How much are total assets at the end of the year on these financial accounting question? Sophia's Cleaning Crew began the year with total liabilities of$95,000 and stockholders' equity of $60,000. During the year,the company earned $140,000 in net income and paid $10,000 individends. Total liabilities at the end of the year were $200,000.How much are total assets at the end of the year?

Step 1: Define Total AssetsTotal Assets represent the total value of everything owned by a company,…

Answered: Sophia's Cleaning Crew began the year…

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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What is the gross income for the year on these financial accounting question?
ABC Corporation had the following account balances at the beginning of the year: Cash: $10,000 Accounts Receivable: $5,000 Inventory: $20,000 Accounts Payable: $8,000 Long-term Debt: $50,000 Equity: $35,000 During the year, the company generated $50,000 in sales revenue, incurred $30,000 in expenses, and paid off $10,000 of long-term debt. Calculate the ending balance of equity.
Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-pany’s revenues for the year were $125,000 and its year-end cash balance was $35,000, what was Wexler’s net income for the year?
The balance sheet of Hidden Valley Farms reports total assets of $900,000 and $1,010,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Hidden Valley's net income for the year? Multiple Choice $10,100,000. $9,550,000. $95,500. $101,000.
The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?
Stale Bread Co. had net income in the current year of $700,000. Depreciation expense for the year was $80,000. Between the beginning and the end of the current year the company's accounts payable (all to suppliers of raw materials) increased $100,000 while accounts receivables from customer sales also increase by $150,000. The company also issued a long-term bond payable in exchange for receiving $300,000 cash. Compute the amount of cash provided or used for OPERATING ACTIVITIES, only, by the indirect method.
An analysis of the annual financial statements of O’Connell Corporation reveals the following. The company had a $5 million loss from a fire that destroyed an uninsured factory building. Depreciation for the year amounted to $9 million. During the year, $2 million in cash was transferred from the company’s checking account into a money market fund. Accounts receivable from customers increased by $3.5 million over the year. Cash received from customers during the year amounted to $169 million. Prepaid expenses decreased by $1 million over the year. Dividends declared during the year amounted to $8 million; dividends paid during the year amounted to $6 million. Accounts payable (to suppliers of merchandise) increased by $2.7 million during the year. The liability for accrued income taxes payable amounted to $5 million at the beginning of the year and $3 million at year-end. In the computation of net cash flows from operating activities by the indirect method, explain…
Whipporwill, Incorporated’s, net income for the most recent year was $24,020. The tax rate was 24 percent. The firm paid $4,156 in total interest expense and deducted $6,291 in depreciation expense. What was the cash coverage ratio for the year
Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.
What is summits net income for the year?
In its first year of operations, Maria Corp.earned 48,100 in service revenue.Of that amount, 8,200 was on account and the remainder, 39, 900, was collected in cash from customers. The company incurred various expenses totalling 32,300, of which 28,800 was paid in cash. At the year end, 3,500 was still owing on account. In addition, Maria prepaid 2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. maria expects to owe 3000 of income tax when it files its corporate income tax return after year end.
Cauce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 620,000 Total noncurrent assets 314,000 Liabilities: Notes payable (8%, due in 5 years) 24,000 Accounts payable 55,000 Income taxes payable 10,000 Liability for withholding taxes 1,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 109,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) 15,000 Interest payable 800 Common stock 180,000 Required: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $350,000 worth of contingent liabilities in the notes to its financial statements?

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