Prepare Income statement, owner's Equity and Balance sheet for Freeman Co. for the year ended on Jun 30, 2017 (Note the balance sheet does not balance) Cash Sales 12,600 14,700 23,000 Insurance expense 168,000 Prepaid insurance 25,300 Interest expense 20,500 Depreciation expenses- showroom 6,000 4,000 Accumulated depreciation -Showroom 18,000 35,000 Building 21,800 Showroom Account receivable 15,500 Account payable Fright Out Sales commission 70,000 Rent expense 48,000 Rent revenue 10,500 Sales discount 5,400 7,000 40,000 Unearned rent 9,000 Sales return 150,000 Retain carning 20,000 Office supplies 15,000 Office supplies expense Owner's investment Owner's drawing Merchandise inventory on Jun 30 2017 22,000 5,600 Cost of merchandise sold 85,600 Bank loan (Final payment due in 2025) 20,000 Land 30,000

Prepare Income statement, owner's Equity and Balance sheet for Freeman Co. for the year ended on Jun 30, 2017 (Note the balance sheet does not balance) Cash Sales 12,600 14,700 23,000 Insurance expense 168,000 Prepaid insurance 25,300 Interest expense 20,500 Depreciation expenses- showroom 6,000 4,000 Accumulated depreciation -Showroom 18,000 35,000 Building 21,800 Showroom Account receivable 15,500 Account payable Fright Out Sales commission 70,000 Rent expense 48,000 Rent revenue 10,500 Sales discount 5,400 7,000 40,000 Unearned rent 9,000 Sales return 150,000 Retain carning 20,000 Office supplies 15,000 Office supplies expense Owner's investment Owner's drawing Merchandise inventory on Jun 30 2017 22,000 5,600 Cost of merchandise sold 85,600 Bank loan (Final payment due in 2025) 20,000 Land 30,000

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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K Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures.) Compute the asset turnover ratio for 2024. Round to two decimal places. Data table Net sales Net sales 230,500 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, Plant, and Equipment, net Print + + *** Done Average total assets 460,000 - X $ 460,000 Dec. 31, 2024 Dec. 31, 2023 $ 33,000 $ 26,000 60,000 58,000 71,000 78,000 11,000 7,000 101,000 16,000 = = Asset turnover ratio 1.99
The ledger accounts of the Q. Mendoza Company for the year ended December 31, 2011 are as follows:Accumulated Depreciation - Off. Building 100,000 Notes Payable due 2013 200,000Accumulated Depreciation - Off. Equipment 150,000 Office Building 1,600,000Accounts Receivable 136,000 Office Equipment 570,000Accounts Payable 74,000 Office Supplies 42,000Cash 72,000 Prepaid Advertising 75,000Transportation In 72,000 Purchase Discounts 172,000Insurance Expense 25,000 Purchase Returns and Allowances 133,000Interest Expense 208,000 Purchases 2,643,000Mendoza, Capital 1,510,000 Salaries Expense 862,000Mendoza, Withdrawals 200,000 Sales Discounts 161,000Land 400,000 Sales Returns and Allowances 187,000Merchandise Inventory 598,000 Sales 4,600,000Mortgage Payable 1,100,000 Travel Expenses 188,000Additional information:a. Office supplies consumed during the year amounted to P17,000.b. Advertising expense in the amount of P25,000 has expired during the year.c. Salaries of P21,000 have accrued as at…
Prepare an income statement with the information below. Need asap.
The following information is related to Windsor Company for 2017. Retained earnings balance, January 1, 2017 $998,500 Sales Revenue 26,110,000 Cost of goods sold 16,240,000 Interest revenue 77,200 Selling and administrative expenses 4,748,000 Write-off of goodwill 837,500 Income taxes for 2017 1,254,000 Gain on the sale of investments 111,600 Loss due to flood damage 400,100 Loss on the disposition of the wholesale division (net of tax) 441,500 Loss on operations of the wholesale division (net of tax) 93,200 Dividends declared on common stock 251,800 Dividends declared on preferred stock 85,800 Windsor Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2017, there were 494,700 shares of common stock outstanding all year. (a1) Prepare a multiple-step…
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Use the following information to answer this question. Windswept, Inc.2017 Income Statement($ in millions) Net sales $ 9,000 Cost of goods sold 7,350 Depreciation 360 Earnings before interest and taxes $ 1,290 Interest paid 87 Taxable income $ 1,203 Taxes 421 Net income $ 782 Windswept, Inc.2016 and 2017 Balance Sheets($ in millions) 2016 2017 2016 2017 Cash $ 160 $ 190 Accounts payable $ 1,150 $ 1,332 Accounts rec. 840 740 Long-term debt 1,000 1,233 Inventory 1,570 1,565 Common stock 3,190 2,910 Total $ 2,570 $ 2,495 Retained earnings 470 720 Net fixed assets 3,240 3,700 Total assets $ 5,810 $ 6,195 Total liab. & equity $ 5,810 $ 6,195 What is the equity multiplier for 2017?
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The following information have been taken from income statement and balance sheet of Kamal Inc. Income statement • Net income: $192,500 • Depreciation expense: $62,500 • Amortization of intangible assets: $20,000 • Gain on sale of equipment: $45,000 • Loss on sale of investments: $17,500 Balance sheet: • Accounts receivable on January 1, 2017: $190,000 • Accounts receivable on December 31, 2017: $167,500 • Inventory on January 1, 2017: $287,500 • Inventory on December 31, 2017: $251,500 • Prepaid expenses on January 1, 2017: $5,000 • Prepaid expenses on December 31, 2017: $11,000 Accounts Payable on January 1, 2017: $205,000 • Accounts payable on December 31, 2017: $189,500 • Accrued expenses payable on January 1, 2017: $77,500 • Accrued expenses payable on December 31, 2017: $90,000 Accounts payable given above relate to suppliers of merchandise. Required: Using above information, compute net cash flows from operating activities.
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