ZuoTi.Pro
Question

For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement
c. Cash paid to suppliers during the year amounted to $168,000, accounts payable decreased by $26,700, and inventories decrea
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

c)

First we calculate purchases

Purchases = Cash paid to suppliers - Decrease in payables

= 168000 - 26700

= 141300

Cost of goods sold = Purchases + Decrease in inventories

= 141300 + 14000

= 155300

d)

Depreciation expense = Building purchased - Increase in net book value

= 430000 - 275000

= 155000

0 0
Add a comment
Know the answer?
Add Answer to:
For each of the following items, calculate the amount of revenue or expense that should be...
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

  • For each of the following items, calculate the amount of revenue or expense that should be...

    For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2019: Required: a. Cash collected from customers during the year amounted to $876,000, and accounts receivable increased by $44,200. How much were sales on account for the year ended December 31, 2019? Expense incurred Revenues earned b. Cash payments for income taxes during the year were $219,000, and income taxes...

  • For each of the following items, calculate the cash sources or cash uses that should be...

    For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flows for Baldin Co. for the year ended December 31, 2019: Required: a. Sales on account (all are collectible) amounted to $764,000, and accounts receivable decreased by $23.400. How much cash was collected from customers? of cash Source Use b. Income tax expense for the year was $138,000, and income taxes payable decreased by $38,500. How much cash...

  • For each of the following items, calculate the amount of revenue or expense that should be...

    For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2019: Required: a. Cash collected from customers during the year amounted to $147,000, and accounts receivable increased by $31,000. How much were sales on account for the year ended December 31, 2019? b. Cash payments for income taxes during the year were $85,000, and income taxes payable increased by $13,000....

  • Seved Module 5 Homework 4 For each of the following items, calculate the cash sources or...

    Seved Module 5 Homework 4 For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flows for Baldin Co. for the year ended December 31, 2019: Required: a. Sales on account (all are collectible) amounted to $762,000, and accounts receivable decreased by $24,600. How much cash was collected from customers? 125 points of cash eBook Hint Print References b. Income tax expense for the year was $133,000, and...

  • 9252Fnews Module 5 Homework 4 Por each of the following terms, calculate the cath sources or...

    9252Fnews Module 5 Homework 4 Por each of the following terms, calculate the cath sources or cash wes that should be recognized on the statement of cath Rows for Batin Co for the year ended December 2019 Required • Sales on account we collectible amounted to $763,000 and accounts recente decreased by 524 600 How much cash was collected from customer 03.000 income test de 335 500 How much is uid for

  • Use the following information to prepare a statement of cash flows for Stable Equipment Company for...

    Use the following information to prepare a statement of cash flows for Stable Equipment Company for the year ended December 31, 2019. Net income for the year 2019 was $5,000. Accounts receivable decreased $2,000, while inventories increased $4,000. Accounts payable decreased $7,000 and Accrued liabilities increased $1,000. Depreciation expense included in net income was $8,000. During the year, a piece of used equipment with its book value of $7,500 was sold for $8,000 and a new service truck was purchased...

  • ) What is the purpose of the statement of cash flows? What information does it provide?...

    ) What is the purpose of the statement of cash flows? What information does it provide? (b) Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2018, for Vancare Company, using (1) the indirect method (2) the direct method. Vancare Company Income Statement For the year ended December 31, 2018 Sales revenue $6,900,000 Cost of goods sold Beginning inventory $1,900,000 Purchases $4,400,000 Goods available for sale $6,300,000 Ending inventory $1,600,000 Cost of...

  • The net book value of buildings increased by $170,000 during the year. No buildings were sold...

    The net book value of buildings increased by $170,000 during the year. No buildings were sold during the year, and depreciation expense for the year was $55,000. How much cash was paid to purchase buildings during the year? Multiple Choice Ο $55,000. Ο $115,000. Ο $170,000. Ο $225,000.

  • Indicate if each of the following items would be recognized in Jackson Ltd.'s financial statements for...

    Indicate if each of the following items would be recognized in Jackson Ltd.'s financial statements for 2019 and, if so, what elements would be recognized. For any items that would not be recognized, explain the reason for non-recognition. 1.    Jackson issued a purchase order to buy inventory early in the following year. 2.    The month of December has passed, and tenants occupying space in Jackson's building have not yet paid the rent. Jackson's rental agent believes that payment is reasonably assured. 3.    Jackson's...

  • The following information was obtained from the records of Shae Inc.: Merchandise inventory $ 88,000 Notes...

    The following information was obtained from the records of Shae Inc.: Merchandise inventory $ 88,000 Notes payable (long-term) 100,000 Net sales 300,000 Buildings and equipment 168,000 Selling, general, and administrative expenses 24,000 Accounts receivable 40,000 Common stock (14,000 shares) 70,000 Income tax expense 28,000 Cash 64,000 Retained earnings, 1/1/19 43,000 Accrued liabilities 6,000 Cost of goods sold 180,000 Accumulated depreciation 72,000 Interest expense 16,000 Accounts payable 30,000 Dividends declared and paid during 2019 13,000 Except as otherwise indicated, assume that...

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