90 The following is selected information from Alpha-Beta-Gamma Corporation for the fisca year ending October 31, 2017. Cash received from customers Revenue earned €600,000 660,000 340,000 Cash paid for expenses Cash paid for computers on November 1, 2016 that will be used for 3 years (annual depreciation is $32,000) Expenses incurred, including interest, but excluding any depreciation 400,000 Proceeds from a bank loan, part of which was used to pay for the computers 96,000 200,000

90 The following is selected information from Alpha-Beta-Gamma Corporation for the fisca year ending October 31, 2017. Cash received from customers Revenue earned €600,000 660,000 340,000 Cash paid for expenses Cash paid for computers on November 1, 2016 that will be used for 3 years (annual depreciation is $32,000) Expenses incurred, including interest, but excluding any depreciation 400,000 Proceeds from a bank loan, part of which was used to pay for the computers 96,000 200,000

Name: 90The following is selected information from Alpha-Beta-Gamma Corpora
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Description: 90The following is selected information from Alpha-Beta-Gamma Corporation for the fiscalyear ending October 31, 2017.Cash received from customersRevenue earned€600,000660,000340,000Cash paid for expensesCash paid for computers on November 1, 2016 th

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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As of December 31, 2019, Armani Company’s financial records show the following items and amounts.Cash $10,000Accounts receivable 9,000Supplies 6,000Equipment 5,000Accounts payable 11,000A. Armani, Capital, Dec. 31, 2018 16,000A. Armani, Capital, Dec. 31, 2019 19,000A. Armani, Withdrawals . $13,000Consulting revenue . 33,000Rental revenue . 22,000Salaries expense 20,000Rent expense . 12,000Selling and administrative expenses 8,000 Required Prepare the 2019 year-end income statement for Armani Company.
Required information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Debit Credit Accounts Cash $ 25,000 Accounts Receivable 47,600 Allowance for Uncollectible Accounts $ 4,900 Inventory Land 20,700 53,000 Equipment 18,500 Accumulated Depreciation 2,200 Accounts Payable 29,200 Notes Payable (6%, due April 1, 2022) 57,000 Common Stock 42,000 Retained Earnings 30,300 Totals $165,600 $165,600 During January 2021, the following transactions occur January 2 Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $154,000. January 15 Firework sales for the first half of the month total $142,000. All of these sales are on account. The cost of the units sold is $77,300. January 23 Receive $126,100 from customers on accounts receivable. January 25 Pay $97,000 to inventory…
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
Required Information [The following Information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash Debit. Credit Accounts Receivable Allowance for Uncollectible Accounts $ 27,100 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to…
Ramakrishnan, Incorporated, reported 2024 net income of $20 million and depreciation of $3,400,000. The top part of Ramakrishnan, Incorporated’s 2024 and 2023 balance sheets is reproduced below (in millions of dollars): 2024 2023 2024 2023 Current assets: Current liabilities: Cash and marketable securities $ 25 $ 26 Accrued wages and taxes $ 43 $ 35 Accounts receivable 98 92 Accounts payable 69 60 Inventory 170 144 Notes payable 60 55 Total $ 293 $ 262 Total $ 172 $ 150 Calculate the 2024 net cash flow from operating activities for Ramakrishnan, Incorporated. Note: Enter your answer in dollars not in millions. done
Windswept, Inc.2017 Income Statement($ in millions) Net sales $ 11,000 Cost of goods sold 8,200 Depreciation 395 Earnings before interest and taxes $ 2,405 Interest paid 110 Taxable income $ 2,295 Taxes 689 Net income $ 1,606 Windswept, Inc.2016 and 2017 Balance Sheets($ in millions) 2016 2017 2016 2017 Cash $ 420 $ 445 Accounts payable $ 2,060 $ 2,005 Accounts rec. 1,210 1,110 Long-term debt 1,120 1,580 Inventory 1,980 1,820 Common stock 3,460 3,190 Total $ 3,610 $ 3,375 Retained earnings 700 950 Net fixed assets 3,730 4,350 Total assets $ 7,340 $ 7,725 Total liab. & equity $ 7,340 $ 7,725 What were the total dividends paid for 2017?
ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 102 $ 200 Current liabilities $ 74 $ 96 Net fixed assets 920 1,020 Long-term debt 660 870 INCOME STATEMENT, 2022 (Figures in $ millions) Revenue $ 2,010 Cost of goods sold 1,090 Depreciation 410 Interest expense 252 g. Net fixed assets increased from $920 million to $1,020 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022?........... (M1)
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
Kela Corporation reports net income of $510,000 that includes depreciation expense of $85,000. Also, cash of $46,000 was borrowed on a 3-year note payable. Based on this data, total cash inflows from operating activities are: Multiple Choice O $641,000. $595,000. O $556,000 $425,000
The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Best Buy Co., Inc.Balance SheetAt January 30, 2016($ in millions)AssetsCurrent assets:Cash and cash equivalents $ 1,976Short-term investments 1,305Accounts receivable, net 1,162Merchandise inventories 5,051Other current assets 392Total current assets 9,886Long-term assets 3,633Total assets $13,519Liabilities and Shareholders’ EquityCurrent liabilities:Accounts payable $ 4,450Other current liabilities 2,475Total current liabilities 6,925Long-term liabilities 2,216Shareholders’ equity 4,378Total liabilities and shareholders’ equity $13,519Best Buy Co., Inc.Income StatementFor the Year Ended January 30, 2016($ in millions)Revenues $ 39,528 Costs and expenses 38,153Operating income 1,375 Other income (expense)* (65)Income before income taxes 1,310 Income tax expense 503Net income $ 807*Includes $80 of interest expense.Liquidity and solvency ratios for the industry are as follows:Industry AverageCurrent ratio 1.23Acid-test ratio 0.60Debt to equity 0.70Times interest earned 5.66…