Question 12 of 16View PoliciesCurrent Attempt in ProgressAccounts payableAccounts receivableCashThe following is a list of accounts, in alphabetical order, for Cullumber Ltd. at December 31, 2024. All accounts have a normal balance.Accumulated depreciation-equipmentCommon shares.Deferred revenueDepreciation expense<Dividends declaredEquipment.(a1)>Balance, January 31, 2024$4,0009,0006,50025,00010,0004,7004,5007,00015,000Income tax expenseOffice expenseRent expenseRetained earningsSalaries expenseSalaries payableService revenueSuppliesSupplies expensePrepare a statement of income for the year ended December 31, 2024.CULLUMBER LTD.Statement of Income$$1,2506,900.4,50026,75011,6005,50037,000V6,0003,700- /20$⠀

The objective of this question is to prepare an income statement for Cullumber Ltd. for the year…

Answered: Question 12 of 16 View Policies Current…

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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Page 328 EXERCISE 7.9 Industry Characteristics and Collection Performance e LO7-8 The following information was taken from annual reports of Goodyear Tire & Rubber and PPL Corp.., a public utility: Goodyear PPL Net sales $18.1 billion $ 11.5 billion Average accounts receivable 2.3 billion 923 million a. Compute for each company the accounts receivable turnover rate for the year. b. Compute for each company the average number of days required to collect outstanding receivables (round answers to nearest whole day). c. Explain why the figures computed for Goodyear in parts a and b are so different from those computed for PPL.
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $1,625,000 Expenses: Cost of goods sold Operating expenses Depreciation expense $980,000 490,000 43,000 Income tax expense 33,000 Total expenses 1,546,000 Net income 79,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (I) or 2021 $95,000 46,700 68,000 2,300 38,000 4,300 2020 Decrease (D) $13,500 (I) 5,800 (D) 16,500 Cash $81, 500 52,500 Accounta receivable Inventory Prepaid rent Accounts payable Income tax payable 51,500 3,600 33,500 6,500 (I) 1,300 (D) 4,500 (I) 2,200 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) PEACH COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2021 Cash flows from operating activities: Net income 43,000 Adjustments…
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Question 70 Using Financial Statements for 2018-2019, the amount of cash and marketable securities at the end of the year is $4,202,000. TRUE OR FALSE?
CP 14-8Assume the following income statement and balance sheet information:Service revenue (all cash) Operating expenses Salaries (all cash) Net income$17585$90Current assets 2020 2019 Cash $1,250 $1,600 Short-term invest. 100 200 $1,350 $1,800 Liabilities Borrowings 600 1,000 Stockholders' equity Common stock 200 300 Retained earnings 550 500 750 800 $1,350 $1,800Other information: The short-term investments are riskless and will be converted to a known amount of cash in 60 days. Borrowings are non-current. No gain or loss occurred when common stock was repurchased.Required: 1. Calculate cash flow from operating activities. 2. Prepare the 2020 statement of changes in equity. 3. Calculate cash flow from financing activities. 4. (Appendix) Prepare a cash flow table. Show that cash effects net to a $450 outflow.
3 ook rences Exercise 16-21B (Algo) Direct: Preparing statement of cash flows and supporting note LO P5 Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory FERRON COMPANY Statement of Cash Flows For Year Ended December 31 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities $…
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Safari 4:22 PM Tue Jan 30 < HW Set 1 (Ch 2 and 3) Template Calibri (Body) fx Enter text or formula here A 1 E 2.16 2 Information for Montgomery, Inc. 3 4 5 6 7 Cash 8 Accounts Receivable 9 Inventory 10 PP&E, net 11 Goodwill NOPAT for 2020 12 Other operating assets 13 A/P 14 Accrued Expenses and other 15 Unearned revenues 16 Long-term debt 17 Common stock 18 19 20 a. 21 NOA for 2019 22 NOA for 2020 23 24 b. 25 26 27 28 29 30 31 32 33 34 35 Retained earnings 2020 FCF E 2.16 E 2.17 E 3.15 11 B HE E 3.18 Home Insert $ BIU C 3,150 2019 3,590 5,650 10,240 21,840 13,160 3,450 10,400 10,350 3,120 7,680 18,840 7,540 + Draw Page Layout ABC 2020 4,260 8,340 11,460 26,110 14,310 4,720 13,310 13,740 4,770 8,350 18,930 10,100 ch LL F Formulas Data G Review View General H < E < H: AH L O M Σ ☎: 50% |||| O
What are the cash balance and the total current assets balance?
View Policies Current Attempt in Progress On June 1, 2022, Pharoah Company was started with an initial investment in the company of $21,250 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock $ 5,600 4,400 8,500 2,342 (a1) 400 26,800 21,250 Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense Prepare an income statement for the month of June. PHAROAH COMPANY Income Statement During June, the company issued no additional stock but paid dividends of $1,683. LA $14,000 पी 900 1,125 690 210 1,400 $
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Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts. Receivable $5,268,485 $10,268,485 Inventory $529,062 $696,685 Current Assets $8,371,777 $13,279,842 Less $2,574,230 $2,314,672 Gross Fixed Assets $16,251,665 $20,567,330 Accum.Depreciation Total Assets $7,460,897 $10,117,819 Accounts Payable Notes. Payable Current Liabilities Calculate the net working capital in 2022. Long Termi Debt Total Liabilities, None of these options are correct $10,572,740 $5,664,675 $8,854,338 $3,946,273 Total $17,162,545 $23,729,353 Liabilities and Equity Capital Surplus Retained. Earnings 2021 2022 $1,673,992 $2,438,271 Common Net Fixed Assets $8,790,768 $10,449,511 Stock ($0.50 $1,300,000 $1,600,000 par) $1,033,110 $1,987,233 $2,707,102 $4,425,504 $9,242,830 $11,468,302 $11,949,932 $15,893,806 $1,148,120 $1,800,969 $2,764,493 $4,434,578 $17,162,545 $23,729,353

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