Riley Inc reports the following amounts at the end of the year (all amounts in $000):
In addition, the company had common stock of $42,000 at the beginning of the year and issued an additional $3,500 during the year. The company also had retained earnings of $28,700 at the beginning of the year and declared dividends of $1,500 during the year.
1) Calculate the Net Income (or Net Loss) After Interest and Taxes
2) Calculate the Total Amount of Current Assets
3) Calculate the Total Amount of Current Liabilities
4) Calculate the Total Assets
5) What is the total amount of the stockholders equity
6) what is the amount of Long-Term Liabilities?
1. TOTAL AMOUNT OF CURRENT ASSETS :- Account receivable (5292) + Inventory (12500) + Prepaid expenses (1100) + Marketable securities (3450) + Cash (28784) = $ 51126.
2. TOTAL AMOUNT OF CURRENT LIABILITIES :- Taxes payable (712) + Notes payable (11000) + Current portion of bonds payable (6200) + Current portion of mortgage payable (2350) + Salaries payable (412) + Accounts payable (5240) + Interest payable (710) + Dividens payable (500) + Current portion of notes payable (1100) = $28224.
3. TOTAL ASSETS :- Land (62000) + Treasury stock (2210) + Equipment (32600) + Goodwill (350) + Buildings (52000) = $149160.
4. TOTAL AMOUNT OF STOCKHOLDERS EQUITY :- Coomon stock at beginning (42000) + Common stock at ending (3500) + Retained earnings (28700) = $74200
5. TOTAL AMOUNT OF LONG TERM LIABILITIES :- Mortgage payable(43500) + Bonds payable(38000) = 81500.
6. NET INCOME OR NET LOSS :-
Total revenue :- Product sales (66145) + Revenue from software license (1050) + Deferred revenues (670) + discount of bonds payable (970) = $68835.
Total expense :- Depreciation (4100) + sales returns (1258) + supplies expense (355) + Income tax expense (780) + interest expense (2900) + cost of goods sold (31500) + utilities expense (950) + salaries expense (12000) + Advertising expense(5340) + sales expenses (7200) + dividends (1500) =$ 67883
NET INCOME :- $68835 - $67883 = $952
Riley Inc reports the following amounts at the end of the year (all amounts in $000):...
Use the information above to develop a Balance Sheet and Income Statement. Answer the following questions A) Calculate the Net Income (or Net Loss) After Interest and Taxes B) Calculate the Total Amount of Current Assets C) Calculate the Total Amount of Current Liabilities. D) Calculate the Total Assets E) What is the total amount of the stockholders equity Cash $28,784 Depreciation Expense $4,100 Taxes Payable $712 Land $62,000 Treasury Stock $2,210 Mortgage $43,500 Payable Sales Discounts $1.258 and Returns...
Cash $28,784 Depreciation Expense $4,100 Taxes Payable $712 Mortgage Payable $43,500 Land $62,000 Treasury Stock $2,210 Sales Discounts and Returns $1,258 Accounts Receivable $5,292 Supplies Expenses $355 Bonds Payable $38,000 Accumulated Depreciation $17,250 Income Tax Expense $780 Equipment $32,600 Interest Expense $2,900 Notes Payable $11,000 Cost of Goods Sold $31,500 Current Portion of Bonds Payable $6,200 Current Portion of Mortgage Payable $2,350 Product Sales (Gross) $66,145 Utilities Expense $950 Inventory $12,500 Discount of Bonds Payable $970 Salaries Expense $12,000 Revenues...
Exercise 10-15 Shamrock, Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. $7,006.0 2,135.0 393.0 Accounts payable $4,701.0 Mortgage payable Accrued pension liability 1,492.0 Operating leases Unearned rent revenue 1,758.0 Notes payable (due in 2020) Bonds payable 2,754.0 Salaries and wages payable Current portion of mortgage payable 2,114.0 Notes payable (due in 2018) Income taxes payable 308.0 Unused operating line of credit Warranty liability-current 634.0 2,799.0 4,092.0 1,839.0 Prepare...
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