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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Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
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
2
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.)
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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