Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $940,000 and liabilities of $300,000. During Year 2, Marson invested an additional $73,000 and withdrew $33,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000, and liabilities were $270,000?
Q: Prblm
A: Step 1:Dividend per share=Par value×Dividend rate=200×0.07=14Multiply the par value by the dividend…
Q: Need help
A:
Q: Don't use Ai
A: To maximize YBU's contribution to Maggy's 401(k) account, let's break down the details: Plan…
Q: The following information is provided for Atlas Corporation and Zephyr Limited: (in $ millions)…
A: Computation of return on assets of Zephyr Limited by using the following formula:Resultant values:
Q: provide answer
A: Hello student! Net Income is simply the difference between total revenue and total costs. Total…
Q: Prblm
A: Part 1: Calculating WACC for Omega Solutions:WACC (Weighted Average Cost of Capital) is calculated…
Q: Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains.…
A: There is no bonus receivable recorded on July 15 because, at that point, Rocky Guide Service only…
Q: The esposito import company had 1 million shares of common stock outstanding during 2024. its income…
A: The Earnings Per Share (EPS) is calculated by dividing the net income by the number of outstanding…
Q: Provide solution for this question
A: To determine the Net Advantage of Leasing (NAL), we need to compare the present value of the lease…
Q: Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains.…
A: 1. July 15 Journal EntryDateGeneral JournalDebitCreditJuly 15Accounts Receivable30,900 Service…
Q: Help me tutor
A: Step 1: Compute the beginning balances of assets, liabilities, and equity.Note that Total assets =…
Q: Nonuniform Inputs, Equivalent Units Terry Linens Inc. manufactures bed and bath linens. The bath…
A: In cost accounting, equivalent units of production is a term used to express the amount of work done…
Q: -account balance For each of the following T-accounts, compute the ending balance. Accounts…
A: Step 1: Introduction to accountingThe process of recording, classifying, and compiling a company's…
Q: None
A: Step 1: Define Accrual AccountingAccording to the accrual accounting technique, an organization's…
Q: Need help
A: Step 1: Find the total manufacturing cost (TMC)= raw materials + direct labor + manufacturing…
Q: Need help
A: To calculate the monthly payments and the effective annual rate (EAR), let's break it down into two…
Q: Provide answer
A: Given:Ending cash balance on November 30th: $5,300Cash receipts during November: $3,500Cash paid out…
Q: What is an auditor's main responsibility during an audit? OA. To provide an independent and…
A: An auditor is a professional, often a certified public accountant (CPA), who is hired by an…
Q: Need answer
A: Earnings before taxes (EBT) of $120,000 annually are anticipated as a result of the acquisition of…
Q: Please help
A: 1. Calculate ROA (Return on Assets)Given:Assets are 2.5 times the book value of owner's equity.Sales…
Q: If you give me wrong answer, I will give you UN helpful rate.
A: To find the net advantage of leasing.Given:- Purchase price of the asset: $38,000- Lease term: 13…
Q: Selected accounts of Nash Company are as follows. Beg. Bal. 10/15 10/31 10/31 10/17 10/31 10/31…
A: Step 1:Journal entries are recorded in the primary books of accounts which are called day book or…
Q: None
A: Step 1:Compute the missing information from the tableCase 1:Total manufacturing costs = Direct…
Q: Solve this problem
A: 1. First, we need to identify which costs are included in variable costing. Variable costing…
Q: None
A: The statement of stockholders' equity provides a detailed summary of changes in the equity section…
Q: answer must be in table in table format or i will give down vote
A: The first step in preparing an income statement for a manufacturing company is to calculate the Cost…
Q: I want to answer this question
A: Computation of cost per equivalent unit for material and conversion as follows:Resultant values:
Q: Need help
A: The problem involves the determination of the investment's total return. Total return represents the…
Q: Strict warning: Don't Use AI
A: Question: 1Explanation of Earnings Before Taxes (EBT): EBT is the amount a company earns before…
Q: Need answer the question don't use ai
A: Step 1: Define Manufacturing overheadManufacturers' overheads are indirect; hence they are a settled…
Q: What is a good response to? Goldman Sachs Acquired NN Investment Partners In 2022, Goldman…
A: Introduction of the Acquisition:Event: Goldman Sachs acquired NN Investment Partners.Date:…
Q: Provide answer
A: Computation of the cost of goods manufactured as follows:Computation of Cost of Goods…
Q: Liabilities represent the future obligations of a business entity. True False
A: In accounting, liabilities are indeed considered as the future obligations of a business entity.…
Q: ABC Manufacturing reports the following information for the year 2023: Sales of $150,000; Beginning…
A: 1. ABC Manufacturing (2023):Net Income: $12,000Beginning Assets: $300,000Ending Assets:…
Q: Calculate accounts receivables
A: In the given balance sheet, the accounts receivable is listed under the current assets as 'Net…
Q: kau.3 answer must be in table format or i will give down vote
A: The inventory turnover ratio is a measure of how many times a company has sold and replaced its…
Q: October accounts and activity are presented below for Urdu: Accounts:…
A: First, we need to identify the transactions that occurred in October. From the information given, we…
Q: ???
