Question 27 The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable $ 19,000 Accounts receivable 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 135,000 Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Instruction 5,000 6,000 210,000 1. Prepare the income statement for the year ending December 31, 2016 2. Prepare the retained earnings statement for the year ending December 31, 2016 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial EX² X₂ >¶¶< V 10pt +₁ ABC V ✓ V Π " Ω Θ 田く А Av X AB Ix X Q5 2 ≡≡≡ 田由用图囡图} Ⓒ H

Question 27 The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable $ 19,000 Accounts receivable 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 135,000 Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Instruction 5,000 6,000 210,000 1. Prepare the income statement for the year ending December 31, 2016 2. Prepare the retained earnings statement for the year ending December 31, 2016 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial EX² X₂ >¶¶< V 10pt +₁ ABC V ✓ V Π " Ω Θ 田く А Av X AB Ix X Q5 2 ≡≡≡ 田由用图囡图} Ⓒ H

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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H-4
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Pro Forma Financial Statement Information for Ideko 2014 - 2019 Year 1. Raw Material 2. Depreciation 3. Wages Payable 4. Interest Expense 5. Finished Goods 6. Other Accounts Payable 7. Accounts Receivable 8. Cash Balance 10. Interest Tax $22,170 $30,510 $35,195 $26,420 $21,260 2014 1,973 5,500 1,294 75 4,192 3,360 18,493 6,164 3,736 2015 1,534 5,450 1,433 6,800 4,967 4,099 14,525 7,262 2,796 2016 1,775 5,405 1,695 6,800 5,838 4,953 16,970 8,485 3,364 2017 2,039 6,865 1,941 6,800 6,815 5,938 19,689 9,845 3,748 The amount of net working capital for Ideko in 2017 is closest to: 2018 2,329 7,678 2,211 7,820 7,911 6,900 22,709 11,355 4,513 2019 2,646 7,710 2,570 8,160 9,138 7,878 26,059 13,030 5,678
26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…
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S-14 Computing the asset turnover ratio Biagas Company had net sales revenue of $55,600,000 for the year ended May 31, 2018. Its beginning and ending total assets were $52,800,000 and $98,500,000, respec- tively. Determine Biagas's asset turnover ratio for year ended May 31, 2018.