The account balances for a company are listed below. All balances are as of December 31, 2021,except where noted otherwise.Accounts PayableAccounts ReceivableWages PayablePrepaid ExpensesDividendsSales RevenueNotes Payable (due4/30/22)Cost of Goods SoldLoss on Sale of EquipmentInventoryAdvertising ExpenseInsurance Expense$42,450O $51,100$7,2008,4003,400500$26.0502,00099,8501,00048,8005,5009,500Determine Income from Operations for 2021:($5,100)$43,5002,5002,000Rent ExpenseEquipmentFurnitureNotes Payable (due12/31/23)AccumulatedDepreciationCashCommon StockGoodwillRetained Earnings(1/1/21)Marketable EquitySecuritiesDepreciation ExpenseUnearned Revenue$3,00074,50016,60040,9008,00014,00020,00010,00016,1503001,1002,200

The profit created by a company's own operations is referred to as income from operations. Money…

The account balances for a company are listed below. All balances are as of December 31, 202 except where noted otherwise. Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/22) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense $7,200 8,400 3,400 500 2,000 99,850 1,000 48,800 5,500 9,500 2,500 2,000 Determine Income from Operations for 2021: ($5,100) $43,500 $42,450 $51,100 Rent Expense Equipment Furniture Notes Payable (due 12/31/23) Accumulated Depreciation Cash Common Stock Goodwill Retained Earnings (1/1/21) Marketable Equity Securities Depreciation Expense Unearned Revenue $3,000 74,500 16,600 40,900 8,000 14,000 20,000 10,000 16,150 300 1,100 2,200

The account balances for a company are listed below. All balances are as of December 31, 202 except where noted otherwise. Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/22) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense $7,200 8,400 3,400 500 2,000 99,850 1,000 48,800 5,500 9,500 2,500 2,000 Determine Income from Operations for 2021: ($5,100) $43,500 $42,450 $51,100 Rent Expense Equipment Furniture Notes Payable (due 12/31/23) Accumulated Depreciation Cash Common Stock Goodwill Retained Earnings (1/1/21) Marketable Equity Securities Depreciation Expense Unearned Revenue $3,000 74,500 16,600 40,900 8,000 14,000 20,000 10,000 16,150 300 1,100 2,200

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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Subject- accounting
The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021: 2022 2021 $ $ Sales (all on credit) for the year 950,000 Cost of goods sold for the year 380,000 Discount provided to customers for early payment 3,500 Bad debts expense for the year 2,500 Depreciation expense 55,000 Net profit 509,000 30 June 2022 30 June 2021 $ $ Accounts receivable 160,000 140,000 Less: Allowance for doubtful debts 4,500 4,200 155,500 135,800 Inventory 88,360 62,200 Accounts payable 55,500 47,700 Required: a. Based on the information given, prepare the section of cash flows statement for “net cash flows from operating activities” for the year ended 30 June 2022 for JasonJohnson company. Show your calculations for each item included in the section of the statement. b. Prepare a…
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ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
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The following information is available for Pharoah Company Accounts receivable $2,200 Cash $6,300 Accounts payable 4,500 Supplies 3,820 Interest payable 540 Unearned service revenue 920 Salaries and wages expense 5,000 Salaries and wages payable 760 Notes payable 32,500 Depreciation expense 670 Common stock 50,500 Equipment (net) 109,800 Inventory 2,910 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)
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On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 88,200 Current liabilities 75,250 Long-term liabilities 87,500 Common stock 29,400 Retained earnings $ 280,350 Total liabilities and equities $ (16,100) (74,250) (90,000) (100,000) $ (280,350) On June 30, 2021, Princeton Company paid $315,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,900 in legal fees. Princeton also agreed to pay $66,400 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $23,700. In determining its offer, Princeton noted the following pertaining to Streeter: • It holds a building with a fair value $44,900 more than its book value. • It has developed a customer list appraised…
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory January 1 $ 42,000 $ 25,000 $110,000 $ 25,000 $ 60,000 $ 83,000 $ 30,000 $ 19,000 Sales revenue Cost of goods sold Salaries expense Net income December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $122,000 $ 46,000 $ 13,000 Land Notes payable Retained earnings Salaries payable Buckeye Company's 2025 income statement is given below: $420,000 $269,000 $ 93,000 $ 58,000 Calculate the amount of cash paid to suppliers for purchases of inventory during 2025.