em #6 of 18Cerise Company bought equipment on account for $30,000. This transaction results in:a. an increase of $30,000 in assets and liabilities.O b. an increase of $30,000 in assets and a decrease of $30,000 in liabilities.O c. a decrease of $30,000 in assets and liabilities.O d. a decrease of $30,000 in assets and an increase of $30,000 in liabilities.You must finish your in-pr

b. an increase of $30,000 in assets and a decrease of $30,000 in liabilities.Explanation:Cerise…

Answered: em #6 of 18 Cerise Company bought…

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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I. Operating ActivitiesNet income $ 50,000II. Long-Term Investing ActivitiesAdditions to property, plant, and equipment $ (250,000)III. Financing ActivitiesNet cash provided by financing activities $ 170,000IV. SummaryNet decrease in cash (30,000)Cash and equivalents at beginning of the year 55,000Cash and equivalents at the end of the year $ 25,000If accruals increased by $25,000, receivables and inventories increased by $100,000, and depreciation and amortization totaled $10,000, what was the firm’s net income?
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
answer the following
Subject : Accounting
7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost A $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $35,000 $50,000 $65,000 $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $65,000 $35,000 $50,000 $50,000
The following information is available for Felix Company: Net income $300 Decrease in plant and equip. $40 Depreciation expense $20 Increase in deferred tax asset $5 Gain on sale of assets $35 Decrease in long-term debt $50 Increase in inventories Decrease in accounts payable $15 $25 What is cash flow from operating activities for Felix Company? Select one O A. $240 O B. $70 O C. $320 O D. $250
I want to correct answer no use ai
B11. Exercise 8-28 (Algorithmic) (LO. 8) Jebali Company reports gross income of $560,000 and other property-related expenses of $364,000 and uses a depletion rate of 21%. Calculate Jebali's depletion allowance for the current year.
Particulars Amount$ Assets Non-Current Assets(Fixed Assets): Property, Plant, and Equipment 550,000 Total Non-Current Assets 550,000 Current Assets: Accounts Receivable 140,000 Notes Receivable 100,000 Inventory 450,000 Supplies and other prepayments 100,000 Cash 1,000,000 Total Current Assets 1,790,000 Total Assets 2,340,000 Liabilities Non-Current Liabilities: Long term debt 300,000 Total Non-Current Liabilities 300,000 Current Liabilities: Accounts Payable 100,000 Notes Payable 100,000 Total Current Liabilities 200,000 Total Liabilities 500,000 Owner's Equity Capital 1,840,000 Total Owner's Equity 1,840,000 Total Liabilities and Owner's Equity 2,340,000 c. How much is the total current liability of the entity? d. How much is the total non current liability of the entity? e. How much is the total asset of the entity?
ADDITIONAL INFORMATION During the year A company sold equipment with an original cost of 153000$ and accumulated depreciation of 119000$ and purchased new equipment for 272000.
A4

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