The following accounts were taken from the Adjusted Trial Balance columns of the worksheet: Accumulated Depreciation $3,200 Fees Earned $17,400 Depreciation Expense $1,300 Insurance Expense $400 Prepaid Insurance $4,800 Supplies $900 Supplies Expense $3,800 Net income for the period is: A. $8,700 B. $17,400 C. $11,900 D. $5,500
Q: Please provide correct answer
A: The Degree of Financial Leverage (DFL) is calculated as:DFL = EBIT / (EBIT - Interest…
Q: Which circumstances prompt modified attribution analysis? a) Attribution never needs modification b)…
A: Explanation of Modified Attribution Analysis: Modified attribution analysis is a specialized…
Q: Please provide this question solution general accounting
A: Step 1: Information givenTo calculate the unit cost of producing the ball bearings, we add up the…
Q: Oriole company's account. ending inventory balance be?
A: Step 1:Under the lower of cost or market value method, the inventory is reported at lower of cost or…
Q: Gagner clinic purchases land solve this question accounting
A: Purchase price of the land: $130,000Property taxes assumed: $1,500Title and attorney fees:…
Q: Conrad Playground Supply underwent a restructuring in 2024. The company conducted a thorough…
A: a. Incorrect recording of computer acquisition:Error: Classified as maintenance expense instead of…
Q: Answer this COST OF GOODS SOLD QUESTION
A: Explanation of Cost of Goods Sold (COGS):COGS refers to the direct costs associated with producing…
Q: What is the firm's cash conversion cycle on this accounting question?
A: Step 1: Define Cash Conversion CycleThe cash conversion cycle refers to the total time required by a…
Q: General Accounting
A: Step 1: Define Return on AssetsReturn on assets is a performance management tool that measures the…
Q: If iphone,inc,has an equity solve this question general accounting
A: Step 1: Define DuPont ROE DecompositionThe DuPont identity breaks down ROE of a firm into various…
Q: give me step by step solution
A: Net Income = Sales * Profit MarginNet Income = 25,400,000*7.2%Net Income = $1,828,800 Return on…
Q: Mcq financial accounting
A: Explanation of Economic DependencyEconomic dependency refers to the reliance of an organization on…
Q: Answer this with full explanation
A: Step 1: Define Overhead AllocationIn the parlance of statistics, the manufacturing overhead cost for…
Q: Kanek's contribution margin is 40%. The company is contemplating an advertising campaign that will…
A: 1 Understand the ProblemContribution margin is the percentage of sales revenue that contributes to…
Q: See the problem
A: Explanation of Book ValueBook value refers to the value at which an asset is recorded in a company's…
Q: Need answer the accounting question not use ai
A: Step 1: Define Total DebtThe total debt of a company consists of long-term debt that is not due…
Q: Explanation of this accounting Question
A: Explanation of Modified Periodicity: Modified periodicity refers to adapting accounting periods to…
Q: Hello! Please give me answer
A: Explanation of Traditional Journals:Traditional journals are the basic records of accounting that…
Q: I need answer of this question solution general accounting
A: (a) Receivables TurnoverStep 1: Calculate Average Accounts Receivable • Average Accounts Receivable…
Q: Non
A: Identify Net Income: Net income is €150,000. Identify Unrealized Gain: Unrealized gain on…
Q: Forron Company, wich has only one product, has provided the following data concerning it's most…
A: Step 1: Define Absorption CostingAbsorption costing is a costing method under which fixed…
Q: provide answer soon for this account questions
A: Step 1: Calculation of total taxable incomeTaxable income from operations: $65,000Interest income:…
Q: Kavya Co. Had installment sales of 1,000,000 and...
