hello tutor please help me C2D2 Inc. has the following balances in its general ledger at December 31, 2015.CashInterest PayableDividendsSales$10,000$8,800$10,000$140,000Wages Expense$75,000Common Stock$2,000Accounts Payable$8,000Retained Earnings$38,000Accumulated Depreciation $189,000Depreciation$5,000Fixed Assets$230,000Inventory$23,800Interest Expense$30,000Taxes Payable$15,000Utilities Expense$17,000Based on the above information, C2D2 Inc.'s net income for 2015 is?

Step 1: Definition of Net IncomeNet income is the amount remaining after all expenses, including…

Answered: C2D2 Inc. has the following balances in…

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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ABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…
The current sections of Martinez Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Martinez Corp.’s net income for 2022 was $241,300. Depreciation expense was $39,900. 2022 2021 Current assets    Cash $58,900 $ 84,550    Accounts receivable 80,750 65,550    Inventory 74,100 58,900    Prepaid expenses 16,150 18,050 Total current assets $229,900 $227,050 Current liabilities    Accrued expenses payable $ 5,700 $ 15,200    Accounts payable 83,600 68,400 Total current liabilities $89,300 $ 83,600
The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets    Cash $152,250 $ 143,550    Accounts receivable 116,000 129,050    Inventory 243,600 249,400    Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities    Accrued expenses payable $ 21,750 $ 7,250    Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The current sections of Monty Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Monty Corp.’s net income for 2022 was $244,800. Depreciation expense was $43,200. 2022 2021 Current assets    Cash $168,000 $ 158,400    Accounts receivable 128,000 142,400    Inventory 268,800 275,200    Prepaid expenses 43,200 35,200 Total current assets $608,000 $611,200 Current liabilities    Accrued expenses payable $ 24,000 $ 8,000    Accounts payable 136,000 147,200 Total current liabilities $160,000 $ 155,200 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
The current sections of Bramble Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Bramble’s net income for 2022 was $151,400. Depreciation expense was $27,200. 2022 2021 Current assets Cash $103,000 $97,100 Accounts receivable 80,000 90,800 Inventory 169,000 171,500 Prepaid expenses 26,000 22,000 Total current assets $378,000 $381,400 Current liabilities Accrued expenses payable $14,500 $9,100 Accounts payable 84,500 95,600 Total current liabilities $99,000 $104,700 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).
domestic
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
The current sections of Riverbed Corp’s balance sheets at December 31, 2021 and 2022, are presented here. Riverbed Corp’s net income for 2022 was $355,600. Depreciation expense was $58,800. 2022 2021 Current assets Cash $86,800 $ 124,600 Accounts receivable 119,000 96,600 Inventory 109,200 86,800 Prepaid expenses 23,800 26,600 Total current assets $338,800 $334,600 Current liabilities Accrued expenses payable $ 8,400 $ 22,400 Accounts payable 123,200 100,800 Total current liabilities $131,600 $ 123,200 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufa

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