Homework Answers
a. For the first part we need to make the Account Receivables A/C
|
Accounts Receivable A/C |
|||
|
Particulars |
Debit $ |
Particulars |
Credit $ |
|
To opening balance |
23000 |
By Cash (balancing figure) |
227000 |
|
To Sales |
230000 |
By Closing Balance |
26000 |
|
253000 |
253000 |
Cash Collected from Customers is $ 227000
b. Total Equity reported (2020) = Contributed Capital + Retained Earnings
= $120000+$42000
= $162000
c. Total Current Assets reported (2020) = Cash + Account receivables(net) + Inventory + Prepaid Rent
= $62000 + $26000 + $22000 + $40000
= $150000
Add Answer to:
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the...
help and how do i enter in Excel We Really Love Cash, Co. Income Statement For...
help and how do i enter in Excel
We Really Love Cash, Co. Income Statement For the Year ended December 31, 2020 2019 $20,000 14,000 20,000 78,000 24,000) $108,000 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $242,000 175,000 67,000 24,000 43,000 3,000 40,000 8,000 $32,000 15 The points available for each row requiring input are noted in column on the temps 16 We...
The balance sheet data of Ke Company at the end of 2020 and 2019 follow: 2020...
The balance sheet data of Ke Company at the end of 2020 and 2019 follow: 2020 2019 Cash $100,000 $140,000 Accounts Receivable (net) 240,000 180,000 Inventory 280,000 180,000 Prepaid expenses 40,000 100,000 Buildings and equipment 360,000 300,000 Accumulated depreciation - buildings and equipment (72,000) (32,000) Land 360,000 160,000 Total Assets $1,308,000 $1,028,000 Accounts payable $272,000 $220,000 Accrued expenses 48,000 72,000 Mortgage payable 120,000 160,000 Common stock, $10 par 836,000 636,000 Retained earnings 32,000 (60,000) Total liabilities and equity $1,308,000 $1,028,000...
can i pleasw have help on the comparative balance sheet Comparative Balance Sheet December 31, 2020...
can i pleasw have help on the comparative balance sheet
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 S $ $ S $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ $ $ $...
just need help filling in the blanks! thank you OUTPUT Income Statement INPUT 2014 250,000 300,000...
just need help filling in the
blanks! thank you
OUTPUT Income Statement INPUT 2014 250,000 300,000 120,000 150,000 2013 Cash Flow 2014 Sales Cost of Good Sold Cash Depreciation Interest Expense Tax Rate SG&A Long Tem Debt Initial Equity Investment Accounts Receivable Inventory Gross Fixed Assets Accumulated Depreciation Accounts Payable Retained Eamings 2013 2014 Sales COGS NI Plus Depreciation Cash Income 20,000 36,000 8,000 40.0% 50,000 40,000 9,000 40.0% 55,000 240,000 230,000 150,000 150,000 42,000 14,500 800,000 820,000 Gross margin...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash Accounts receivable Inventory Total current assets Fixed assets $ 12,000 Accounts payable 67,000 Notes payable $ 38,000 20,000 48,000 127,000 Total current liabilities 58,000 20,000 125,000 $203,000 76,000 Long-term debt Equity $203,000 Total liabilities and equity Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income...
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
MC TRAVEL INC. Balance Sheet December 31, $ Restated 2020 Restated 2019 Change ASSETS-Current assets Cash...
MC TRAVEL INC. Balance Sheet December 31, $ Restated 2020 Restated 2019 Change ASSETS-Current assets Cash Temporary investments Accounts receivable Allowance for doubtful accounts Total current assets 7,600,000 2,006,000 5,000,000 -200,000 14,406,000 5,040,000 1,900,000 3,700,000 -100,500 10,539,500 2,560,000 106,000 1,300,000 -99,500 3,866,500 Capital assets Land Building and equipment Accumulated depreciation Total capital assets 40,250,000 40,270,000 -5,175,000 75,345,000 15,250,000 40,072,000 -3,450,000 51,872,000 25,000,000 198,000 -1,725,000 23,473,000 Total assets 89,751,000 62,411,500 27,339,500 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Interest payable Income taxes...
