%24 Check my work New Vision Company completed its income statement and balance sheet and provided the following information: Service Revenue 006 Expenses: Salaries and Wages Depreciation Utilities $ 42,950 7,490 6,190 2,650 Office 59,280 Net Income $ 8,620 Decrease in Accounts Receivable Paid cash for equipment Increase in Salaries and Wages Payable Decrease in Accounts Payable 0069 006 5,200 Required: 1. Present the operating activities section of the statement of cash flows for New Vision Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) NEW VISION COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities

%24 Check my work New Vision Company completed its income statement and balance sheet and provided the following information: Service Revenue 006 Expenses: Salaries and Wages Depreciation Utilities $ 42,950 7,490 6,190 2,650 Office 59,280 Net Income $ 8,620 Decrease in Accounts Receivable Paid cash for equipment Increase in Salaries and Wages Payable Decrease in Accounts Payable 0069 006 5,200 Required: 1. Present the operating activities section of the statement of cash flows for New Vision Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) NEW VISION COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...

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1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
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In its income statement for the year ended December 31, 2025, Cullumber Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense (a) $390,600 792,120 59,640 54,600 260,400 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense Prepare a multiple-step income statement. (List other revenues before other expenses.) CULLUMBER COMPANY Income Statement $ $54,600 1,856,400 25,200 134,400 92,400 100
onsider the following: Santos Tier I Center Balance Sheet December 31, 20-- Assets Liabilities Current assets: Current liabilities: Cash $13,125 Accounts payable $10,500 Accounts receivable 18,450 Sales tax payable 825 Merch. inventory 55,950 Wages payable 300 Supplies 2,250 Total current liab. $ 11,625 Prepaid insurance 1,575 Noncurrent liab.: Total current assets $ 91,350 Mortgage payable 13,650 Equipment: Total liabilities $ 25,275 Furniture and fixtures $21,000 Stockholders' Equity Less accum. depr. (6,000) Common stock 40,000 Total equipment 15,000 Retained earnings 41,075 Total liabilities and Total assets $106,350 stockholders' equity $106,350 Additional information: Total stockholders'…
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Data table Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Moray, Capital Moray, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Budget Office Systems Adjusted Trial Balance March 31, 2018 Interest Expense Total $ Debit Balance 4,300 13,400 31,400 7,000 42,800 40,000 SA 106,200 27,200 14,000 2,200 288,500 $ Credit 13,300 9,600 900 8,100 20,600 236,000 288,500 X
← 个 #becausesneaker... HW CH 17 v2.cengagenow.com/ilrn/take... ☆ Custom Order Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Sales Cost of merchandise sold Gross profit Selling expenses Net income Administrative expenses Total operating expenses Income from operations Other revenue and expense: Other revenue Other expense Income before income tax expense Income tax expense Tannenhill Company $1,120,000 627,200 $492,800 $302,400 123,200 $425,600 $67,200 Sales Cost of merchandise sold Gross profit 22,400 (11,200) $78,400 33,600 $44,800 Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $1,120,000 627,200 $492,800 % % 100.0% 61% Electronics Industry Average 100 % 61 2000 39 % 23 % 10…