(1) Earned $4,000 of revenue on account(2) Incurred $3,500 of expenses on accountBased on this information the amount of total assets, net income, and cash flow from operating activities appearing on theyear 1 financial statements isMultiple ChoiceTotal Assets$4,000Total Assets$4,000Total AssetsNet Income$4,000Net Income$500Net IncomeCash flow from Operating Activities$500SCash flow from Operating Activities$500Cash flow from Operating Activities

We are assuming that accrual method of accounting is used here.Each transaction under double entry…

(1) Earned $4,000 of revenue on account (2) Incurred $3,500 of expenses on account Based on this information the amount of total assets, net income, and cash flow from operating activities appearing on the year 1 financial statements is Multiple Choice O Total Assets $4,000 Total Assets $4,000 Total Assets Net Income $4,000 Net Income $500 Net Income Cash flow from Operating Activities $500 Cash flow from Operating Activities $500 Cash flow from Operating Activities THE

(1) Earned $4,000 of revenue on account (2) Incurred $3,500 of expenses on account Based on this information the amount of total assets, net income, and cash flow from operating activities appearing on the year 1 financial statements is Multiple Choice O Total Assets $4,000 Total Assets $4,000 Total Assets Net Income $4,000 Net Income $500 Net Income Cash flow from Operating Activities $500 Cash flow from Operating Activities $500 Cash flow from Operating Activities THE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Reeeivable Accumulated depreciation Cash Drawings Operating Expenses Equipment Goodwill Service Revenue Owner's capital Unearned Service Revenue $450,000 150,000 180.000 600,000 80.000 300,000 680.000 90,000 500,000 720.000 150.000.
Find cashflow from Financing activities
Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares) $200,000 $200,000 $200,000…
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
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Complete the income statement table below Sales $15,000 Gross income Cost of goods sold Operating expenses Asset depreciation S8,000 $2,000 $1,000 Taxable income Tax (20%) Net income Net cash flow
If Accounts receivable increase by R.O.100,000. Income reported the income statement for the year was R.O.2,800,000. Excluding of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is Select one: a. R.O.3,500,000b. R.O.2,800,000 c R.O.2,700,000 d. R.O.2,900,000
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The following income statement was drawn from the annual report of Newtown Company: Cash revenue $ 69,800 Depreciation expense (24,900) Accrued interest expense (10,400) Cash operating expenses (29,700) Operating income 4800 Gain on sale of equipment 2600 Net income $ 7400 What is the net cash flow from operating activities? Group of answer choices $40,100 $42,700 $35,300 $32,700 Training
Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…