Debit Credit $ 44,000 28,000 Cash Accounts receivable Equipment 376,000 Accumulated depreciation $ 72,000 Notes payable 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense Salaries expense 44,000 116,000

Debit Credit $ 44,000 28,000 Cash Accounts receivable Equipment 376,000 Accumulated depreciation $ 72,000 Notes payable 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense Salaries expense 44,000 116,000

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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Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Balance sheet?
None
Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
Compute the net substantial replacement value: a. P4,200 b. P3,600 c. P3,000 d. P5,400
For Qb direct method
WHAT IS TOTAL CURRENT ASSETS?
How can calculate the ROCE RATIO?
Information shown to (1)Preare a statment of AW Use the Financial statement and addition) Information shown to Cash Flows For the Year ended Using the (1) Prefare a statment of June 30,200%, indirct.methed PASSAT INC. MCome Statement For Year Ended June 3,2002 $67800 (411000) 267000 selas Cost of Joods sold Gross profit oPelabing &XPense Depreciabion exPense other ex Pense Tobal operabing expense other Jattesains Closses) Gain on Sale of equipment 58600 67000 (125600) 200 Income before taes $143400 (43890) Income taXes Net income $99510
A. P4,000,000 B. P4,500,000 C. P4,800,000 D. P5,300,000 E. answer not given