Below are some of the account balances of FDN Company. Advertising expense P161,000 Depreciation expense Office furniture 51,000 Depreciation expense Store equipment 30,000 Freight in 8,300 Freight out 5,800 Insurance expense 78,000 Professional fees 23,000 Repairs and maintenance expense 33,000

Below are some of the account balances of FDN Company. Advertising expense P161,000 Depreciation expense Office furniture 51,000 Depreciation expense Store equipment 30,000 Freight in 8,300 Freight out 5,800 Insurance expense 78,000 Professional fees 23,000 Repairs and maintenance expense 33,000

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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The net income reported on the income statement for the current year was $128,600. Depreciation recorded on store equipment for the year amounted to $21,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $51,950 $47,270 Accounts receivable (net) 37,250 34,930 Inventories 50,860 53,180 Prepaid expenses 5,710 4,490 Accounts payable (merchandise creditors) 48,680 44,720 Wages payable 26,600 29,210 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Please avoid answers in image format thank you
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?
27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated depreciation $ 27,000 Accounts payable 30,000 Salaries payable 0 Common stock 100,000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods sold 259, 800 Salaries expense 86, 600 Rent expense 24,000 Depreciation expense 0 Utilities expense 17, 320 Advertising expense 5,770 Totals $ 615,000 $ 615,000 The following year - end adjusting entries are required: Depreciation expense for the year on the equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024
An excerpt from Ivanhoe Company's accounting records is provided below. Sales revenue $627,000 Cost of goods sold 346,500 Wages expense 123,750 Depreciation expense 15,675 Rent expense 50,325 Interest expense 4,950 Income tax expense 14,850 Retained earnings 36,300 Dividends declared 16,500 Wages payable 12,375 Cash 41,250 Accounts receivable 61,875 Accounts payable 82,500 M σε Ac Q Ac Q Ac Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Q Ac A C M N
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The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
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Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…