Question
In: Accounting
Determine the total assets of kirby company at December 31,2017,Determine the net income that kirby company reported for December 2017
Presented below is selected information related to Kirby Company at December 31.Kirby reports financial information monthly
| Particulars | Amount$ |
| Accounts payable | 3,000 |
| Cash | 6,500 |
| Advertising Expense | 6,000 |
| Service Revenue | 53,500 |
| Equipment | 29,000 |
| Salaries & Wages Expense | 16,500 |
| Notes payable | 25,000 |
| Rent Expense | 10,500 |
| Accounts Receivable | 13,500 |
| Owner's Drawings | 7,500 |
(a) Determine the total assets of Kirby Company at December 31,2017
(b) Determine the net income that Kirby Company reported for December 2017
(c)Determine the Owner's equity of Kirby Company at December 31,2017
Solutions
Expert Solution
Calculation of Total assets of K Company at December 31,2017
Total assets = Cash + Equipment + Accounts Receivable
= $6,500 + $29,000 + $13,500
= $49,000
Calculation of Net income of K Company for December
Net income =Service Revenue - Advertising Expense - Salaries & Wages Expense - Rent Expense
=$53,500 -$6,000 -$16,500 -$10,500
=$20,500
Calculation of Owner's Equity of K Company at December 31,2017
Owner's Equity = Total assets - Accounts Payable - Notes Payable
= $49,000 -$3,000 -$25,000
= $21,000
(a) Total Assets of K Company = $49,000
(b) Net Income of K Company for December 2017 = $20,500
(c) Owner's Equity of Kirby Company at December 31,2017 = $21,000
balaji rao answered 3 years agoRelated Solutions
Determine Loren Satina's net income from clear view park for 2017,Prepare a balance sheet for clear view park as of December 31,2017
Loren Satina is the sole owner of Clear View park,a public camping ground near the lake mead national recreation area.loren has compiled the following financial information as of December 31,2017
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Revenues during 2017 -camping fees
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Cash on hand
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Notes payable
60,000
Expenses during 2017
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17,500
Instructions
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If a firm has $230,000 total assets and $150,000 in net income reported on its 2016...
If a firm has $230,000 total assets and $150,000 in net income
reported on its 2016 financial statements, $220,000 total assets
and $160,000 net income on its 2015 financial statements, and
$200,000 total assets and $170,000 total income on its 2014
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equal to net income for 2016 divided by total...
At December 31, 2017, Grand Company reported the following as plant assets. Land
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
4,000,000
Building
28,500,000
Less: Accumulated depreciation –
buildings
12,100,000
16,400,000
Equipment
48,000,000
Less: Accumulated depreciation –
equipment
5,000,000
43,000,000
Total plant
assets
63,400,000
During 2018, the following selected cash transactions
occurred.
April 1 Purchased land for $2,130,000
May 1 Sold equipment that cost $75,000 when
purchased on January 1, 2014. The equipment was sold
for $450,000.
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1) A company had net income of $2,740,000, net sales of $26,500,000, and average total assets...
1)
A company had net income of $2,740,000, net sales of
$26,500,000, and average total assets of $11,800,000. Its return on
total assets equals:
Multiple Choice
23.22%.
44.53%.
10.34%.
4.31%.
430.66%.
2)
Using the information below, calculate cost of goods sold for
the period:
Sales revenues for
the period
$
1,316,000
Operating expenses for the
period
251,000
Finished Goods Inventory,
January 1
48,000
Finished Goods Inventory,
December 31
53,000
Cost of goods manufactured for
the period
552,000
Multiple Choice
$798,000....
1. A company had net income of $48,000, net sales of $380,000, and average total assets...
1. A company had net income of $48,000, net
sales of $380,000, and average total assets of $280,000. Its profit
margin and total asset turnover were respectively: Multiple Choice
1.36%; 0.17. 1.97%; 1.36. 12.63%; 1.36. 1.36%; 12.63. 12.63%;
0.17.
2. Six months ago, a company purchased an
investment in stock for $69,000. The investment is classified as
available-for-sale securities. This is the company’s first and only
investment in available-for-sale securities. The current fair value
of the stock is $72,600. The...
For the year ended December 31, 2017, Transformers Inc. reported the following: Net Income $305068 Preferred...
For the year ended December 31, 2017, Transformers Inc. reported
the following:
Net Income
$305068
Preferred dividends paid
54210
Common dividends paid
9619
Unrealized holding loss, net of
tax
3543
Retained Earnings, beginning
balance
389503
Common Stock
177628
Accumulated Other Comprehensive Income,
beginning balance
22896
What would Transformers report as the ending balance of Retained
Earnings?
Flounder Company reported 2017 net income of $156,700. During 2017, accounts receivable increased by $13,900 and...
Flounder Company reported 2017 net income of $156,700. During
2017, accounts receivable increased by $13,900 and accounts payable
increased by $9,673. Depreciation expense was $39,900. Prepare the
cash flows from operating activities section of the statement of
cash flows. (Show amounts that decrease cash flow with either a -
sign e.g. -15,000 or in parenthesis e.g. (15,000).)
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,320,000 Buildings...
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$ 4,320,000
Buildings
$29,800,000
Less: Accumulated depreciation—buildings
10,570,000
19,230,000
Equipment
47,520,000
Less: Accumulated depreciation—equipment
4,910,000
42,610,000
Total plant assets
$66,160,000
During 2018, the following selected cash transactions
occurred.
April 1
Purchased land for $2,000,000.
May 1
Sold equipment that cost $840,000 when purchased on January 1,
2014. The equipment was sold for $504,000.
June 1
Sold land purchased on June 1, 2008 for $1,430,000. The land
cost...
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,320,000 Buildings...
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$ 4,320,000
Buildings
$29,800,000
Less: Accumulated
depreciation—buildings
10,570,000
19,230,000
Equipment
47,520,000
Less: Accumulated
depreciation—equipment
4,910,000
42,610,000
Total
plant assets
$66,160,000
During 2018, the following selected cash transactions occurred.
April 1
Purchased land for
$2,000,000.
May 1
Sold equipment that cost
$840,000 when purchased on January 1, 2014. The equipment was sold
for $504,000.
June 1
Sold land purchased on June 1,
2008 for $1,430,000. The land cost...
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,320,000 Buildings...
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$ 4,320,000
Buildings
$29,800,000
Less: Accumulated
depreciation—buildings
10,570,000
19,230,000
Equipment
47,520,000
Less: Accumulated
depreciation—equipment
4,910,000
42,610,000
Total
plant assets
$66,160,000
During 2018, the following selected cash transactions occurred.
April 1
Purchased land for
$2,000,000.
May 1
Sold equipment that cost
$840,000 when purchased on January 1, 2014. The equipment was sold
for $504,000.
June 1
Sold land purchased on June 1,
2008 for $1,430,000. The land cost...
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