Income Statement Year 2019 2020 Net Revenue 140,000 - Cost of Goods Sold 70,000 - Depreciation...
Income Statement Year 2019 2020 Net Revenue 140,000 - Cost of Goods Sold 70,000 - Depreciation Expense 9,000 EBIT 61,000 - Interest Expense 10,500 Income Before Taxes 50,500 Tax Expense 10,605 Net Income 2019 Dividend 39,895 9,974 Balance Sheet Year (end of) 2019 2020 2019 2020 Assets Liabilities Current Assets Current Liabilities Cash and Equivalents 10,000 Accounts Payable 21,000 Accounts Receivable 25,000 Long-term Debt 95,000 Inventory 12,000 Total Liabilities 116,000 Fixed Assets, Net 165,000 Stockholders' Equity Total Assets 212,000 Common...
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...
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...
help and how do i enter in Excel
We Really Love Cash, Co. Income Statement For the Year ended December 31, 2020 2019 $20,000 14,000 20,000 78,000 24,000) $108,000 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $242,000 175,000 67,000 24,000 43,000 3,000 40,000 8,000 $32,000 15 The points available for each row requiring input are noted in column on the temps 16 We...
can i pleasw have help on the comparative balance sheet
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 S $ $ S $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ $ $ $...
just need help filling in the
blanks! thank you
OUTPUT Income Statement INPUT 2014 250,000 300,000 120,000 150,000 2013 Cash Flow 2014 Sales Cost of Good Sold Cash Depreciation Interest Expense Tax Rate SG&A Long Tem Debt Initial Equity Investment Accounts Receivable Inventory Gross Fixed Assets Accumulated Depreciation Accounts Payable Retained Eamings 2013 2014 Sales COGS NI Plus Depreciation Cash Income 20,000 36,000 8,000 40.0% 50,000 40,000 9,000 40.0% 55,000 240,000 230,000 150,000 150,000 42,000 14,500 800,000 820,000 Gross margin...
Consider the following company's balance sheet and income statement. Balance Sheet Liabilities and Equity Assets Cash Accounts receivable Inventory Total current assets Fixed assets $ 12,000 Accounts payable 67,000 Notes payable $ 38,000 20,000 48,000 127,000 Total current liabilities 58,000 20,000 125,000 $203,000 76,000 Long-term debt Equity $203,000 Total liabilities and equity Total assets Income Statement Sales (all on credit) Cost of goods sold Gross margin Selling and administrative expenses Depreciation EBIT Interest expense Earnings before tax Taxes Net income...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
MC TRAVEL INC. Balance Sheet December 31, $ Restated 2020 Restated 2019 Change ASSETS-Current assets Cash Temporary investments Accounts receivable Allowance for doubtful accounts Total current assets 7,600,000 2,006,000 5,000,000 -200,000 14,406,000 5,040,000 1,900,000 3,700,000 -100,500 10,539,500 2,560,000 106,000 1,300,000 -99,500 3,866,500 Capital assets Land Building and equipment Accumulated depreciation Total capital assets 40,250,000 40,270,000 -5,175,000 75,345,000 15,250,000 40,072,000 -3,450,000 51,872,000 25,000,000 198,000 -1,725,000 23,473,000 Total assets 89,751,000 62,411,500 27,339,500 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Interest payable Income taxes...
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...
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...
Most questions answered within 3 hours.
-
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 27 minutes ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 2 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 2 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 4 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 4 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 4 hours ago -
75 g of 2-propanol (C3H8O) and 25 g of pentane are mixed in a
200 mL...
asked 4 hours ago -
The 2800-turn coil in a dc motor has an area per turn of 1.1 ×
10-2...
asked 4 hours ago -
Draw a combinational logic circuit diagram with a symbol inside
the box for two I/P of...
asked 4 hours ago -
The cliché we use quite a lot in finance is: there is a need to
maximize...
asked 4 hours ago -
In class we discussed the addition of HCl to alpha pinene. Would
you expect one or...
asked 4 hours ago -
I'm trying to explain to my daughter to help her please help
me
I tagged the...
asked 4 hours ago