Jackson Services Company reported the following information for the current year: Service revenue: $380,000 Wages expense: $85,000 Insurance expense: $12,500 Supplies expense: $7,800 Utilities expense: $9,200 Depreciation expense: $15,500 Rent expense: $24,000 Dividends paid: $25,000 Beginning retained earnings: $45,000 What is the balance in the Income Summary account before it is closed for the period?

Jackson Services Company reported the following information for the current year: Service revenue: $380,000 Wages expense: $85,000 Insurance expense: $12,500 Supplies expense: $7,800 Utilities expense: $9,200 Depreciation expense: $15,500 Rent expense: $24,000 Dividends paid: $25,000 Beginning retained earnings: $45,000 What is the balance in the Income Summary account before it is closed for the period?

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 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Similar questions

The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
A company reports the following income statement and balance sheet information for the current year: Net income $132,370 Interest expense 11,510 Average total assets 2,180,000 Determine the return on total assets. Round the percentage to one decimal place.fill in the blank %
A company reports the following income statement and balance sheet information for the current year: Net income $638,800 Interest expense 112,730 Average total assets 5,330,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
The following data are taken from the financial statements of Coronado Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $465,000. (Round answers to 1 decimal place, e.g. 1.6.) Accounts receivable turnover eTextbook and Media Save for Later (a2) 2022 2021 $525,000 $500,000 4,100,000 3,184,500 Average collection period 2022 times 2022 days 2021 2021 times Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $465,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) Assistance Used Attempts: unlimited days Submit Answer
Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000
Please Help
Iacouva Company reported the following on the company’s income statement for two recent years: Please see the attachment for details: a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.b. What conclusions can you draw?
The income statement of Blue Spruce Corporation is presented here. BLUE SPRUCE CORPORATIONIncome StatementYear Ended November 30, 2018 Sales $7,700,000 Cost of goods sold 4,550,000 Gross profit 3,150,000 Salaries expense 861,000 Operating expenses 213,000 Depreciation expense 89,000 Income before income tax 1,987,000 Income tax expense 247,000 Net income $1,740,000 Additional information: 1. Accounts receivable increased $390,000 during the year, and inventory decreased $530,000. 2. Prepaid expenses, which relate to administrative expenses, increased $110,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $420,000 during the year. 4. Accrued salaries payable decreased $140,000 during the year. 5. Income tax payable increased $80,000 during the year. (a)Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2018, for Blue Spruce…
Berry Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $499,000 $598,800 Income before income tax expense 7,435,100 $9,101,760 a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. Is the number of times interest charges are earned improving or declining?
Loomis, Inc. reported the following on the company’s income statement in two recent years: Please see the image for details: a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.b. Is this ratio improving or declining?