EXERCISES E4-1 (LO2) (Computation of Net Income) Presented below áre changes in alt the account balances of Fritz Mayhew Fumit Co.during the current yeat, except for retained eamings. Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $ 79,000 45,000 127,000 (47,000) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par- Cornmon Stock Increase (Decresse $61.000 82,000 125,000 13,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year. 4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017 the end of its finst year of operations. $310,000 140,000 50,000 30,000 10,000 6,000 12,000 5,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Dividends declared and paid Instructions mpule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eamings bal ance at December 31, 2017. (Ignore income tax effects.)
EXERCISES E4-1 (LO2) (Computation of Net Income) Presented below áre changes in alt the account balances of Fritz Mayhew Fumit Co.during the current yeat, except for retained eamings. Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $ 79,000 45,000 127,000 (47,000) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par- Cornmon Stock Increase (Decresse $61.000 82,000 125,000 13,000 Instructions Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year. 4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017 the end of its finst year of operations. $310,000 140,000 50,000 30,000 10,000 6,000 12,000 5,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Dividends declared and paid Instructions mpule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eamings bal ance at December 31, 2017. (Ignore income tax effects.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i need the solution for this exercises. step by step
Transcribed Image Text:and payment using the gross method.
(b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return,
and payment using the gross method.
(c) At what amount would the purchase on February 1 be recorded if the net method were used?
E8-9 (LO3) EXCEL (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is infor
mation for January for Fong Sai-Yuk Company.
Inventory
Sale
100 units at $5 each
80 units at $8 each
150 units at $6 each
Jan. 1
11
Purchase
13
Sale
120 units at $8.75 each
160 units at $7 each
100 units at $9 each
20
Purchase
27
Sale
Bong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.
87°F
ENG
Transcribed Image Text:EXERCISES
E4-1 (LO2) (Computation of Net Income) Presented below are changes in all the account balances of Fritz Mayhew Fumito
Co. during ihe current year, except for retained eamings
Cash
Accounts Recelvable (net
Invent
Increase
(Decrease)
$ 79,000
45,000
127 000
(47,000)
Accounts Payable
Bonds Payable
Common Stock
Paid-In Capital in Excess of Par Common Stock
Increase
(Decrease
$(51,000)
82000
125,000
13,000
Instructions
Compute the net income for the current year, assuming that there were no entries in the Retained Earmings account exKcept f
net income and a dividend declaration of $19,000 which was paid in the current year.
4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017
the end of its first year of operations.
$310,000
140,000
50,000
30,000
10,000
6,000
12,000
5,000
Sales revenue
Cost of goods sold
Selling and administrative expenses
Gain on sale of plant assets
Unnealized gain on available-for-sale investments
Interest expense
Loss on discontinued operations
Dividends declared and paid
Instructions
ampule the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained eanings
ance at December 31, 2017. (Ignore income tax effects.)
E4-3 ILO2.41 (Income Statement Items) Presented below are certain account balances of Paczki Products Co.
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