Revenue 50272 Cost of goods sold 37523 Selling expenses 10325 Beginning Retained earnings 6372 Inventory 5897 Accounts payable 4894 Fixtures and equipment 4701 Accounts Receivable 2348 Accrued liabilities 1471 Cash 1125 Prepaid Expenses 1103 Capital stock 920 Income tax expense 803 Land and buildings 766 Long-term debt 711 Interest expense 687 Short-term debt 557 Salaries payable 256 Dividends paid 150 Utilities expense 25

Revenue 50272 Cost of goods sold 37523 Selling expenses 10325 Beginning Retained earnings 6372 Inventory 5897 Accounts payable 4894 Fixtures and equipment 4701 Accounts Receivable 2348 Accrued liabilities 1471 Cash 1125 Prepaid Expenses 1103 Capital stock 920 Income tax expense 803 Land and buildings 766 Long-term debt 711 Interest expense 687 Short-term debt 557 Salaries payable 256 Dividends paid 150 Utilities expense 25

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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Precision Tools 2021 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid $36,408 28,225 1,760 6,423 510 5,913 Taxable Income Less: Taxes 2.070 $3.843 Net Income Precision Tools 2020 and 2021 Balance Sheets 2020 2021 2020 2021 $ Cash 2,060 1,003 Accounts 7,250 8,384 payable Accounts 3,411 4,218 receivable 21.908 27,129 Inventory 18,776 24,247 17,500 3.825 Common stock Retained earnings Total liability & 15,000 Net fixed assets 14,160 14.080 6.357 Total assets 38.407 41,209 38,407 41,209 equity What is the times interest earned ratio for 2021?
Net sales OR 156000 Cost of the goods sold OR 99700 Details Debit. Credit General expenses 11700 Furniture 5100 Salaries. 9300 Depreciation. 2000 Account payable. 3575 Dividend revenue 2500
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Net Income Interest (Loss) $ 185, 000 179, 600 157, 250 188, 100 Expense $ 59, 200 Income Taxes $ 46, 250 64,656 66, 045 90, 288 a. b. 80, 820 44,030 11, 286 c. d. Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? Complete this question by entering your answers In the tabs below. Times Interest Interest Earned Ratio Coverage Which company indicates the strongest ability to pay interest expense as it comes due? Which company indicates the strongest ability to pay interest expense as it comes due? < Times Interest Earned Ratio
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Sales Revenues Cost of goods sold Fixed costs 48 16 Selling, general, and administrative expenses 22 Depreciation EBIT |laxes| 19 pastor Profit illa ESINOPATI 7 *** Tax rate Dividends paid ASSETS Current Assets Lish Accounts receivable Inventories Total current assets Cross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS 40% $10 Partial Balance Sheet 12 31 2019 $4 6 LIABILITIES Current Liabilities Accruals Accounts payable 5 Total current liabilities Long-term debt Total Liabilities 70 OWNERS EQUITY 10 Retained earnings Common stock 0 total owner's equity |IOTAL LIABILITES & OWNERS SQUITY These are surtulative reliános szarnings haut textsenck strapl, calkat nainsi sum ASSETS LIABILITIES Total current assets Gros Fned assets Accumulated depreciation Intangbleaxeets Meninis prade Toral current liabilities 105 Toral liabilities OWNERS EQ L
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare two closing journal entries
CHART OF ACCOUNTS Chart of Accounts Account Name Account Type Number 1000 Cash Assets 1010 Accounts Receivable Assets 1020 inventory 1030 Vehicles & Equipment 2000 Accounts Payable 2010 Payroll Tax Liability 2020 Sales Tax Liability 3000 Owner's Capital Assets Assets Liability Liability Liability Owner's Equity Owner's Equity Owner's Equity Revenue 3010 Owner's Withdrawals 3020 Retained Earnings 4000 Sales 4010 Returns and Allowances 4020 Cost of Goods Sold 5000 Markoting and Advertising 5010 Office Supplies 5020 Salaries and Wages 5030 Payroll Taxes Revenue Revenue Expenses Expenses Expenses Expenses > Activity 1. Prepare chart of accounts using the following CASH PREPAID RENT EQUIPMENT INVENTORY ACCOUNTS RECEIVABLE RURNITURE AND FECTURE WITHDRAWAL ADVERTISING EXPENSE REVENUE NOTES PAYABLE MARKETINGEXPENSE ELECTRICITY EXPENSE DELIVERY VEHICLE INTEREST INCOME SALARY AND WAGES CASH IN BANK PAYABLE ACCOUNTS PAYABLE INTEREST EXPENSE RENT EXPENSE CAPITAL
Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…
You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land $ 838 (21) 910 560 1,330 16,800 1,050 Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable 375 310 2,490 1,800 160 130 380 550 950 13,925 3,000 Sales revenue Stock investments (short-term) 4,100 62 50 2,000 800 290 5,000 1,700
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point on December 21. The cost…
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.