Sheetsx Dashboardw NWP Assessment Player UI Appl xDesnttps://education.wiley.com/was/ui/v2/assessment-player/index.html?launchld%3D45890eae-ca08-4075Goldlinke Google KeepDashboardWelcome- LiferayO YouTubeDesmosHomeworkQuestion 8 of 10Cash$86,900Retained earnings122,000Cost of goods sold436,500Salaries and wages expense119,400Prepaid insurance8,100Inventory64,100Accounts receivable88,200Sales revenue586,600Notes payable6,500Accounts payable53,100Service revenue5,100Interest expense1,880 A Desrnos Scientific CaloulatorO DashboardNWP Assessment Player UI Appl xducation.wiley.com/was/ui/v2/assessment-player/index.html?launchld%-D45890eae-ca08-4075-a619-cdfdc9fe1785#/question/7ACC201-01Welcome - Liferay9 MLA Citation Gener.Goldlinke Google Keep O Dashboardou TubeDesmoswork8.5/1Question 8 of 10>Prepare an income statement for Splish Brothers Inc. for the year ended December 31, 2017.Splish Brothers Inc.Income StatementFor the Year Ended December 31, 2017Net Income / (Loss)Cost of Goods Sold2$424up%

>Income Statement is one of the financial statement. >It shows various revenues and…

Question 8 of 10 Cash $86,900 Retained earnings 122,000 Cost of goods sold 436,500 Salaries and wages expense 119,400 Prepaid insurance 8,100 Inventory 64,100 Accounts receivable 88,200 Sales revenue 586,600 Notes payable 6,500 Accounts payable 53,100 Service revenue 5,100 Interest expense 1,880

Question 8 of 10 Cash $86,900 Retained earnings 122,000 Cost of goods sold 436,500 Salaries and wages expense 119,400 Prepaid insurance 8,100 Inventory 64,100 Accounts receivable 88,200 Sales revenue 586,600 Notes payable 6,500 Accounts payable 53,100 Service revenue 5,100 Interest expense 1,880

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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Aa-2
Cash $146, 125 Retained Earnings $ 444, 150 Accounts Receivable 262, 500 Dividends 218, 750 Inventory 665,000 Sales 6,242,250 Estimated Returns Inventory 61,250 Cost of Goods Sold 3, 806, 250 Office Supplies 26, 250 Sales Salaries Expense 680,400 Prepaid Insurance 21,000 Advertising Expense 80, 325 Office Equipment 201,600 Depreciation Expense-Store Equipment 14, 525 Accumulated Depreciation- Office Equipment 86, 625 Miscellaneous Selling Expense 3,500 Store Equipment 895, 125 Office Salaries Expense 135, 450 Accumulated Depreciation- Store Equipment 326,725 Rent Expense 69, 825 Accounts Payable 85,050 Insurance Expense 40, 163 Customer Refunds Payable 61,250 Depreciation Expense- Office Equipment 28, 350 Salaries Payable 16,800 Office Supplies Expense 2, 887 Note Payable ( final payment due in five years) 94, 500 Miscellaneous Administrative 3,325 Common Stock 26, 250 Interest Expense 21,000 Instructions: Which of the list is administrative expenses?
Unit 1 question 18
QUESTION 7 Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $4,210 $6,560 The following information was also available as of September 30: a. A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processine fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement C. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918. Required: Prepare bank reconciliation as of September 30.
101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owner’s Capital On April 1, the accounts receivable ledger of Ivanhoe Company showed the following balances: Morrow $1,540, Rose $1,240, Jennings Co. $2,950, and Dent $2,450. The April transactions involving the receipt of cash were as follows. Apr. 1 The owner, T. Ivanhoe, invested additional cash in the business $7,190. 4 Received check for payment of account from Dent less 2% cash discount. 5 Received check for $870 in payment of invoice no. 307 from Jennings Co. 8 Made cash sales of merchandise totaling $7,225. The cost of the merchandise sold was $4,335.00. 10 Received check for $625 in payment of invoice no. 309 from Morrow. 11 Received cash refund from a supplier for damaged merchandise $705. 23 Received check for $1,200 in payment of invoice no. 310 from Jennings Co. 29 Received check for payment…
3:09 Yesterday Edit 10:50 PM Warren Company began the accounting period with a $14,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $44,000. The accounts receivable account at the end of the accounting period contained a S8,000 detit balance. Based on this information, the cash collected from accounts receivable during the period is a. S38.000 O b. $18,000 OC. $40,000 O d. sso,000
Cash Receipt Journals
Income Statement Accounts December 31, 20X1 Dr Cr P 475,000 Sales Sales Returns and Allowances Purchases P 5,000 220,000 Purchase Returns and Allowance 3,000 Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Selling and Administrative Expenses 6. Net Income 7. Reporting Period
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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Instructions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: 20Y1 July Dec. 20Y2 June Dec. 20Y3 June 1 Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effective) rate of 13%, receiving cash of $63,532,267. Interest is payable semiannually on December 31 and June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 31 30 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 31 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $9,420,961 after payment of interest and amortization of discount have been recorded. (Record the redemption only.)…