The financial statements for Harold Corporation contained the following information: Accounts receivable Sales revenue Cash $5,000 75,000 15,000 Salaries and wages expense 20,000 Rent expense 10,000 How much was Harold's net income? a. $60,000 b. $15,000 c. $65,000 d. $45,000
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- The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500Find Fisher's accounts receivable.(a) $147.95 (b) $127.65(c) $225.78 (d) $290.45Niantic reported the following financial information (amounts in millions). $ 8,550 11,977 950 4,900 201 Current assets Total assets Current liabilities Net sales Net Income Compute the current ratio and profit margin. Note: Round your answers to 2 decimal places. Current ratio Profit margin %The following items are reported on a company's balance sheet: Cash $112,300 Marketable securities 131,400 Accounts receivable (net) 45,200 Inventory 170,000 Accounts payable 270,000. Determine the current ratio ?
- Webby Corporation reported the following amounts onits income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income taxexpense, $900. If the only other amount reported on theincome statement was for selling expenses, what amountwould it be?a. $2,200 c. $30,000b. $29,700 d. $30,900How much was Harold's income on these financial accounting question?I want to correct answer general accounting
- Given the following list of accounts, calculate Total Assets:Accounts Receivable $ 10,000Capital Stock 20,000Cash 25,300Equipment 16,800Fees Earned 44,400Miscellaneous Expense 17,800Rent Expense 3,250Retained Earnings 7,850Salaries Expense 15,400Wages Expense 15,000Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
- 1. If current assets amounted to P600,000 and current liabilities amounted to P200,000, what is the current ratio of the entity? *a. P800,000b. P400,000c. 3d. 1/3 3. If net sales is P200,000 and the average accounts receivable is P50,000, what is the accounts receivable turnover ratio? *a. 4b. 1/4c. P150,000d. P250,000 5. If total assets amounted to P800,000 and total liabilities amounted to P200,000, what is the debt to equity ratio? *a. 4b. 0.3333c. 0.25d. 3The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:Use this information below to answer the following question. Alcorn & Zeto Company Income Statement For the Year Ended December 31, 20x7 Revenues Net sales Dividend income Total revenues Costs and expenses Costs of goods sold Selling and administrative expenses Interest expense Total costs and expenses Income before income taxes Income taxes Net income $100,000 8.750 a. $83,750. b. $80,000. c. $75,000. d. $90,000. $ 25,000 23,750 6,250 $108,750 55,000 $ 53,750 19,500 $ 34,250 If the income statement were prepared in a multi-step form, gross profit from sales would be