Please don't use ai A partial listing of a company's accounts are listed below:Sales revenueCOGSCash$210,000 Depreciationexpense$20,000$91,000 Rent expense$8,000$1,000 Unearned revenue$2,000BuildingAccumulated$200,000 Wage expense$40,000$44,000 Interest expense$4,000depreciationNote payableDividends$50,000Service revenue$90,000$4,000Goodwill$7,000The closing entry to close the Income Summary would include adebit to Income Summary for:A. $101,000B. $137,000C. $105,000D. $ 77,000

Step 1: Definitions Income Summary:The Income Summary account is a temporary account used during the…

Answered: A partial listing of a company's…

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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ABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000
Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 887.00 Cost of goods sold 747.00 Depreciation 37.00 Earnings before interest and taxes (EBIT) $ 103.00 Interest expense 18.00 Income before tax $ 85.00 Taxes 17.85 Net income $ 67.15 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 375 $ 324 Long-term assets 270 228 Total assets $ 645 $ 552 Liabilities and shareholders’ equity Current liabilities $ 200 $ 163 Long-term debt 114 127 Shareholders’ equity 331 262 Total liabilities and shareholders’ equity $ 645 $ 552 The company’s cost of capital is 8.5%. Required: Calculate Watervan’s economic value added (EVA). Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places. What is the company’s return on capital? (Use start-of-year rather than average capital.) Note: Do not…
Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 887.00 Cost of goods sold 747.00 Depreciation 37.00 Earnings before interest and taxes (EBIT) $ 103.00 Interest expense 18.00 Income before tax $ 85.00 Taxes 17.85 Net income $ 67.15 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 375 $ 324 Long-term assets 270 228 Total assets $ 645 $ 552 Liabilities and shareholders’ equity Current liabilities $ 200 $ 163 Long-term debt 114 127 Shareholders’ equity 331 262 Total liabilities and shareholders’ equity $ 645 $ 552 The company’s cost of capital is 8.5%. Required: What is the company’s return on capital? (Use start-of-year rather than average capital.) Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. P.S - Answer is not 17.26%.
Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $900.00 Cost of goods sold Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax 760.00 50.00 $ 90.00 31.00 $ 59.00 12.39 $ 46.61 Taxes Net income BALANCE SHEET (Figures in $ millions) End of Start Year of Year Assets Current assets $ 388 $ 350 Long-term assets 296 241 Total assets $ 684 $ 591 Liabilities and shareholders' equity Current liabilities $ 176 $ 213 Long-term debt Shareholders' equity 127 140 344 256 Total liabilities and shareholders' equity $ 684 $ 572 The company's cost of capital is 8.5%. a. Calculate Watervan's economic value added (EVA). (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) b. What is the company's return on capital? (Use start-of-year rather than average capital.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2…
Use the following financial statements to answer queshons 13-18. Income Statement: Sales Cost of Goods Sold R+D S6+ A Depreciation 50,000 Earnings Before Interest+Toxes 250,000 Interest Expense 20,000 Taxable Income 230,000 57,500 Income Tax Expense Net Income Balance Sheet: Cash Accants Receivable Inventory $950,000 400,000 150,000 100,000 Pope Fixed Assets (Net) Total Assets 2023 120,000 110,000 172,500 50,000 670,000 950,000 80,000 40,000 230,000 600,000 950,000 2022 100,000 95,000 45.000 600,000 840,000 70,000 30,000 Accounts Payable Notes Payable Long-Term Debt Shareholders' Equity Total Liabilities & Shareholders' Equity ) Calculate 2023 Cash Flow to Creditors 248,000 492,000 840,000 Use the cash flow identity to estimate 2023 Cash Flow to Stockholders
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
The Weymire Corporation provides you with the following information for the year ended 123120: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense Other expense Interest expense 72,750 28,500 38,250 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238,500 Net Income 91.500 12/31/19 |12/31/20 54,000 Cash 24,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 (9,000) 342.000 Accumulated Depreciation (10,500) 363.000 Total Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term Accrued Pension Liability 45,000 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363.000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…
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Harding Corporation reports the following information: Net income $530,000 Depreciation expense 140,000 Increase in accounts receivable 60,000 Harding should report cash provided by operating activities of $330,000. $450,000. $610,000. $730,000.
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
Use the below information to answer the following question. Sales Cost of goods sold Depreciation Income Statement For the Year Taxable income Taxes Earnings before interest $4,500 and taxes Interest paid Net income Dividends $900 Balance Sheet End-of-Year Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Long-term debt Common stock ($1 par value) Retained earnings O O O O Total Liab. & Equity 33 percent 40 percent 50 percent $28,400 60 percent 21,200 2,700 67 percent 850 $3,650 1,400 $2,250 $550 2,450 4,700 $7,700 What was the retention ratio? 16,900 $24,600 $ 2,700 9,800 8,000 4,100 $24,600

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