Homework Answers
Answer is
| Income statement | |||||
| Amount in USD | |||||
| Particulars | ABC company | Buckeye company | |||
| Sales revenue | 93000 | 89000 | |||
| Cost of goods sold | 36000 | 13000 | |||
| Gross profit | 57000 | 76000 | |||
| Wage expense | 12000 | 22000 | |||
| Rental expense | 0 | 17000 | |||
| Advertisement expense | 17000 | 0 | |||
| Depreciation expense | 3000 | ||||
| Profit before other income and taxes | 28000 | 34000 | |||
| Rental revenue | 11000 | 0 | |||
| Profit before taxes | 39000 | 34000 | |||
| Tax | 14000 | 0 | |||
| Profit afte tax | 25000 | 34000 | |||
| Dividend | 0 | 9000 | |||
| Profit t/f to retained earnings | 25000 | 25000 | |||
| 1-Jan-18 | 31-Dec-18 | Variation | |||
| Retained earnings | 33000 | 58000 | 25000 | ||
| Equipment | 20000 | 17000 | 3000 | due to increase in accumulated dep by 3000 | |
| Current assets | |||||
| Particulars | 31-Dec-18 | ||||
| Cash | 30000 | ||||
| Accounts receivable | 17000 | ||||
| Supplies | 10000 | ||||
| Inventory | 42000 | ||||
| Total | 99000 | ||||
Add Answer to:
The following information was taken from the accounting records of ABC Company for the period ended...
The following information was taken from the accounting records of ABC Company for the period ended...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
Question 3 2.5 pts The following information is available for Buckeye Company: 201 ecember 201 Cash...
Question 3 2.5 pts The following information is available for Buckeye Company: 201 ecember 201 Cash Land Notes payable Retained earnings Accumulated depreciation Supplies Accounts receivable Equipment Accounts payable Common stock Inventory $25,000 40,000 29,000 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $89,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of 598,000, salaries expense of SZ2,800, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
The following information is available for Buckeye Company: January 1, 2018 $25,000 December 31, 2018 $30,000...
The following information is available for Buckeye Company: January 1, 2018 $25,000 December 31, 2018 $30,000 Cash Land 40,000 29,000 42,000 45,000 58,000 7,000 Notes payable Retained earnings 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 Accumulated depreciation Supplies Accounts payable Equipment 10,000 17,000 26,000 Accounts receivable Common stock 40,000 Inventory 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
The following information is available for Buckeye Company: January 1, 2018 $25,000 December 31, 2018 ETT...
The following information is available for Buckeye Company: January 1, 2018 $25,000 December 31, 2018 ETT Cash $30,000 42,000 Land 40,000 Notes payable Retained earnings Accumulated depreciation Supplies Accounts payable Equipment 29,000 45,000 33,000 58,000 4,000 7,000 10,000 17,000 8,000 16,000 20,000 11,000 Accounts receivable 26,000 40,000 42,000 Common stock 40,000 Inventory 18,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of...
Question 5 3.5 pts The following information is available for Buckeye Company: 201 ecember 201 Cash...
Question 5 3.5 pts The following information is available for Buckeye Company: 201 ecember 201 Cash Land Notes payable Retained earnings Accumulated depreciation Supplies Accounts receivable Equipment Accounts payable Common stock Inventory $25,000 40,000 29,000 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $89,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,890 45,000 58,880 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
Question 4 3 pts The following information is available for Buckeye Company: 201 201 Cash Land...
Question 4 3 pts The following information is available for Buckeye Company: 201 201 Cash Land Notes payable Retained earnings Accumulated depreciation Supplies Accounts receivable Equipment Accounts payable Common stock Inventory $25,000 40,000 29,000 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $89,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
extra info: total current assets is 108,000 The following information is available for Buckeye Company: January...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
The following information is available for Buckeye Company: December 31, 2018 $30,000 42,000 45,000 58,000 January...
The following information is available for Buckeye Company: December 31, 2018 $30,000 42,000 45,000 58,000 January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 7,800 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,800, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,880 of dividends...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
Question 3 2.5 pts The following information is available for Buckeye Company: 201 ecember 201 Cash Land Notes payable Retained earnings Accumulated depreciation Supplies Accounts receivable Equipment Accounts payable Common stock Inventory $25,000 40,000 29,000 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $89,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of 598,000, salaries expense of SZ2,800, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
The following information is available for Buckeye Company: January 1, 2018 $25,000 December 31, 2018 $30,000 Cash Land 40,000 29,000 42,000 45,000 58,000 7,000 Notes payable Retained earnings 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 Accumulated depreciation Supplies Accounts payable Equipment 10,000 17,000 26,000 Accounts receivable Common stock 40,000 Inventory 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
The following information is available for Buckeye Company: January 1, 2018 $25,000 December 31, 2018 ETT Cash $30,000 42,000 Land 40,000 Notes payable Retained earnings Accumulated depreciation Supplies Accounts payable Equipment 29,000 45,000 33,000 58,000 4,000 7,000 10,000 17,000 8,000 16,000 20,000 11,000 Accounts receivable 26,000 40,000 42,000 Common stock 40,000 Inventory 18,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of...
Question 5 3.5 pts The following information is available for Buckeye Company: 201 ecember 201 Cash Land Notes payable Retained earnings Accumulated depreciation Supplies Accounts receivable Equipment Accounts payable Common stock Inventory $25,000 40,000 29,000 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $89,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,890 45,000 58,880 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
Question 4 3 pts The following information is available for Buckeye Company: 201 201 Cash Land Notes payable Retained earnings Accumulated depreciation Supplies Accounts receivable Equipment Accounts payable Common stock Inventory $25,000 40,000 29,000 33,000 4,000 8,000 16,000 20,000 11,000 40,000 18,000 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $89,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
The following information is available for Buckeye Company: December 31, 2018 $30,000 42,000 45,000 58,000 January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 7,800 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,800, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,880 of dividends...
Most questions answered within 3 hours.
-
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 3 minutes ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 4 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 18 minutes ago -
The African Adventures exhibit water system holds approximately
850,000 gallons (3.2x109 g) of water. The temperature...
asked 9 minutes ago -
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 19 minutes ago -
Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
asked 13 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 30 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 26 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 52 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 50 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 54 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 1 hour ago