After extending all account balances to the Income Statement columns of the worksheet for the year 2024, Martinez Company's debit column totals $95,800 and the credit column totals $108,300. Calculate the amount of net income or net loss for the period.
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- Required: For each of the following accounts, what amount will Voltac report on its 2024 financial statements? a. Inventory b. Cost of goods sold c. Sales d. Accounts receivable e. Accounts payable f. CashThe owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
- Lily Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2021 and expected service revenues for 2022 are November 2021, $67,200; December 2021, $75,600; January 2022, $84,000; February 2022, $100,800; and March 2022. $117.600. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021. $11,760; January 2022, $10,080; February 2022. $12,600: and March 2022, $15,120.The following information (in millions) was taken from the December 31 financial statements Accounts receivable, gross Allowance for expected credit losses Accounts receivable, net Revenues Total current assets Total current liabilities 13) Calculate the current ratio for 2020 13) 2021 $ 1.102 28 1,074 14,477 3,426 3,120 2020 $ 1.080 26 1,054 13,819 3,102 3,274 2019 $ 1.241 28 1,213 14,917 2,830 4,287Suppose that on January 6, 2018, Excel Motors paid $240,000,000 for its 45% investment in Dynamic Motors. Excel has significant influence over Dynamic after the purchase. Assume Dynamic earned net income of $10,000,000 and paid cash dividends of $15,000,000 to all outstanding stockholders during 2018. (Assume all outstanding stock is voting stock.) Read the requirements. Requirement 1. What method should Excel Motors use to account for the investment in Dynamic Motors? Give your reasoning. Excel Motors should use the method to account for its investment in Dynamic Motors because the investment Requirement 2. Journalize all required 2018 transactions related to Excel Motors's Dynamic investment. Include an explanation for each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, enter "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank. Check…
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- Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Net income is $24,600. Income is shared 6:3:1. 2. Net income is $32,800. Niensted and Bolen are given salary allowances of $12,300 and $8,200, respectively. The remainder is shared equally. 3. Net income is $15,580. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $12,300 salary allowance. The remainder is shared equally. Prepare a schedule showing the division of net income under assumption (3) above Prepare a partners’ capital statement for the year under assumption (3) above.What hould i do the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 .At December 1, 2025, a company's Accounts Receivable balance was $20500. During December, the company had credit sales of $54900 and collected accounts receivable of $43920. At December 31, 2025, the Accounts Receivable balance is