The income statement for the year 2020 of Culver Co. contains the following information:**Revenues:** $69,000**Expenses:** - Salaries and Wages Expense: $47,200 - Rent Expense: $11,800 - Advertising Expense: $10,200 - Supplies Expense: $5,500 - Utilities Expense: $2,300 - Insurance Expense: $1,800 **Total Expenses:** $78,800**Net Income (Loss):** ($9,800)At January 1, 2020, Culver reported owner’s equity of $50,100. Owner drawings for the year totaled $10,200. At December 31, 2020, the company will report owner’s equity of:- ○ $10,500- ○ $39,900- ○ $30,100- ○ $40,300

Formula: Ending owner's equity = Beginning Owners equity - Net loss - Drawings

Answered: The income statement for the year 2020…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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he following information is related to the Doll Pty Ltd. Description 2018 2020 Total revenues (Sales) $2,580 $5,880 Total assets: Beginning of year 1,200 2,290 End of year 1120 2,381 The ratio of sales to assets for 2018 and 2020 will be: Select one: a. 2.22 And 2.52 b. 2.30 And 2.47 c. 1.11 And 1.26 d. 2.15 And 2.56
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The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes Accounts payable Accounts receivable 2021 $ 4.500 1,900 600 290 540 130 420 280 440 Price 5,300 1.800 856 440 850 per share 2022 $ 4.600 2,000 620 350 590 Net fixed assets Long-tern debt Notes payable Dividends paid Cash and marketable securities *Taxes are paid in their entirety in the year that the tax obligation is incurred. 130 440 320 510 6. 190 *Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that the market value (in thousands of dollars) of Fincorp's fixed assets in 2022 is $6,500 and that the value of its long-term debt is only…
The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income $ 517 13 130 660 250 218 48 516 $144 $ 14.40 Earnings per share Additional information: 1. Selling and administrative expense includes $35 million in restructuring costs. 2. Included in other income is $124 million in income from a discontinued operation. This consists of $90 million in operating income and a $34 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised…
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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