Pratik Corp. reported a net income of $4,500, and retained earnings at the end of the year were $42,500. However, after year-end adjustments, the bookkeeper found that revenues increased by $1,800 and expenses decreased by $1,200. What is the net income after adjustment?
Q: As Fixed or variable
A: Step 1: Requirements of the questionIn this question, we are required to determine whether the given…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Manufacturing OverheadManufacturing overhead consists of all indirect costs…
Q: SUBJECT FINANCIAL ACCOUNTING
A: Explanation of Operating Return on Assets (OROA):Operating Return on Assets (OROA) measures how…
Q: answer plz me
A: Step 1: Definition of Materials Purchase Price VarianceMaterials Purchase Price Variance measures…
Q: What is the cost of trevino appreal company's direct labor?
A: Step 1:Total Direct Labor Cost is equal to the multiplication of the Number of direct labor hours…
Q: Provide correct answer general Accounting
A: Step 1: Define Net Pay and Spendable IncomeNet Pay is the amount of money an employee receives after…
Q: Accounting question
A: Step 1: Define High-Low MethodThe high-low method determines the variable cost per unit (which…
Q: expert of general accounting answer me
A: Step 1: Definition of Applied OverheadManufacturing overhead is applied using a predetermined…
Q: Please give the answer general accounting
A: Step 1. Required A: Initial entry Debit Cash to increase its balance by $60,000Credit Notes payable…
Q: Financial Accounting Question please answer
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a…
Q: Accurate answer
A: Approach to Solving the Question:Understand the Problem: The company wants to know the total cost of…
Q: Calculate the gross profit ratio
A: Step 1: Identify the formula for Gross Profit RatioStep 2: Extract the given dataStep 3: Plug the…
Q: What is the return on equity
A: To calculate the Return on Equity (ROE) for 2015, we need to follow a systematic approach. ROE is a…
Q: Can you please answer the financial accounting question?
A: Step 1: Define Net Realizable Value (NRV) of Accounts ReceivableNet Realizable Value (NRV) of…
Q: Hello teacher provide answer
A: Step 1: Definition of Current Earnings and Profits (E&P)Current Earnings and Profits (E&P)…
Q: provide correct answer of this General accounting question
A: Step 1: DefinitionThe contribution margin (CM) represents the revenue remaining after deducting…
Q: What is the firm's degree of leverage?
A: Total Revenue = Selling Price per Unit * Units SoldTotal Revenue = $140 * 210Total Revenue = $29,400…
Q: Please provide solution this financial accounting question
A: Step 1: Define Gain or Loss on Asset SaleWhen a company sells a fixed asset, it records a gain if…
Q: hi expert please help me financial accounting
A: Step 1: Definition of Times Interest Earned (TIE) RatioThe Times Interest Earned (TIE) ratio…
Q: General accounting question
A: Step 1:(a) The standard cost per unit is calculated as follows: Standard cost per unit = Total…
Q: One company had a stock price
A: The price/earnings (P/E) ratio is calculated using the formula:P/E=Stock Price/Earnings Per Share…
Q: Sub: general Accounting
A: Step 1: Define Discounting a Note ReceivableDiscounting a Note Receivable is the process of selling…
Q: What is the book value of its liability for this financial accounting question?
A: Step 1: Define Book Value of LiabilityThe book value of a liability for bonds includes the face…
Q: financial accounting
A: Step 1: Definition of Price-Earnings (P/E) RatioThe price-earnings ratio (P/E ratio) is a financial…
Q: General accounting
A: Step 1: Define High-Low MethodThe high-low method determines the variable cost per unit (which…
Q: answer please
A: Case -2 if one assuming the cost of goods sold is $3,800.00Calculation of total manufacturing costs…
Q: General Accounting
A: Detailed explanation:Acquisition cost of the computer system: List price$ 120,000Installation cost…
Q: hi expert please solve questions
A: Step 1: Definition of Total Cost of ProductionTotal cost of production includes direct materials,…
Q: Problem related general Accounting
A: Concept of Contribution MarginThe contribution margin represents the amount by which sales revenue…
Q: What is hamilton's gross profit percentage?
A: Explanation of Net Sales: Net sales represents the total revenue generated from sales after…
Q: What is the overhead rate per service request of this general accounting question?
A: Step 1: Information givenTotal Overhead Costs = $22,750Estimated Service Requests = 4,550Step 2:…
Q: What is the accounts receivable turnover rate of this financial accounting question?
