The assets, liabilities, and equities of Dickens Design Studio have the following balances at December 31, 2018. The owner, Rob Gatton, began the year with a $33,000 capital balance, contributed $15,000, and withdrew $51,000 during the year. Click the icon to view the account balances.) Prepare the income statement for Dickens Design Studio for the year ending December312018. Total Assets Net Income Balance Sheet December 31, 2018
Q: Prepare separate adjusting entries for any checks that require adjustment. (List all debit entries…
A: Step 1: Identify the specific account related to the check that requires adjustment.Determine…
Q: I need typing clear urjent no chatgpt use i will give 5 upvotes full explanation
A: To determine the force in each member of the truss and state whether the members are in tension or…
Q: not use ai please
A: Step 1:Identification of Key Points: The question was broken down into components that required a…
Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the…
A: 1. Calculate the straight-line depreciation rate:The straight-line rate is 1/ Useful lifeThe useful…
Q: You invest $100 in a savings account at an interest rate of 15% compounded annually. What is the…
A:
Q: how does target balance sheet for 2021 compare to 2022 and 2023 and what factors influence these…
A: Target Corporation's balance sheet underwent several notable changes between 2021, 2022, and 2023,…
Q: Minibikes, Inc. identified the following selected transactions that occurred during the year ended…
A: How to compute non-cash investing and financing activities for a company: Step 1: Identify non-cash…
Q: Watkins, Inc. acquires all of the outstanding stock of Glen Corporation on January 1, 2020. At that…
A: Step 1:Consolidated financial statements are those financial statements of an entity in which…
Q: Can you please give answer
A: The high-low method provides a simple way to separate the fixed and variable portions of mixed…
Q: Current Attempt in Progress Ivanhoe Corporation had the following tax information: Year Taxable…
A: note that the net operating loss is carried back to last two years. So, taxable income of 2021 and…
Q: How do you work this probl
A:
Q: Q2Jenny's adjusted gross income (AGI) is $120,000 a year and she owns a real estate property that…
A: Step 1 - Total Gross Income Calculation AGI: $120,000 Rental Income: $10,000 Total Gross Income =…
Q: Need help please
A: a:High-Low Method:Identify the highest and lowest levels of activity (number of visitors):Highest…
Q: On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock and 32,000 shares of…
A:
Q: Give true answer
A: Let me give the details carefully to ensure accuracy for both the cash-basis and accrual-basis…
Q: Refer to the following selected financial information from Shakley's Incorporated. Compute the…
A: Detailed explanation:Profit margin is a profitability ratio that measures the ability of the company…
Q: At the beginning of 2019, Hardin Company had 270,000 shares of $10 par common stock outstanding.…
A: ExplanationStep 1: Analyze Transactions and Calculate SharesEach transaction will affect the number…
Q: None
A: Step 1:Income statement prepared at the end of accounting year to know the correct profitability of…
Q: Get answer
A: Present Value (PV): Present Value represents the current worth of a series of future cash flows,…
Q: 21-2. Globe Inc. is a distributor of DVDs. DVD Mart is a local retail outlet which sells blank and…
A: We calculate the Economic Order Quantity (EOQ) by using the EOQ formula:EOQ=H2DSWhere:• D = Demand…
Q: Need answer no use AI
A: The question asks for the net operating income (profit) of Trainor Incorporated for the month using…
Q: 16.Explain the process of accounting for mergers and acquisitions. How are the assets and…
A: When recording mergers and acquisitions, the assets and liabilities of the acquired company are…
Q: On January 1, 2019, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a…
A: On January 1, 2019, Vacker Co. acquired 70% of Carper Inc. by paying $650,000, which included a…
Q: need help
A: Step 1: Definition of Asset Turnover Ratio:The asset turnover ratio compares the total assets of a…
Q: Question 19 1 points S C You want to construct a portfolio containing equal amounts of U.S. Treasury…
A: solve the problem, we'll use the formula:The closest answer to 1.64 is 1.79. So, the correct choice…
Q: Need correct answer
A: Step 1: Introduction to the Mixed CostsCompanies use methods like high-low, regression, and scatter…
Q: Do not use Ai
A: Gross sales$ 240,000Less: Sales returns(15,000) Sales discounts [(240,000 - 15,000) * 2%)](4,500)Net…
Q: Give me answer
A: Step 1: Introduction to the Conservatism PrincipleTo apply the conservatism principle, the companies…
Q: Current Attempt in Progress Consider an asset that was separated into its main components A, B and…
A: To calculate the total annual depreciation expense, we need to determine the depreciation for each…
Q: I want correct answer
A: Step 1: Introduction to the Intangible AssetsIntangible assets are those assets that are related to…
Q: Need help
A: We know thatAssets=Liabilities+Stockholders' Equity ............(1)Given Liabilities are…
Q: Need answer
A:
Q: Do not use chatgpt.
