not use ai please don't esPresented below is income statement information of the Schefter Corporation for the year ended December 31, 2024.Sales revenueSalaries expenseInterest revenueAdvertising expenseGain on sale of investmentsCost of goods soldInsurance expenseInterest expenseIncome tax expenseDepreciation expense$ 408,00052,5004,2008,2505,300224,4008,4502,60021,50011,000Required:Prepare the necessary closing entries on December 31, 2024.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet<12Record the entry to close the revenue accounts.Note: Enter debits before credits.DateDecember 31,2024General JournalDebitCredit>

The journal entry to record the closing entries of revenue and expenses as follows:Resultant values:

Answered: es Presented below is income statement…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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Comparitive balance sheet of Hillard Co. as of Dec 31, 2020 and 2021 is as under: Assets 2020 2021 Liabilities Cash Accounts Receivable Inventory Fixed Assets Investments Sales Cost of Goods Sold Gross profit 16,425 12,300 Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit 16,100 163,000 13,500 221,325 28,025 10,600 Income statement for the year 2021 is as under: 18,400 206,300 9,200 272,525 829,400 614,450 214,950 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
please answer
The comparative statements of Wildhorse Company are presented here.
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Sin Comparative Income Statements For Years Ended December 31 2021 $ 420,027 252,856 167,171 59,644 37,802 97,446 69,725 12,969 $ 56,756 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net. Total assets Liabilities and Equity Current liabaties Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 321,775 202,718 KORBIN COMPANY Comparative Balance Sheets December 31 2021 119,057 44,405 28,316 72,721 46,336 9,499 $ 36,837 $ 55,286 0 102,674 $ 157,960 2020 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as answers to 2 decimal places.) 111.77 % 0.00 $ 37,003 700…
Use the information provided below to prepare the pro forma statement of comprehensive income for the year ended 31 December 2023. (Note the statement must reflect the gross profit,operating profit, profit before tax and profit after tax
KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Common stock Other paid-in capital Retained earnings 2021 2020 2019 $ 483,981 $ 370,769 $257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 33,964 43,558 32,628 21,356 112,283 83,794 55,320 80,341 37,308 14,943 7,574 $ 65,398 $ 41,856 $ 29,734 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses December 31 2021 Total expenses Income before taxes Income tax expense Net income $ 57,843 0 14.19 52,649 10,793 $ 20,253 $ 19 708 66,000 48,000 8,250 8,250 5,333 39,574 65,490 41,423 Total liabilities and equity $ 163,630 $ 135,926 $ 112,615 % $ 38,714 900 105,787 96,312 $ 163,630…
Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, eg 13.5% or 13.5.) 2023 Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover Days to sell inventory Debt to equity Return on assets 2022 Return on equity % 2022 % % 2022 :1 :1 times days times days 56 2023 % % % 2023 times days times days 2024 Based on the above information, analyze the company's use of leverage from 2022 to 2024. (Round answers to 1 decimal place, eg 15.1%) % 2024 % % % 2024
The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.)
The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…

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