LOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2017 and 201820182017$20,600 $16,200800Gross sales100Sales returns and allowances$19,800 $16,10011,600$ 8,200 $ 7,500Net sales8,600Cost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearch$3,400860 $6802,800710580Miscellaneous520380$ 5,490 $ 4,440$ 2,710 $ 3,060Total operating expensesIncome before interest and taxesInterest expense720580$ 1,990 $ 2,480796Income before taxesProvision for taxes992Net income$ 1,194 $ 1,488LOGIC COMPANYComparative Balance SheetDecember 31, 2017 and 201820182017AssetsCurrent assets:Cash$12,800 $ 9,80013,30014,80010.800Accounts receivable17,3009,300Merchandise inventoryPrepaid expenses24.800Prou 20182017AssetsCurrent assets:$12,800 $ 9,80017,3009,300CashAccounts receivableMerchandise inventoryPrepaid expenses13,30014,80010,80024,800$64,200 $48,700Total current assetsPlant and equipment:Building (net)$15,300 $11,80014,3009,800LandTotal plant and equipment$29,600 $21,600Total assets$93,800 $70,300LiabilitiesCurrent liabilities:Accounts payableSalaries payableTotal current liabilities$13,800 $ 7,8007,800$21,600 $13,6005,800Long-term liabilities:Mortgage note payableTotal liabilities22,700$44,300 $35,00021,400Stockholders' Equity$21,800 $21,80027,700$49,500 $35,300$93,800 $70,300Common stockRetained earnings13,500Total stockholders' equityTotal liabilities and stockholders' equityCalculate the acid test ratio. (Round your answers to the nearest hundredth.)20182017Acid test ratio

The acid-test ratio is calculated by dividing the liquid assets of the company by its current…

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $20,600 $16,200 100 Gross sales 800 Sales returns and allowances Net sales $19,800 $16,100 11,600 8,600 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $ 8,200 $ 7,500 860 $ 3,400 680 2,800 580 710 Miscellaneous 520 380 Total operating expenses Income before interest and taxes $ 5,490 $ 4,440 $ 2,710 $ 3,060 720 580 Interest expense Income before taxes $ 1,990 $ 2,480 Provision for taxes 796 992 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $12,800 $ 9,800 17,300 9,300 Accounts receivable 13,300 14,800 Merchandise inventory Prepaid expenses 24.800 10.800

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $20,600 $16,200 100 Gross sales 800 Sales returns and allowances Net sales $19,800 $16,100 11,600 8,600 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $ 8,200 $ 7,500 860 $ 3,400 680 2,800 580 710 Miscellaneous 520 380 Total operating expenses Income before interest and taxes $ 5,490 $ 4,440 $ 2,710 $ 3,060 720 580 Interest expense Income before taxes $ 1,990 $ 2,480 Provision for taxes 796 992 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $12,800 $ 9,800 17,300 9,300 Accounts receivable 13,300 14,800 Merchandise inventory Prepaid expenses 24.800 10.800

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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solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 20,400 $ 16,050 Sales returns and allowances 900 100 Net sales $ 19,500 $ 15,950 Cost of merchandise (goods) sold 11,650 8,650 Gross profit $ 7,850 $ 7,300 Operating expenses: Depreciation $ 840 $ 670 Selling and administrative 3,250 2,700 Research 690 570 Miscellaneous 500 370 Total operating expenses $ 5,280 $ 4,310 Income before interest and taxes $ 2,570 $ 2,990 Interest expense 700 570 Income before taxes $ 1,870 $ 2,420 Provision for taxes 748 968 Net income $ 1,122 $ 1,452 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 12,700 $…
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a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is the total cost of goods sold
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Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Hulkster's 2021 average collection period is: Multiple Choice O 109 days. O 128 days. 2021 $ 40,000 $ 28,000 O 73 days. 190,000 114,000 425,000 240,000 32,500 2020 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000
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