Question
In: Accounting
Using your accounting knowledge, find the missing amounts in the following separate income statements. a b...
Using your accounting knowledge, find the missing amounts in the
following separate income statements.
|
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Using your accounting knowledge, find the missing amounts in the following separate income statements.
Using your accounting knowledge, find the missing amounts in the
following separate income statements. (Amounts to be
deducted should be indicated by a minus sign.)abcdeSales$62,000$43,500$46,000fill in blank$25,600Cost of goods soldMerchandise inventory (beginning)8,00017,0507,5008,0004,560Total cost of merchandise purchases38,000fill in blankfill in blank32,0006,600Merchandise inventory (ending)(11,950)(3,000)(9,000)(6,600)(4,160)Cost of goods sold34,05016,000fill in blankfill in blank7,000Gross profit27,950fill in blank3,75045,60018,600Expenses10,00010,65012,1503,6006,000Net income (loss)$17,950$16,850$(8,400)$42,000$12,600
Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts....
Use your knowledge of balance sheets and common-size
statements to fill in the missing dollar amounts.
Assets
Cash
$25,000
3.4%
Accounts receivable
$125,000
Inventory
27.1%
Total current assets
$350,000
Gross plant and equipment
95.0%
Less: accumulated depreciation
$313,000
42.5%
Net plant and equipment
Total assets
$737,000
100.0%
Liabilities
Accounts payable
15.7%
Notes payable
$29,000
3.9%
Total current liabilities
Long-term debt
$248,000
33.6%
Total liabilities
$393,000
Common stock ($.01 par, 450,000 shares)
$4,500
0.6%
Paid-in capital
$220,500
29.9%
Retained earnings
Total...
Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts....
Use your knowledge of balance
sheets and common-size statements to fill in the missing dollar
amounts.
Assets
Cash
$25,000
3.4%
Accounts receivable
$125,000
Inventory
27.1%
Total current assets
$350,000
Gross plant and equipment
95.0%
Less: accumulated depreciation
$313,000
42.5%
Net plant and equipment
Total assets
$737,000
100.0%
Liabilities
Accounts payable
15.7%
Notes payable
$29,000
3.9%
Total current liabilities
Long-term debt
$248,000
33.6%
Total liabilities
$393,000
Common stock ($.01 par, 450,000 shares)
$4,500
0.6%
Paid-in capital
$220,500
29.9%
Retained earnings
Total stockholders’...
Fill in the blanks in the following separate income statements a through e. (Amounts to be...
Fill in the blanks in the following separate income statements
a through e. (Amounts to be deducted
should be indicated by a minus sign.)
a
b
c
d
e
Sales
$62,000
$44,700
$53,000
$26,700
Cost of goods sold
Merchandise inventory (beginning)
8,800
16,040
6,700
7,100
4,380
Total cost of merchandise
purchases
31,000
44,000
6,400
Merchandise inventory (ending)
(2,400)
(8,000)
(7,000)
Cost of goods sold
33,770
17,000
7,500
Gross profit
5,100
49,200
Expenses
10,000
10,590
11,630
4,800
7,800
Net income (loss)...
Fill in the blanks in the following separate income statements a through e (Amounts to be...
Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740.
Using Interrelations of Financial Statements Answer each of the following separate questions. If the missing amount...
Using Interrelations of Financial
Statements
Answer each of the following separate questions. If the missing
amount cannot be determined with the information given, explain
what is needed to answer the questions.
a. Given comprehensive income of $86,000, and other
comprehensive income of $8,000, determine net income for the same
period.
Answer
b. Given accumulated other comprehensive income on January 1 of
$1,120,000 (credit), and other comprehensive income for the year of
$130,000 (gain), what is accumulated other comprehensive income at...
Determine the missing amounts for the missing line items. The following statements reflect the year ended...
Determine the missing amounts for the missing line items. The
following statements reflect the year ended December 31, 2017, for
a proprietorship. Determine the missing amounts. The owner invested
an additional $18,000 in the business during 2017 and withdrew
amounts totaling $3,200 each month throughout the year.
Income statement for the year ended December 31,
2017
Sales ?
Cost of goods sold $191,500
Gross profit $196,000
Operating Expenses:
Salaries $54,510
Insurance ?
Rent $18,650
Depreciation $17,100
Supplies $2,100
Total Operating...
Deduce the missing amounts and prepare the income statement.
The following schedule relates the income statement with cash
flows from operating activities, derived by both the direct and
indirect methods. The amounts for income statement elements are
missing.Cash Flows from Operating ActivitiesIncome StatementIndirect MethodDirect MethodNet income$?Adjustments:Sales$?Decrease in accounts
receivable16Cash received from
customers$666Cost of goods sold?Increase in inventory(32)Decrease in accounts
payable(45)Cash paid to suppliers(467)Salaries expense?Increase in salaries
payable17Cash paid to employees(42)Depreciation expense?Depreciation expense23(Not reported—no cash
effect)Insurance expense?Decrease in prepaid
insurance24Cash paid for insurance(20)Loss on sale of land?Loss on sale of...
12.Use your knowledge of balance sheets to fill in the amounts missing in the text. Cash$50,000Accounts...
12.Use your knowledge of balance sheets to fill in the
amounts missing in the text.
Cash$50,000Accounts payable$12,000
Accounts receivable80,000Notes payable50,000
Inventory Total current liabilities$
Total current assets$Long-term debt
Gross P&E Total liabilities$
Less accumulatedCommon stock100,000
depreciation130,000Paid-in capital250,000
Net P&E$600,000Retained earnings200,000
Total assetsTotal stockholders’ equity
Total liabilities and equity$830,000
Compute the missing amount for each of the following separate companies in columns B through E....
Compute the missing amount for each of the following separate
companies in columns B through E. (Losses
and amounts to be deducted should be indicated with a minus
sign.)
CBS
ABC
CNN
Equity, beginning of year
$0
$0
$0
$0
Owner investments during the year
110,000
98,560
220,736
Dividends during the year
(54,000)
(9,000)
(54,000)
Net income (loss) for the year
106,000
54,640
(5,000)
Equity, end of year
$112,000
$108,640
$120,736
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