The income statement for the year 2020 of Culver Co. contains the following information: Revenues $69000 Expenses: Salaries and Wages Expense $47200 Rent Expense 11800 Advertising Expense 10200 Supplies Expense 5500 Utilities Expense 2300 Insurance Expense 1800
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![The income statement for the year 2020 of Culver Co.contains the following information:
Revenues
$69000
Expenses:
Salaries and Wages Expense
$47200
Rent Expense
11800
Advertising Expense
10200
Supplies Expense
5500
Utilities Expense
2300
Insurance Expense
1800
Total expenses
78800
Net income (loss)
$
(9800)
At January 1, 2020, Culver reported owner's equity of $50100. Owner drawings for the year totalled $10200. At December 31, 2020,
the company will report owner's equity of
O $10500.
O $39900.
O $30100.
O $40300.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c7fd341-d9e3-4a04-99e8-3b4606cc26ea%2F8cc0718b-4ce6-4c4d-94b2-7f1536d7a145%2F1pnd94a_processed.jpeg&w=3840&q=75)
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- The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200
- Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…BT21 Corp. collected P24,700 in interest during 2021. BT21 showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BT21 Company’s statement of comprehensive income for 2021?The following items are taken from the financial statements of the Metlock Service for the year ending December 31, 2020: Accounts payable $ 17900 Accounts receivable 11200 Accumulated depreciation - equipment 27700 Advertising expense 21000 Cash 14900 Owner's capital (1/1/20) 41500 Owner's drawings 13800 Depreciation expense 12000 Insurance expense 3100 Note payable, due 6/30/21 71300 Prepaid insurance (12-month policy) 6200 Rent expense 17000 Salaries and wages expense 32200 Service revenue 130800 Supplies 4100 Supplies expense 6000 Equipment 205300 What are total long-term liabilities at December 31, 2020? O 89200 O $71300 O $91200 O s0
- Q.Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31, 2020: Retained Earnings 87,600 Cash 32,800 Common stock 20,000 Inventory 39,800 Long-term liabilities 25,000 Leasehold Improvements 100,000 Accrued Expenses 1,000 Accumulated Depreciation (2,000) Accounts Payable 49,000 Trademarks 20,000 Accumulated Amortization (8,000) Required: Prepare in good form a properly classified statement of financial position on December 31,2020 with supporting notes and computations.The current sections of rita Company's Statement of Financial Position as at 31 December 2019 and 2020, are presented below. rita net income for 2020 was RM203,000. Depreciation expense was RM25,000. 2019 2020 (RM) (RM) Current asset Cash 115,000 99,000 Accounts receivable 105,000 89,000 154,000 172,000 Inventory Prepaid expense 27,000 21.000 Total current assets 401,000 381.000 Current liabilities Accrued expenses payable Accounts payable 15,000 5,000 85.000 93.000 Total current liabilities 100,000 98,000 Prepare the net cash provided by operating activities section of the company's Statement of Cash Flows for the year ended 31 December 2020, using the indirect method.Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…
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