Homework Answers
| Net Increase in assets during the year | ||||
| Increase in cash | 90,000 | |||
| Increase in Accounts receivable | 78,000 | |||
| Increase in Inventory | 1,69,000 | |||
| Decrease in Investment in FV-NI securities | -24,000 | |||
| Net Increase in assets during the year | 3,13,000 | |||
| Net increase in liabilities | ||||
| Decrease in accounts payable | -83,400 | |||
| Increase in Unearned revenue | 27,000 | |||
| Increase in Bonds payable | 90,900 | |||
| Net increase in liabilities | 34,500 | |||
| Net Increase in Stockholder's equity | ||||
| Net increase in assets | 3,13,000 | |||
| Less: Net increase in liabilities | -34,500 | |||
| Net Increase in Stockholder's equity | 2,78,500 | |||
| Less: Increase in Common Stock capital | -1,21,000 | |||
| Less: Increase in Contributed surplus | -82,400 | |||
| Net increase in Retained earnings | 75,100 | |||
| Net Income for the year | ||||
| Net increase in Retained earnings | 75,100 | |||
| Add: Dividend paid | 17,700 | |||
| Net Income for the year | 92,800 | |||
| Answer is $ 92,800 |
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Cash Accounts receivable (net) Inventory Investments in FV-NI securities Increase (Decrease) $90,000 78,000 169,000 (24,000) Accounts...
The following are all changes in the account balances of Sheffield Ltd. during the current year,...
The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $80,000 Accounts payable $(83,900 ) Accounts receivable (net) 77,000 Unearned revenue 25,000 Inventory 174,000 Bonds payable 90,900 Investments in FV-NI securities (24,000 ) Common shares 127,000 Contributed surplus 82,900 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and...
The following are all changes in the account balances of Blue Spruce Ltd. during the current...
The following are all changes in the account balances of Blue Spruce Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $90,000 Accounts payable $(71,900 ) Accounts receivable (net) 65,000 Unearned revenue 25,000 Inventory 163,000 Bonds payable 77,400 Investments in FV-NI securities (28,000 ) Common shares 128,000 Contributed surplus 70,900 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income...
net income for the current year $ 1 The following are all changes in the account...
net
income for the current year $
1 The following are all changes in the account balances of Whispering Winds Ltd. during the current year, except for Retained Earnings: Cash Accounts receivable (net) Inventory Investments in FV-NI securities Increase (Decrease ) $100,000 70,000 170,000 (25,000) Accounts payable Unearned revenue Bonds payable Common shares Contributed surplus Increase (Decrease ) $175,600) 22.000 80.900 124.000 74,600 Calculate the net income for the current year, assuming that there were no entries in the Retained...
The following are all changes in the account balances of Martinez Ltd. during the current year,...
The following are all changes in the account balances of Martinez Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $100,000 Accounts payable $(69,000 ) Accounts receivable (net) 63,000 Unearned revenue 22,000 Inventory 162,000 Bonds payable 75,600 Investments in FV-NI securities (28,000 ) Common shares 124,000 Contributed surplus 68,000 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and...
Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash...
Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock Cash received from sale of equipment Depreciation expense Gain on sale of equipment Inventory decrease Net income Prepaid expenses increase Average current liabilities $13,500 6,000 4,500 9,000 33,000 22,500 43.500 135,000 90,000 52,500 25,500 43,500 6,000 19,500...
E4.2 (L02) Computation of Net Income). The following are changes in all account balances of Jackson...
E4.2 (L02) Computation of Net Income). The following are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Cash £ 69,000 Accounts Receivable (net) 45,000 Inventory 127,000 Investments (47,000) Accounts Payable £ (51,000) Bonds Payable 82,000 Share Capital-Ordinary 138,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of £24,000 which...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease)...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Twix 5,500 41,300 55,100 (27,600) 33,100 (60,700) Dots $ 138,000 11,000 27,500 (13,800) (30,400) 16,600 Skor $ 99,600 33,200 (5,500) 13,800 19,300 (11,000) For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Dots 138,000 Skor 99,600 $ $ Cash Flows from Operating Activities (Indirect)+ I...
Complete the cash flow from Operating Activities Additions to Net Income Decrease in accounts receivable Decrease...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
NI+D+L-G Saffordville Co. Cash Flow Statement (Inderect Method) Current Assets Increase Current Assets Decrease Decrease Increase...
