Sales revenue A partial listing of a company's accounts are listed below: $190,000 Depreciation expense $20,000 COGS $84,000 Rent expense $8,000 Cash $1,000 Unearned revenue $2,000 Building $200,000 Wage expense $30,000 Accumulated depreciation $44,000 Interest expense $3,000 Note payable $50,000 Service revenue $60,000 Dividends $4,000 Goodwill $7,000 The closing entry to close the Income Summary would include a debit to Income Summary for: A. $101,000 B. $122,000 C. $105,000 D. $ 77,000

Sales revenue A partial listing of a company's accounts are listed below: $190,000 Depreciation expense $20,000 COGS $84,000 Rent expense $8,000 Cash $1,000 Unearned revenue $2,000 Building $200,000 Wage expense $30,000 Accumulated depreciation $44,000 Interest expense $3,000 Note payable $50,000 Service revenue $60,000 Dividends $4,000 Goodwill $7,000 The closing entry to close the Income Summary would include a debit to Income Summary for: A. $101,000 B. $122,000 C. $105,000 D. $ 77,000

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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Calculate the Sales from the information given: Cost of goods sold is $38,000 Net income is $14,625 Depreciation is $5,000 Interest paid is $3,500 Tax rate is 35% a. $65,500 b. $51,619 c. $69,000 d. $64,000
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Need help with this question solution general accounting
Cost of Good sold is 115,500 all the information are there.
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
Please solve this question general accounting
Hi expert please give me answer general accounting
What's the depreciation?
Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Item Amount $ 90,000 decrease $ 120,000 increase $ 3,000 decrease $ 65,000 decrease $ Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Sale of equipment Sale of long-term investments 8,000 increase $ 12,000 increase 7,000 gain $ 10,000 loss Required: For each item, indicate whether the dollar amount should be added to or deducted from net income under the indirect method when computing the net cash provided by operating activities for the year.
Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.
Q. GENERAL ACCOUNT
The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…