Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020:Accounts PayableAccounts ReceivableAccumulated depreciation, EquipmentAccumulated depreciation, WarehouseCashCash Dividends$ 24,96038,40010, 24020,4807,60018,800104,00077,60039,800109,60032,800108,40038,40026,920263, 200120, 800Common SharesEquipmentIncome Tax ExpenseLandNotes Payable, due in 2023Operating ExpensesPreferred SharesRetained EarningsRevenueWarehouseThe company uses an income summary account in the closing process.1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end.View transaction listJournal entry worksheet24Record to close the revenue account to the income summary.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31, 2020Record entryClear entryView general journal2. Calculate the post-closing balance in Retalned Earnings at December 31, 2020. (Amounts to be deducted should be indicated by aminus sign.)Post-Closing Balance in Retained Earnings:Retained eamings, December 31, 2019Retained eamings, December 31, 2020

No. Account Titles and Explanation Debit Credit 1 Revenue $263,200 Income Summary $263,200…

Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10,240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120,800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process.

Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10,240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120,800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process.

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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12 -ok 7 int Required Information [The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. Net sales Cost of goods sold Gross profit Expenses: THE ATHLETIC ATTIC Income Statements For the Years Ended December 31 Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets; Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable 2825 $ 10,680,000 6,980,000 3,700,000 1,620,000 200,000 42,000 424,000 2,286,000 $ 1,414,000 2024 $9,100,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 5,600,000 3,500,000 1,570,000 200,000 42,000 370,000 2,182,000 $1,318,000 THE ATHLETIC ATTIC…
ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (30%) Net income Multiple Choice O Refer to the tables above. What Is Megaframe Computer's total asset turnover? O MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 O 7.58x 3.6x 2x 1.94x $ 875,000 600,000 $ 275,000 30,000 55,000 $ 190,000 25,000 $ 165,000 49,500 $ 115,500 $ 50,000 70,000 110,000 220,000 $ 450,000 $ 70,000 50,000 130,000 70,000 40,000 90,000 $ 450,000
WHAT IS THE NET CASH PROVIDED BY OPERATING ACTIVITIES?
WHAT IS THE NET CASH PROVIDED BY INVESTING ACTIVITIES?
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Assets Cash Accounts Receivable Prepaids Inventory Property, Plant & Equipment Less: Accumulated Depreciation Total Assets Liabilities A wompany Balance Sheet December 31, Year 2 Accounts Payable Accrued Liabilities Notes Payable (Long-Term Debt) Total Liabilities Stockholders Equity Common Stock ($10 par) Paid in Capital In Excess of Part Retained Earnings Treasury Stock Total Stockholders Equity Total Liabilities and Stockholders Equity Year 2 Year 1 Change 40,000 $20,000 140,000 (10,000) $ 60,000 $ 130,000 35,000 43,000 (8,000) 183,000 120,000 63,000 340,000 310,000 30,000 (75,000) (50,000) (25,000) $673,000 $ 603,000 $70,000 $110,600 $ 111,000 $ (400) 34,000 32,000 2,000 50,000 50,000 100,000 $244,600 $ 193,000 $51,600 $ 75,000 $ 75,000 $ 220,000 220,000 143,400 10,000 115,000 28,400 10,000 $428,400 $ 410,000 $18,400 $673,000 $ 603,000 $70,000 28 What is the cash flow from operating activities using the indirect method of the statement of cash flows? O $71,400 O $53,000 O $63,000 O…
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whats the income statement?
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