Sales revenue A partial listing of a company's accounts are listed below: $210,000 Depreciation expense $20,000 COGS $91,000 Rent expense $8,000 Cash $1,000 Unearned revenue $2,000 Building $200,000 Wage expense $40,000 Accumulated depreciation $44,000 Interest expense $4,000 Note payable $50,000 Service revenue $90,000 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. $137,000 C. $105,000 D. $ 77,000

Sales revenue A partial listing of a company's accounts are listed below: $210,000 Depreciation expense $20,000 COGS $91,000 Rent expense $8,000 Cash $1,000 Unearned revenue $2,000 Building $200,000 Wage expense $40,000 Accumulated depreciation $44,000 Interest expense $4,000 Note payable $50,000 Service revenue $90,000 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. $137,000 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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Cost of Good sold is 115,500 all the information are there.
Balance Sheet Data Income Statement Data Cash $900,000 Accounts payable $1,080,000 Sales $18,000,000 Accounts receivable 1,800,000 Accruals 360,000 Cost of goods sold 10,800,000 Inventory 2,700,000 Notes payable 1,440,000 Gross profit 7,200,000 Current assets 5,400,000 Current liabilities 2,880,000 Operating expenses 4,500,000 Long-term debt 5,310,000 EBIT 2,700,000 Total liabilities 8,190,000 Interest expense 810,000 Common stock 1,102,500 EBT 1,890,000 Net fixed assets 7,200,000 Retained earnings 3,307,500 Taxes 472,500 Total equity 4,410,000 Net income $1,417,500 Total assets $12,600,000 Total debt and equity $12,600,000 Now, let’s see your notes with your ratios, and then we can talk about possible strategies that will improve the ratios. I’m going to check the box to the side of your calculated value if your calculation is correct and leave it unchecked if your calculation is incorrect. Pavo Media Systems Inc.…
Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 Calculate change in NWC
Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000You are required to:i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders iv) Calculate the cash flow from assets v) Calculate net capital spending vi) Calculate change in NWC PLEASE SHOW WORKING
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Global Corp. expects sales to grow by 8% next year. Using the percent of sales method and the data provided in the given tables 9. forecast: a. Costs except depreciation b. Depreciation c. Net income d. Cash e. Accounts receivable f. Inventory g. Property, plant, and equipment h. Accounts payable (Note: Interest expense will not change with a change in sales. Tax rate is 25%.) The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career. a. Costs except depreciation The forecasted costs except depreciation will be S million. (Round to one decimal place and enter all numbers as a positive.) b. Depreciation The forecasted depreciation will be S million. (Round to one decimal place and enter all numbers as a positive.) c. Net income The forecasted net…
Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 You are required to:iv) Calculate the cash flow from assets v) Calculate net capital spending vi) Calculate change in NWC
Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 You are required to:i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders
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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.
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