The following is a partial list of account balances for the Fisherman's Supply at December 31, Year 1: $100,000 33,000 310,000 Cash Accounts receivable Inventory Supplies Land Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Utilities expense partial Other operating expense Gain on sale of land 4,500 240,000 48,000 42,000 87,000 510,000 400,000 40,000 9,600 30,000 7,400 Required: a. After the temporary accounts are closed, what is the balance of Retained Earnings? b. From the above information, prepare a multistep income statement.

The following is a partial list of account balances for the Fisherman's Supply at December 31, Year 1: $100,000 33,000 310,000 Cash Accounts receivable Inventory Supplies Land Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Utilities expense partial Other operating expense Gain on sale of land 4,500 240,000 48,000 42,000 87,000 510,000 400,000 40,000 9,600 30,000 7,400 Required: a. After the temporary accounts are closed, what is the balance of Retained Earnings? b. From the above information, prepare a multistep income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Se.104.
Net Income , SFP
Question: Use the information given below. Accounts Payable $125,000 Accounts Receivable $175,000 Accrued Expenses $80,000 Cash $50,000 Common Stock $20,000 Cost of Goods Sold $400,000 Depreciation Expense $30,000 Gross PPE $700,000 Inventory $250,000 Long Term Debt $150,000 Net PPE $250,000 Note Payable $30,000 Operating Expenses $200,000 Sales Tax Expense Total Equity $950,000 $25,000 $340,000 What is the value of total assets?
what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
7 The accounts payable balance at the beginning of the year was $85,000. The company purchased $380,000 worth of goods on account, and the ending balance of the payables account was $70,000. What were the total payments on account? Multiple Choice $450,000 $395,000 $535,000 $465,000
9. What is the amount of depreciation under cash basis?
Harding Company Accounts payable $34,411 Accounts receivable 74,965 Accrued liabilities 6,258 Cash 21,193 Intangible assets 37,609 Inventory 78,910 Long-term investments 111,094 Long-term liabilities 73,297 Notes payable (short-term) 28,248 Property, plant, and equipment 613,888 Prepaid expenses 2,504 Temporary investments 36,411 Based on the data for Harding Company, what is the amount of quick assets?
Determine the total current Assets value Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6,100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950.
Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…