Question 3 Sufjan Stevens Ito began the Sufjan Company by investing $25,000 of cash in the business. The company recorded revenues of $185,000, expenses of $140,000, and had owner drawings of $10,000. What was Sufjan's net income for the year? a) $45,000. b) $35,000. c) $60,000. d) $55,000.
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- q. 19 A frim has net working capital of $509, net fixed assets of $2,336, sales of $7,000 and current liabilities of $900. How many dollars worth of sales are generate from every $1 in total assets? $3.00 $1.83 $1.53 $2.16 $2.39Problem 10. Virginia Yacapi, opens a servicing business and capital of P500,000. At the end of the year, the creditor's claims is P175,000 and the owner's is 75% of the total assets. How much is the total assets at the end of the year. Part 3 Financal Worlschest AnalucicThe machinery has a remaining useful life of 5 years. Mobi Co.'s dividends of P500,000 in 20x1. How much are the (1) implied goodwill (negative goodwill) on the investment; (2) share in the NAL of Black Co ling shares ir values. I ed and paid revaluation for the ye Co. report in associa 4. On January 1, 20x1, Arco Co. acquired 20% interest in Mobi Co. for P1,600,000. On this date, the carrying amounts of Mobi Co.'s assets and liabilities approximate their fair values except for the following: Inventory Machinery Carrying amount Fair value 300,000 1,800,000 400,000 1,500,000 ai equity, at book value, was P8,000,000 on Jan. 1, 20x1. Mobi eported profit of P3,000,000 and declared and paid cash 0.000 0,000 will (negative goodwill) on the investment; (2) share in the
- May Mahal Nang Iba Company Question: The net income for the year is a. P220,0000 b. P260,000 c. P130,000 d. P180,00026 Fireside, Incorporated uses accrual basis accounting. Its balance sheets reported Accounts Receivable of $12,000 at the end of its first year and $18,000 at the end of its second year. Its income statement reported Sales Revenue of $120,000 in its second year. What would Fireside's revenues have been if it had used cash basis accounting? Multiple Choice $120,000 $114,000 $126,000 $12,000QUESTION 26 A company's financial statements states that amounts are reported in thousands of dollars. Its income statement for 2020 reports net income as $7,548.6. Approximately how much net income did this company earn in 2020? O a. $7,548.60 O b. $75,486.00 O c. $7,548,600.00 O d. $7,548,600,000.00
- 30: Accounts Payable Factory Building Cash Contributed Capital Equipment Transaction $ 21,000 103,300 29,300 191,000 129,000 During the month of July, the company had the following transactions: a Issued 3,780 shares for $378,000 cash. b. Borrowed $112,000 cash from a local bank, payable in two years. c. Bought a factory building for $204,000; paid $93,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $222,000 e. Purchased supplies for $33,300 on account. a b C Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) d Land Notes Payable (long-term) Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 Assets Liabilities Shareholders' EquityQuestion 2 James invests a total of $3,000 in two accounts. The first account earned a rate of return of 10% (after a year). However, the second account suffered a 8% loss in the same time period. At the end of one year, the total amount of money gained was $120.00. How much was invested into each account? was invested in the account that gained 10% and %$4 was invested in the account that lost 8%. Submit Question Type here to search hpQUESTION 6 During the year, Proffitts, Inc., had revenue of $82,000 and expenses of $27,000. During the year, it collected $18,000 from its customers and paid $3,000 of its expenses and $20,000 of dividends to its owners. Net income for the year equals $_
- 1741 @ O * Umniah I. أنت كل الوسائط ۲۰۲۰/۱۲/۲۷، 1:۲۹ م Jadara Company compiled the following financial information as of December 31, 2014: Revenues 140,000 Equipment 80,000 Accounts receivable 14,000 Note Payable 8,000 Expenses 125,000 Account Payable 10,000 Share capital 65,000 Dividends 10,000 Jadara's Total liabilities on December 31, 2014, are JiguProblem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) Problem 8-20A (Algo) Part c Cascade is a corporation. It issued 10,000 shares of $10 par common stock for $167,000 cash to start the business.TB 02-65 A company receives $10 million cash from inv. A company receives $10 million cash from investors in exchange for new common stock. Several weeks later, the company buys a $25 million machinery using all of the cash from the stock issue and signing a promissory note for the remainder. The accounts involved in these two transactions are: Multiple Choice Contributed Capital; Cash; Equipment; and Notes Payable. Shareholders' Equity; Cash; Long-term Investments; and Notes Payable. Retained Earnings; Equipment; and Notes Payable. Long-term Investments; Cash; Equipment; and Accounts Payable