Blossom Company purchased goods on account with a cost of $800 on July 15, terms 2/10, net/30, on which a return of $100 isgranted on July 18. In the tabular analysis that follows, the payment of the account in full on July 24 is recorded as aAssetsCash + InventoryLiabilitiesStockholders' EquityAccounts Payable + Common Stock +Retained EarningsRev.Exp. Div.decrease to Cash $700, a decrease to Inventory $14, and a decrease to Accounts Payable $686.decrease to Cash $686, a decrease to Inventory $14, and a decrease to Accounts Payable $700.decrease to Cash $686, an increase to Interest Expense $14, and a decrease to Accounts Payable $686.O decrease to Cash $800, and a decrease Accounts Payable $800.

The accounting transaction is identified for its nature as asset, expense, income, liability, or…

Blossom Company purchased goods on account with a cost of $800 on July 15, terms 2/10, net/30, on which a return of $100 granted on July 18. In the tabular analysis that follows, the payment of the account in full on July 24 is recorded as a Assets Liabilities Stockholders' Equity Retained Earnings Rev. Cash + Inventory Accounts Payable + Common Stock + - Exp. - Div. decrease to Cash $700, a decrease to Inventory $14, and a decrease to Accounts Payable $686. decrease to Cash $686, a decrease to Inventory $14, and a decrease to Accounts Payable $700. decrease to Cash $686, an increase to Interest Expense $14, and a decrease to Accounts Payable $686. O decrease to Cash $800, and a decrease Accounts Payable $800.

Blossom Company purchased goods on account with a cost of $800 on July 15, terms 2/10, net/30, on which a return of $100 granted on July 18. In the tabular analysis that follows, the payment of the account in full on July 24 is recorded as a Assets Liabilities Stockholders' Equity Retained Earnings Rev. Cash + Inventory Accounts Payable + Common Stock + - Exp. - Div. decrease to Cash $700, a decrease to Inventory $14, and a decrease to Accounts Payable $686. decrease to Cash $686, a decrease to Inventory $14, and a decrease to Accounts Payable $700. decrease to Cash $686, an increase to Interest Expense $14, and a decrease to Accounts Payable $686. O decrease to Cash $800, and a decrease Accounts Payable $800.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following Company A Balance Sheet for the next questions 8 and 9 ASSETS Cash Accounts Receivable, net Inventory Other Current Assets Property, Plant and Equipment, net Other Total Assets 1. 1. 2. 3. The Common Size entry for Inventory for Company A is: 54% 33% 18% S 16% $ LIABILITIES AND EQUITY Accounts Payable Accrued Expenses Current portion of LTD Other 1,400,000 1,600,000 1,800,000 500,000 5,300,000 20%Current Liabilities 3,700,000 Long Term Debt 1,000,000 Shareholder's Equity 10,000,000 100% Total Liabilities and Equity 1,200,000 1,500,000 300,000 400,000 3,400,000 2,800,000 3,800,000 $ 10,000,000
Lopez Sales Company had the following balances in its accounts on January 1, Year 2 Cash Merchandise Inventory Land Common Stock Retained Earnings $ 53,000 33,000 93,000 73,000 106,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $26,400 for $56,100. 2. Sold land that cost $37,200 for $69,800. Required: a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. a. Gross margin b. Gain on sale of land
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 121,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 LANSING COMPANY Selected Balance Sheet Accounts Current Year Prior Year $ 6,400 $ 7,400 2,780 1,940 5,200 6,200 1,040 380 340 380 780 240 440 260 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
The comparative temporary investments and inventory balances of a company follow. Current Year Previous Year Accounts payable $70,725 $61,500 Long-term debt 45,900 51,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Amount of Change Increase/Decrease Percentage Accounts payable $ % Long-term debt $ %
Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
Presented below are selected account balances for Skysong Co. as of December 31, 20X1. Inventory 12/31/X1 Common Stock Retained Earnings Dividends Sales Returns and Allowances $60,380 73,910 44,880 18,039 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $224,260 16,250 37,419 29,860 11,879 Sales Discounts 15,240 Sales Revenue 417,310 Prepare closing entries for Skysong Co. on December 31, 20X1.
Estefan’s accounts showed a gross profit for the year of £27,200. After the accounts were prepared it was found that the opening inventory/stock had been overstated by £1,200 while closing inventory/stock had been understated by £1,700. What is the amount of Estefan’s corrected gross profit for the year? Answers: a. £24,300 b. £26,700 c. £27,700 d. £30,100
Selected current year company information follows: Net income Net sales Total liabilities, beginning-year Total liabilities, end-of-year $ 16,553 718,855 89,932 109,201 Total stockholders' equity, beginning-year 204,935 Total stockholders' equity, end-of-year 130,851 What is the return on total assets? (Do not round intermediate calculations.).
Please do not give solution in image format thanku
Rakesh
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $70,910 $86,990 Accounts receivable (net) 108,960 117,270 Merchandise inventory 155,660 145,360 Prepaid expenses 6,340 4,400 Equipment 317,080 260,420 Accumulated depreciation-equipment (82,440) (63,870) Total assets $576,510 $550,570 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $121,070 $115,070 Mortgage note payable 0 165,170 Common stock, $1 par 19,000 12,000 Paid-in capital: Excess of issue price over par-common stock 260,000 155,000 Retained earnings 176,440 103,330 Total liabilities and stockholders’ equity $576,510 $550,570 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $187,160. Depreciation…
Fortune Corporation's comparative balance sheet showed noncash current assets and liabilities as follows: Dec. 31, Year 2 Dec. 31, Year 1 $7,639 $4,034 11,762 16,277 4,443 5,510 4,585 2,265 Accounts receivable Merchandise inventory Accounts payable Dividends payable Adjust Year 2 net income of $48,103 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.