Exercise 2-15 Computing net income LO A1A corporation had the following assets and liabilities at the beginning and end of this year.Liabilities$51,01566,825AssetsBeginning of the yearEnd of the year$119,000165,000a. Owner made no investments in the business, and no dividends were paid during the year.b. Owner made no investments in the business, but dividends were $550 cash per month.c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock.d. Dividends were $550 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock.Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity shouldbe indicated with a minus sign.)b.d.C.2$0 $0 $Beginning of the year-EquityOwner investmentsDividendNet income (loss)$0 $End of the year--Equity< Prev3 of 8Next >MacBook Air

Name: Exercise 2-15 Computing net income LO A1A corporation had the followi
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Exercise 2-15 Computing net income LO A1A corporation had the following assets and liabilities at the beginning and end of this year.Liabilities$51,01566,825AssetsBeginning of the yearEnd of the year$119,000165,000a. Owner made no investments in the

Solution Given Assets Liabilities Beginning of the year 119000 51015 End of…

Answered: ed with a minus sign.) b. C. d. a. 이 $…

Business

Accounting

ed with a minus sign.) b. C. d. a. 이 $ 이 $ of the year-Equity stments (loss) 이 $ 0 $ rear-Equity %24 %24

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 20E

See similar textbooks

Similar questions

28 A company's income statement reveals the following amounts related to the company's operations for the most recent year: • Net sales revenue: $5,000,000 • Interest expense: $60,000 • Income tax expense: $80,000 • Net income: $400,000 What was the company's times-interest-earned ratio for the year? 4.33 O 6.75 O 7.67 9.00 NEXT. BOOKMARK
Problem 4 (Total current assets) Pildesure Company reported the following current assets at year-end: Cash P 5,000,000 Accounts receivable 2,000,000 Inventory, including goods received on consignment P200,000 800,000 Bond investment at fair value through other comprehensive income 1,000,000 Prepaid expenses, including a deposit of P50,000 on inventory to be delivered, in 18 months 150,000 Total current assets P 8,950,000 Cash in general checking account P 3,500,000 Cash…
D Question 10 An entity reported the following assets and liabilities at year end: Amount Property Inventory 7M Plant and Equipment 4M Liabilities 4M Tax base Accounts receivable 3M 5.5M Carrying 10M 5M 2.5M 2.4M 6M The entity had made a provision for inventory obsolescense of 1.5M. Further, an impairment loss against accounts receivable of 600,000 has been made. the tax is 30% What amount should be reported as deferred tax liability?
Problem 13.3A (Static) Preparing classified financial statements. LO 13-1, 13-2, 13-3 The Enoteca Fine Wines is a retail store selling vintage wines. On December 31, 20X1, the firm's general ledger contained the accounts and balances below. All account balances are normal. Enoteca Fine Wines Worksheet Year Ended December 31, 20X1 Trial Balance Adjusted Trial Balance Debit Income Statement Balance Sheet Adjustments Debit Account Name Debit Credit Credit Credit Debit Credit Debit Credit Cash Accounts Receivable $ 29,886.00 1,500.00 $ 29,886.00 1,500.00 320.00 $29,886.00 1,500.00 480.00 160.00 320.00 Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 20X2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Carbone, Capital Vincent Carbone, Drawing Income Summary 300.00 170.00 130.00…
Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) Problem 8-20A (Algo) Part c Cascade is a corporation. It issued 10,000 shares of $10 par common stock for $167,000 cash to start the business.
Question 4 Chen's business turnover in the current year is $400,000. His opening stock is valued at $56,000 and closing stock valued at $60,000 based on market selling value and $59,000 based on cost using the FIFO method. He made purchases of $350,000. Calculate Chen's gross profit for the business assuming Chen has made all the required elections as a small business entity (SBE) to minimize his taxable income. Please complete the blank with just the figure without any dollar signs. Gross Profit=
