LA MORE COMPANY HAD THE FOLLOWING TRANSACTIONS IN 2016: -SALES OF $9,000 ON THE ACCOUNT. -COLLECTED $4,000 FOR SERVICES TO BE PERFORMED IN 2017. -PAID $3,750 CASH IN SALARIES FOR 2016. -PURCHASED AIRLINE TICKETS FOR $500 IN DECEMBER FOR A TRIP TO TAKE PLACE IN 2017. WHAT IS LA MORE'S 2016 NET INCOME USING ACCRUAL ACCOUNTING?
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- F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:Mr. Husker’s Tuxedos Corp. ended the year 2015 with an average collection period of 32 days. The firm’s total sales for 2015 were $56.1 million. What is the year-end 2015 balance in accounts receivable for Mr. Husker’s Tuxedos?Kelly Company had cash receipts from customers in 2017 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, accounts receivable was $13,000, and prepaid expenses were $17,500. At December 31, accounts receivable was $18,600, and prepaid expenses were $23,200. Compute (a) service revenue and (b) operating expenses.
- Suppose Columbia Sportswear Company had accounts receivable of $325,306,000 at January 1, 2017, and $230,210,700 at December 31, 2017. Assume sales revenue was $1,275,410,500 for the year 2017. What is the amount of cash receipts from customers in 2017? The amount of cash receipts from customers in 2017 $During 2021, Blossom Inc. has the following account balances in Income Statement: Sales 1,630,245 Cost of Sales 646,788 Selling Expense 235,500 Administrative Expense 114,766 Other Expense 57,146 Income Tax Expense 200,400 Other Revenue 65,800 What will be the Net income?During 2017, Cullumber Company entered into the following transactions. 1. Purchased equipment for $277,720 cash. 2. Issued common stock to investors for $135,480 cash. 3. Purchased inventory of $66,390 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary.
- The following information is taken Aiello Corporation's fiscal 2016 annual report. Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087 Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year? a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301The following items and amounts were taken from Blossom Company's 2017 income statement and balance sheet. $ 88,000 Cash Retained earnings 122,500 Cost of goods sold 436,300 Salaries and wages expense 117,000 Prepaid insurance 8,100 Inventory 64,300 Accounts receivable 90,500 Sales revenue 581,700 Notes payable 6,300 Accounts payable 55,500 Service revenue 5,500 Interest expense 1,830 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.The following data come from the financial records of Zachary Corporation for 2018: Sales $ 845,000 Interest expense 5,100 Income tax expense 26,000 Net income 28,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.)
- On December 31, 2011, Wesam Company had a $60,275 balance in Accounts Receivable. During the year 2012, the company collected $104,050 from its credit customers. The December 31, 2012, balance of Accounts Receivable was $86,325. Determine the amount of Wesam Company's sales on account for 2012.The formula for determining the rate earned on total assets is Net Income + Interest Expense/Average Total Assets. Assume that the Interest Expense for Shine, Inc. for the Year Ended December 31, 2011, is $25,000. Assume further that Income before Income Taxes is $395,000, Income Taxes is $150,000 and Net Income is $245,000. If the Average Total Assets for Shine, Inc. for the Year Ended December 31, 2011 is $909,000, what is the rate earned on total assets?The formula for determining the rate earned on total assets is Net Income + Interest Expense/Average Total Assets. Assume that the Interest Expense for Shine, Inc. for the Year Ended December 31, 2011, is $25,000. Assume further that Income before Income Taxes is $395,000, Income Taxes is $150,000 and Net Income is $245,000. If the Average Total Assets for Shine, Inc. for the Year Ended December 31, 2011 is $909,000, what is the rate earned on total assets? Group of answer choices 2.9% 3.4 26.9% 29.7%