During 2021, Burlington Company incurred operating expenses amounting to $600,000, of which $550,000 was paid in cash; the balance will be paid in January 2022. On the 2021 income statement of the company, what amount should be reported for operating expenses? Group of answer choices $0. $550,000. $560,000. $1,150,000 None of the above is correct

During 2021, Burlington Company incurred operating expenses amounting to $600,000, of which $550,000 was paid in cash; the balance will be paid in January 2022. On the 2021 income statement of the company, what amount should be reported for operating expenses? Group of answer choices $0. $550,000. $560,000. $1,150,000 None of the above is correct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following accurately describes Tesla's financial results for the third quarter of 2020 as shown below? Tesla Form 10-Q, September 30, 2020 (figures in millions) $10,396 (as of 12/31/19) $11,848 (as of 9/30/20) Change in net PP&E a. A disclosure note indicating plans to discontinue operations in Berlin, Texas, and Shanghai. O b. An increase in net property, plant, and equipment (PP&E) reported on the balance sheet. Oc. A decrease in the net cash used in investing activities as reported on the statement of cash flows. Od. A decrease in revenues for Q3 2020 compared with Q3 2019 as reported on the income statement.
Wallace Driving School's 2020 balance sheet showed net fixed assets of $3.8 million, and the 2021 balance sheet showed net fixed assets of $4.1 million. The company's 2021 income statement showed a depreciation expense of $415,000. What was net capital spending for 2021? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Net capital spending
Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…
Subject;
Based on your observation by using financial statement analysis, is Bruce Company's overall operation in year 2021 better than year 2020? Explain your answer
Rotweiler Obedience School's December 31, 2018, balance sheet showed net fixed assets of $1,730,000, and the December 31, 2019, balance sheet showed net fixed assets of $2,050,000. The company's 2019 income statement showed a depreciation expense of $322,000. What was the company's net capital spending for 2019?
Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should Wynn Company report as revenue for 2020?
Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?
Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…
GALLAGHER CORPORATION Income Statement For the Year Ending December 31, 2021 Sales revenue 950,000 Less: Cost of Goods Sold 600,000 Gross Profit 350,000 Less Operating Expenses 250,000 100,000 Income from Operations Other revenues and expenses 15,000 (3,000) Gain on sale of investments Loss on sale of equipment 12,000 Income before taxes 112,000 Income taxes 45,000 Net Income $ 67,000 Additional Information 1. Equipment costing $10,000 was sold and was 60% depreciated. New equipment was also purchased during the year 2. Cash dividends were declared and paid. 3. Common stock was exchanged for Land. 4. Debt investments costing $35,000 were sold during the year. New debt investment were purchased during the year for $5,000. 5. Accounts receivable are shown net of the allowance for doubtful accounts, because there were no account write-offs during the year. 6. Operating expenses include: Depreciation Expense, $21,000, Amortization Expense, and Interest Expense, $3,300 Instructions: 1.…
Please introduction and correct and incorrect option explain!