A: Option A) Current LiabilitiesCorrect. Current liabilities are debts or obligations that a business…
Q: None
A: December 31, 2022I. To elimnate bonds payable and investment accountAccountsDebitCreditBonds…
Q: Do not use Ai
A: Traditional B300 T500Sales 1,204,000…
Q: Based on Lab 2-4 Excel Sensitivity Analysis of Profitability under Changing Volume, Sales Price, and…
A: Please give me helpful review thanks
Q: I want to answer this question
A: Step 1: Introduction to the Asset DisposalWhen fixed assets are sold or scrapped at the end of their…
Q: Do not use Ai
A: !. Working notes:Sept. 30, 2024Formula: Interest revenue=semiannualFace value of bonds×rateInterest…
Q: Need help
A: To find the company's price-to-earnings (P/E) ratio, we need to use the following formula:P/E ratio…
Q: Give me correct answer
A: Detailed explanation:Variable cost per machine hour = ( highest cost - lowest cost ) / (highest…
Q: On January 1, 2019, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a…
A: On January 1, 2019, Vacker Co. acquired 70 percent of Carper Inc. by paying $650,000, which included…
Q: Lopez Plastics Company (LPC) issued callable bonds on January 1, 2024. LPC's accountant has…
A: Effective annual interest rate is the rate of interest that an investor can earn (or pay) in a year…
Q: Provide true answer don't use ai
A: Step 1: Introduction to the Inventory ValuationIn the context of accounting, the valuation methods…
Q: a-2. What is the net cash cost for the year under this target cash balance? (Negative amount should…
A: Explanation of Cash Budget: A cash budget is a financial plan that estimates a company's cash…
Q: None
A: Step 1: Introduction to the Compensating BalanceCompensating balance refers to the least amount that…
Q: None
A: Given information:Beginning total assets = $742,000Beginning total liabilities = $262,000The…
Q: need help please provide correct answer
A: Step 1: Definition of Sales Returns:Sales returns and allowances account represents a contra revenue…
Q: None
A: To calculate the common-size percentage for inventory, we need to express inventory as a percentage…
Q: Provide correct solution
A: Step 1: Introduction to the InventoriesIn accounting, inventories are considered current assets and…
Q: I want to answer this question
A: Step 1: Introduction to the Common StockCompanies issue common stock to their majority shareholders.…
Step by step
Solved in 2 steps
- The current ratio including transaction c. is The debt ratio including transaction c is screenshots attached thank youDisplayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…
- Use the following information from Dubuque Company's financial statements. From the Dec.31, 2018 balance sheet, changes from prior year: Accounts Receivable $8,600 Inventory 3,400 Prepaid Insurance (2,200) Accounts Payable (4,000) Sales Tax Payable 1,900 From the 2018 Income Statement: Gain From Sale of Investments $12,000 Depreciation Expense 26,500 Net Income 79,300 Prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Dubuque Company Partial Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Operating Activities: Net Income Depreciation Expense Gain From Sale of Investments Accounts Receivable, Inventory %24Assets Current assets Net fixed assets INCOME STATEMENT, 2022 (Figures in $ millions) Revenue Cost of goods sold Depreciation Interest expense 2021 $ 101 2022 $ 195 910 1,010 $ 2,005 1,085 405 251 Req A and B Req C and D BALANCE SHEET AT END OF YEAR (Figures in $ millions) Liabilities and Shareholders' Equity Current liabilities Long-term debt Req E Complete this question by entering your answers in the tabs below. a&b. What is shareholders' equity in 2021 and 2022? c&d. What is net working capital in 2021 and 2022? e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income. f. What is cash provided by operations during 2022? g.Net fixed assets increased from $910 million to $1,010 million during 2022. What must have been South Sea's gross investment in fixed assets during 2022? Answer is complete but not entirely correct. h. If South Sea reduced its outstanding accounts payable by $46 million during the year, what must have happened to its other current…The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
- Can you please correct solution for this general accounting question?The current asset section of the Moorcroft Outboard Motor Company’s balance sheet reported the following amounts:12/31/2018 12/31/2017Accounts receivable, net $400,000 $300,000The average collection period for 2018 is 50 days.Required:Determine net sales for 2018.Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage
