Homework Answers
Required 4
In which year is it most likely that the company provided a high priced service on account without cash being collected?
answer: 2016
Required 5
What is the most likely agreement between the consulting companhy and the customer who was provided the high dollar service on account.
answer: Payment was to be made equally over the following two years
Add Answer to:
couldnt figure out these two, explantion would be helpful
too
Tableau Dashboard Activity 3-1 You are...
Tableau Dashboard Activity 4-1: Multi-Step Income Statements The following Tablesu Dashboards show the total of all...
Tableau Dashboard Activity 4-1: Multi-Step Income Statements The following Tablesu Dashboards show the total of all income and expense transactions for Barksdale Corporation. Use the visualizations to answer the following questions: Barksdale Income Account Barksdale Expenses 250K 200K Vlages Expense 70,000 150K Value 100K | Cont of Goods Sold 120,000 Бок Transportation-out 5.000 Income Tax Expense 10.000 8.000 OK Net Sales Gain on Sale of Land Common Size Metrics Company 0.6 0.4 Return on Sales Percen. Groc Margin Percenta.. 0.0...
Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following...
Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $42,000 cash from the issue of common stock. 2. Pald $12,700 cash in advance for rent. The payment was for the period April 1, Year 1 to March 31, Year 2. 3. Performed services for customers on account for $86,000. 4. Incurred operating expenses on account of $38,500. 5. Collected $66,000 cash from...
Please identify 5 errors in the following financial statements. Note: The 4 financial statements are for...
Please identify 5 errors in the following financial statements. Note: The 4 financial statements are for different companies. They are not related. You must clearly specify each financial statement name and its issue(s). Blazers Corporation Income Statement For the Years Ended December 31, 2016 and 2017 2016 2017 Service revenue 82,000 54,700 Total revenue 82,000 54,700 41,000 3,000 Expenses Operating expenses Supplies expenses Prepaid rent Salaries expenses Tcal expenses 39,500 2,900 5,900 8,000 56,300 44,000 Net Income(loss) 38,000 (1,600) 2016...
You are an analyst for Opulent Wealth Management. One of the companies you follow is Metagrobolize...
You are an analyst for Opulent Wealth Management. One of the companies you follow is Metagrobolize Industries. While looking at the company's financials, you have become concerned with certain aspects of Metagrobolize's defined benefit pension plan. You have enlisted the assistance of your staff to create a Tableau Dashboard depicting trends in pension expense, pension liabilities, and pension assets for the most recent ten years, plus projected amounts of pension liabilities, and pension assets for next year ($ in millions)....
Exercise 3-9 Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash...
Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
ATC 12-6 Ethical Dilemma Would I lie to you, baby? Andy and Jean Crocket are involved...
ATC 12-6 Ethical Dilemma Would I lie to you, baby? Andy and Jean Crocket are involved in divorce proceedings. When discussing a property settlement, Andy told Jean that he should take over their investment in an apartment complex because she would be unable to absorb the loss that the apartments are generating. Jean was somewhat distrustful and asked Andy to support his contention. He produced the following income statement, which was supported by a CPA's unqualified opinion that the statement...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information. 2017 2016 $ Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation $ 6,000 1,000 5,500 (1,500) 4,000 1,750 5,000 (1,250) $ 11,000 $9,500 $ $ 1,000 750 Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings 500 500 1,500 5,000 3,500 500 5,000 2,250 $ 11,000...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information. 2017 2016 $ $ Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation 6,000 1,000 5,500 (1,500) 4,000 1,750 5,000 (1,250) $ 11,000 $ 9,500 $ $ Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings 500 500 1,500 5,000 3,500 1,000 750 500 5,000 2, 250...
Heads Up Company was started several years ago by two hockey Instructors. The company's comparative balance...
Heads Up Company was started several years ago by two hockey Instructors. The company's comparative balance sheets and income statement are provided below. along with additional information 2017 2016 Balance Sheet at December 31 Cash Accounts Receivable Equipment Less! Accumulated Depreciation $ 6,000 1.000 5,500 (1,500) $ 4,000 1,750 5,000 (1,250) $ 9,500 -ok $ 11,000 Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed capital Retained Earnings 500 500 1,500 5,000 3,500 $1,000 750 500 5.000 2,250 ences $...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $41,500 cash in the company. 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $5,650...
Tableau Dashboard Activity 4-1: Multi-Step Income Statements The following Tablesu Dashboards show the total of all income and expense transactions for Barksdale Corporation. Use the visualizations to answer the following questions: Barksdale Income Account Barksdale Expenses 250K 200K Vlages Expense 70,000 150K Value 100K | Cont of Goods Sold 120,000 Бок Transportation-out 5.000 Income Tax Expense 10.000 8.000 OK Net Sales Gain on Sale of Land Common Size Metrics Company 0.6 0.4 Return on Sales Percen. Groc Margin Percenta.. 0.0...
Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $42,000 cash from the issue of common stock. 2. Pald $12,700 cash in advance for rent. The payment was for the period April 1, Year 1 to March 31, Year 2. 3. Performed services for customers on account for $86,000. 4. Incurred operating expenses on account of $38,500. 5. Collected $66,000 cash from...
Please identify 5 errors in the following financial statements. Note: The 4 financial statements are for different companies. They are not related. You must clearly specify each financial statement name and its issue(s). Blazers Corporation Income Statement For the Years Ended December 31, 2016 and 2017 2016 2017 Service revenue 82,000 54,700 Total revenue 82,000 54,700 41,000 3,000 Expenses Operating expenses Supplies expenses Prepaid rent Salaries expenses Tcal expenses 39,500 2,900 5,900 8,000 56,300 44,000 Net Income(loss) 38,000 (1,600) 2016...
You are an analyst for Opulent Wealth Management. One of the companies you follow is Metagrobolize Industries. While looking at the company's financials, you have become concerned with certain aspects of Metagrobolize's defined benefit pension plan. You have enlisted the assistance of your staff to create a Tableau Dashboard depicting trends in pension expense, pension liabilities, and pension assets for the most recent ten years, plus projected amounts of pension liabilities, and pension assets for next year ($ in millions)....
Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
ATC 12-6 Ethical Dilemma Would I lie to you, baby? Andy and Jean Crocket are involved in divorce proceedings. When discussing a property settlement, Andy told Jean that he should take over their investment in an apartment complex because she would be unable to absorb the loss that the apartments are generating. Jean was somewhat distrustful and asked Andy to support his contention. He produced the following income statement, which was supported by a CPA's unqualified opinion that the statement...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information. 2017 2016 $ Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation $ 6,000 1,000 5,500 (1,500) 4,000 1,750 5,000 (1,250) $ 11,000 $9,500 $ $ 1,000 750 Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings 500 500 1,500 5,000 3,500 500 5,000 2,250 $ 11,000...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information. 2017 2016 $ $ Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation 6,000 1,000 5,500 (1,500) 4,000 1,750 5,000 (1,250) $ 11,000 $ 9,500 $ $ Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings 500 500 1,500 5,000 3,500 1,000 750 500 5,000 2, 250...
Heads Up Company was started several years ago by two hockey Instructors. The company's comparative balance sheets and income statement are provided below. along with additional information 2017 2016 Balance Sheet at December 31 Cash Accounts Receivable Equipment Less! Accumulated Depreciation $ 6,000 1.000 5,500 (1,500) $ 4,000 1,750 5,000 (1,250) $ 9,500 -ok $ 11,000 Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed capital Retained Earnings 500 500 1,500 5,000 3,500 $1,000 750 500 5.000 2,250 ences $...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $41,500 cash in the company. 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $5,650...
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