The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable 16,000 Selling Expenses 44,000 Equipment 64,000 Common Stock 47,000 Accounts Payable 12,000 Interest revenue 3,000 Salaries & Wages Expense 40,000 Income taxes expense 18,000 Income Taxes Payable 5,000 Rent expense 20,000 Calculate net income or net loss. $fill in the blank 2 Based on this information, is Scott Industries profitable?

The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable 16,000 Selling Expenses 44,000 Equipment 64,000 Common Stock 47,000 Accounts Payable 12,000 Interest revenue 3,000 Salaries & Wages Expense 40,000 Income taxes expense 18,000 Income Taxes Payable 5,000 Rent expense 20,000 Calculate net income or net loss. $fill in the blank 2 Based on this information, is Scott Industries profitable?

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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Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500 Salaries expense 85,000 Cost of goods sold 217,600 The following balances have been excerpted from the company's comparative balance sheets: 31-Dec-24 31-Dec-23 Interest receivable $9,100 $7,500 Salaries payable 8,900 4,200 Accounts payable 12,700 10,900 Inventory 36,100 32,500 The amount of cash paid by the company to suppliers in 2024 was Select one: $215,800. $212,200. $219,400. $248,290.
Presented below is selected financial data for Teague Industries for the current year: Current assets: Current liabilities Cash and cash equivalents $3503 Accounts payable $5385 Short-term investments 1555 Other current liabilities 2892 Receivables, net 1811 Total current liabilities 8277 Merchandise inventories 6205 Noncurrent liabilities 5196 Other current assets 1975 Shareholders' Equity 6250 Total current assets 15,049 Total liabilities and shareholders' equity $19,723 Noncurrent assets 4674 Total assets $19,723 Revenues $50,826 Costs and Expenses 45,963 Operating Income 4,863 Other income/expense (including interest expense of $60) (36) Income before income tax 4827 Income tax expense (1449) Net income $3378 Previous Years' Financial Data Total Assets $17,020 Shareholders' Equity 4000 The financial leverage for Teague Industries is ________. (Round your answer to two decimal places, X.XX.)
Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on credit during October were $286,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $105,000 balance in Accounts Receivable. During October, the company collected $105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $107,500 of cash receipts and $108,150 of cash disbursements. The October 31 Cash balance was $21,100. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C On September 30, Valerian Company had a $105,000 balance in Accounts…
Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
A person pays an amount at the beginning of each month and then withdraws half of it in the middle of the month, and his balance at the end of the year is 513.6 dinars, knowing that the interest rate approved for withdrawal and deposit is 12% annually, so the amount that is deposited and withdrawn is??A- 30,60 dinarsB - 90, 45 dinarsC- 80, 40 dinarsD- 100, 50 dinars
The following financial statements apply to Adams Company: ADAMS COMPANY Income Statements for the Years Ending December 31 Year 1 $180,400 Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities $ 220,800 Stockholders equity Common stock (49,000 shares) 124, 600 20,200 10,000 2.100 20,400 177,300 $ 43,500 ADAMS COMPANY Balance Sheets As of December 31 F Retained earnings Total stockholders equity Total liabilities and stockholders' equity 102, 100 18.200 9,000 2,100 17,600 149,000 $ 31,400 $ 5,100 1,800 36,000 101, 200 4,800 148,900 107,000 20,600 $ 276,500 $38,200 16,500…
The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 200,000 Merchandise inventory 340,000 Prepaid expenses 8,000 Total current assets 571,000 Property and equipment, net 910,000 Total assets $ 1,481,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $240,000 Bonds payable, 8% 310,000 Total liabilities 550,000 Stockholders' equity: Common stock, $10 par value $ 160,000 Retained earnings 771,000 Total stockholders' equity 931,000 Total liabilities and stockholders' equity $ 1,481,000 Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales $ 3,325,000 Cost of goods sold 1,067,500 Gross margin 2,257,500 Selling and administrative expenses 610,000 Net operating income 1,647,500 Interest expense 24,800 Net income before taxes 1,622,700 Income taxes (30%) 486,810 Net income $ 1,135,890 Account…
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses $ 6,500 35,000 70,000 3,500 115,000 185,000 Total current assets Property and equipment, net Total assets $300,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 50,000 Bonds payable, 10% Total liabilities 80,000 130,000 Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity 30,000 140,000 170,000 Total liabilities and stockholders' equity $300,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $420,000 Cost of goods sold Gross margin Selling and administrative expenses 292,500 127,500 89,500 Net operating income Interest expense Net income before taxes 38.000 8,000 30,000 Income taxes (30%) 9,000 Net income $ 21,000 Account balances at the beginning of the year were: accounts…
Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.
Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $52,350. b. Cash sales totalled $147,850. C. Cash collections on account from customers totalled $52,350. d. Cost of goods sold during the period was $25,950. Payments made to suppliers of inventory totalled $50,900. Wages of $31,800 were paid during the year. In addition, wages of $1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,370. h. At the end of the year the company paid $2,970 for the first 3 months' rent for the upcoming year. e. f. a. b. C. d. e. f. 5.0 h. (a) on the cash basis Revenues Expenses (b) on the accrual basis Revenues Expenses
Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $4 36,772 $ 37,181 60,602 82,558 9,090 257, 236 49,574 52,807 4,131 224,507 Total assets $ 517,659 $ 446,258 S 368, 200 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 131,475 73,909 $ 48,116 95,373 163, 500 127,311 83,813 163, 500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 Total liabilities and equity $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: Beginning balances: Inventory $200,000 Accounts receivable 300,000 Ending balances: Inventory 250,000 Accounts receivable 400,000 Cash 100,000 Marketable securities (short-term) 200,000 Prepaid expenses 50,000 Accounts payable 175,000 Taxes payable 85,000 Wages payable 90,000 Short-term loans payable 50,000 During the year, Arnn had net sales of $2.45 million. The cost of goods sold was $1.3 million. Required: When required, round your answers to two decimal places. Assume 365 days per year. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. times 4. Compute the accounts receivable turnover in days. days 5. Compute the inventory turnover ratio. times 6. Compute the inventory turnover in days. days

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bartleby, a Learneo, Inc. business

Fees Earned	$165,000	Cash	$30,000
Accounts Receivable	16,000	Selling Expenses	44,000
Equipment	64,000	Common Stock	47,000
Accounts Payable	12,000	Interest revenue	3,000
Salaries & Wages Expense	40,000	Income taxes expense	18,000
Income Taxes Payable	5,000	Rent expense	20,000