Question Content Area Garnet Company reported the following on its income statement: Income before income taxes $450,000 Income tax expense 52,000 Net income $398,000 An analysis of the income statement revealed that interest expense was $50,000. Garnet Company's times interest earned are earned was _____. a.11 times b.8.1 times c.10 times d.7.8 times
Moon Corporation JULY 31, 2011Balance sheet July 31, 2011 AssetsLiabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 18,000Liabilities: Accounts Receivable . . . 26,000Notes Payable Land . . . . . . . . . . . . . . . . 37,200(due in 60 days). . . . . . . . . . . . . $ 12,400 Building. . . . . . . . . . . . . . 38,000Accounts Payable . . . . . . . . . . . . . 9,600 Office Equipment . . . . . . 1,200Total liabilities . . . . . . . . . . . . . . $ 22,000 Stockholders’ equity: Capital Stock . . . . . . . . . $60,000 Retained Earnings. . . . . 38,400 98,400 Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400 STAR CORPORATIONBALANCE SHEET Star Corporation JULY 31, 20112011Balance sheet July 31, 2011 Assets Liabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 4,800Liabilities: Accounts Receivable . . . 9,600Notes Payable Land . . . . . . . . . . . . . . . . 96,000(due in 60 days). . . . . . . .…
Beginning of the year End of the year Assets $ 66,500 107,000 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $10,800 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. Liabilities $ 28,509 43,335 d. Dividends paid were $10,800 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Beginning of the year-Equity Owner investments Dividends Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Net income (loss) End of the year-Equity $ 37,991 $ 5,237 $ 50,228 $ b. 37,991 $ 10,800 16,037 50,228 $ C. 37,991 $ 45,000 (39,763) 50,228 $ d. 37,991 35,000 10,800 (18,963) 50,228
Problem 1 East Company reported the following current assets at year end: Cash 3,200,000.00 Acccounts Receivable 2,000,000.00 Inventory 2,800,000.00 Deferred Charges 200,000.00 8,200,000.00 The accounts receivable consisted of the following items: Customers' accounts 1,420,000.00 Employees' accounts 240,000.00 Advances to subsidiary 260,000.00 Allowance for uncollectible accounts (120,000.00) Claim against shipper for goods lost in transit 200,000.00 2,000,000.00 Compute the amount to be reported as total current assets.
wo years. EXERCISE 15-2 Financial Ratios for Assessing Liquidity LO15-2 ending December 31 appear below. The company did not issue any new common stock during the payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was this year was $18. All of the company’s sales are on account. year Deceof 800,000 shares of common stock were outstanding, The interest rate on the bond year. $0.75 last year and $0.40 this year. The market value of the company's common stock at the end of Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash .... $ 1,280 $ 1,560 Accounts receivable, net 12,300 9,100 Inventory .... 9,700 8,200 Prepaid expenses 1,800 2,100 Total current assets 25,080 20,960 Property and equipment: Land ..... 6,000 6,000 Buildings and equipment, net .. 19,200 19,000 epeA Total property and equipment ... 25,200 25,000 Total assets $50,280 $45,960 Liabilities and Stockholders' Equity Current…
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) $1,779,000 Liabilities: Current liabilities $236,000 Mortgage note payable, 10%, ten-year note issued two years ago 1,186,000 Total liabilities $1,422,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) $1,422,000 Common stock, $10 par (no change during year) 1,422,000 Retained earnings: Balance, beginning of year $1,516,000 Net income 485,000 $2,001,000 Preferred dividends $56,880 Common dividends 48,120 105,000 Balance, end of year 1,896,000 Total stockholders' equity $4,740,000 Sales $14,927,700 Interest expense $121,808 Beginning-of-the-year amounts: Property, plant, and equipment (net) $ 3,081,000 Total assets 5,854,000 Retained earnings 1,516,000 Determine the following: (a) debt ratio, (b) ratio of fixed assets to long-term liabilities, (c)…