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- Use the following trial balance to prepare a multiple step income statement: Account title Debit Credit Cash 60,000 Accounts Receivable 117,000 Allowance for Uncollect/Accts 600 Equipment 12,000 Accumulated Depr 1,200 Accounts Payable 7,200 Notes Payable-Long Term 24,000 Common Stock 48,000 Retained Earnings 24,000 Sales Revenue 456,000 Salaries Expense 51,600 Utilities Expense 68,400 Income Tax Expense 60,000 Cost of Goods Sold 156,000 Interest Expense 36,000 Check figure: Operating Income $180,000The net income reported on the income statement for the current year was $132,100. Depreciation recorded on store equipment for the year amounted to $21,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $51,250 $46,640 Accounts receivable (net) 36,750 34,470 Merchandise inventory 50,170 52,470 Prepaid expenses 5,640 4,430 Accounts payable (merchandise creditors) 48,020 44,120 Wages payable 26,240 28,820 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. blankStatement of Cash Flows (partial)blank Cash flows from operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating…On December 31, Hughes Company has the following list of account balances. Additional Resources Accounts Payable $42,600 Equipment $30,500 Accounts Receivable 49,100 Service Revenue 41,800 Accumulated Depreciation, Equipment 19,600 Legal Expense 7,800 Accumulated Depreciation, Buildings 62,100 Note Payable, due in two years. 20,000 Advertising Expense 5,000 Prepaid Rent 20,500 Beginning Retained Earnings 97,000 Rent Expense 8,500 Buildings 119,000 Salaries Expense 3,400 Capital Stock 53,900 Salaries Payable 10,700 Cash 65,600 Supplies 24,500 Dividends 12,200 Supplies Expense 1,600 Required: Compute the dollar amount of the…
- The net income reported on the income statement for the current year was $128,600. Depreciation recorded on store equipment for the year amounted to $21,200. 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 $51,950 $47,270 Accounts receivable (net) 37,250 34,930 Inventories 50,860 53,180 Prepaid expenses 5,710 4,490 Accounts payable (merchandise creditors) 48,680 44,720 Wages payable 26,600 29,210 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. Please avoid answers in image format thank youThe account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned RevenueUse your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts. (Round percentage answers to 1 decimal place, e.g. 527.5.) Assets Cash $24,706 3.4 % Accounts receivable $123,349 % Inventory $ 27.4 % Total current assets $349,949 % Gross plant and equipment $ 95.0 % Less: accumulated depreciation $313,000 42.5 % Net plant and equipment $ % Total assets $736,949 100.0 % Liabilities Accounts payable $ 15.8 % Notes payable $28,961 3.9 % Total current liabilities $ % Long-term debt $245,383 33.3 % Total liabilities $390,893 % Common stock ($0.01 par, 450,000 shares) $4,500 0.6 % Paid-in capital $223,452 30.3 % Retained earnings $ % Total stockholders' equity $346,056 47.0 % Total liabilities and equity $ 100.0 %
- Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets? a. $46,700 b. $783,400 c. $56,000 d. $975,000 e. $699,700The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $51,200 $47,100 Accounts receivable (net) 36,710 34,810 Merchandise inventory 50,120 52,990 Prepaid expenses 5,630 4,470 Accounts payable (merchandise creditors) 47,970 44,560 Wages payable 26,210 29,110 ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net cash flows from operating activities is different from net income.Construct a proper Balance Sheet using the following accounts: Checking 45,000 Inventory 8,000 Accounts Receivable 10,000 Land 35,000 60,000 (10,000) Buildings Accumulated Depreciation Accounts Payable Notes Payable Retained Earnings Contruct a proper Income Statement using the following accounts Sales Sales Returns and Allowances Utilities Expense Insurance Expense Salaries Expense 10,000 22,000 116,000 Rent Expense Cost of Goods Sold Depreciation Expense 100,000 5,000 1,200 1,500 45,000 12,000 30,000 3,000
- The following information is available for Pharoah Company Accounts receivable $2,200 Cash $6,300 Accounts payable 4,500 Supplies 3,820 Interest payable 540 Unearned service revenue 920 Salaries and wages expense 5,000 Salaries and wages payable 760 Notes payable 32,500 Depreciation expense 670 Common stock 50,500 Equipment (net) 109,800 Inventory 2,910 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)The completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,600 201 Accounts Payable 9,200 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 306 Owner's Drawings 12,100 60,500 400 Service Revenue 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 29,800 Salaries and Wages Expense Utilities Expense 726 1,400 732 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 60,500 60,500 59,200 59,200Fountain Office Supply's March 31, 2018, balance sheet follows: Fountain Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $34,000 Accounts Receivable 22,000 Merchandise Inventory 21,500 Prepaid Insurance 2,500 Total Current Assets $80,000 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (30,000) 25,000 Total Assets $105,000 Liabilities Current Liabilities: Accounts Payable $15,000 Salaries and Commissions Payable 6,450 Total Liabilities $21,450 Stockholders' Equity Common Stock, no par 14,000 Retained Earnings 69,550 Total Stockholders' Equity 83,550 Total Liabilities and Stockholders' Equity $105,000 The budget committee of Fountain Office Supply has assembled the following data: a. Sales in April…