Homework Answers
| Book value of Land sold | 8000 | =18000+11000-21000 |
| Add: Gain on sale of Land | 8000 | |
| Cash received from sale of Land | 16000 | |
| Cash received from sale of Land | 16000 | |
| Less: Cash paid for purchase of Land | 11000 | |
| Net cash flows from investing activities | 5000 | |
| Option B $5,000 is correct |
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ormation: 2019 2020 2019 2020 $6,200 $8,900 $12,000 $15,200 eivable $4,400 $5,900 $1,200 $3,400 $1,000 $600...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
he balance sheet data of Culver Company at the end of 2020 and 2019 are shown...
he balance sheet data of Culver Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $30,100 $35,100 Accounts receivable (net) 55,000 44,900 Inventory 64,600 45,100 Prepaid expenses 15,000 24,700 Equipment 90,200 74,500 Accumulated depreciation—equipment (18,040 ) (8,000 ) Land 70,200 39,800 $307,060 $256,100 Accounts payable $64,600 $52,500 Accrued expenses 14,800 17,900 Notes payable—bank, long-term –0– 22,900 Bonds payable 30,300 –0– Common stock, $10 par 190,400 160,000 Retained earnings 6,960 2,800 $307,060 $256,100 Land was acquired...
8 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit ts...
8 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit ts eBook $ 27,500 Print 50,000 ferences TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 Debit No. Account Title $ 6,000 101 Cash 104 Short-term investments 23,500 126 Supplies 9,500 8,900 128 Prepaid insurance 167 Equipment 55,000 168 Accumulated depreciation-Equipment 173 Building 150,000 174 Accumulated depreciation-Building 183 Land 64,350 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
8 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit ts eBook $ 27,500 Print 50,000 ferences TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 Debit No. Account Title $ 6,000 101 Cash 104 Short-term investments 23,500 126 Supplies 9,500 8,900 128 Prepaid insurance 167 Equipment 55,000 168 Accumulated depreciation-Equipment 173 Building 150,000 174 Accumulated depreciation-Building 183 Land 64,350 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable...
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