Find GEneral Account Asnwer The following items are taken from the financial statements of theFreight Service for the year ending December 31, 2016:Accounts payable$ 19,000Accounts receivable13,000Accumulated depreciation-Equipment26,000Advertising expense21,200Cash15,000Owner's capital (1/1/16)1,04,000Owner's drawings11,000Depreciation expense12,000Equipment2,10,000Insurance expense3,800Note payable, due 6/30/1772,000Prepaid insurance (12-month policy)7,200Rent expense16,000Salaries and wages expense32,000Service revenue1,35,000Supplies5,000Supplies expense6,000What is the book value of the equipment on December 31, 2016?

1. Determine the cost of the asset:The cost of the equipment is given as $210,000. 2. Determine the…

Answered: The following items are taken from the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufa
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. $384,256
Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill $ 211,800 Accumulated depreciation-equipment $ 467,100 Payroll taxes payable 67,100 Inventory 400,400 Bonds payable 501,800 Rent payable (short-term) 41,800 Discount on bonds payable 35,100 Income tax payable 112,600 Cash 62,800 Rent payable (long-term) 81,800 Land 352,800 Common stock, $1 par value 251,800 Notes receivable 162,300 Preferred stock, $25 par value 1,251,800 Notes payable (to banks) 266,700 Prepaid expenses 70,560 Accounts payable 348,800 Equipment 1,387,800 Retained earnings ? Equity investments (trading) 376,800 Income taxes receivable 47,400 Accumulated depreciation-buildings 361,300 Unsecured notes payable (long-term) 1,301,800 Buildings 2,801,800 Prepare a classified balance sheet in good form. Common stock…
The following items are taken from the financial tatements of the Freight Service for the year ending December 31, 2016: Accounts ayable 19,000 ccounts eceivable 3,000 ccumulated depreciation - quipment dvertising expense Cash 15,000 Owner's capital (1/1/16) 104,000 Owner's drawings 21,200 11,000 Depreciation expense nsurance expense 3,800 ote payable, due 6/30/17 72,000 Cent expense repaid insurance (12-month policy) 7,200 12,000 Service revenue Supplies Salaries and wages expense 32,000 quipment 16,000 135,000 Supplies expense 5,000 6,000 210,000 26,000 What are total current liabilities at December 31, 016? Gelect one: O a. $91,000 O b. $72,000 c. $19,000
The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Teal Mountain Inc.’s net income for 2017 was $156,366. Depreciation expense was $27,594. 2017 2016Current assets Cash $107,310 $ 101,178Accounts receivable 81,760 90,958Inventory 171,696 175,784Prepaid expenses 27,594 22,484Total current assets $388,360 $390,404Current liabilities Accrued expenses payable $ 15,330 $ 5,110Accounts payable 86,870 94,024Total current liabilities $102,200 $ 99,134 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, 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).)
Assume an investee has the following financial statement information for the three years ending December 31, 2013: (At December 31) 2011 2012 2013 Current assets Tangible fixed assets $310,500 844,500 75,000 $416,550 $428,205 861,450 992,595 67,500 60,000 Intangible assets Total assets $1,230,000 $1,345,500 $1,480,800 $150,000 $165,000 $181,500 Current liabilities Noncurrent liabilities Common stock 330,000 363,000 399,300 150,000 150,000 150,000 150,000 150,000 150,000 Additional paid-in capital Retained earnings 450,000 517,500 600,000 Total liabilities and equity $1,230,000 $1,345,500 $1,480,800 (At December 31) 2011 Revenues Expenses Net income Dividends 2012 2013 $1,275,000 $1,380,000 $1,455,000 1,162,500 1,260,000 1,314,000 $112,500 $120,000 $141,000 $37,500 $52,500 $58,500 Review of pre-consolidation cost method (controlling investment in affiliate, fair value equals book value) Assume that on January 1, 2011, an investor company purchased 100% of the outstanding voting common…
Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…
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 following data are adapted from the financial statements of Betty's Shops, Inc. E (Click the icon to view the data.) Prepare Betty's condensed balance sheet as of December 31, 2018. (Round your answers to the nearest whole dollar.) Betty's Shops, Inc. Balance Sheet December 31, 2018 Assets Data Table Total Current Assets Plant Assets Less: Accumulated Depreciation Total Current Assets $4 978,750 Total Assets Accumulated Depreciation 2,100,000 Liabilities Total Liabilities 1.460,000 Total Current Liabilities Preferred Stock Long-term Liabilities Debt Ratio 73% Total Liabilities Current Ratio 1.45 Stockholders' Equity Stockholders' Equity Print Done Total Liabilities and Stockholders' Equity
The following were taken from the books of Amihan Company December 31, 2017: Long-term payable Notes Payable Property, Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expense Inventory Intangible Assets 500,000.00 120,000.00 750,000.00 56,000.00 65,000.00 100,000.00 77,000.00 ? 15,000.00 245,000.00 59,000.00 158,000.00 125,000.00 A. Based on the data given above, identify, classify and compute the following: Current Assets Non Current Assets Total Assets Current Liabilities Non-Current Liabilities Total Liabilities Equity B. Prepare Statement of Financial Position of Amihan Company during year-end.
Calculate the following ratios from the income statement and balance sheet all are required 1-Payables Turnover 2-Debt-Equity Ratio 3-Debt Ratio 4-Total Asset Turnover 5-Fixed Asset Turnover Statement of financial positionas at 31 December 2018 2018 2017 Note RO RO ASSETS Non-current assets Property, plant and equipment 14 8,407,572 9,300,442 Deferred tax assets 12 40,977 18,550 8,448,549 9,318,992 Current assets Inventories 15 430,885 422,421 Trade and other receivables 16 1,129,440 1,235,724 Due from related parties 24 70,300 73,050 Cash and bank balances 17 6,856,734 6,439,709 Total current assets 8,487,359 8,170,904 Total assets 16,935,908 17,489,896 EQUITY…
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870

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