A: Explanation of Installment Sales: Installment sales represent transactions where the buyer pays for…
Q: A 60-day, 10% discounted note for solving accounting question
A: Step 1: Define Note payableNotes payable is the obligation for borrower to pay principal amount…
Q: Cost Reconciliation Report need
A: Explanation of Work in Process (WIP) Inventory: Work in process inventory represents the cost of…
Q: P11.3 (LO 1, 2, 4) (Accounting for Franchise, Patents, and Trademark) Information concern- ing…
A: To solve the given problem, here's the step-by-step explanation of the process for calculating…
Q: Give me three paragraphs on why a lack of independence can decline the quality of audits
A: Independence is a fundamental attribute for auditors. It refers to the ability to make unbiased…
Q: What is the accounts payable turnover expressed as days on this accounting question?
A: Step 1: Define Accounts Payable TurnoverThe accounts payable turnover is one item to consider when…
Q: I won't correct answer general accounting
A: Step 1: Define Cash Conversion CycleThe cash conversion cycle for a firm represents the time in…
Q: What is the actual net operating income on these general accounting question?
A: Step 1: Define Degree of Operating LeverageThe degree of operating leverage represents the…
Q: Give answer the following requirements please answer do fast
A: Step 1: Define Operating Cycle and Cash CycleThe operating cycle of a firm gives an estimate of the…
Q: Get correct answer accounting
A: Step 1:Units completed during the period can be calculated by adding the units in the beginning…
Q: Given answer accounting questions
A: Step 1: Define Weighted average methodThe weighted average method is determined by multiplying the…
Q: Give me four paragraphs on why time and budget constraints can affect the quality of audits
A: Time and budget are two critical factors that can significantly impact the quality of an audit.…
Q: I want to correct answer general accounting
A: Step 1: Define Depreciation ExpenseThe depreciation expense on a long-lived asset denotes the…
Q: A company report the following solve this question answer financial accounting
A: Step 1: Define RatioA ratio is a mathematical relationship between two quantities that are often…
Q: General Accounting
A: Step 1: Define Beginning InventoryBeginning inventory refers to the inventory which can be finished,…
Q: Business 123 Introduction to Investment May I please have an expert explore the new phenomena known…
A: Non-Fungible Tokens (NFTs)What Are NFTs?An NFT is a unit of data stored on a blockchain that…
Q: cost account
A: Step 1: Data ProvidedUnits Produced: 30,140 unitsUnits Sold: 24,600 unitsSales Revenue:…
Q: Good Day, Kindly assist me with the following Query. Regards
A: Supply and Use Table:A Supply and Use table shows how goods are produced, consumed, and traded…
Q: I just want answer i'm not sure which option is true.
A: To determine the impact on net operating income, we need to calculate the incremental profit or loss…
Q: The contribution margin per unit ? posted in general account.
A: In summary, the contribution margin shows how much is left after covering variable costs, which…
Q: What is the effective after- tax interest rate expense for the firm on these financial accounting…
A: Step 1: Define Interest Tax ShieldThe interest tax shield is an income tax savings by deducting the…
Q: Give me accurate answer
A: Explanation of Proportional Consolidation:Proportional consolidation is a method used in financial…
Q: Account expert solve this
A: Detailed explanation:A. Absorption Costing and Variable Costing Operating IncomeAbsorption Costing…
Q: Hello tutor given answer general Accounting
A: Step 1: Define Return on AssetsThe return on assets is a metric that determines the efficiency of a…
Q: please help solve this problem, thank you!
