A company reports the following data: Interest expense $10,000 Cost of goods sold $160,000 Marketing expenses $70,000 Administrative expenses $50,000 Sales $400,000 Stock dividends $5,000 Income tax $20,000 Depreciation expense $20,000 Which expense is a noncash expense

A company reports the following data: Interest expense $10,000 Cost of goods sold $160,000 Marketing expenses $70,000 Administrative expenses $50,000 Sales $400,000 Stock dividends $5,000 Income tax $20,000 Depreciation expense $20,000 Which expense is a noncash expense

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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prepare a balance sheet and income statement from the following information: Cash $625.00 Revenue $21,000.00 Note Payable $5,000.00 Retained Earnings $10,600.00 Expenses $7,000.00 Issued Capital Stock $500.00 Accounts Receivable $2,500.00 Inventory $6,900.00 Accounts Payable $1,000.00 Cost of Goods Sold $10,500.00 Accrued Sales Tax $1,425.00 Prepaid Insurance $12,000.00 Plz answer fast without plagiarism i give up vote
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Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of merchandise sold of $100,000 and Operating expenses of $300,000. Acct 201's Gross profit is:
Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000
You are given the following income statement and balance sheet: Income Statement Sales EBT Taxes (40%) Net Income Cash A/R Inventories Total CA Fixed Assets Total Assets $15,000 $800 $320 $480 Balance Sheet $100 $2,000 $4.000 Accounts Payable Debt Common Stock Retained Eamings $6,100 $1,900 $8,000 Total Claims $1,000 $4,000 $2,000 $1,000 $8,000 Now make the following forecast and assumptions for the upcoming year: Sales are expected to increase by $5.400 over the coming year. All assets and accounts payable can be expressed as a percentage of sales. The firm's profit margin will remain at 3.2 percent. The firm has a dividend payout rate of 75 percent. Using the equation method, determine the additional funds needed for the coming yea
Presented below is the income statement of Coming Company: Sales Cost of goods sold Gross profit Operating expenses Income before income taxes $305,000 180,000 $125,000 68,000 57,000 21,400 $35,600 Income taxes Net income In addition, the following information related to net changes in working capital is presented: Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income tax payable Debit $9,600 10,000 $15,620 6,400 9,500 2,400 Credit The company also indicates that depreciation expense for the year was $12,360 and that the deferred tax liability account increased $3,080. Required: (a) Compute the net cash flow from operating activities that would be shown on a statement of cash flows using the indirect method. (b) Compute the net cash flow from operating activities that would be shown on a statement of cash flows using the direct method. P47 PPT (c) State the major difference between the two methods in handling statement of cash flows.
The company reports the following income statement results: Gross profit $500,000 Interest expense 15,000 Sales discounts 8,000 Net Sales Operating expense Effective tax rate $ $ $ 990,000 365,000 18% Calculate Sales. Calculate Income before Income tax (IBT). Calculate net income. % Calculate the gross profit margin (one decimal place) % Calculate the profit margin (two decimal places)

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bartleby, a Learneo, Inc. business

Interest expense	$10,000
Cost of goods sold	$160,000
Marketing expenses	$70,000
Administrative expenses	$50,000
Sales	$400,000
Stock dividends	$5,000
Income tax	$20,000
Depreciation expense	$20,000