Homework Answers
| Q1 | |
| Consulting revenue | 570000 |
| (-) Employee salaries expense | 197000 |
| (-) Interest expense | 27000 |
| (-) Rent expense | 37000 |
| Net income | 309000 |
| Q2 | |
| Beginning equity | 258000 |
| (+) Net income | 51100 |
| (-) Dividends | 40500 |
| (+) New stock issued | 6100 |
| Ending equity | 274700 |
| Q3 | |
| Cash | 23600 |
| Accounts receivable | 16800 |
| Office equipment | 52000 |
| Total assets | 92400 |
| (-) Accounts payable | 17800 |
| Equity | 74600 |
| Q4 | |
| Beginning retained earnings | 184900 |
| (+) Net income | 202000 |
| (-) Ending retained earnings | 323000 |
| Total amount of dividend distributed | 63900 |
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Determine the net income of a company for which the following information is available: Employee salaries...
If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500...
If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500 $53,000 If the liabilities of a business increased $83,000 during a period of time and the equity in the business decreased $34,000 during the same period, the assets of the business must have: Multiple Choice Decreased $117,000 Decreased $49,000 Increased $49,000 Beta Corporation purchased $160,000 worth of land by paying 16,000 cash and signing a $144,000 mortgage. Immediately prior to this transaction the corporation...
Determine the net income of a company for which the following information is available for the...
Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense Interest expense Rent expense Consulting revenue $190,000 20,000 30,000 440,000 Multiple Choice $240.000 $260,000 $680,000 O $200,000 rev 15 of 19 Next >
Determine the net Income of a company for which the following Information is available for the...
Determine the net Income of a company for which the following Information is available for the month of July. Employee salaries expense Interest expense Rent expense Consulting revenue $196,000 26,000 36,000 464,000 Multiple Choice Ο $206,000. Ο $258.000. Ο 5278.000. Ο $464.000. Chapters 1-6 0 Saved Help Save & Specter Consulting purchased $9,200 of supplies and paid cash Immediately. Which of the following general Journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to...
Assume the following information for a company that produced 10,000 units and sold 8,000 units during...
Assume the following information for a company that produced 10,000 units and sold 8,000 units during its first year of operations and produced 8,000 units and sold 10,000 units during its second year of operations: Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed selling and administrative expense Fixed manufacturing overhead Per Unt $200 $ 75 $ 50 $ 8 $ 8 Using variable costing, what is the net operating income for the second year of operations?...
If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500 $53,000 If the liabilities of a business increased $83,000 during a period of time and the equity in the business decreased $34,000 during the same period, the assets of the business must have: Multiple Choice Decreased $117,000 Decreased $49,000 Increased $49,000 Beta Corporation purchased $160,000 worth of land by paying 16,000 cash and signing a $144,000 mortgage. Immediately prior to this transaction the corporation...
Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense Interest expense Rent expense Consulting revenue $190,000 20,000 30,000 440,000 Multiple Choice $240.000 $260,000 $680,000 O $200,000 rev 15 of 19 Next >
Determine the net Income of a company for which the following Information is available for the month of July. Employee salaries expense Interest expense Rent expense Consulting revenue $196,000 26,000 36,000 464,000 Multiple Choice Ο $206,000. Ο $258.000. Ο 5278.000. Ο $464.000. Chapters 1-6 0 Saved Help Save & Specter Consulting purchased $9,200 of supplies and paid cash Immediately. Which of the following general Journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to...
Assume the following information for a company that produced 10,000 units and sold 8,000 units during its first year of operations and produced 8,000 units and sold 10,000 units during its second year of operations: Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed selling and administrative expense Fixed manufacturing overhead Per Unt $200 $ 75 $ 50 $ 8 $ 8 Using variable costing, what is the net operating income for the second year of operations?...
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