4 Accounts Payable5 Accounts Receivable6 Aircraft Fuel Expense$4,6505808,7007Cash8 Common Stock2,9701,2209 Dividends0 Equipment1 Income Tax Expense2 Interest Expense2014,3702601303 Landing Fees Expense3,1004 Notes Payable6,9505 Repairs and Maintenance Expense1,2006 Retained Earnings (as of December 31)5,7807 Salaries and Wages Expense3,2808Supplies6809 Ticket Revenues17,100201 Required:2 1. Prepare an income statement for the year ended December 31.3 (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).)4 (All numbers should appear as positive numbers.)2526278)9NATIONAL AIRWAYS, IncorporatedIncome StatementFor the Year Ended December 31(Amounts in millions)0 Revenues1 Ticket Revenues23 Total Revenues4 Expenses5 Aircraft Fuel Expense6 income Tax Expense7 interest Expense$17,10017,1008,7002601308 Landing Fees Expense3,1009 Repairs and Maintenance Expense1,200A Graded Worksheet +

Step 1:Income statement is the part of final account prepared at the end of accounting period to…

Answered: 4 Accounts Payable 5 Accounts…

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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Privett Company Accounts payable $25,706 Accounts receivable 69,080 Accrued liabilities 6,802 Cash 24,669 Intangible assets 39,621 Inventory 80,854 Long-term investments 102,077 Long-term liabilities 71,722 Marketable securities 31,454 Notes payable (short-term) 20,574 Property, plant, and equipment 695,319 Prepaid expenses 2,739 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.19.7 b.3.9 c.2.4 d.1.1
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the income statement.
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare two closing journal entries
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)
The following information was gathered for BBB, Inc. for 2020. The amounts are for the year ended December 31, 2019 or as of that date except for the Beginning Retained Earnings which is given for the beginning of 2020. Please complete an Income Statement, Statement of Owners Equity and Balance Sheet.
Category Prior Year Current Year Accounts payable ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,516.41 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,946.66 Interest expense 40,500 41,874.31 Inventories 279,000 288,000 Long-term debt 336,467.85 401,942.46 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,499.58 Retained earnings 306,000 342,000 Sales 639,000 854,554.01 Taxes 24,750 48,384.56 ??? What is the current year's return on equity (ROE)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign re rounded to 4 decimal places (ex: 0.0924))
Other non-current assets 4,702 Total assets $ 75,965 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Trade payables and other liabilities 5,635 Interest payable Current tax liabilities Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other Non-Current Liabilities 1,072 1,064 1,616 4,117 1,567 15,071 25,606 8,859 Total non-current liabilities 34,465 Total liabilities 49,536 Stockholders' equity: 26,429 Total liabilities and shareholders' equity $ 75,965 Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021 (ended on December 31, 2021): a. Issued additional shares for $1,050 in cash. b. Borrowed $8,000 from creditors; due in 10 years. c. Purchased additional investments for $3,200 cash; one-fifth were long-term and the rest were short-term. d. Purchased property, plant and equipment; paid $7,200 in cash and $1,700 with additional long-term bank loans. e.…
Privett Company Accounts payable $38,093 Accounts receivable 71,875 Accrued liabilities 6,498 Cash 16,564 Intangible assets 41,063 Inventory 87,647 Long-term investments 116,936 Long-term liabilities 79,257 Marketable securities 32,769 Notes payable (short-term) 20,641 Property, plant, and equipment 672,905 Prepaid expenses 1,699 Based on the data for Privett Company, what is the amount of quick assets? a.$809,885 b.$121,208 c.$49,333 d.$1,640,789
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Take a look at this balance sheet and income statement: Balance Sheet (all numbers are in $ millions unless stated otherwise) Current Assets Current Liabilities Cash 98 Accounts Payable 344 A/C Receivable 188 Notes Payable 196 Inventory 422 Total 708 Total 540 Fixed Assets Long-Term Liabilities Net PPE 2880 Long-Term Debt 457 Common Stock and Paid-In Surplus 550 Retained Earnings 2041 Total Assets 3588 Total Liabilities + Net Worth 3588 Income Statement (all numbers are in $ million unless stated otherwise) Sales…
Atlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…

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