4:42IR1_MIDTERM_20201.pdf33. Lucerne Cómpany reported the following changes during the current yearIncreaseIncrease(Decrease)P 400,000300,00050,000(150,000)(50,000)1,000,000100,000(Decrease)80,000(100,000)(10,000)120,00060,00030,000Accounts payableBonds payableDiscount on bonds payableCashAccounts receivableAllowance for bad debtsCommon stockInventoryPrepaid rentPlant and equipmentAccumulated depreciationThere were no other entries in the Retained earnings account except for the dividend declaration of P50,000,which was paid in the current yearNet income for the yearPremium on common stockTreasury stock at costs5/12a. P1,200,000b. P1,260,000c. P1,280,000d. P1,360,000II

Income that is earned by the company after deducting all of its expenses and adding revenue is known…

33. Lucerne Cómpany reported the following changes during the current year Increase Increase (Decrease) P 400,000 300,000 50,000 (150,000) (50,000) 1,000,000 100,000 Accounts payable Bonds payable Discount on bonds payable Common stock Premium on common stock (Decrease) 80,000 (100,000) (10,000) 120,000 60,000 30,000 Cash Accounts receivable Allowance for bad debts Inventory Prepaid rent Plant and equipment Accumulated depreciation There were no other entries in the Retained earnings account except for the dividend declaration of P50,000, which was paid in the current year Net income for the year а. Р1,200,000 Treasury stock at costs 5/12 .b. P1,260,000 c. P1,280,000 d. P1,360,000

33. Lucerne Cómpany reported the following changes during the current year Increase Increase (Decrease) P 400,000 300,000 50,000 (150,000) (50,000) 1,000,000 100,000 Accounts payable Bonds payable Discount on bonds payable Common stock Premium on common stock (Decrease) 80,000 (100,000) (10,000) 120,000 60,000 30,000 Cash Accounts receivable Allowance for bad debts Inventory Prepaid rent Plant and equipment Accumulated depreciation There were no other entries in the Retained earnings account except for the dividend declaration of P50,000, which was paid in the current year Net income for the year а. Р1,200,000 Treasury stock at costs 5/12 .b. P1,260,000 c. P1,280,000 d. P1,360,000

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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The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $47,481 $39,900 Long-term debt 44,650 47,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers. Amount of Change Increase/Decrease Percentage Accounts payable $fill in the blank 1 IncreaseDecrease fill in the blank 3 % Long-term debt $fill in the blank 4 IncreaseDecrease fill in the blank 6 %
earnings. Cash Accounts Receivable (net) Inventory Investments Net income Increase (Decrease) $69,570 53,800 $ 130,500 (47,390) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par-Common Stock Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,900 which was paid in the current year. Increase (Decrease) $(51,240) 83,080 131,900 15,920
Prior Year Current Year Accounts payable 3,153.00 5,915.00 Accounts receivable 6,935.00 9,046.00 Accruals 5,794.00 6,085.00 Additional paid in capital 19,655.00 13,876.00 Cash. ??? ??? Common Stock 2,850 2,850 COGS 22,169.00 18,794.00 Current portion long-term debt 500 500 Depreciation expense 1,016.00 1,037.00 Interest expense 1,276.00 1,138.00 Inventories 3,041.00 6,672.00 Long-term debt 16,904.00 22,546.00 Net fixed assets 75,987.00 73,861.00 Notes payable 4,002.00 6,534.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,536.00 34,724.00 Sales 46,360 45,799.00 Taxes 350 920 Category ww What is the firm's total change in cash from the prior year to the current year?
11. Subject:- Accounting Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $785,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,530,000. Bad debt expense is estimated at 1/4 of 1% of sales.
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?
Presente bon are changes in all the account balances of Fritz Mayhew Furmiture Co. during the current year, except for retained earnings. Increase (Decrease) $(51,000) 82,000 125,000 Increase (Decrease) Cash $79,000 Accounts Payable Accounts Receivabie (net) 45,000 Bonds Payable Inventory 127,000 Commen Stock Investments (47,000) Paid-in Capital in Excess of Par-Common Stock 13,000 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year. Net income
Related data of J Company: Accounts Receivable, Beginning 395,200 Allowance for Bad debts, beg. 8,500 Sales for the year. 5,000,000 Collection. 4,680,000 Percentage of Bad debts is 2% of Accounts Receivable How much is the net realizable value?
ratio. Deana Company's working capital accounts at December During 19x7, Denna Company completed the following transactions P17-11 Effect of various transa given below: Cash Marketable securities Accounts receivable (net) Inventory - Prepaid expenses Accounts payable Notes due within one year Accrued llabilities. S 50,000 30,000 200,000 210,000 10,000 150,000 30,000 20,000 R Paid a cash dividend previously declared, $12.000 b. Soid inventory costing $50,000 for $30,000, on account Wrote off uncollectible accounts in the amount of $10 000 Declared a cash dividend, $15,000. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35.000 A Sold inventory costing $15,000 for SI0,000 cash. Purchased inventory on account, $60,000. DI Paid off all short-term notes due, $30,000. Purchased equipment for cash, $15,000. d. e. h. j. Sold marketable securities costing $18,000 for cash, $15,000 k. Collected cash on accounts receivable, $80,000. ves Compute the following…
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's cash flow from investing?
Oo.86. Subject :- Account
Qw.8.
Balance sheet and income statement data indicate the following: Company A Company B $1,200,000 495,000 75,000 50,000 21,000 Bonds payable, 8%, 24-year bonds Income before income tax for year Income tax for year Interest payable Interest receivable 28,000 a. For each company, what is the times interest earned ratio? (Round to one decimal place.) $900,000 130,000 12,000 Company A Company B b. Which company gives potential creditors more protection?