Chapter 7 - The Accounting Equation and Rules of Debit and CreditPROBLEM 7-6 EXPANDED ACCOUNTING EQUATIONIn each of the independent cases given below, find the missing amount:Aethan CoBray CoChenz CoDrenz CoElmer CoBeginning balances:300,000(4)250,000190,000Assets100,000200,000Liabilities40,000150,000160,000190,000Ending balances:Assets215,000258,000283,000284,000170,000(5)Liabilities90,000130,000170,00080,000During the year:Net Income (Net Loss)(1)50,00025,000(58,000)30,000Additional Investment50,000(2)12,0008,0006,0003,000Drawings5,000(3)60,00040,000ndicateamounts here:1.2.3.4.5.PROBLEM 7-7 ANALYZING TRANSACTIONSIndicate whether the following statement is TRUE or FALSE:Owner's investment of cash to the business increases both asset and liability accounts.2. Withdrawal of cash by the owner for personal use will decrease cash and owner'scapital.3. Rendering service to a client for cash will increase cash and revenue.4. Rendering service to a client on credit will increase asset and liability at the same time.5. Collection of accounts for a client previously billed increases asset.6. Purchasing an equipment on credit will increase asset and expense.7. Payment of expenses decreases both the cash and expenses.8. Borrowing money from the bank increases both the cash and the revenue.9. Payment of accounts payable decreases both the asset and liability.10. Receipt of note from a client in settlement of his accounts receivable will have no effecton the amount of the total asset of the business.11. Issuance of a note to a supplier in settlement of the accounts payable decreases both thenotes payable and accounts payable at the same time.1.PROBLEM 7-8 ANALYZING TRANSACTIONS-BASIC ACCOUNTING EQUATIONJames Villamar Computer Company entered into the following transactions during April 2017:1. Purchased computers for P200,000 from Enigma Co on account.2. Paid P40,000 cash for April rent of the office space for the month.106

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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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Exercise 14-1A (Algo) Horizontal analysis LO 14-1 Adams Corporation reported the following operating results for two consecutive years. Required a. Compute the percentage changes in Adams Corporation's income statement components between the two years. Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4). Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income (loss) CADAMS CORPORATION Income Statement Vanza $ 1,299,000 $1,004,500 798,885 500,115 301,000 199,115 61,600 137,515 S $ 602,700 401,800 195,500 206,300 52,700 153,600 Poicenton Change %
Use the following Company A Balance Sheet for the next questions 8 and 9 ASSETS Cash Accounts Receivable, net Inventory Other Current Assets Property, Plant and Equipment, net Other Total Assets 1. 1. 2. 3. The Common Size entry for Inventory for Company A is: 54% 33% 18% S 16% $ LIABILITIES AND EQUITY Accounts Payable Accrued Expenses Current portion of LTD Other 1,400,000 1,600,000 1,800,000 500,000 5,300,000 20%Current Liabilities 3,700,000 Long Term Debt 1,000,000 Shareholder's Equity 10,000,000 100% Total Liabilities and Equity 1,200,000 1,500,000 300,000 400,000 3,400,000 2,800,000 3,800,000 $ 10,000,000
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2. Please answer all the tables in their entirely
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Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales Cost of goods sold $ 402,346 $ 308,230 242,212 $ 213,900 194,493 136,896 Gross profit 160,134 113,737 77,004 Selling expenses 57,133 42,536 28,235 Administrative expenses 36,211 27,124 17,754 Total expenses 93,344 69,660 45,989 Income before taxes Income tax expense 66,790 44,077 31,015 12,423 9,036 6,296 Net income $ 54,367 $ 35,041 $ 24,719 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 180,932 2021 $ 63,959 116,973 0 2020 $ 42,808 800 106,691 $ 180,932 $ 150,299 $…
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balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 $ 19,500 37,400 84,640 5,900 350,000 $ 497,440 $ 33,000 56,400 134,500 6,900 304,400 $ 535,200 $ 68,340 86,800 190,000 152,300 $ 497,440 $ 535,200 $ 91,300 115,000 206,000 122,900 statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets Common stock, $5 par value Retained earnings Required: 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) invent sales in inventory, and () days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company…
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q. 13 A company has $628 in inventory, $1,921 in net fixed assets, $300 in accounts receivable, $141 in cash, and $354 in accounts payable. What are the company’s total current assets? $769 $1,069 $2,990 $1,123 $1,423
Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,192,500 Cost of goods sold 1,010,500 Selling and administrative expenses 900,500 Interest expense 78,000 Income tax expense 62,500 Net income $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 55,100 Debt investments 89,000 Accounts receivable (net) 168,400 Inventory 236,500 Total current assets 549,000 Plant assets (net) 572,500 Total assets $ 1,121,500 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 152,000 Income taxes payable 31,000 Total current liabilities 183,000 Bonds payable 220,740 Total liabilities 403,740 Stockholders’ equity Common stock 345,000 Retained earnings 372,760…
Question Content Area Hsu Company reported the following on its income statement: Income before income taxes $325,364 Income tax expense 97,609 Net income $227,755 Interest expense was $73,540. Hsu Company's times interest earned ratio (rounded to two decimal places) is a.4.42 times b.3.1 times c.2.1 times d.5.42 times

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