NI+D+L-G Saffordville Co. Cash Flow Statement (Inderect Method) Current Assets Increase Current Assets Decrease Decrease Increase Need Help Completing the Cash Flow of Statement Assets Cash A/R Inventory Investments Equipment Accumulated Derp.-Equipment Total Liabilities and Stockholders' Equity 2020 77,700 60,800 126,900 79,500 315,000 (44,500) 615,400 2019 33,400 447,000 92,650 107,000 205,000 (40,000) 845,050 112,660 Current Liabilities Increase Increase Current Liabilities Decrease Decrease Cah flows from operating activities Net Income Add: Decrease in Accounts Receivables Increase in A/P A/P 48,280 18,830...
What is net income for the below statement? Presented below are changes in all the account...
What is net income for the below statement?
Presented below are changes in all the account balances of
Coronado Furniture Co. during the current year, except for retained
earnings. Increase (Decrease) Increase (Decrease) Cash $ 71,190
Accounts Payable $( 52,460 ) Accounts Receivable (net) 48,200 Bonds
Payable 82,370 Inventory 129,800 Common Stock 134,400 Investments (
48,900 ) Paid-In Capital in Excess of Par—Common Stock 15,280
Compute the net income for the current year, assuming that there
were no entries in...
net
income for the current year $
1 The following are all changes in the account balances of Whispering Winds Ltd. during the current year, except for Retained Earnings: Cash Accounts receivable (net) Inventory Investments in FV-NI securities Increase (Decrease ) $100,000 70,000 170,000 (25,000) Accounts payable Unearned revenue Bonds payable Common shares Contributed surplus Increase (Decrease ) $175,600) 22.000 80.900 124.000 74,600 Calculate the net income for the current year, assuming that there were no entries in the Retained...
Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock Cash received from sale of equipment Depreciation expense Gain on sale of equipment Inventory decrease Net income Prepaid expenses increase Average current liabilities $13,500 6,000 4,500 9,000 33,000 22,500 43.500 135,000 90,000 52,500 25,500 43,500 6,000 19,500...
E4.2 (L02) Computation of Net Income). The following are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Cash £ 69,000 Accounts Receivable (net) 45,000 Inventory 127,000 Investments (47,000) Accounts Payable £ (51,000) Bonds Payable 82,000 Share Capital-Ordinary 138,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of £24,000 which...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Twix 5,500 41,300 55,100 (27,600) 33,100 (60,700) Dots $ 138,000 11,000 27,500 (13,800) (30,400) 16,600 Skor $ 99,600 33,200 (5,500) 13,800 19,300 (11,000) For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Dots 138,000 Skor 99,600 $ $ Cash Flows from Operating Activities (Indirect)+ I...
Complete the cash flow from Operating Activities
Additions to Net Income Decrease in accounts receivable Decrease in inventory Decrease in prepaid assets Increase in accounts payable Increase in accrued liabilities Deductions from Net Income Increase in accounts receivable Increase in inventory Increase in prepaid assets Decrease in accounts payable Decrease in accrued liabilities 450 $300 Cash Flow From Operating Activities Net Income $110 Net Cash Provided by Operating Activities 2011 80 115 Cash Flows From Investing Activities Income Statement For...
NI+D+L-G Saffordville Co. Cash Flow Statement (Inderect Method) Current Assets Increase Current Assets Decrease Decrease Increase Need Help Completing the Cash Flow of Statement Assets Cash A/R Inventory Investments Equipment Accumulated Derp.-Equipment Total Liabilities and Stockholders' Equity 2020 77,700 60,800 126,900 79,500 315,000 (44,500) 615,400 2019 33,400 447,000 92,650 107,000 205,000 (40,000) 845,050 112,660 Current Liabilities Increase Increase Current Liabilities Decrease Decrease Cah flows from operating activities Net Income Add: Decrease in Accounts Receivables Increase in A/P A/P 48,280 18,830...
What is net income for the below statement?
Presented below are changes in all the account balances of
Coronado Furniture Co. during the current year, except for retained
earnings. Increase (Decrease) Increase (Decrease) Cash $ 71,190
Accounts Payable $( 52,460 ) Accounts Receivable (net) 48,200 Bonds
Payable 82,370 Inventory 129,800 Common Stock 134,400 Investments (
48,900 ) Paid-In Capital in Excess of Par—Common Stock 15,280
Compute the net income for the current year, assuming that there
were no entries in...
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