A:
Q: Provide answer
A: Explanation of Composite Life Calculation: Composite life calculation is a method used to determine…
Q: General accounting
A: Step 1: Define Debt To Equity RatioThe debt to equity ratio uses the value of total liabilities and…
Q: Aloha swimwear has received a special solution this question accounting
A: Step 1: Define Incremental ContributionThe incremental contribution margin that accepting a special…
Hi expert please give me answer general accounting
Step by step
Solved in 2 steps with 2 images
- The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338The net income reported on the income statement for the current year was $295,300. Depreciation recorded on fixed assets and amortization of patents for the year were $40,200 and $5,300, respectively. Balances of current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $50,300 $60,300 Accounts receivable 112,100 108,100 Inventories 105,300 93,300 Prepaid expenses 4,600 6,800 Accounts payable (merchandise creditors) 75,100 89,300 What amount of cash flows from (used for) operating activities is reported on the statement of cash flows prepared by the indirect method? a.$302,800 b.$207,400 c.$312,800 d.$369,000
- On January 1, 2023, a machine was purchased for $105,000. The machine has an estimated salvage value of $6,420 and an estimated useful life of 5 years. The machine can operate for 106,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2023, 21,200 hours; 2024, 26,500 hours; 2025, 15,900 hours: 2026, 31,800 hours; and 2027, 10,600 hours. Compute the annual depreciation charges over the machine's life assuming a December 31 year-end for each of the following depreciation methods. (Round rate per hour to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) 1. Straight-line Methodi $ 2. Activity Method Year 2023 2024 2025 $ 19,716 19,716 24,645 14,787The net income reported on the income statement for the current year was $295,779. Depreciation recorded on fixed assets and amortization of patents for the year were $36,030 and $11,489, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $64,081 $48,791 Accounts Receivable 123,219 102,308 Inventories 100,310 86,859 Prepaid Expenses 3,248 6,877 Accounts Payable (merchandise creditors) 45,294 62,023 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?Changes in various accounts and gains and losses on the sale of assets during the year for Argon Companyare given below:Item AmountAccounts receivable ............................... $90,000 decreaseAccrued interest receivable ................... $4,000 increaseInventory ................................................ $120,000 increasePrepaid expenses .................................. $3,000 decreaseAccounts payable ................................... $65,000 decreaseAccrued liabilities ................................... $8,000 increaseDeferred income taxes payable ............. $12,000 increaseSale of equipment .................................. $7,000 gainSale of long-term investments ............... $10,000 lossRequired:Prepare an answer sheet using the following column headings:Item Amount Add DeductFor each item, place an X in the Add or Deduct column to indicate whether the dollar amount should beadded to or deducted from net income under the indirect method when computing the…
- The net income reported on the income statement for the current year was $256,674. Depreciation recorded on fixed assets and amortization of patents for the year were $30,601 and $9,816, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $47,547 $67,419 Accounts Receivable 120,692 102,958 Inventories 101,043 92,516 Prepaid Expenses 3,347 6,561 Accounts Payable (merchandise creditors) 49,242 66,779 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $327,049 b. $270,830 c. $256,507 d. $251,558The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
- The income statement disclosed the following items for the year: Line Item Description Amount Depreciation expense $43,900 Gain on disposal of equipment 25,610 Net income 292,200 The changes in the current asset and liability accounts for the year are as follows: Line Item Description Increase (Decrease) Accounts receivable $6,840 Inventory (3,890) Prepaid insurance (1,460) Accounts payable (4,640) Income taxes payable 1,460 Dividends payable 1,020 Question Content Area a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankStatement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operatingactivities: $Net income Adjustments to reconcile net incometo net cash flows from (used for) operating…The net income reported on the income statement for the current year was $315,287. Depreciation recorded on fixed assets and amortization of patents for the year were $40,641, and $10,191, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories Prepaid expenses Accounts payable (merchandise creditors) End Beginning $37,456 $65,345 121,519 101,361 109,151 93,765 3,426 57,828 6,921 64,298 What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $404,638 b. $246,318 c. $327,600 d. $384,256The net income reported on the income statement for the current year was $311,700. Depreciation recorded on equipment and a building amounted to $93,200 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $78,550 $83,260 Accounts receivable (net) 99,600 102,740 Inventories 196,380 177,010 Prepaid expenses 10,920 11,740 Accounts payable (merchandise creditors) 87,740 92,920 Salaries payable 12,650 11,570 Question Content Area a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankblankStatement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income…
