it is purchased. at the end of its useful life. over the useful life of the asset. when the asset is sold
HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018, income statement. $ 30,000 Sales revenue Interest expense Salaries expense Utilities expense $330,000 Income tax expense 12,000 Cost of goods sold 36,000 Advertising expense 45,000 22,000 Prepare a multiple-step income statement. BEASLEY, INC Multiple-step Income Statement For the year ended December 31, 2018 Total operating expenses Income before income taxes
only final answers no explaining
If credit terms are 2/10, 19. On May L Ace Bonding Company purchased inventory costing $2,000 on account n30 and Ace pays for this inventory on May 30 which of the following records the payme perpetual inventory system? 2.000 T 2,000 1,960 40 2,000 A Accounts Payable Cash B. Accounts Payable Inventory Cash C. Accounts Payable Inventory Cash D. Cash Accounts Payable 2.000 1,9601 2,000 2,000 20. A company has 10 units of inventory with...
GRANGER INC. Comparative Balance Sheets December 31 Assets 2016 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable 2017 $ 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $102,000 16,500 110,000 az $ 67,300 21,000 146,000 ense 4.730 4,730 Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...
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Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash Accounts receivable Inventory Total current assets Fixed assets $ 12,000 Accounts payable 67,000 Notes payable $ 38,000 20,000 48,000 127,000 Total current liabilities 58,000 20,000 125,000 $203,000 76,000 Long-term debt Equity $203,000 Total liabilities and equity Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income...
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