Provide correct answer general account A business had the following amounts of assets and liabilities at thebeginning and end of a recent year:AssetsLiabilitiesBeginning of the year $81,000 $34,000End of the year 124,000 52,000Determine the net income earned or net loss incurred by thebusiness during the year under the following assumption:The owner withdrew $3,900 per month to pay personal livingexpenses and invested an additional $79,000 cash in the business

Step 1: Define Balance SheetIn the domain of finance, the balance sheet of a firm shows its position…

Answered: A business had the following amounts of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 16RE

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An investor deposited $1,500 in an account. At the end of year nine, the account had accumulated $15,728.88. Calculate the return
At the start of the year, the balance on Sara's capital account was $55,689. During the year Sara made drawings of S16,600 and the net profit for the year was $17500. What is the balance on Sara's capital account at the end of the year? OA S56.589 B. $30,069 OC $4,789 O D. $62,189
Connors Company paid $700 cash to make a repair on equipment it sold under a oneyear warranty in the prior year. The entry to record the payment will debita. Accrued Warranty Payable and creditCash.b. Operating Expense and credit Cash.
The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?
Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓
Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000
D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?
For each transaction, prepare a journal entry. Incurred $116 in utility usage during the year; paid $93 in cash and owed the rest on account
Yogi has the following financial data: Investment assets at year end Investment assets at beginning of the year Savings made during the year by Yogi Employer match to Yogi's 401(k) plan Total assets on ending statement of financial position Gross income on income statement Total assets on beginning statement of financial position Total liabilities at beginning of year Total liabilities at year end What is Yogi's ROI for the year? O 13.01% O 18.37% 15.56% 4 21.17% $475.000 $392,000 $27,000 $5,000 $700.000 $100,000 $600,000 $200.000 $180,000
From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes. Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%
Last year, an investor in rental property had gross income of $160,000 with the following expenses: maintenance $22,000, insurance $5000, management$10,000, utilities $16,000, and debt service (interest) $19,000. Income taxes totaled $8000. What was the net operating income for the year?
An employee of Company x received the following loans (rate and amount) from their employer on January 1, this year: 7%, $15,000 loan to consolidate debts 5%, $100,000 loan to purchase a home The following are the prescribed rates for this year: Q1 8%, Q2 6%, Q3 9%, Q4 7% The employee paid interest on the loans on January 15, of the following year. Required: Calculate the total interest benefit (to be included in income). Ignore any leap year impacts. ATotal interest as per the prescribed rates $8,375 B Total interest as per the prescribed rates $8,627 CTotal interest as per the prescribed rates $8,375 $6,050; total interest benefit $2,325 DTotal interest as per the prescribed rates $8,627 $6,050; total interest benefit $2,577 ***ANSWERD Total interest as per the prescribed rates $8,627; total interest paid $6,050; total interest benefit $2,577 IS INCORRECT***

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