From the problem below, identify which ones are operating assets, operating liabilities, operating revenues and operating...
From the problem below, identify which ones are operating assets, operating liabilities, operating revenues and operating expenses.
|
Income Statement |
2018 |
2017 |
||
|
Sales Revenue |
$180,000 |
$165,000 |
||
|
Cost of Goods Sold |
110,000 |
100,000 |
||
|
Gross Profit |
70,000 |
65,000 |
||
|
Operating expenses |
53,300 |
50,400 |
||
|
Interest expense |
2,700 |
2,600 |
||
|
Income before income tax |
14,000 |
12,000 |
||
|
Income tax expense |
4,000 |
3,000 |
||
|
Net Income |
$10,000 |
$9,000 |
||
|
Balance Sheet |
2018 |
2017 |
||
|
Cash |
$22,000 |
$16,000 |
||
|
Accounts Receivable (net) |
19,000 |
17,000 |
||
|
Investments (short-term) |
3,000 |
5,000 |
||
|
Inventory |
34,000 |
30,000 |
||
|
Prepaid Expenses |
2,000 |
4,000 |
||
|
Property, plant and equipment (net) |
45,000 |
38,000 |
||
|
$125,000 |
$110,000 |
|||
|
Accounts Payable |
$19,000 |
$15,000 |
||
|
Interest Payable |
800 |
600 |
||
|
Accrued expenses |
3,200 |
2,400 |
||
|
Unearned revenue |
3,000 |
2,000 |
||
|
Notes Payable (long-term) |
40,000 |
45,000 |
||
|
Common Stock ($5) |
30,000 |
20,000 |
||
|
Retained Earnings |
$29,000 |
$25,000 |
||
|
$125,000 |
$110,000 |
|||
Homework Answers
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From the problem below, identify which ones are
operating assets, operating liabilities, operating revenues and
operating...
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
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Answers?
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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...
i More Info a. Acquisition of plant assets was $160.000. Of this amount. $ 105,000 was paid in cash and $55,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $45,000. c. Proceeds from the issuance of common stock totaled $35,000 d. Payment of a long-term note payable was $17,000. e. Payment of dividends was $9,000. f. From the balance sheets: December 31, 2018 2017 Current assets: Cash $ $ Accounts receivable Inventory Prepaid...
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Answers?
15 Points (2 pages) PROBLEM Based upon the comparative she prepare its Statement of and the additional inforatve balance sheets, the income stat and the additional information Cash Filows using the pration for Sales Co. prepare its Statement of Cash Flows using the Direct M Method Comparative Balance Sheets 1, 2018 and 2017 2018 2017 Change cember Balance Sheets Assets Cash Accounts receivable Inventory Prepaid Insurance Land Equipment Less: Accum Deprec 43,000 28,000 ↑15,000 33,000 30,000 T 3,000 46,000...
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