What is atlas corporations net income for april? Atlas Corporation reported the following transactions for April:••Sales revenue: cash £45,000; on account £25,000Operating expenses: cash £8,000; on account £12,000Purchased office furniture for £15,000 on accountBought supplies for £6,000 cashPaid dividends of £3,000What is Atlas Corporation's net income for April?A. £50,000B. £44,000C. £29,000D. £41,000

Step 1: Define Net Income - Enhanced Definition Net income, also known as the "bottom line" or "net…

Answered: Atlas Corporation reported the…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...

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Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.
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Beta's trial balance at 31-Dec-2020 is shown below £-Dr Cost of Sales/Sales 75,000 £-Cr 190,000 Office Rent 25,000 Plant Cost/Depreciation 200,000 120,000 Staff wages Cash at Bank Inventory £1NV Shares Retained earnings Receivables/Payables Totals 20,000 67,000 46,000 100,000 60,000 63,000 26,000 496,000 496,000 Notes 1) Wages of £4,000 were still owing at the year end. 2) Office rent of £5,000 had been prepaid. 3) 1:4 Rights Issue at £3.00 per share occurred at the year end. 4) Plant was revalued to £140,000 in Jan-20. The life was unchanged. 5) Non-current asset depreciation is 10% p.a. (straight line basis). 6) Company tax rates were 25%. Required: For Y/e Dec-20, prepare the following financial statements a) Financial Position Statement b) Income Statement c) Change in equity Statement
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Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What is the percentage increase in sales from the preceding year to the current year? Oa. 125% Ob. 25% Oc. 75% Od. 100%
pe Sistema TAL Saved TB MC Qu. 5-177 A company reports the following Informartion... A company reports the following Information for the year. Net credit sales $110,000 12,000 98,000 Average accounts Heceivable Cash collections on credit sales What Is the company's receivables turnover ratio? (Round your answer to 1 decimal place.) Multiple Cholce 01.
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Attached Question
Treize Quatorze Inc. had the following accounts balances for the current year:a. ₱4,300,000 b. ₱4,400,000 c. ₱4,500,000 d. ₱4,600,000
Assume a company had sales of $372,000 (all on account) and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s cash collections from customers would be: Multiple Choice $375,000. $381,000. $366,000. $378,000.

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