5. Reem.'s trial balance reflected the following account balances at December 31, 2020: Accounts receivable (net) $24,000 Equipment 25,000 Trading securities 6,000 Patent 4,000 Accumulated depreciation on equipment and furniture 15,000 Prepaid expenses 2,000 Cash 11,000 Land held for future business site 18,000 Inventory 30,000 In Reem's December 31, 2020 balance sheet, the current assets total is

5. Reem.'s trial balance reflected the following account balances at December 31, 2020: Accounts receivable (net) $24,000 Equipment 25,000 Trading securities 6,000 Patent 4,000 Accumulated depreciation on equipment and furniture 15,000 Prepaid expenses 2,000 Cash 11,000 Land held for future business site 18,000 Inventory 30,000 In Reem's December 31, 2020 balance sheet, the current assets total is

Name: 5. Reem.'s trial balance reflected the following accounbalances at De
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Description: 5. Reem.'s trial balance reflected the following accounbalances at December 31,2020:Accounts receivable (net) $24,000Equipment 25,000Trading securities 6,000Patent 4,000Accumulated depreciation on equipment and furniture 15,000 Prepaid expenses 2,00

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 net income reported on the income statement for the current year was $128,600. Depreciation recorded on store equipment for the year amounted to $21,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $51,950 $47,270 Accounts receivable (net) 37,250 34,930 Inventories 50,860 53,180 Prepaid expenses 5,710 4,490 Accounts payable (merchandise creditors) 48,680 44,720 Wages payable 26,600 29,210 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Please avoid answers in image format thank you
A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Stockholders's Equity $66,600 Assets Liabilities $195,500 $128,900 Stockholders's Equity $98,500 Assets Liabilities $170,300 $71,800 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500
The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. 2019 2018 Current assets Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $400,000 $382,000 Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $97,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the cash flow wvith either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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Please help me with show all calculation thanku
The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $51,200 $47,100 Accounts receivable (net) 36,710 34,810 Merchandise inventory 50,120 52,990 Prepaid expenses 5,630 4,470 Accounts payable (merchandise creditors) 47,970 44,560 Wages payable 26,210 29,110 ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net cash flows from operating activities is different from net income.
The following information was extracted from the records of SydMel Ltd for the year ended 30 June 2021. SydMel Ltd Statement of Financial Position (Extract) As at 30 June 2021 Assets Accounts receivables $26,000 Allowance for doubtful debts 2,500 $23,500 Equipment 150,000 Accumulated depreciation – Equipment (20% per year) 30,000 120,000 Liabilities Interest Payable 2,000 2,000 Provision for employee benefits 5,000 5,000 Additional information The allowed deductible tax depreciation rate for Equipment is 25%. None of the employee benefits has been paid. It is not deductible for tax purposes until it is actually paid. The tax rate is 30%. Required Prepare a deferred tax worksheet to identify the temporary differences arising in respect of the assets and liabilities in the statement of financial position, and to calculate the balance of the deferred tax liability and deferred tax asset accounts…
Use the following information for questions The following information is available for Cuyi Company for the year ended December 31, 2021 Accounts Payable P2,700 Accumulated Depreciation-Equipment 4,000 Cuyi, Capital 7,800 Intangible Asset 2,500 Notes Payable (Due in 5 years) 7,500 Accounts Receivable 1,500 Cash 2,600 Short-Term Investment 1,000 Equipment 7,500 Long-Term Investment 6,900 Use the above information to prepare a balance sheet for the year ended December 31, 2021.
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 88,200 Current liabilities 75,250 Long-term liabilities 87,500 Common stock 29,400 Retained earnings $ 280,350 Total liabilities and equities $ (16,100) (74,250) (90,000) (100,000) $ (280,350) On June 30, 2021, Princeton Company paid $315,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,900 in legal fees. Princeton also agreed to pay $66,400 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $23,700. In determining its offer, Princeton noted the following pertaining to Streeter: • It holds a building with a fair value $44,900 more than its book value. • It has developed a customer list appraised…
The following item has been extracted from the ledger of Jonaz Trading for the year ending September 30, 2020. Cash 12,100Account receivable 27,700Inventory 1 October 2019 55,200Supplies 6,200Machine 120,000Accumulated Depreciation- Machine 36,000Lorry 180,000Accumulated Depreciation- Lorry 72,000Notes Payable 40,000Account payable 48,500Loan 56,000Owner’s Capital 88,000Drawings 5,000Sales 758,800Sales Return and Allowances 15,800Purchases 489,200Purchase returns and Allowances 16,500Salaries and Wages Expense 136,000Advertising Expense 22,100Utilities Expense 14,000Maintenance and Repair Expense 12,100Rent Expense 18,000Prepaid Insurance 2,400 Additional information as at 30 September 2020: • Stock on 30 September 2020 was valued at RM70,000.• Supplies on hand at 30 September 2020 total RM540• Invoice representing RM7,500 sales in September has not been recorded.• The insurance policy is for a year ending 30 April 2021.• Machine and lorry were depreciated at 10% of the cost each year.…