ZuoTi.Pro
Question

Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...

Daniels Company reports the following year-end account balances at December 31, 2017.

Accounts payable …………….. $20,000

Inventory …………………… $40,000

Accounts receivable ………….. $40,000

Land ………………………... $100,000

Bonds payable, long-term …… $250,000

Goodwill ……………………. $10,000

Buildings ……………………….. $160,000

Retained earnings ………… $115,000

Cash ……………………………. $50,000

Sales revenue ……………... $500,000

Common stock ………………… $100,000

Supplies inventory ………… $5,000

Cost of goods sold ……………. $200,000

Supplies expense …………. $20,000

Equipment ……………………... $80,000

Wages expense …………… $100,000

What is Daniels Company’s net income for 2017?

Question 6 options:

$375,000

$180,000

$380,000

$300,000
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

calculate net income

Sales revenue 500000
Cost of goods sold -200000
Supplies expense -20000
Wages expense -100000
Net income 180000

So answer is b) $180000

0 0
Add a comment
Know the answer?
Add Answer to:
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Parker Company has the following ledger accounts and adjusted balances as of December 31, 2017. All...

    Parker Company has the following ledger accounts and adjusted balances as of December 31, 2017. All accounts have normal balances. Parker’s income tax rate is 20%. Parker has 300,000 shares of Common Stock authorized and 100,000 shares of Common Stock issued and outstanding. Accounts Payable……………………………. 39,000 Accounts Receivable………………………… 270,000 Accumulated Depreciation-Building………… 75,000 Accumulated Depreciation-Equipment………. 60,000 Administrative Expenses……………………. 60,000 Allowance for Doubtful Accounts…………… 30,000 Bonds Payable……………………………….. 250,000 Building……………………………………… 750,000 Cash…………………………………………. 39,000 Common Stock……………………………… 400,000 Cost of Goods Sold…………………………. 570,000 Dividends…………………………………… 20,000...

  • Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several...

    Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $(600,000) $(250,000) Cost of goods sold 280,000 100,000 Depreciation expense 120,000 50,000 Investment income Not given NA Retained earnings, 1/1/18 (900,000) (600,000) Dividends declared 130,000 40,000 Current assets 200,000 690,000 Land 300,000 90,000 Buildings (net) 500,000 140,000 Equipment (net) 200,000...

  • Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...

    Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018.  Also presented is selected income statement information for the year ended December 31, 2018, and additional information.                                                                                                                         Increase Selected balance sheet accounts                   2018                2017                (Decrease)        Assets:    Accounts receivable                                   $100,000            $ 94,000              6,000    Inventory                                                        55,000             70,000             (15,000)    Prepaid Expenses                                            30,000           25,000 5,000    Property, plant, and equipment 400,000          200,000 200,000    Accumulated depreciation (200,000)        (180,000)             20,000    Deferred tax asset                                              30,000             40,000             (10,000) Liabilities and stockholders’ equity:    Accounts payable                                            400,000        420,000             (20,000)    Interest payable                                                    8,000              6,000               2,000    Accrued expenses payable                                10,000              7,000               3,000...

  • Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...

    Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Selected balance sheet accounts                    2018                2017                (Decrease)      Assets:    Accounts receivable                                   $100,000            $ 94,000              6,000    Inventory                                                      55,000           70,000           (15,000)    Prepaid Expenses                                                30,000              25,000               5,000    Property, plant, and equipment                   400,000          200,000           200,000...

  • Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several...

    Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $(600,000) $(250,000) Cost of goods sold 280,000 100,000 Depreciation expense 120,000 50,000 Investment income Not given NA Retained earnings, 1/1/18 (900,000) (600,000) Dividends declared 130,000 40,000 Current assets 200,000 690,000 Land 300,000 90,000 Buildings (net) 500,000 140,000 Equipment (net) 200,000...

  • Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and...

    Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and merchandise inventory balances below. Cash payments on accounts payable during each month are expected to be May, $1,300,000; June, $1,500,000; July, $1,350,000; and August, $1,400,000 Accounts Payable Merchandise Inventory May 31 $ 120,000 $ 250,000 June 30 120,000 500,000 July 31 300,000 200,000 August 31 110,000 380,000 (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable Payments...

  • only need part b worksheet Illustration #3 Pepper Company, which is a calendar-year-reporting company, purchased 100%...

    only need part b worksheet Illustration #3 Pepper Company, which is a calendar-year-reporting company, purchased 100% of the common stock of Salt Inc. for $325,000 on 12/31/17. On the acquisition date, the following net assets of Salt had fair values different than book value: Cost FMV Inventory 80,000 75,000 Turnover 6 times per year Land 70,000 100,000 Building and equipment 220,000 210,000 10 year life Accumulated depreciation (60,000) Covenant-not-to-complete 40,000 4 year life Bonds payable 150,000 175,000 10 years to...

  • Refer to the list of the accounts and balances below for the year-ended December 31, 2020....

    Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Building Cash Common Stock Depreciation Expense Dividends Interest Payable Land Notes Payable Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 38,900 $ 27,000 $ 93,600 $ 234,000 $ 89,000 $ 300,000 $ 23,000 $ 20,000 $ 4,000 $ 200,000 $ 250,000 $ 98,000 $ 26,000 $ 53,000 $ 8.000 $ 120,000...

  • Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 100...

    Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 100 percent of Snoopy Company’s outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy’s net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...

  • Problem 17-8A The financial statements for Facetime Corp. for the year ended December 31, 2017, are...

    Problem 17-8A The financial statements for Facetime Corp. for the year ended December 31, 2017, are as follows Distingulshing among operating. investing, and finanding activities, using the finandal statements to compute the cash effects of a wide variety of business transactions; preparing a cash flow statement by the indirect method FACETIME CORP Balance Sheet December 31, 2017 and 2016 2016 2017 1. Net cash flow from operating, $586,000 investing, S(204,000) financing, $(430,000) Assets $ 18,000 $ 10,000 Cash 40,000 0...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT