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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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
Need help with this question solution general accounting
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.…
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Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
Comparative income statements and balance sheets for F&N are shown below ($ millions): Year 2 Year 1 Income Statement $19,889 6,204 Net sales. $20,092 6,044 Cost of goods Gross profit. Selling, general, and administrative expense Depreciation and amortization expense Interest expense (revenue) 14,048 7,893 803 (308) 13,685 9,221 773 292 3,399 1,222 Income before tax 5,660 1,691 Income tax expense. Net income $ 3,969 $ 2,177 Outstanding shares 3,491 3,481
Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 549,000 357,600 191,400 128,500 49,000 13,900 8,100 $ 5,800 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 91,150 $ 33,300 Accounts receivable 31,500 45,000 66,500 55,400 Current liabilities 43,400 32,200 2,700 3,500 Inventory Accounts payable Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 49,000 49,000 $ 49,000
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Income statement net sales $51,407.00 cost of products sold $25,076.00 gross profit $26,331.00 marketing, research, administrative exp $15,746.00 Depreciation $758.00 operating income(loss) $9,827.00 Interest expense $477.00 Earnings (loss)before income taxes $9,350.00 Income taxes $2,869.00 Net earnings(loss) $6,481.00 Balance Sheet Assets: Liablilites and Equity: cash and marketable securities $5,469.00 accounts payable $3,617.00 investment securities $423.00 accrued and other liablilties $7,689.00 accounts receivable $4,062.00 taxes payable $2,554.00 inventory $4,400.00 debt due within one year $8,287.00 deffered income taxes $958.00 total current liabilite $22,147.00 prepaid expense and other receivables $1,803.00 long term debt $12,554.00 total current assets $17,115.00 deferrred income taxes…