D) Using the fundamental accounting equation (A = L + E), calculate the unknown item in each of the following questions. a. If Assets are $300,000 and Liabilities are $200,000 how much is the Owner's Equity? Answer: Owners equity = b. If Sales are $100000, COGS $30000, Operating Expenses $15000 what is the Income from Operations? Answer: Income from Operations = c. If Beginning Inventory are $10000, New Purchased Inventory $5000, Ending Inventory $2000 what is the Cost of Goods Sold? Answer: Cost of Goods Sold =

D) Using the fundamental accounting equation (A = L + E), calculate the unknown item in each of the following questions. a. If Assets are $300,000 and Liabilities are $200,000 how much is the Owner's Equity? Answer: Owners equity = b. If Sales are $100000, COGS $30000, Operating Expenses $15000 what is the Income from Operations? Answer: Income from Operations = c. If Beginning Inventory are $10000, New Purchased Inventory $5000, Ending Inventory $2000 what is the Cost of Goods Sold? Answer: Cost of Goods Sold =

Name: D) Using the fundamental accountingequation (A = L + E), calculate th
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Description: D) Using the fundamental accountingequation (A = L + E), calculate the unknownitem in each of the following questions.a. If Assets are $300,000 and Liabilities are$200,000 how much is the Owner's Equity?Answer: Owners equity =b. If Sales are $100000

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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You are given the following data in relation to two items held in inventory. Item A Item B Purchase price Select one: O a. 230 b. 240 O c. 170 d. 196 e. 206 160 40 200 Costs incurred to date 20 10 30 Estimated selling price 170 80 250 Selling costs 24 20 44 What is the aggregate amount at which inventories of these items should be stated in the statement of financial position?
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Het sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets 2021 What is the equity multiplier for 20227 $11,100 8,050 430 $ 2,620 104 $2,516 881 $ 1,635 Windswept, 2921 and 2022 Balance Sheets. (in millions) 2022 $300 1,150 1,050 2,060 1,775 $ 3,510 $3,155 3,520 4,120 $7,030 $7,275 $ 330 porated Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2021 $1,870 1,090 3,400 670 2022 $1,932 1,373 3,050 920 $7,030 $7,275.
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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $90 2. Second purchase (cash) 205 units @ $98 3. Sales (all cash) 350 units @ $197 4. Paid $13,950 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes $16, 800 17,600 (200 units @ $88) 15, 700 18,700 Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Req A Req B1 Cost of goods sold Ending inventory Req…
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Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and Year 3. Complete this question by entering your answers in the tabs below. Analysis Bal Sheet Analysis Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) ALLENDALE COMPANY Vertical Analysis of Income Statements Year 4 Year 3 Amount % Total Amount % Total Revenues Sales (net) $ 230,000 100.00 % $ 210,000 100.00 % Other revenues 8,000 5,000 Total revenues 238,000 215,000 Expenses Cost of goods sold 120,000 103,000 Selling, general, and administrative expense 55,000 50,000 Interest expense 8,000 7,200 Income tax expense 23,000 22,000 Total expenses 206,000 182,200 Net income $ 32,000 % $ 32,800 %
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Cricket Training Company has a current ratio of 0.80 to 1, based on current assets of $6.64 million and current liabilities of $8.30 million. 1. How, if at all, will a $880,000 cash purchase of inventory affect the current ratio? 2. How, if at all, will a $880,000 purchase of inventory on account affect the current ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How, if at all, will a $880,000 cash purchase of inventory affect the current ratio? The current ratio will Required 1 Next > ********* Check my • Coom