Supplies Expense of $4,000 was recorded for 20x7. Assuming that $2,200 in supplies were purchased during the year and $640 in supplies remained at year end, what was the cost of supplies at the beginning of the year?
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- Total interest expended will be: a. OMR 50,400,000 b. OMR 45,000,000 c. OMR 55,000,000 d. OMR 45,400,000 Total of non-interest expenses during the year was: a. OMR 9,660,000 b. OMR 8,680,000 c. OMR 16,860,000 d. OMR 16,680,000What is the average collection period for the year for company ERT ( show your work) Sales-$2,600(30% cash, 70% credit); Inventory-$700;Depreciation -$1,200; Plant & Equipment $3,000; Accounts Receivable - $245; Notes Payable- $1558A. During the current year, Sokowski Manufacturing earned income of $342,385 from total sales of $6,375,343 and average capital assets of $10,106,928. What is the asset turnover? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
- The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of YearCash $23,500 $18,700Accounts receivable (net) 56,000 48,000Merchandise inventory 35,500 40,000Prepaid expenses 4,750 7,000Accounts payable (merchandise…The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets for the year was $49,000. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $ 50,000 $ 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?The net income reported on the income statement for the current year was $143,700. Depreciation recorded on store equipment for the year amounted to $23,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,900 $51,430 Accounts receivable (net) 40,080 38,010 Inventories 54,730 57,860 Prepaid expenses 6,150 4,890 Accounts payable (merchandise creditors) 52,380 48,650 Wages payable 28,620 31,780 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
- The net income reported on the income statement for the current year was $142,900. Depreciation recorded on store equipment for the year amounted to $23,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,020 $50,070 Accounts receivable (net) 39,450 37,000 Inventories 53,860 56,330 Prepaid expenses 6,050 4,760 Accounts payable (merchandise creditors) 51,550 47,370 Wages payable 28,170 30,940 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current…The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the beginning of the year was $125,000 and merchandise inventory at the end of the year was $133,000. The merchandise inventory turnover for the year was O a. 65.5. O b. 14.7. Oc. 0.1. Od. 33.8.The net income reported on the income statement for the current year was $152,300. Depreciation recorded on store equipment for the year amounted to $25,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $61,530 $55,990 Accounts receivable (net) 44,120 41,380 Inventories 60,240 62,990 Prepaid expenses 6,770 5,320 Accounts payable (merchandise creditors) 57,650 52,970 Wages payable 31,500 34,600 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankblank Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from…
- Attached is a schedule of five proposed changes at the end of the year. ($ in 000s) Before theChange ProposedChange After theChange Net sales $ 18,800,000 (a) $200,000 $ 19,000,000 Cost of goods sold 13,200,000 (b) 400,000 13,600,000 Operating expenses 1,600,000 (c) (100,000) 1,500,000 Other revenue 500,000 (d) 50,000 550,000 Other expense 450,000 (e) (50,000) 400,000 Net income $ 4,050,000 $ 4,050,000 Required:1. Indicate whether each of the proposed changes is conservative, aggressive, or neutral.2. Indicate whether the total effect of all the changes is conservative, aggressive, or neutral.The net income reported on the income statement for the current year was $149,900. Depreciation recorded on store equipment for the year amounted to $24,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: ETT End of Year Beginning of Year Cash $59,660 $54,290 Accounts receivable (net) 42,780 40,120 Inventories 58,410 61,080 Prepaid expenses 6,560 5,160 Accounts payable (merchandise creditors) 55,900 51,360 Wages payable 30,550 33,550 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities b. Cash flows from…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.