A: First Question: ROA CalculationGiven data: Corporation's assets = 5 times the owner's equity.Real…
Q: I need typing clear urjent no chatgpt used i will give 5 upvotes pls full explain
A: Step 1:Given the system of equation 3x−7y=15−3x....(1)6x+7y=x+6y+33....(2)Step 2:Now from (1) we get…
Q: *E3.22 (LO 8) (Worksheet and Balance Sheet Presentation) The adjusted trial balance for Ed Bradley…
A: The Adjusted trial balance seems to be lacking information since it wasn't balance. However,…
Q: not use ai please don't
A: Step 1:Calculate Total Itemized Deductions:Total itemized deductions = Donations + Medical expenses…
Q: Princeton Lemonade Company processes fresh lemonade. The company has the following expenses for…
A: The value chain refers to all the steps and activities a company goes through to deliver a product…
Q: Married filing separately on my 1040 for 2022 line number 15 I have $120, 010 what would go on line…
A: When you are filling out your 1040 tax return form, each line corresponds to a specific calculation…
Q: not use ai please
A: Step 1:Shareholders' equity is the total of share capital and reserves and surplus . In the…
Q: not use ai please
A: Approach to solving the question: Detailed explanation: To find the minimum price where the company…
Q: None
A: Step 1: Define Assets Turnover RatioIn accounting, there are various activity financial ratios such…
Q: VYX Corporation has an issue of preferred stock whose par value is $150. The preferred stock pays a…
A: 1. Price of Preferred Stock (VYX Corporation)The price of preferred stock can be calculated using…
Q: Problem 1.1 [8 marks] In the current year, merchandise is sold for $600,000 cash and $1,250,000 on…
A: PROBLEM 1.1 Problem 1: Gross Profit Calculation for Merchandise Sales Given: Cash sales:…
Q: Provide Solutions
A: For this problem, we need to find the monthly payments and the effective annual rate of the loan.…
Q: follow all
A: Detailed explanation:Beginning Direct Materials Inventory $ 26,000Add Direct Materials Purchased on…
Need answer the question
Step by step
Solved in 2 steps
- Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $920,408 and liabilities of $272,707. During Year 2, Mason invested an additional $28,054 and withdrew $25,788 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $985,846 and liabilities were $234,813?Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $925,918 and liabilities of $277,028. During Year 2, Marson invested an additional $28,516 and withdrew $25,851 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $980,615 and liabilities were $236,767? a.$54,697 b.$40,261 c.$92,293 d.$25,851Marcos is the sole owner and operator of Great Jet Company. As of the end of its accounting period, December 31, Year 1, Great Jet Company has assets of $997,000 and liabilities of $277,000. During Year 2, Marcos invested an additional $49,000 and withdrew $36,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $875,000, and liabilities were $260,000? Correct Answer
- Marcos is the sole owner and operator of Great Jet Company. As of the end of its accounting period, December 31, Year 1, Great Jet Company has assets of $997,000 and liabilities of $277,000. During Year 2, Marcos invested an additional $49,000 and withdrew $36,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $875,000, and liabilities were $260,000?Marcos is the sole owner and operator of Great Jet Company. As of the end of its accounting period, December 31, Year 1, Great Jet Company has assets of $997,000 and liabilities of $277,000. During Year 2, Marcos invested an additional $49,000 and withdrew $36,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $875,000, and liabilities were $260,000? Answer me 5his financial accounting questionRoss Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method. At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. When must Ross include this adjustment in its income?
