Required information[The following information applies to the questions displayed below.]Milea Inc. experienced the following events in Year 1, its first year of operations:1. Received $12,000 cash from the issue of common stock.2. Performed services on account for $45,000.3. Paid the utility expense of $1,300.4. Collected $32,020 of the accounts receivable.5. Recorded $7,100 of accrued salaries at the end of the year.6. Paid a $1,100 cash dividend to the stockholders.b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for theYear 1 accounting period.Complete this question by entering your answers in the tabs below.Req B1Req B2Req B3Req B4Prepare the income statement for the Year 1 accounting period.MILEA INC.Income StatementFor the Year Ended December 31, Year 1 Required informationComplete this question by entering your answers in the tabs below.Req B1Req B2Req B3Req B4Prepare the income statement for the Year 1 accounting period.MILEA INC.Income StatementFor the Year Ended December 31, Year 1ExpensesTotal expenses< Req B1Req B2 >

Cash flow statement includes: Cash flow from operating activities Cash flow from investing…

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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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Given the information below, answer questions from #29 to #33. Accounts Receivable $20,000 ($30,000 in the previous year) Total Current Assets $300,000 Investments $50,000 Total Assets $1,000,000 Total Current Liabilities $100,000 Total Long-Term Debt $400,000 Total Liabilities $500,000 Net Income $300,000 Total Revenue (Sales) $900,000 Industry average: Current ratio 1 Industry average: Solvency ratio 2.5 Industry average: Profit margin ratio 35% What is the Accounts Receivable Turnover (ART) ratio of this company?
The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Received $33,000 cash in exchange for issuance of common stock. 2. Secured a $101,000 ten-year installment loan from State Bank. The interest rate is 6 percent and annual payments are $13,723. 3. Purchased land for $27,000. 4. Provided services for $95,000. 5. Paid other operating expenses of $49.000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1. c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Req C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.)
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. QUESTION: Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current Ratio:
The following summary transactions occurred during the year for Daisy. Cash received from: Collections from customers $386,000 Interest on notes receivable 9,000 Collection of notes receivable 56, 000 Sale of investments 33,000 Issuance of notes payable 106,000 Cash paid for: Purchase of inventory 166, 000 Interest on notes payable 8,000 Purchase of equipment 91,000 Salaries to employees 96,000 Payment of notes payable 28,000 Dividends to shareholders 1,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.)
The Hopewell Pharmaceutical Company’s balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $900 Accounts payable*** $900 Accounts receivable* 1,100 Accrued liabilities Inventories** 700 (salaries and benefits) 400 Other current assets 200 Other current liabilities 600 Total current assets $2,900 Total current liabilities $1,900 Plant and equipment (net) 2,700 Long-term debt and other Other assets 800 liabilities 700 Total assets $6,400 Common stock 1,300 Retained earnings 2,500 Total stockholders’ equity $3,800 Total liabilities and equity $6,400 *Assume that average accounts receivable are the same as ending accounts receivable. **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same…
On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transaction
On June 30, Year 3, Campbell Company's total current assets were $503,000 and its total current liabilities were $270,500. On July 1, Year 3, Campbell issued a short-term note to a bank for $38,200 cash. Required a. Compute Campbell's working capital before and after issuing the note. b. Compute Campbell's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the Transaction
[The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $245,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $244,000 cash from accounts receivable. Paid $230,000 on accounts payable. Paid $48,000 of salaries expense for the year. Paid other operating expenses of $37,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $34,800 0.01 0 to 30 14,500 0.05 31 to 60 2,900 0.10 61 to 90 2,900 0.20 Over 90 days 2,900 0.50 b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1. could you take a look at…
On June 30, Year 3, Solomon Company's total current assets were $497,500 and its total current liabilities were $270,000. On July 1. Year 3, Solomon issued a long-term note to a bank for $41,000 cash. Required a. Compute Solomon's working capital before and after issuing the note. b. Compute Solomon's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Before the transaction After the transaction a. Working capital b. Current ratio MacBook Air 80 88 DII DD F2 F3 F6 F7 F8 F9 F10 F11 @ # $ & 2 3 4 7 8 W E Y 0 P S D G H J K CV N M %3D R
The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300. The amount of liabilities reported on the end-of-period balance sheet was A. $11,200. B. $10,400. C. $13,800. D. $9,200.
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
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