Corey.Adams-FinancialAid-Word-ACP-1

12.Classify the items listed (1 to 5) under the following balance sheet headings:             A- Assets             L- Liabilities             SE- Shareholders’ Equity 1-................ ....Cash 2-....................Capital   3-....................Equipment         4-....................Accounts payable         5- ....................Retained earnings

Cashbalance,beginning.....................P9 P ? P ? P? P?Add collectionsfromcustomers..... ? ? 125 ? 391Totalcash available................... 85 ? ? ? ?Less disbursements:Purchaseofinventory..................... 40 58 ? 32 ?Operatingexpenses............... ? 42 54 ? 180Equipmentpurchases................... 10 8 8 ? 36Dividends.......................... 2 2 2 2 ?Totaldisbursement.................... ? 110 ? ? ?Excess (deficiency) of cash availableOrdisbursements... ...................... (3) ? 30 ? ? Financing:Borrowings......................... ? 20 - - ?Repayments (including interest)*.. - - (?) (7) (?)Total financing......................... ? ? (?) (?) ?Cash balance, ending................... P ? P ? P ? P ? P ? *Interest will total P4, 000 for the year.

4 Cost of got ld-atatoment. The following data are provided by hé conlroller of Fonsacola Cofporatlon: CAsh. Accounts. rocelyáble.. Inventories: $ 240,000 348,000 ..........il.... ........ .....................p...... ........ Flnished goods. Work In procese. Materlals. Maldrial piurchaopdii.. i. January 1 $64,200, 29,800 88,000 December 31 $88,000 30,800 64,000 ti....... 366,000 8,000 488,400 344,200 Fiatory.overha KOxetuding depreciatiori). Mirkelna, indinobirAlve.xpiņaan(axoludina dgpreciatlon) . biprecia flon (0mandatuhoi, 10% markeling,and, adminia ........... ... . 116,000 1,844,000 523,600 0,800 Salos... Direct labor:e Frelght on materjah purchaed....in....it... 84,000 18,000 .........**** Rantal'Inicome..... Interast on. bondeipayaple ... ........ .....'. (CGAAC adapted) Hoquired: Prepare a cost of goode sold statement:

I need prepare the income statement in accordance with genrally accepted accounting principles.    Revenue: services provides to cotumers.......$17,000 investment by stockholders..............5,000 loan from bank.....................................15,000                                                                                           total        $37,000 expenses: Payments to long-term creditors...........................$11,700 expenses required to provide services to cutomers....................................................7,800 purchased of land......................................................16,000                                                                                                       total    35,500                                                                             net income        $1,500

Phillips Corp. Balance Sheet Assets Current Assets ... ... ... ... ... Total Current Assets Fixed Assets ... ... ... Total Assets ... : : : : : : :

PA2. 12.1 Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? B. What is the total tax charged to the customer per large package? What is the overall charge per large package? C. How much sales tax liability does Stork Enterprises have for the month of May? D. What accounts are used to recognize this tax situation for the month of May? E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability

NEED HELP CONTINUATION The following financial assets appeared in a recent balance sheet of Apple Inc. (dollar amounts are stated in millions). Cash and cash equivalents………………………………..…………………………. $20,289 Marketable securities (short-term investments) ……………………………............ $53,892 Accounts receivable (net of allowance for doubtful accounts of $58)……............. $17,874 D. What types of investments might Apple Inc. own that are considered cash equivalents? E. Explain what is meant by the balance sheet presentation of Apple Inc.’s Accounts Receivable as shown in the table.

Please do your own work, don't copy from the internet   Determination of profitability (LO1) Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share.     Sales....................................................................................... $1,360,000 Shares outstanding.................................................................      104,000 Cost of goods sold.................................................................      700,000 Interest expense.....................................................................        34,000 Selling and administrative expense........................................        49,000 Depreciation expense.............................................................        23,000 Preferred stock dividends......................................................        86,000 Taxes......................................................................................      100,000

奋 ezto.mheducation.com my Chapt... V My C... P Pears... M Confir... PHighe... Googl... M Inbox... nike 1... M omework i Saved H 1. Locate the "Consolidated Balance Sheets" and answer the following questions: a. What is the amount of total assets for the most recent year? b. What is the amount of total shareholders' equity for the most recent year? c. Calculate total liabilities for the most recent year. 2. Locate the "Consolidated Statements of Income" and answer the following questions: a. What is the amount of revenue for the most recent year? Did it increase or decrease from the previous year? b. What is the amount of net income for the most recent year? Did it increase or decrease from the previous year? 3. Locate the "Consolidated Statements of Cash Flows" and answer the following questions: a. What is the amount of operating cash flows for the most recent year? How did the operating cash flow change from the previous year? b. What is the amount of investing cash flows for the…

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