Penultimate Corporation uses cash basis accounting. You are to convert its cash basis I/S to accrual basis You are provided with the following summarized data for 2016, 2017, and 2018. Cash receipts from sales: On 2016 sales On 2017 sales On 2018 sales Cash payments for expenses: Qn 2016 expenses On 2017 expenses On 2018 expenses 2016 a. Cash basis accounting b. Accrual basis accounting $320,000 0 0 2016 $185,000 40,000 0 Y 2017 $160,000 355,000 0 2017 $ 67,000 135,000 45,000 Required: Prepare abbreviated income statements for the years 2016 and 2017 using: 2018 $ 30,000 90,000 408,000 2018 $ 25,000 55,000 218,000

Penultimate Corporation uses cash basis accounting. You are to convert its cash basis I/S to accrual basis You are provided with the following summarized data for 2016, 2017, and 2018. Cash receipts from sales: On 2016 sales On 2017 sales On 2018 sales Cash payments for expenses: Qn 2016 expenses On 2017 expenses On 2018 expenses 2016 a. Cash basis accounting b. Accrual basis accounting $320,000 0 0 2016 $185,000 40,000 0 Y 2017 $160,000 355,000 0 2017 $ 67,000 135,000 45,000 Required: Prepare abbreviated income statements for the years 2016 and 2017 using: 2018 $ 30,000 90,000 408,000 2018 $ 25,000 55,000 218,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 441,445
n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
t the osts Santiago, Inc. has the following on receipts during 2018 for sale of products: Compute the gross income using accrual basis P 400,000 P 100,000 P 500,000 From service billings to clients Advances from clients Total cash collection O 400,000 O 100,000 O 500,000 2. O 1,000,000 nt
The data depicted in the table below were extracted from the annual financial reports of WBE enterprises for the 2021 and 2022 financial years. If all purchases are on credit, calculate the creditors payment period of WBE enterprises for the 2022 financial year. Sales (80% credit sales) Cost of sales Inventories Accounts receivable Accounts payable Cash and cash equivalents Other current liabilities OA. 214 days OB. 163 days OC. 66 days OD. 168 days 2022 R 480 000 264 000 270 000 204 000 177 000 45 750 82 500 2021 R 375 000 192 000 243 000 183 000 165 000 27 300 58 500
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
Use the appropriate information from the data provided below: Cost of goods sold General and administrative expenses Net cash provided by financing activities Dividends paid Income tax expense Other selling expenses Net sales Advertising expense Accounts payable Required: Calculate operating income for the year ended December 31, 2023. Expenses: Operating Income Statement For the year ended December 31, 2023 $ $ 0 0 $ 234,000 96,000 138,000 32,000 22,000 52,000 556,000 78,000 66,000
Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00
Meta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 42. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 43. What amount of bad debts are recognized for the current year? а. 60,000 b. 70,000 80,000 d. 110,000 С.
V Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 69. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 70. What amount of bad debts are recognized for the current year? 60,000 b. 70,000 a. c. 80,000 d. 110,000
ement. From the following income statement accounts in the popup window, ne income statement for the year. ne operating cash flow for the year. 6 Data Table ne income statement for the year. e income statement below. (Round to the nearest dollar. (Click on the following icon in order to copy its contents into a spreadsheet.) Income Statement Income Statement Accounts for the Year Ending 2017 Year Ending December 31, 2017 Account Cost of goods sold Interest expense Balance $345,000 $82,000 $42,000 $744,000 $66,000 $112.000 Taxes Revenue Selling, general, and administrative expenses Depreciation Print Done income any list or enter any number in the input fields and then continue to the next question. %24 %24 %24 %24
The following information has been extracted from the financial statements and notes of CASAN Ltd. 2019 2018 Cash and Cash Equivalents 59,100 47,700 Account Receivable(net) 137,800 129,800 Account Payable 45,750 39,950 Revenue 610,000 625,000 Cost of Goods Sold 559,500 568,500 Profit 50,500 56,500 Inventory 223,700 189,300 Total assets 540,000 555,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 75,400 85,900 Based on the above information calculate the following ratios: 1) Return on assets for 2019. 2) Profit Margin ratio for 2019. 3) Debt to assets ratio for 2019. 4) Acid-test ratio for 2018. 5) Inventory Turnover ratio for 2019.
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