FILEPasteClipboardA1BaG7HOMErCalibriBAccount TitlesCash4READYIUVINSERTAccounts ReceivableInventoryPrepaid Rent69Equipment10 Accumulated Depreciation11 Accounts Payable12Unearned Fees13 Long-term Notes Payable14 J. Noodle, CapitalYFont15 Sales Revenue16 Sales Returns and Allowances17 Sales Discounts18 Cost of Goods Sold19 Salaries and Wages Expense20 Depreciation Expense21 Rent Expense2211Merchandising operations and the multi-step income statement - ExcelPAGE LAYOUTDATAVIEWAC1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance2s for the year ended December 31, 20x1.3415wwwA APyFORMULASE%Alignment NumberDebitsConditional Format asCellFormatting Table Styles-Stylesut fix Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial537,50028,60043,3002,00069,0004,7006,00067,70025,90013,80024,000CreditsInterest Expense23 Loss on Sale of Equipment24Totals2526 tequired:27 Prepare a multisteo income statement that would be used for internal reporting purposes.▶Sheet11,6007,700$331,800REVIEW$20,7008,80020,00075,00031,800175,500$331,800DCells[3]?EEditingSign InF+ 60% A1242428SFORMIDABBZS4=225S41 Net SalesA26 Required:27 1. Prepare a multistep income statement that would be used for internal reporting purposes.28 Note: When more than one correct account could appear in a cell, list items in order of largest to29 smallest dollar amounts. Use cell referencing to select account titles and values.NOODLES UNLIMITEDIncome StatementFor the Year Ended December 31, 200143 Gross Proalit30 All numbers should appear as positive numbers.312. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either"Net Income" or "Net Loss" as appropriate based on the value calculated in cell B852.3244 Experses:43 Income from Operations49 Other Expenses and LossesNoodles Unlimited, Inc. sells swimming pool toys. The follc▶B54 3. Compute the gross profit percentage.155 Nate Makes me in include 100ettheendalous formulaSheet1..CD

An income statement, also known as a profit and loss statement, summarizes a company's revenues,…

Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals Debits 537,500 28,600 43,300 69,000 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 P Credits $20,700 8,800 20,000 75,000 31,800 175,500 $331,800

Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals Debits 537,500 28,600 43,300 69,000 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 P Credits $20,700 8,800 20,000 75,000 31,800 175,500 $331,800

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 Multi step income statement
Income statement With formula.
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales $ 9,649 18,474 5,455 233,607 Cost of goods sold 138,200 (1) Compute the number of days in the cash conversion cycle. (2) Is the company more efficient at managing cash than its competitor who has a cash conversion cycle of 14 days? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of days in the cash conversion cycle. Note: Use 365 days in a year. Round calculations to the nearest whole day. Cash conversion cycle days
Question: Use the information given below. Accounts Payable $125,000 Accounts Receivable $175,000 Accrued Expenses $80,000 Cash $50,000 Common Stock $20,000 Cost of Goods Sold $400,000 Depreciation Expense $30,000 Gross PPE $700,000 Inventory $250,000 Long Term Debt $150,000 Net PPE $250,000 Note Payable $30,000 Operating Expenses $200,000 Sales Tax Expense Total Equity $950,000 $25,000 $340,000 What is the value of total assets?
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Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 Interest Income Gain from Sale of Office 396,000 Equipment 33,000 Advertising Expense 16,800 Office Egg't Depreciation Expense- 10,200 525,000 255,000 Freight-Out 138,400 Depreciation Expense- Store Egoit Freight-In Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 166,800 7,200 102,600 Expense 168,000 1,307,500 Insurance Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense…
Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable. Inventory Accounts Payable Salaries and Wages Payable Net Income: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Assets and Liabilities Case A Year 2 $ 11,000 6,000 5,000 1,000 2,500 $1,500 $ 300 750 800 1,000 Case A Year 1 $ 9,000 5,500 3,500 1,000 2,000 $ 500 Case B $ 400 500 700 1,200 I... Case Year 2 $ 21,000 12,000 9,000 1,500 5,000 $ 2,500 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amoun should be indicated with a minus sign.) $750 730 800 200 B Year 1 $ 18,000 11,000 7,000 1,500 5,000 $ 500 $ 600 800 850 250
Dr. Cr. Cash Accounts receivable Allowance for Doubtful Accts Inventory Equipment Accumulated Depreciation Accounts Payable 65,000 28,000 7,000 12,500 60,000 12,750 23,000 6,000 35,000 38,000 21,000 Unearned Revenue Long Term Note Payable Common Stock Retained Earnings Dividends Sales Cost of goods sold Repairs expense Salaries expense Depreciation expense Insurance expense Interest income Interest expense Income tax expense Total 10,000 130,000 52,000 6,500 25,000 3,000 4,500 1,250 4,000 3,500 274,000 274,000 What is the amount of Total Assets?
Sales Cost of goods sold Gross profit Sales commissions Advertising Salaries Payroll taxes Employee benefits Rent Depreciation Supplies Utilities Legal and accounting Miscellaneous Interest expense Net income before taxes Income taxes Net income UDEN SUPPLY COMPANY Comparative Income Statements Years Ended December 20X1, 20X2, and 20X3 Expected misstatement (Thousands) 20X1 Audited 20X2 Audited 20X3 Audited 9,800 10,600 6,770 7,340 3,030 3,260 690 740 200 210 1,088 1,110 190 195 172 176 63 65 65 69 30 33 24 26 39 43 15 17 240 252 214 324 48 73 166 251 9,000 6,210 2,790 630 180 1,066 185 168 61 61 27 22 35 13 222 120 27 93 20X4 Expected c. Uden's unaudited financial statements for the current year show a 30.75 percent gross profit rate. Assuming that this represents a misstatement from the amount that you developed as an expectation, calculate the estimated effect of this misstatement on net income before taxes for 20X4. (Enter your answers in thousands.)
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