- Malbright is a limited liability company. The following trial balance for the year ended 31 October 20X7 is presented below: Buildings at cost Buildings accumulated depreciation as at 1 November 20X6 Plant at cost Plant accumulated depreciation as at 1 November 20X6 Overdraft at bank Revenue Purchases Inventory as at 1 November 20X6 Cash Payables Receivables Allowance for receivables as at 1 November 20X6 Administrative expenses Retained earnings as at 1 November 20X6 Share capital Share premium account The following additional information is also available: (i) Dr $000 740 220 1,140 160 20 320 325 2,925 The allowance for receivables is to be increased to 5% of the receivables balance. Cr $000 60 110 70 1,800 250 10 130 415 80 2,925Show your work At the beginning of the year, Teal Corporation had accumulated E & P of $210,000. On March 30, Teal sold an asset at a loss of $200,000. For the calendar year, Teal incurred a deficit in current E & P of $305,000, which includes the $200,000 loss on the sale of the asset. If Teal made a distribution of $50,000 to its sole shareholder on April 1 and the shareholder had a basis in her stock of $72,000, how will the shareholder be taxed?In its first year of operations, Martha Enterprises Corp. reported the following information: a. Income before income taxes was $640,000. b. The company acquired capital assets costing $2,400,000; depreciation was $160,000, and CCA was $120,000. c. The company recorded an expense of $155,000 for the one-year warranty on the company's products; cash disbursements amounted to $79,000. d. The company incurred development costs of $77,000 that met the criteria for capitalization for accounting purposes. Development work was still ongoing at year-end. These costs could be immediately deducted for tax purposes. e. The company made a political contribution of $30,000 and expensed this for accounting purposes. f. The income tax rate was 28% and the year 2 tax rate was enacted, at 30%. In the second year, the company reported the following: a. Earnings before income tax were $1,700,000. b. Depreciation was $160,000; CCA was $360,000. c. The estimated warranty costs were $250,000, while the cash…
- During the current year, Cartwright Corporation’s accountant recorded numerous transactions in an account entitled Intangible Assets, as follows: Jan. 2 Paid incorporation fees. $17,500 11 Paid legal fees for the organization of the company. 7,500 25 Paid for large-scale advertising campaign for the year. 15,000 Apr. 1 Acquired land for $15,000 and a building for $20,000 to house the R&D activities. The building has a 20-year life. 35,000 May 15 Purchased materials exclusively for use in R&D activities. Of these materials, 20% are left at the end of the year and will be used in the same project next year. (They have no alternative use.) 15,000 June 30 Paid expenses related to obtaining a patent. 10,000 Dec. 11 Purchased an experimental machine from an inventor. The machine is expected to be used for a particular R&D activity for 2 years, after which it will have no residual value. 12,000 31 Paid salaries of employees involved in R&D. 30,000…The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $18,100 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,300 cash in full payment of Clark's account. Aug. 9 Wrote off the $6,350 balance owed by Iron Horse Co., which has no assets. Nov. 7 Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,865 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $7,105; DeVine Co., $5,435; Moser Distributors, $9390; Oceanic Optics, $1,075. Dec. 31 Based on an analysis of the $1,796,000 of accounts receivable, it was estimated that $35,920 will be uncollectible. Journalized…The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31: Jan. 29 Received 40% of the $17,000 balance owed by Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,405 cash in full payment of Karm’s account. Aug. 9 Wrote off the $6,460 balance owed by Golden Stallion Co., which has no assets. Nov. 7 Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,940 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Claire Moon Inc., $7,095; Jet Set Co., $5,540; Randall Distributors, $9,495; Harmonic Audio, $1,035. 31 Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 will be…