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- Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,500 at December 31, 2021. Ludwig reported rent expense of $19,000 on the 2021 income statement. What amount would be reported in the statement of cash flows as rent paid using the direct method? Multiple Choice $19,000. $14,500. $23,500. < Prev 3 of 10 www Check m Next sDetermining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: نه ن ن ن ن a. b. C. C. d. e. a. $ b. $ 00000 d. $ Merchandise e. S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 - 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400
- stion 5 USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE DECIMAL accounts payable 15 merchandise inventory 30 +-- 22 --- 51 accounts receivable medical supplies 9 long term notes payable nursing revenue : 50 -- - 6. + - - 4 4 accumulated depreciation -blg 4 prepaid rent expense amortization expense property taxes payable building 60 pension obligation : 27 8' transportation expense 9 bonds payable 115 unearned nursing income 24 cash 1. Zorro, capital 39 depreciation expense : 18 7. Zorro, withdrawals marketable securities A Moving to the next question prevents changes to this answer. MacBook Air 3.Income from Business Rs. 4,500,000 Profit on Saving Certificate Rs. 650,000 Calculate i) Taxable Income ii) Tax Liability iii) Tax Credit on CertificateShow the solution in good accounting form. Thank you! 1. How much should be shown in FIVE's 2021 income statement as gross rental income? a. ₱ 60,000 b. ₱ - 0 - c. ₱ 6,000 d. ₱ 30,000
- Question 13 Using the following balance sheet items and amounts, calculate the total liquid assets. • Money market account $4056 • Retirement account $17200 • Medical bills $120 • Checking account $8308 • Credit card balance $670 Your Answer: AnswerFor each independent situation below, calculate the missing values for owner's equity. Beginning Ending Balance Investments Distributions Balance $0 $22,750 $14,000 $ $17,600 $7,600 $69,000 $75,000 $160,000 $142,000 $0 $172,000 $156,300 $87,000 $65,000 $43,000< Pk 10:53 The following information relates to Oriole Co. for the year 2022. Owner's capital, January 1, 2022 Owner's drawings during 2022 Service revenue Salaries and wages expense 28 W Untitled document.docx 1 of 2 • Page 1 Ơ $53.827 6,728 71,321 33,081 After analyzing the data, prepare an income statement for the year ending December 31, 2022. Advertising expense Rent expense Utilities expense $2.019 11,663 3,476 ORIOLE CO. Income Statement For the Year Ended December 31, 2022 $ [7 S : Share
- Please don't provide answer in image format thank you Use these account balances to prepare the financial statements for Freddy's Fudge and Food Gifts. Each financial statement should be shown on the following three sheets of paper. The headings, subtotals, totals and formatting should be proper according to GAAP. Freddy's Fudge and Food Gifts Account Balances December 31, 2021 Account Amounts Accounts payable 31,520 Accounts receivable 77,770 Accrued payroll taxes 2,450 Accumulated depreciation 33,800 Additional Paid In Capital - Common Stock 6,000 Advertising expense 9,800 Allowance for Doubtful Accounts 7,200 Bonds payable 100,000 Buildings 98,600 Cash 15,425 Common stock 50,000 Cost of Goods Sold 948,332 Current portion of long-term debt 5,000 Depreciation expense 12,800 Discount on bonds 6,800 Dividends 20,000 Employee benefits 26,480 Equipment 45,500 Income tax expense 12,690 Insurance expense 5,600 Interest and dividend income 1,800 Interest expense (2,600) Inventory…45. South Company reported that all insurance premiums paid are debited to prepaid insurance. The entity provided the following information for the current year: Prepaid Insurance on January 1 Charge to insurance expense Prepaid insurance on December 31 What was the amount of insurance premium paid in the current year? a. 340,000 b. 420,000 100,000 440,000 120,000 c. 440,000 d. 460,000(in millions) Net Income Total Assets Total Liabilities Total RevenuesExpedia $ 723 $ 15,504 $ 10,574 $ 6,672Priceline 2,551 17,421 8,625 9,224How would I figure out the net profit margin for these