Need help Inspirational Corp. is a motivational consulting business. At the end ofits accounting period, December 31, 2017, Inspirational has assets of$567,480 and liabilities of $179,320. Determine the net income (or loss)during 2018, assuming that as of December 31, 2018, assets were$715,020, liabilities were $116,330, and no additional capital stock wasissued or dividends paid.

To determine the net income or loss for Inspirational Corp. during 2018, we need to consider the…

Answered: Inspirational Corp. is a motivational…

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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Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Assume that at the end of 2017, Cullumber used $3,720 cash to pay off $3,720 of accounts payable. How would the current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amount Compute the debt to assets ratio and…
General Accounting
Anderson Corporation had a credit balance of $43,000 in its Retained Earnings account on December 31, 2018. Net income of $6,000 was reported on its income statement for the year ended December 31, 2019. Dividends in the amount of $5,625 were declared on December 31, 2018; the dividends are payable to the company's stockholders on February 1, 2019. The balance in its Retained Earnings account on December 31, 2019 equals
Need asap please and thank you. Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amount
Cerritos Company began operations on January 1, 201. During the first three years of operations, the entity reported following net income and dividends declared: Net income = 2016 - 1,500,000; 2017 - 2,500,000; 2018 - 3,000,000. Dividends declared = 2016 - 0; 2017 - 1,000,000; 2018 - 1,000,000. The entity provided the following information for 2019: Income before income tax = 5,000,000; Prior period error - understatement of 2018 depreciation before tax = 500,000; Cumulative decrease in income from change in inventory method before tax = 1,000,000; Dividend declared = 2,000,000; Income tax rate = 30%. What amount should be reported as retained earnings on December 31, 2019?
General Accounting
The 2017 balance sheet of Dream, Inc., showed current assets of $3300 and current liabilities of $1391. The 2018 balance sheet showed current assets of $3200 and current liabilities of $1467. What was the company’s 2018 change in net working capital, or NWC? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.)
Terps Company’s Balance Sheet on December 31, 2018 showed Total Assets of $110,500. The company’s Ratio of Liabilities to Stockholders’ Equity was 3.56. Determine the amount of the company’s liabilities on December 31, 2018?
Accounting equationInspirational Inc. is a motivational consulting business. At the end of itsaccounting period, October 31, 2017, Inspirational has assets of$5,250,000 and liabilities of $1,600,000. Using the accounting equationand considering each case independently, determine the followingamounts: . A. Stockholders' equity as of October 31, 2017.. B. Stockholders' equity as of October 31, 2018, assuming that assetsincreased by$800,000 and liabilities increased by $330,000 during2018.. C. Stockholders' equity as of October 31, 2018, assuming that assets decreased by $600,000 and liabilities increased by $140,000 during2018.. D. Stockholders' equity as of October 31, 2018, assuming that assetsincreased by $440,000 and liabilities decreased by $90,000 during2018, . E. Net income (or net loss) during 2018, assuming that as ofOctober 31, 2018, assets were $6, 140,000, liabilities were$1,950,000, and no additional common stock was issued ordividends paid.
Ravens Company’s Balance Sheet on December 31, 2018 showed Total Assets of $110,500. The company’s Ratio of Liabilities to Stockholders’ Equity was 0.70. Determine the amount of the company’s liabilities on December 31, 2018.
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