Accurate answer A partial listing of a company's accounts are listed below:Sales revenueCOGS$325,000 Depreciation expense $28,000$142,000 Rent expense$15,000Cash$5,000 Unearned revenue$6,000Building$450,000 Wage expense$56,000Accumulated depreciation $72,000Interest expense$9,000Note payable$80,000Service revenue$115,000Dividends$12,000Goodwill$14,000The closing entry to close the Income Summary would include a debitto Income Summary for:A. $172,000B. $190,000C. $118,000D. $152,000

Explanation of 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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Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 Calculate change in NWC
Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000You are required to:i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders iv) Calculate the cash flow from assets v) Calculate net capital spending vi) Calculate change in NWC PLEASE SHOW WORKING
Balance Sheet Data Income Statement Data Cash $900,000 Accounts payable $1,080,000 Sales $18,000,000 Accounts receivable 1,800,000 Accruals 360,000 Cost of goods sold 10,800,000 Inventory 2,700,000 Notes payable 1,440,000 Gross profit 7,200,000 Current assets 5,400,000 Current liabilities 2,880,000 Operating expenses 4,500,000 Long-term debt 5,310,000 EBIT 2,700,000 Total liabilities 8,190,000 Interest expense 810,000 Common stock 1,102,500 EBT 1,890,000 Net fixed assets 7,200,000 Retained earnings 3,307,500 Taxes 472,500 Total equity 4,410,000 Net income $1,417,500 Total assets $12,600,000 Total debt and equity $12,600,000 Now, let’s see your notes with your ratios, and then we can talk about possible strategies that will improve the ratios. I’m going to check the box to the side of your calculated value if your calculation is correct and leave it unchecked if your calculation is incorrect. Pavo Media Systems Inc.…
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
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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
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…
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%
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.
Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
Here are simplified financial statements for Watervan Corporation: INCOME STATEΜΕNT (Figures in $ millions) Net sales $884.00 Cost of goods sold Depreciation Earnings before interest and taxes (EBIT) Interest expense 744.00 34.00 $106.00 15.00 Income before tax $ 91.00 Тахes 19.11 Net income $ 71.89 BALANCE SHEET (Figures in $ millions) End of Start Year of Year Assets Current assets $ 372 $ 318 Long-term assets 264 225 Total assets $ 636 $ 543 Liabilities and shareholders' equity Current liabilities $ 197 $ 160 Long-term debt Shareholders' equity 111 124 328 259 Total liabilities and shareholders' equity $ 636 $ 543 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…

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