Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:• Sales are budgeted at $340,000 for November, $320,000 for December, and $310,000 for January.. Collections are expected to be 80% in the month of sale and 20% in the month following the sale.• The cost of goods sold is 75% of sales.• The company would like to maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold. Payment formerchandise is made in the month following the purchase.. Other monthly expenses to be paid in cash are $24,000.. Monthly depreciation is $15,000.Ignore taxes.●AssetsCashBalance SheetOctober 31Accounts receivableMerchandise inventoryProperty, plant and equipment, net of $572,000 accumulated depreciationTotal assetsLiabilities and Stockholders' EquityAccounts payableCommon stockRetained earningsTotal liabilities and stockholders' equityThe difference between cash receipts and cash disbursements for December would be:< Prev15 of 20Next >$ 20,00070,000153,0001,094,000$ 1,337,000*Save & Exit$ 254,000820,000263,000$ 1,337,000Submit 00:25:00McGrawHillMultiple ChoiceOOO$68,600$28,200$12,200O $54,000$4< Prev%5would be:15 of 206#&Next >79O

Introduction:- Expected cash receipts are sum of cash collection that is expected to getting in the…

Answered: Retained earnings Total liabilities and…

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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Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) Liabilities: Current liabilities Mortgage note payable, 10%, ten-year note issued two years ago Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales Check My Work $1,440,000 566,000 $27,000 179,000 $225,000 1,125,000 $2,006,000 206,000 $1,800,000 $1,350,000 $1,350,000 1,350,000 1,800,000 $4,500,000 $13,614,650 Previous
Audio City, Incorporated, is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $67,000. b. Paid $12,000 on the long-term notes payable. c. Issued new shares of stock for $24,000 cash. Current Year $ 45,100 12,600 18,400 211,000 (51,000) $ 236,100 JA OPOFF00 $ 7,400 2,100 57,000 88,000 81,600 $ 236,100 $ 182,000 84,000 51,000 $ 47,000 Previous Year $ 51,800 17,000 17,000 144,000 (39,000) $ 190,800 $ 17,800 1,000 69,000 64,000 39,000 $ 190,800 d.…
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash…
Quiz Question Please tell me what statement or statments End-of-period Retained Earnings Balance is on: Options: Income Statement Balance Sheet Statement of Cash Flows Statement of Retained Earnings
Consider the following information: Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments Total Assets Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities. Gil's Fish and Tackle, Incorporated Dalance Sheet At December 31, 2021 Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Operating Expenses Operating Income Other Expenses Interest Expense Sales Revenue Operating Expenses Salaries and Wages Expense Operating and Administrative Expenses Depreciation Expense Net Income Gil's Fish and Tackle, Incorporated Income Statement For the year ending December 31, 2021 Income Before Income Tax Expense Income Tax Expense Debt-to-Assets Ratio Times Interest Earned $ 22,200 169,100 68,300 102,800 30,000 $ 392,400 % $ 49,200 68,800 100,000 218,000 100,000 74,400 174,400 $ 392,400 $ 2,765,000 1,850,500 286,700…
W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…
Which financial statement shows a company's financial position at a specific point in time? a) Income Statement b) Statement of Cash Flows c) Statement of Retained Earnings d) Balance Sheet

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Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements for December would be: