INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Questions about the Income Statement.
a. List 2 expense accounts AND their amounts for 2020.
b. What was the net profit/(loss) for 2020? What about 2019?
c. Compared with 2019, has the net profit/(loss) increased or decreased?
Questions about the Statement of Financial Position.
a. How much was the Cash account balance at December 31, 2020? What about 2019?
b. Mention the biggest liability with its amount for the company at December 31, 2020.
c. What was the Total Equity for the company at December 31, 2020? What about December 31, 2019?
MBA Company had the following income statement in 2019: depreciation OMR20000, net income OMR90000.The The following accounts increased during 2019: Accounts receivable OMR22000, Account payableOMR3400, inventoriesOMR46000.Cash from operating activities is:
Using the attached financial statement footnote. Explain why the application of time value is appropriate to account for the transaction.
Knowledge Booster
Similar questions
- Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021. Ludwig reported rent expense of $19,000 on the 2021 income statement. What amount would be reported in the statement of cash flows as rent paid using the direct method? O $15,000. O $19,000. O $23,000. O None of these answer choices are correct.arrow_forwardBased on the following transactions, answer the follosssasdswing questions.Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss) i. Inventory costing $79, 800 was purchased on account. ii. Inventory costing $68, 400 was sold for $114,000. Eighty percent of the sales were for cash. iii. Cash collected from credit customers (those who bought on account) totalled $22, 800. iv. A lease was signed at the beginning of the year, requiring monthly payments of $1,100. The rent for the first month was paid when the lease was signed. After that, the $1,100 rent was paid on the last day of each month, to cover the following month. v. Supplies costing $ 6,300 were purchased for cash. At the end of the year, $600 of the supplies were still unused. vi. Wages of $42, 800 were paid during the year. Also, wages of $600…arrow_forward1. How much of the transactions below should be charged against CELESTINE's Net Income for the year ended 2020? 2. Compute for the amount presented as noncash Assets in the balance sheet on December 31, 2020 using the transactions below.arrow_forward
- Use the information provided (first picture) to calculate the debtor collection period & creditor payment period ratios for 2021 and put your answer in the template provided (second picture)arrow_forwardShawn's construction company has asked you to calculate operating cash flow for 2019. The company had total revenue of $4,116 with selling and administrative expenses of $554. The cost of goods sold for 2019 was $2,354. Shawn's used depreciation expense of $319 and interest expense of $162. The company paid out $75 in dividends after paying taxes of $186. O $1,118 $1,022 $795 O $720 O $1,147arrow_forwardFrom the following information on the income statement and the balance sheet, what is free cash flow to the equity (FCFE) in 2019? Assume that the tax rate is 0.3. Income Statement Items 2018 2019 Revenue 2,531 3,059 Cost of goods sold 1,083 1,200 SG&A expense 308 352 Depreciation 410 508 Interest expense 101 158 Balance Sheet Items 2018 2019 Cash 151 309 Accounts receivable 459 905 Inventory 907 1,208 PP&E 9,000 12,003 Accumulated Dep 4,223 5,762 Accounts payable 606 653 Short-term debt 302 506 Long-term debt 3,038 3,422 Common stock 1,800 1,800 Retained earnings x xarrow_forward
- During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445arrow_forwardPlease help with attached question, thanks much.arrow_forwardMahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended December 31, 2020. Additional information are as follows: Accounts receivable, December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000. Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? *arrow_forward
- An expense incurred/used up in 2020 is not paid until 2021. Using the accrual basis of accounting, the expense should be reported on: A. both the 2020 and 2021 Income statements B. the 2020 Income statement C. the 2021 income statement D. neither the 2020 nor 2021 Income statementsarrow_forwardThe following Information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $39,700 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses Net sales Cost of goods sold Gross profit Expenses: Required: a. Calculate the operating Income for Manahan Co. for the year ended December 31, 2019. Advertising expense General and administrative expenses Operating income MANAHAN CO. Operating Income Statement For the year ended December 31, 2019 b. Calculate the company's net Income for 2019. Net income $ $119,000 18, 200 119,100 $ 27,288 11,500 646,600 47,000 59,300 368,562 141,800 0 0 0arrow_forwardYang Company recognized accrued salary expense. The recognition will affect which of the following financial statements?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning