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

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

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

See similar textbooks

Related questions

Q: Hello expert please given correct answer

A: Step 1: Define Straight-Line MethodThe straight-line method of depreciation is a simple and commonly…

Q: What is net book value?

A: Explanation of Reducing Balance Method: The reducing balance method (also known as declining balance…

Q: Need answer the general accounting question

A: Step 1: Define Acid-Test RatioThe acid-test ratio (or quick ratio) measures a company's ability to…

Q: What is the required return for the new project on this financial accounting question?

A: Step 1: Define Cost Of CapitalA firm's cost of capital is an average financing cost that is derived…

Q: general Account posted

A: The correct answer is:(c) have no effect on net operating income for the period. ExplanationUnder…

Q: Need General Account Answer

A: To determine the inventory value using the lower of cost or market (LCM) rule on an individual-item…

Q: Can you explore and give solution? its general account questions

A: To calculate the equivalent units of production for the Assembly Department, we follow the steps…

Q: Nafth Company has an Equipment Services Department that performs all needed maintenance work on the…

A: Step 1:First calculate the predetermined overhead rate: Predetermined overhead rate = Budgeted…

Q: Need Correct solution tutor from general account

A: Step 1: Formula Cost per equivalent unit of conversion = Conversion costs/Equivalent units Step 2:…

Q: General Accounting

A: Step 1: Define Average Collection PeriodThe average collection period or days' sales receivable…

Q: Question-3 PTS

A: Risk-pattern mapping improves control assessment because it reveals dependent-risk profiles that can…

Q: What is up and coming's cost of equity on this financial accounting question?

A: As per CAPM, Cost of Equity = Risk-free rate + Beta*(Market rate - Risk free rate) Cost of Equity =…

Q: Please given correct answer general accounting

A: Degree of operating leverage = Contribution margin / Net operating incomeDegree of operating…

Q: Given answer accounting questions

A: Step 1: Define Weighted-Average Process Costing MethodThe weighted-average method in process costing…

Q: Provide correct answer

A: Follow the basic accounting equation: Total assets is equal to total liabilities plus equity.Assets…

Q: Financial accounting question

A: Step 1: Define Overhead ExpensesOverhead expenses are the collection of those manufacturing expenses…

Q: Questions = Cost Account

A: Step 1: Current Balances and Market ValueRaw Materials Inventory at Cost: $122,460Allowance for…

Q: Given answer accounting questions

A: Step 1: Define Cost of SalesThe cost of sales refers to the expenses directly incurred in the…

Q: Financial Accounting Question please solve

A: Step 1: Define Capital ExpendituresWhen a company buys assets or makes improvements to the assets…

Q: Please provide this question solution general accounting

A: Step 1: Define Direct Materials Price VarianceThe direct materials price variance is incurred when…

Q: The welding department had beginning work solve this accounting questions

A: Step 1: Define Process CostingProcess costing is a reliable method used in cost accounting for…

Q: Given answer accounting questions

A: Step 1: Definition of ReceivableThe total receivable includes both the principal amount of the loan…

Q: None.

A: Step 1: Define Underapplied or Overapplied Manufacturing OverheadThe unadjusted balance of the…

Q: What are the nominal and effective costs of trade credit under the solve this question general…

A: Step 1: Define Trade CreditCompany allows the buyer to purchase the goods on credit but there is…

Q: C.S. Blossom Company had the following transactions involving notes payable. July 1, 2025 Borrows…

A: Step 1: Step 2:For the last journal entryinterest expenses is calculated for the remaining 3 month…

Q: Marbry Corporation has provided the following information concerning a capital budgeting project:…

A: Step 1: Calculate Depreciation Expense per YearDepreciation Expense per Year = (Investment in…

Q: Subject: Cost Account - Alpha Company's April 1, 2017, beginning work in process was 700 units.…

A: Key FormulaThe number of units completed is calculated as: Units Completed=(Units in…

Q: Superior Developers sells lots for residential development. When lots are sold, Superior recognizes…

A: Deferred tax liability (last year): 20 million * 40% $8.00MillionDeferred tax liability (this year)…

Q: What is the gross profit margin percentage?

A: Hello student! Gross Margin is the remaining revenue after we deduct the cost of goods sold. The…

Q: Hi expert please give me answer general accounting

A: Step 1: Define Interest on Notes receivableNotes Receivable is a written promissory note issued by…

Q: What is the cost of goods sold under a periodic system for this general accounting question?

A: Step 1: Define Cost of Goods SoldThe cost of goods sold is an expense in the income statement.…

Q: Hello teacher please help me with this accounting questions

A: Equivalent units represent the number of fully completed units that could have been produced given…

Q: Can you help me please provide correct answer general accounting

A: Step 1: Define Cost of GoodsThe cost of a product that a company must resell plays a significant…

Q: Provide answer please general accounting

A: Step 1: First calculate the interest expense for September month: Interest expense = Amount borrowed…

Q: Provide correct answer general accounting

A: Step 1: Define Variance AnalysisVariance analysis is concerned with finding out the reason behind…

Q: Hello tutor please solve this accounting questions

A: Step 1: Define BudgetA budget is a report prepared by businesses to show the estimated figures for…

Q: I won't this answer general Accounting question

A: Step 1:The basic formula to calculate the return on assets is as follows: Return on assets = Net…

Q: General Accounting Question need answer please

A: Step 1: Define Gross ProfitThe gross profit amount indicates several aspects of a company's…

Q: General accounting

A: Question 1: Compute the company's degree of operating leverage• Step 1: Identify the Contribution…

Q: Following is a list of account balances solution this accounting questions

A: Step 1: Define Current LiabilitiesThe liabilities have credit balances and are shown against the…

Q: Wanted answer. Sub. General Account

A: Correct Answer: B. the cost-driver activity level is increasing Explanation:Variable…

Q: Hi please solve this

A: To determine the inventory value using the lower-of-cost-or-market (LCM) method on an…

Q: I need this financial accounting question answer

A: Step 1: Define Price Earnings RatioThe price earnings ratio is a valuation measure that gives the…

Q: ASAP answer wanted

A: The correct answer is:c) accelerated depreciation for tax purposes; straight line for financial…

Q: Financial accounting questions

A: Understanding the ComponentsSales: This is the total revenue generated from selling goods or…

Q: Answer??

A: Step 1: Define Average Collection PeriodThe accounts receivables average collection period refer to…

Q: Can you please answer the general accounting question?

A: Step 1: Define Net IncomeNet income is the total revenue earned by a business minus all the expenses…

Q: Hello tutor please provide this question solution general accounting

A: Step 1: Define Equivalent UnitsEquivalent units are the weighted average of the number of units with…

Q: Please provide answer the general accounting question

A: Step 1: Define Gross Profit:Gross profit is the difference between a company's net sales revenue and…

Q: Solution with steps

A: Explanation of Raw Materials Used:Raw materials used represent the total cost of materials consumed…

Question

I want to correct answer general accounting

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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. $30,900
Citrine Company reported the following on its income statement: Income before income taxes $500,000 Income tax expense 100,000 Net income $400,000 An analysis of the income statement revealed that interest expense was $50,000. Citrine Company's times-interest-earned ratio was: a. 18. b. 5. c. 9. d. 11.
You are given the following income statement and balance sheet: Income Statement Sales EBT Taxes (40%) Net Income Cash A/R Inventories Total CA Fixed Assets Total Assets $15,000 $800 $320 $480 Balance Sheet $100 $2,000 $4.000 Accounts Payable Debt Common Stock Retained Eamings $6,100 $1,900 $8,000 Total Claims $1,000 $4,000 $2,000 $1,000 $8,000 Now make the following forecast and assumptions for the upcoming year: Sales are expected to increase by $5.400 over the coming year. All assets and accounts payable can be expressed as a percentage of sales. The firm's profit margin will remain at 3.2 percent. The firm has a dividend payout rate of 75 percent. Using the equation method, determine the additional funds needed for the coming yea
Selected accounts are listed below. How much is the firm's operating income? accrued payroll $2,000 sales 45,000 cost of goods sold 26,000 interwst expense 1,000 expenses ( other than interest) 8,000 answer:
Please show calculation
Find the following using the data bellow a. Accounts receivable B. Current assets C. Total assets D. Return on assets E. Common equity F. Quick ratio
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. 3
Using the financial data for Key Wahl Industries Sales Net Profit After Tax Total Assets Total Liabilities O.50 02 O.75 $4,500,000 What is the debt ratio? O.075 $337,5000 $6,750,000 $ 3,375,000
Selected income statement and balance sheet data from Merck & Co. for Year 9 are reproduced below: MERCK & COMPANY, INC. Year 9 Selected Financial Data ($ millions) Merck & Co. Income Statement Data Sales revenue... Depreciation...... Interest expense. $7,120 230 10 Pretax income... 2,550 Income taxes.. 900 Net income. 1,650 Balance Sheet Data Current assets... $4,850 Fixed assets, net... 2,400 Total assets.. 7,250 Current liabilities... 3,290 Long-term debt... 100 Shareholders' equity... 3,860 Total liabilities & shareholders' equity.. Required: a. Calculate return on common equity for Year 9 using year-end amounts and assuming no preferred dividends. b. Disaggregate Merck's ROCE. Comment on Merck's use of leverage. (Assume all assets and current liabilities are operating and a 35% tax rate.). c. Disaggregate ROA and comment on that.
Show detailed answer fr upvotes?
Subject : Accounting
The following information pertains to Cachet Company. Assume that allBalance sheet amounts represent both average and ending balance figures.Assume that all sales were on credit.AssetsCash and short-term investments P 40,000Accounts receivable (net) 30,000Inventory 25,000Property, plant and equipment 215,000Total Assets P310, 000Liabilities and Stockholders’ EquityCurrent liabilities P 60,000Long-term liabilities 95,000Stockholders’ equity—common 55,000Total Liabilities and Stockholders’ Equity P310, 000Income StatementSales P 90,000Cost of goods sold 45,000Gross margin 45,000Operating expenses 20,000Net income P 25,000Number of shares of common stock 6,000Market price of common stock P20Dividends per share P1.00What is the price-earnings ratio for this company?A. 6 timesB. 4.2 timesC. 8 times D. 4.8 times Can you please give me a coherent solution for this?