Required information[The following information applies to the questionsdisplayed below.]The accounting records of Nettle Distribution showfollowing assets and liabilities as of December 31 foand Year 2.December 31CashAccounts receivableOffice suppliesOffice equipmentTrucksBuildingLandAccounts payableNote payableEquity, December 31, Year 1Add: Owner's investmentAdd: Net incomeYear 1$ 47,58425,8294,074125,07148,942Less: Dividends0067,9050Year 2$ 8,05320, 2502,984133, 2242. Compute net income for Year 2 by comparing total equthese two years and using the following information: Durirowner invested $32,000 additional cash in the business incommon stock, and the company paid a $24,000 cash div57,942163,15240,71333,679103,8650

INTRODUCTION: The accounting equation depicts the connection between assets, liabilities, and…

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fa and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 47,584 25,829 4,074 125,071 48,942 0 67,905 Year 2 $ 8,053 20,250 2,984 133, 224 57,942 163,152 40,713 33,679 103,865 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Duri owner invested $32,000 additional cash in the business i common stock, and the company paid a $24,000 cash di

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fa and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 47,584 25,829 4,074 125,071 48,942 0 67,905 Year 2 $ 8,053 20,250 2,984 133, 224 57,942 163,152 40,713 33,679 103,865 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Duri owner invested $32,000 additional cash in the business i common stock, and the company paid a $24,000 cash di

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 1.4C

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Changes in various accounts and gains and losses on the sale of assets during the year for Argon Companyare given below:Item AmountAccounts receivable ............................... $90,000 decreaseAccrued interest receivable ................... $4,000 increaseInventory ................................................ $120,000 increasePrepaid expenses .................................. $3,000 decreaseAccounts payable ................................... $65,000 decreaseAccrued liabilities ................................... $8,000 increaseDeferred income taxes payable ............. $12,000 increaseSale of equipment .................................. $7,000 gainSale of long-term investments ............... $10,000 lossRequired:Prepare an answer sheet using the following column headings:Item Amount Add DeductFor each item, place an X in the Add or Deduct column to indicate whether the dollar amount should beadded to or deducted from net income under the indirect method when computing the…
Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.
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Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
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Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $196,800 $212,000 $226,000 Sales on account 1,369,480 1,292,100 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days b. The collection of accounts receivable has improved . This can be seen in both the increase in accounts receivable turnover and the decrease in the collection period.
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $171,400 $179,000 $186,000 Sales on account 1,068,720 1,003,750 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.
Subject: acounting
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