Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income SA

Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income SA

Name: Blue Spruce Video Company, a sole proprietorship, had the following i
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Description: Blue Spruce Video Company, a sole proprietorship, had the following information for 2023:Cash balance, January 1$21,000Total assets, December 31$95,000Accounts receivable, January 117,000Cash balance, December 3118,000Collections from customers duri

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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This is the financial position of Hospital AMIH, Inc. regarding the repayment of its debts. These are the most relevant data of its financial statements: Total revenues $ 245,000 Total expenses $ 145,000 Depreciation $ 10,000 Changes in receivable accounts +$ 50,000 Changes in inventory ($ 20,000) Changes in accounts payable ($ 25,000) Total current liabilities $ 30,000 Total long-term debt $ 45,000 cash flow (total margin + depreciation expense) + interest expense/principal payment + interest expense Calculate the operating cash flow.
The following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) 53,000 41,000 Accounts receivable (net) 103,000 92,000 Inventory 239,000 164,000 Prepaid expenses 25,000 29,000 Land 132,000 132,000 Building and equipment (net) 263,000 188,000 Total assets $884,000 $715,000 Liabilities and Stockholders’ Equity Notes payable (current) $170,000 $101,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 205,000 205,000 Retained earnings 150,000 143,000 Total liabilities and stockholders’ equity $884,000 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…
Balance Sheet as of December 31, 2021 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2021 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends 552 Addition to retained earnings 2$ 828
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Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.
In 2018 Calvia Corporation had cash receipts of $35,000 and cash disbursments of $20,000. Calvia's ending cash balance at December 31,2018 was $65,000. What was Calvia's beginning cash balance?
The following is selected information from L corporation for the fiscal year ending October 21, 2022: Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on Nov. 1, 2021 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers O $224,000 $254,000 Based on the accrual basis of accounting, what is L corporation's net in some for the year ending October 31, 2022? $208,000 $300,000 440,000 170,000 $270,000 48,000 216,000 100,000
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