Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Depreciation expense 60,000 Dividend revenue 12,000 Utilities expense 24,000
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- An excerpt from Ivanhoe Company's accounting records is provided below. Sales revenue $627,000 Cost of goods sold 346,500 Wages expense 123,750 Depreciation expense 15,675 Rent expense 50,325 Interest expense 4,950 Income tax expense 14,850 Retained earnings 36,300 Dividends declared 16,500 Wages payable 12,375 Cash 41,250 Accounts receivable 61,875 Accounts payable 82,500 M σε Ac Q Ac Q Ac Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Q Ac A C M NNet sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company? a.$3,100 b.$36,200 c.$(3,100) d.$13,600 e.$(1,600)Income statements for Burch Company for Year 3 and Year 4 follow: BURCH COMPANY Income Statements Year 4 Year 3 $200,000 124,000 20,000 18,000 $240,000 180,000 Sales Cost of goods sold Selling expenses Administrative expenses 26,000 12,000 7,500 $225,500 14,500 1,200 $ 13,300 8,000 $170,000 30,000 3,000 $ 27,000 Interest expense Total expenses Income before taxes Income taxes expense Net income Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. Complete this question by entering your answers in the tabs below. Required A Required 8 Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place, (i.e., 0.234 should be entered as 23.4).) BURCH…
- Brendon company is engaging in the buying and selling of merchandise. Based on its data the following were recovered: Cash – 50,000, Accounts Receivable – 100,000, Inventories – 70,000, Property plant and Equipment – 60,000, Accounts payable – 50,000, Note payable – 40,000, Prepaid expenses of 45,000. How much is the equity balance of the business?Kk 307.The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
- Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 1.0 Ob. 1.1 Ос. 17 Od. 2.9 MacBook AirPresented below is the income statement of Coming Company: Sales Cost of goods sold Gross profit Operating expenses Income before income taxes $305,000 180,000 $125,000 68,000 57,000 21,400 $35,600 Income taxes Net income In addition, the following information related to net changes in working capital is presented: Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income tax payable Debit $9,600 10,000 $15,620 6,400 9,500 2,400 Credit The company also indicates that depreciation expense for the year was $12,360 and that the deferred tax liability account increased $3,080. Required: (a) Compute the net cash flow from operating activities that would be shown on a statement of cash flows using the indirect method. (b) Compute the net cash flow from operating activities that would be shown on a statement of cash flows using the direct method. P47 PPT (c) State the major difference between the two methods in handling statement of cash flows.Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.1.7 b.1.0 c.1.1 d.2.9
- The following information pertains to Guy's Gear Company: Sales $77,000 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense $48,500 5,700 11,700 65,900 $11,100 Net Income $ 3,700 7,700 Accounts Receivable Decrease Inventory Increase Salaries and Wages Payable Increase 720Presented below is the income statement of Debra, Inc.: Sales revenue $380,000 Cost of goods sold 222,000 Gross profit $158,000 Operating expenses 94,100 Income before income taxes 63,900 Income taxes 22,900 Net income $ 41,000 In addition, the following information related to net changes in working capital is presented: Debit Credit Cash $11,800 Accounts receivable 24,300 Inventories $19,700 Salaries payable (operating expenses) 8,400 Accounts payable 14,100 Income taxes payable 3,100 The company also indicates that depreciation expense for the year was $16,700 and that the deferred tax liability account increased $2,900. Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows: (a) using the indirect method. (b) using the direct method.