A: Step 1: Definition of Accounts Receivable Turnover RatioThe Accounts Receivable Turnover Ratio…
Q: Crane Company sponsors a defined benefit pension plan. The corporation's actuary provides the…
A:
Q: Timberline Corporation, which manufactures wooden furniture, is developing direct labor standards.…
A: Step 1:First, calculate the payroll taxes per direct labor hour: Payroll taxes = Basic direct labor…
Q: abc general accounting
A: Step 1: Definition of Percentage Change in Accounts ReceivableThe percentage change in accounts…
Q: Hii expert please provide correct answer
A: Step 1: Define Receivables Turnover RatioThe Receivables Turnover Ratio measures how efficiently a…
Q: general accounting is
A: Step 1: Definition of Budgeted Cost of Goods SoldThe budgeted cost of goods sold (COGS) is the…
Q: cash flow for this project answer
A: Step 1: Given Value for Calculation Current market value of lot = $725,000 Building cost =…
Q: Compute total manufacturing costs
A: Explanation of Direct Labor: Direct Labor represents the wages and other compensation paid to…
Q: What is the variance percentage?
A: To determine the variance percentage, we need to subtract the actual hours worked by the expected…
Q: Correct Answer
A: Concept of Variable Cost per UnitThe variable cost per unit represents the cost associated with…
Q: ANSWER
A: Approach to solving the question:Freeform Detailed explanation: Explanation of Variable Costing and…
Q: hello tutor provide answer General accounting
A: Step 1: Definition of Overhead AppliedOverhead Applied is the estimated manufacturing overhead…
Q: Solaris Enterprises' break-even point in sales is $1,050,000, and its variable expenses are 72% of…
A: Step 1: Calculation of contribution margin ratioSales is the sum of variable expenses and…
Q: kindly help me with General accounting question
A: Step 1: DefinitionPaid-in Capital from Treasury Share Transactions represents the excess amount…
Q: Degree of opereting leverage
A: Step-by-Step Solution for Degree of Operating Leverage (DOL)Formula for Degree of Operating Leverage…
Q: answer plz
A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method of allocating…
Q: A manufacturer sells a product for $45 to a wholesaler, and the wholesaler sells it to a retailer.…
A: (Step by Step) / Explanations:STEP 1: Understanding the manufacturer's price.Manufacturer sells to…
Q: I need this question answer general accounting
A: Step 1: DefinitionContribution Margin Percentage (CM%) represents the portion of each sales dollar…
Q: What is the budgeted total cost of direct materials purchases of this general accounting question?
A: Step 1: Define Budgeted Total Cost of Direct Materials PurchasesThe budgeted cost of direct…
What is the net income after adjustment?
Step by step
Solved in 2 steps
- Blossom Company's accounts receivable account balance was $112000 at the beginning of the year and $131992 at the end of the year. Blossom's percentage change calculation at the end of the current year is O 17.85% decrease. O 15.15% decrease. O 15.15% increase. O 17.85% increase.Can you please solve this accounting question?Ramsey Corp. reported the following balances at the end of the year: Credit Sales: $275,000 Accounts Receivable: $68,000 Allowance for Uncollectible Accounts before adjustment: $2,800 debit Ramsey Corp. estimates that 7.5% of the credit sales are uncollectible. After the year-end adjustment, what is the Net Realizable Value of Accounts Receivable?
- The Soft Company has provided the following information after year-end adjustments. Allowance for doubtful accounts was $11,000 at the beginning of the year and $30,000 at the end of the year. Accounts receivable were $80,000 at the beginning of the year and $420,000 at the end of the year. Accounts written off as uncollectible totaled $20,000. Net sales totaled $2,700,000. Sales discounts were $100,000 What was the amount of Soft's bad debt expense for the year?Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of $700 in the Allowance for Uncollectible Accounts. Sales for the year were $900,000. The firm estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: a. $150,000 b. $135,800 c. $162,700 d. $138,700 e. None of the aboveBerry 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?
- 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 following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, 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. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.Allen Company's 2019 income statement reported total revenues, $860,000 and total expenses (including $41,000 depreciation) of $730,000. The company's accounting records showed the following: accounts receivable-beginning balance, $51,000 and ending balance, $40,900; accounts payable -beginning balance, $23,000 and ending balance, $28,900. Therefore, based only on this information, how much was the 2019 net cash provided by operating activities? Multiple Choice $125,800. $175,200. $187,000. $166,800.
- At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $81,000; estimated uncollectible = 5%. Accounts 1-30 days past due = $27,000; estimated uncollectible = 25%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 50%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $830 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)At the end of the year a company has the following accounts receivable and estimates of uncollectible accounts: 1 Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1100 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Bad Debt Expense Allowance for Uncollectible Accounts Record entry Clear entry View general journalAt the end of the prior year, Company reported the following information: Accounts Receivable (Gross) were $125,000 and Allowance for Doubtful Accounts were $2,400. During the current year, sales on account were $150,000, collections on account were $165,000, write-off of bad debts were $6,500, and the bad debt expense adjustment was $5,500. Show how the amounts related to Accounts Receivable would be reported on the balance sheet for the current year. Disregard income tax considerations.