Blooming Flower Company was started in Year 1 when it acquired $60, 200 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Year 1 Year 2 Year 3 Purchases of inventory $ 22,300 $ 11, 600 $ 19, 100 Sales 27,900 31,300 36, 800 Cost of goods sold 11,700 17,400 18, 800 Selling and administrative expenses 5,480 8,170 9, 150 balance sheet and income statements

Blooming Flower Company was started in Year 1 when it acquired $60, 200 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Year 1 Year 2 Year 3 Purchases of inventory $ 22,300 $ 11, 600 $ 19, 100 Sales 27,900 31,300 36, 800 Cost of goods sold 11,700 17,400 18, 800 Selling and administrative expenses 5,480 8,170 9, 150 balance sheet and income statements

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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Blooming Flower Company was started in Year 1 when it acquired $61, 300 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Year 1 Year 2 Year 3 Purchases of inventory $ 22,800 $ 11, 700 S 19, 600 Sales 27, 600 30,900 36,200 Cost of goods sold 11, 600 17,500 18, 800 Selling and administrative expenses 5,310 8,050 9, 150 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)
prepare a balance sheet and income statement from the following information: Cash $625.00 Revenue $21,000.00 Note Payable $5,000.00 Retained Earnings $10,600.00 Expenses $7,000.00 Issued Capital Stock $500.00 Accounts Receivable $2,500.00 Inventory $6,900.00 Accounts Payable $1,000.00 Cost of Goods Sold $10,500.00 Accrued Sales Tax $1,425.00 Prepaid Insurance $12,000.00 Plz answer fast without plagiarism i give up vote
nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 85,300 Expenses Cost of goods $ sold 51,675 Depreciation 8,100 expense Salaries 12,000 71,775 expense Net income $ 13,525 Partial Balance Prior Sheet Current year year Accounts $ $ 9,900 receivable 14,400 Inventory 13,700 8,300 Salaries payable 1,550 850 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Accounts receivable increase
The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 32,700 $ 37,849 $ 37,130 Accounts receivable, net 94,775 65,580 51,527 Merchandise inventory 120,330 86,659 53,800 Prepaid expenses 10,118 10,034 4,252 Plant assets, net 285,450 268,303 235,991 Total assets $ 543,373 $ 468,425 $ 382,700 Liabilities and Equity Accounts payable $ 138,006 $ 78,372 $ 51,022 Long-term notes payable 100,111 107,738 83,731 Common stock, $10 par value 163,500 163,500 162,500 Retained earnings 141,756 118,815 85,447 Total liabilities and equity $ 543,373 $ 468,425 $ 382,700 The company’s income statements for the current year and 1 year ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 706,385 $ 557,426 Cost of goods sold $ 430,895 $ 362,327 Other operating expenses 218,979 141,029 Interest…
Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 29,484 $ 34,808 $ 35,907 Accounts receivable, net 84,598 59,105 49,830 Merchandise inventory 104,217 80,494 51,503 Prepaid expenses 9,590 8,775 4,071 Plant assets, net 271,834 247,614 228,789 Total assets $ 499,723 $ 430,796 $ 370,100 Liabilities and Equity Accounts payable $ 124,431 $ 73,533 $ 50,319 Long-term notes payable 94,887 100,074 81,792 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 117,905 94,689 75,489 Total liabilities and equity $ 499,723 $ 430,796 $ 370,100 For both the current year and one year ago, compute the following ratios: 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the…
Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, 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 $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02 Multiple Choice $189,000. $185,000. $195,000. $179,000.
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The Income statement for the year ended December 31, 20X6, for Total Inc. contains the following Information: Total Inc. Income Statement Year Ended December 31, 20X6 sale Cost of goods sold Gross Profit Operating Expenses Profit from Operations Income Tax Expense Profit $50,000 $30,000 $20,000 $15,000 $ 5,000 $ 3,000 $ 2,000 Total Inc. comparative balance sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation - equipment Total Assets Account Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 20x6 $ 1,200 $ 300 $ 5,000 $12,000 $(4,000) $14,500 20x5 $ 1,000 $ 1,500 $ 3,000 $ 8,000 $(2,000) $11,500 $ 1,000 $ 2,000 $10,000 $ 1,500 $ $14,500 $ 3,500 $ $ 8,000 $11,500 Additional Information: 1. Operating expenses include depreciation expense of $2,500 2 Accounts Payable related to the purchase of Inventory 3. Equipment that cost $2,000 was sold for $1,500 cash 4. New equipment was purchased during the…
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Single-Step Income Statement The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8: Cash $187,875 Retained Earnings $ 571,050 Accounts Receivable 337,500 Dividends 281,250 Inventory 855,000 Sales 8,025,750 Estimated Returns Inventory 78,750 Cost of Goods Sold 4,893,750 Office Supplies 33,750 Sales Salaries Expense 874,800 Prepaid Insurance 27,000 Advertising Expense 103,275 Office Equipment 259,200 Depreciation Expense— Store Equipment 18,675 Accumulated Depreciation— Office Equipment 111,375 Miscellaneous Selling Expense 4,500 Store Equipment 1,150,875 Office Salaries Expense 174,150 Accumulated Depreciation— Store Equipment 420,075 Rent Expense 89,775 Accounts Payable 109,350 Insurance Expense 51,638 Customer Refunds Payable 78,750 Depreciation Expense— Office Equipment 36,450…
Assume a company had net Income of $72,000 and provided the following excerpts from its balance sheet: This Year Last Year Current assets: $40,000 $53,000 $13,000 $46,000 $50,000 $11,000 Accounts receivable Inventory Prepaid expenses Current liabilities: $38,000 $18,000 $13,000 $44,000 $15,000 $10,000 Accounts payable Accrued liabilities Income taxes payable If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then based solely on the informatlon provlded, the company's net cash provided by (used in) operating activities would be: Multiple Cholce $94,000. $52,000. $68,000. $92,000.