Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 11E
a.
To determine
Calculate the amount of interest and dividends paid if Company K earned profit of $1,600 before recognition of profit during the year 2018.
b.
To determine
Calculate the amount of interest and dividends paid if Company K earned profit of $900 before recognition of profit during the year 2018.
c.
To determine
Calculate the amount of interest and dividends paid if Company K earned profit of $300 before recognition of profit during the year 2018.
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Accounting
Item
Prior year
Current year
Accounts payable
8,191.00
7,813.00
Accounts receivable
6,005.00
6,798.00
Accruals
1,036.00
1,622.00
Cash
???
???
Common Stock
10,961.00
12,712.00
COGS
12,797.00
18,122.00
Current portion long-term debt
4,914.00
5,086.00
Depreciation expense
2,500
2,842.00
Interest expense
733
417
Inventories
4,175.00
4,807.00
Long-term debt
13,319.00
14,034.00
Net fixed assets
51,854.00
54,984.00
Notes payable
4,372.00
9,863.00
Operating expenses (excl. depr.)
13,977
18,172
Retained earnings
28,779.00
29,650.00
Sales
35,119
47,875.00
Taxes
2,084
2,775
What is the firm's cash flow from operations,financing and investing?
Accounting
Item
Prior year
Current year
Accounts payable
8,191.00
7,813.00
Accounts receivable
6,005.00
6,798.00
Accruals
1,036.00
1,622.00
Cash
???
???
Common Stock
10,961.00
12,712.00
COGS
12,797.00
18,122.00
Current portion long-term debt
4,914.00
5,086.00
Depreciation expense
2,500
2,842.00
Interest expense
733
417
Inventories
4,175.00
4,807.00
Long-term debt
13,319.00
14,034.00
Net fixed assets
51,854.00
54,984.00
Notes payable
4,372.00
9,863.00
Operating expenses (excl. depr.)
13,977
18,172
Retained earnings
28,779.00
29,650.00
Sales
35,119
47,875.00
Taxes
2,084
2,775
What is the firm's net income in the current year? (5547.00?)
What is the firm's dividend payment in the current year?
Item
Prior year
Current year
Accounts payable
8,101.00
7,904.00
Accounts receivable
6,019.00
6,552.00
Accruals
1,040.00
1,528.00
Cash
???
???
Common Stock
11,291.00
12,618.00
COGS
12,748.00
18,034.00
Current portion long-term debt
5,099.00
4,934.00
Depreciation expense
2,500
2,811.00
Interest expense
733
417
Inventories
4,253.00
4,792.00
Long-term debt
14,116.00
13,147.00
Net fixed assets
50,495.00
54,147.00
Notes payable
4,377.00
9,813.00
Operating expenses (excl. depr.)
13,977
18,172
Retained earnings
28,298.00
29,819.00
Sales
35,119
46,964.00
Taxes
2,084
2,775
What is the firm's total change in cash from the prior year to the current year?
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
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