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
- 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 %24The 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.The current sections of Oriole Inc.'s balance sheets at December 31, 2021 and 2022, are presented here. Oriole's net income for 2022 was $152,400. Depreciation expense was $26,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $104,800 81,500 169,000 26,900 $382,200 $14,500 84,400 $98,900 2021 Adjustments to reconcile net income to $96,200 89,200 172,200 22,400 V $380,000 $9,800 95.900 Prepare the 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).) $105,700 ORIOLE INC. Partial Statement of Cash Flows $ O
- The financial information below presents operating revenue and expenses for 2020 as well as the starting and ending balances for relevant asset and liability accounts that changed during the year: Sales revenue $909,272 Depreciation expense $3,206 Cost of goods sold 445,563 Selling, general and administrative expenses 91,316 Interest expense 12,402 Income tax expense 143,126 Accounts receivable 12/31/19 65,305 Accounts receivable 12/31/20 67,810 Accounts payable 12/31/19 16,540 Accounts payable 12/31/20 17,261 Prepaid expenses 12/31/19 4,107 Prepaid expenses 12/31/20 3,875 Inventory 12/31/19 7,852 Inventory 12/31/20 6,491 Prepare the Operating section of the Cash Flow Statement using the indirect approach.The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided 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).)
- Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account balances: Required: 1. Using this information, calculate Rumsfords receivable turnover ratio. (Note: Round to two decimal places.) 2. Using this information, calculate Rumsfords asset turnover ratio and also convert the ratio into days.Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 28,300 Lily's balance sheets contained the comparative data at December 31, shown below. 41.000 For Income Taxes 12,200 For Operating Expenses Cash Flows from Operating Activities Cash Receipts from Customers Less V cash payments: $624,200 6,700 Net Cash Provided by Operating Activities 55,500 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis e.g. (15,000).) 25,000 $969,000 $ 704,700 264,300 39,700 $224,600 LILY…
- Required: Compute the following three ratios for The Home Depot's year ended January 30, 2022: fixed asset turnover, days to sell, and debt-to-assets. To calculate the ratios, use the Fiscal 2021 financial statements of The Home Depot in Appendix A. (Note: Fiscal 2021 for The Home Depot ran from February 1, 2021, to January 30, 2022. As with many retail companies, The Home Depot labels the period "Fiscal 2021” even though it ended in the 2022 calendar year. The label “Fiscal 2021" is appropriate because Fiscal 2021 includes 11 months from the 2021 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Note: Use 365 days in a year. Round intermediate calculations to 1 decimal place. Round fixed asset turnover and debt-to-assets final ratios to 2 decimal places. Round days to sell ratio to 1 decimal place. multiple choice 6.06; 70.2; 1.02 2.10; 4.5; 1.05 1.87; 44.1; 1.01 2.10; 70.2; 1.01Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $75,500 41,000 12,200 2021 cash payments: Lily's balance sheets contained the comparative data at December 31, shown below. $61,000 28,300 6,700 $624,200 55,500 25,000 $ $969,000 704,700 264,300 39,700 $224,600 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) LILY COMPANY Partial Statement of Cash Flows $Need Help with this Question