During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.
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During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.
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- On January 1, 2017. Agronomist Inc. had a balance of $340,000 in the long-term investments account. During 2017, Agronomist Inc. sold long-term investments for $115,000 cash, resulting in a $13,000 gain. On December 31, 2013, the long-term investments account showed a balance of $380,000. The long-term investments purchased during 2013 totalled: a) $75,000 b) $155,000 c) $142,000 d) $265,000Swifty Incorporated had average total assets in 2025 of $6343000. It reported sales for of $8209000 that year. Average liabilities for the year were $5187000. Net income for the year was $964136. What is Swifty' return on assets for 2025? O 15.20% 18.59% O 11.74% 6.60%Coronado Incorporated had average total assets in 2025 of $6345000. It reported sales for of $8217000 that year. Average liabilities for the year were $5199000. Net income for the year was $958095. What is Coronado' return on assets for 2025? O 15.10 % O 18.43% O 6.52% O 11.66%
- The amount of gross profit to appear on the income statement for the period ended 2019 is: a. (330,000) b. (441,000) c. (2,920,000) d. (100,000) Please refer to the picture below to answer the question.The balance sheets of Pinewood Resorts reported net fixed assets of $740,000 and $940,000 at the end of 2017and 2018, respectively. The fixed-asset turnover ratio for 2018 was 3.25. Calculate Pinewood’s net sales for2018.Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?
- The balance sheet of Huan Corporation reported net fixed assets of $332,000 at the end of 2018. The fixed- asset turnover ratio for 2018 was 4.0, and sales for the year totaled $1,540,000. Net fixed assets at the end of 2017 were: A. $491,000. B. $385,000. C. $438,000 D. $408,000In January 2010 the Status Quo Company was formed. Total assets were $500,000, of which $300,000 consisted of capital assets. Status Quo uses straight-line amortization, and in 2010 it estimated its capital assets to have useful lives of 10 years. Aftertax income has been $26,000 per year each of the last 10 years. Other assets have not changed since 2010. a. Compute ROA at year-end for 2010, 2012, 2015, 2017, and 2019. (Round the final answers to 2 decimal places.) 2010 2012 2015 2017 2019 Return on assets % % de de % % % b. This part of the question is not part of your Connect assignment. c. This part of the question is not part of your Connect assignment.Paolo Corp generated the following income/(loss) since it's inception in 2017: YearIncome/(loss) 2017 (5,000) 2018 7,000 2019 14,000 2020 (20,000) If Paolo generates $4,000 of income in 2021, what is the NOL carryforward to 2022? a.$3,200 b.$20,000 c.$800 d.$0 e.$4,000
- On September 1, 2015, Johnas, Inc. acquired a patent for $600,000. The patent has 16 years remaining in its legal life. However, Johnas, Inc. expects the patent's technology to have a useful life of 8 years. Prepare the journal entries to record the acquisition of the patent and the amortization expense for 2015. Date Account Debit CreditIf Net Working Capital Current Assets - Current Liabilities, what is Kelley Corp's net working capital for the year ending December 31, 2023, given the following account balances? Accounts Receivable: $40 Equipment: $20 Accumulated Depreciation: $10 Patent: $50 Inventory: $15 Accounts payable: $30 Goodwill: $65 Long-term note payable: $70 =Given the data in the following table, the company spent $_____ on new Fixed Assets in 2023. • NOTE: The table below applies to questions 5 to 11 (it is included on each of these questions). The balance sheet accounts listed below are the only items on the company's balance sheet for each year and the income statement accounts are the only items on the company's income statement for each year. Item Accounts payable Accounts receivable Accruals Cash Common Stock COGS Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2022 570 530 1,020 320 2,020 4,020 220 190 3,020 1,520 2,720 770 320 ??? 5,020 140 2023 370 ??? 1.120 570 2,270 4,260 370 210 3,270 1,670 2,520 600 450 820 6,020 160
