Morgan Wallen - ItI Know Me (Audio Only)- YouTubeQuestion 1-4-13A - ConnectSavedHelpSave & ExitCheck mIn Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $46,000. Also, Kim sold inventory that had cost$193,000 for $278,000 cash. Operating expenses amounted to $40,000.Requireda. Prepare a Year 1 multistep income statement for Kim Company.b. Assume that normal operating activities grow evenly by 12 percent during Year 2. Prepare a Year 2 multistep income statement forKim Company.c. Determine the percentage change in net income between Year 1 and Year 2.d. Should the stockholders have expected the results determined in Requirement c?Complete this question by entering your answers in the tabs below.Req AReg BReg C and DPrepare a Year 1 multistep income statement for Kim Company.KIM COMPANYIncome StatementFor the Year Ended December 31, Year 1Cash$ 110,000110,000Expenses< Prev1 of 1Next>21ttyMacBook Pro@#32$&*2346.78.WEYGHJK

When there is in operating activity from one period to another period then the previous period data…

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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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52 Daly Publishing Corporation recently purchased a truck for $30,000. Under MACRS, the first year’s depreciation was $6,000. The truck driver’s salary in the first year of operation was $32,000. The company’s tax rate is 30 percent.Required:1-a. Calculate the after-tax cash outflow for the acquisition cost and the salary expense.1-b. Calculate the reduced cash outflow for taxes in the first year due to the depreciation.
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I need help figuring out the unit sales, revenues, costs, depreciation and EBIT over time span of 4 years. project economic life: 4 years year 1 unit sales: 3,200 units unit growth 4% year 1 price per unit: $250.00/unit year 1 cost per unit: $185.00/unit inflation rate: 2.5%
Initial Investment 500,000 Add: Net Income 175,000 (25,000) 650,000 Less: Adi B. More, Withdrawal Adi B. More-Capital, Ending Post-Assessment 1. Mami Delivery Services owned by Ms. AB Mami. The beginning capital of Ms. AB Mami is 856,800. In 2019, she invested additional cash of 63,750. During the year, ABM Delivery Services incurred a net loss of 85,680. How much is the balance of Ms. AB Monti capital as of December 31, 2015? b. Prepare a statement of changes in owners equity for Mami Delivery Services. a.
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Tax Drill - Research Activities Credit Dorcas incurs the following research expenditures. In-house wages $60,000 In-house supplies 5,000 Paid to ABC, Inc., for 80,000 research a. The qualified research expenditures are $ b. Assuming that the base amount is $50,000, the incremental research activities credit is $
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Instructions (X) Jonas Company purchased a photocopier that cost $15,000. The copier was expected to last for 1.25 million copies. In the first year of service the copier produced 180,000 copies, in the second year 250,000 copies and in the third year it had produced 175,000 copies. The company decided to sell the machine for $6,500 in the third year. Required: 1. Record the purchase and the three years of depreciation. 2. Record the subsequent gain or loss on the disposal of the machine.
A machine shop wishes to set aside money now to invest over the next 4 years in automating its customer service department. They now earn 10% on a lump sum deposited, and they wish to withdraw the money in the following increments: Year 1: $25,000 to purchase a computer and database software designed for customer service use Year 2: $3000 to purchase additional hardware to accommodate growth in the use of the system Year 3: No expenses Year 4: $5000 to purchase software upgrades. 1- Draw the cash flow diagram 2- How much money must be deposited now to cover the anticipated payments over the next 4 years?

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