Homework Answers
Solution:
12.
Earned revenues = $70,000
Expenses = $40,000 (assume that include prepaid expenses)
Prepaid = $9,000 cash so
Expenses = 40,000 - 9000 = $31,000
Net Income = revenues - expenses = 70,000 - 31,000 = 39,000
13.
Net Income = $42,00,000
Net sales = $11,800,000
Profit margin = (Net income / Net sales) x 100 = (42,00,000 / 11,800,000) x 100 = 35.593% = 35.59%
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12) Henderson Company reports the following: Earned revenues of $70,000. Expenses of $40,000. Prepaid $9.000 cash...
QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of...
QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of $60.000 (552,000 cash received from customers): Incurred expenses of 535,000 1531.000 tash paid toward them Prepaid $8,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A. 517.000 OB. 521,000 C 518,000. D.525,000 E. None of the answer choices is correct.
income LO C1 In its first year of operations, Roma Company reports the following. • Earned...
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27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
Masks, Inc reports the following: Earned Revenue: $55,000 ($44,000 cash received) Expenses: $38,000 ($32,000 paid toward...
Masks, Inc reports the following:
Earned Revenue: $55,000 ($44,000 cash received)
Expenses: $38,000 ($32,000 paid toward them)
Prepaid Expense: $4,000 paid for expenses for next year
Net income under the cash basis of accounting is:
Masks, Inc reports the following: Earned Revenue: $55,000 ($44,000 cash received) Expenses: $38,000 ($32,000 paid toward them) Prepaid Expense: $4,000 paid for expenses for next year Net income under the cash basis of accounting is: Multiple Choice $17,000 $8,000 $13,000 Multiple Choice $17,000 $8,000 $13,000...
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Brookline Specialty Hospital, a not-for-profit provider, had revenues of $12 million in 2018. Expenses other than...
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Cash $56,140 $51,090 37,760 Prepaid expenses 6,180 52,600 28,740 31,570 Next to indicate cash out Adjustments...
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John Hicks Company reports the following revenues and expenses in its pretax financial income for the...
John Hicks Company reports the following revenues and expenses
in its pretax financial income for the year ended December 31,
2016: Revenues total $229,600 and expenses total $160,100. The tax
rate enacted for 2016 is 35%, but in 2015 Congress enacted a 30%
rate for 2017 and future years. Differences between the 2016 income
statement and tax return are listed below: Warranty expense accrued
for financial reporting purposes amounts to $5,000. Warranty
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Suppose Ruston Company has the following revenue and expenses for 2018: Revenues of $7,800,000 Cost of Goods Sold of $1,...
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QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of $60.000 (552,000 cash received from customers): Incurred expenses of 535,000 1531.000 tash paid toward them Prepaid $8,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A. 517.000 OB. 521,000 C 518,000. D.525,000 E. None of the answer choices is correct.
income LO C1 In its first year of operations, Roma Company reports the following. • Earned revenues of $59.000 ($51,000 cash received from customers). • Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
Masks, Inc reports the following:
Earned Revenue: $55,000 ($44,000 cash received)
Expenses: $38,000 ($32,000 paid toward them)
Prepaid Expense: $4,000 paid for expenses for next year
Net income under the cash basis of accounting is:
Masks, Inc reports the following: Earned Revenue: $55,000 ($44,000 cash received) Expenses: $38,000 ($32,000 paid toward them) Prepaid Expense: $4,000 paid for expenses for next year Net income under the cash basis of accounting is: Multiple Choice $17,000 $8,000 $13,000 Multiple Choice $17,000 $8,000 $13,000...
Cash $56,140 $51,090 37,760 Prepaid expenses 6,180 52,600 28,740 31,570 Next to indicate cash out Adjustments to recondile net income to net caish flow from of accounting. For example revenues are recorded on the income b, cash nows from operating activities differs from net income because it does not use the Previous Net Ned The net income reported on the income statement for Balances of the current asset and current liability accounts at the beginning and end of the year...
John Hicks Company reports the following revenues and expenses
in its pretax financial income for the year ended December 31,
2016: Revenues total $229,600 and expenses total $160,100. The tax
rate enacted for 2016 is 35%, but in 2015 Congress enacted a 30%
rate for 2017 and future years. Differences between the 2016 income
statement and tax return are listed below: Warranty expense accrued
for financial reporting purposes amounts to $5,000. Warranty
deductions per the tax return amount to $13,900....
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