Understanding and analyzing financial statem merchandising organization Gary's TV had the following accounts and amounte in its financial statements on December 31, 2013. Assume that all balance sheet item reflect account balances at December 31, 2013, and that all income statement iteme reflect activities that occurred during the year then ended. 18,000 40,000 12,000 140,000 36,000 420,000 96,000 6,000 64,000 450,000 72,000 880,000 36,000 120,000 46,000 1,240,000 Interest expense. Paid-in capital .. Accumulated depreciation. Notes payable (long-term). Rent expense .... Merchandise inventory Accounts receivable Depreciation expense. Land...... Retained earnings. Cash...... Cost of goods sold. Equipment.. Income tax expense Accounts payable. Sales revenue. Required: vary's C.... d. Calculate the net income (or loss) for the year ended December 31, 2013. e. What was the average income tax rate for Gary's TV for 2013? f. If $128,000 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings? %24

Understanding and analyzing financial statem merchandising organization Gary's TV had the following accounts and amounte in its financial statements on December 31, 2013. Assume that all balance sheet item reflect account balances at December 31, 2013, and that all income statement iteme reflect activities that occurred during the year then ended. 18,000 40,000 12,000 140,000 36,000 420,000 96,000 6,000 64,000 450,000 72,000 880,000 36,000 120,000 46,000 1,240,000 Interest expense. Paid-in capital .. Accumulated depreciation. Notes payable (long-term). Rent expense .... Merchandise inventory Accounts receivable Depreciation expense. Land...... Retained earnings. Cash...... Cost of goods sold. Equipment.. Income tax expense Accounts payable. Sales revenue. Required: vary's C.... d. Calculate the net income (or loss) for the year ended December 31, 2013. e. What was the average income tax rate for Gary's TV for 2013? f. If $128,000 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings? %24

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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Please answer 16-18
The comparative statements of Osborne Company are presented here: [{HtmlTableOSBORNE COMPANYIncome StatementsFor the Years Ended December 312014 2013Net sales $1,895,999 $1,755,959Cost of goods sold 1,063,999 1,011,459Gross profit 832,000 744,500Selling and administrative expenses 505,459 484,459Income from operations 326,541 260,041Other expenses and losses Interest expense 23,583 21,583Income before income taxes 302,958 238,458Income tax expense 93,583 74,583Net income $209,375 $163,875\\OSBORNE COMPANYBalance SheetsDecember 31Assets 2014 2013Current assets Cash $60,100 $64,200Debt investments (short-term) 74,000 50,000Accounts receivable 123,259 108,259Inventory 127,583 117,083Total current assets 384,942 339,542Plant assets (net) 663,905 535,205Total assets $1,048,847 $874,747Liabilities and Stockholders' Equity Current liabilities Accounts payable $165,459 $150,859Income taxes payable 45,083 43,583Total current liabilities 210,542 194,442Bonds payable 234,905 214,905Total…
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You are asked to provided a comparative financial statement analysis of Star Corporation and Moon Stores Inc. for the the current year. Your junior accountant has collected the following data for you. Star Corp. Moon Stores Income Statement Net Sales 61,471 374,526 Cost of Goods Sold 41,895 286,515 Sell and Administrative expenses 16,200 70,847 Interest Expense Other income (expense) Income tax expense 647 1,798 1,896 4,273 1,776 $ 6,908 Net Income 2,849 $ 12,731 Balance Sheet Current Assets 18,906 47,585 Long-term Assets Total Assets 25,654 $ 44,560 115,929 163,514 Current Liabilities Long-term debt Total stockholders equity Total liabilities and equity 58,454 40,452 64,608 11,782 17,471 15,307 $ 44,560 $ 163,514 Beginning of the year balances Total assets 37,349 151,587 Total equity Current liabilities 15,633 61, 11,117 52,148 Total liabilities 21,716 90,014 Other data Average net accounts receivable Average inventory Net cash provided by operating activities 7,124 3,247 6,517 34,433…
Subject :- Accounting
account_circle Business AccountingQ&A LibraryShown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Shown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Question Shown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Inventory 84,000 Current liabilities 105,000 Company B Net credit sales 560,000 Cost of goods sold 480,000 Cash 22,000 Accounts receivable 70,000 Inventory 160,000 Current liabilities 100,000 A) calculate inventory turnover rate for company A and B