The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,460,000 and the December 31, 2022, balance sheet showed long-term debt of $1,700,000. The 2022 income statement showed an interest expense of $100,000. What was the firm's cash flow to creditors during 2022? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32. Cash flow to creditors
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- The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1.38 million, and the December 31, 2022, balance sheet showed long-term debt of $1.52 million. The 2022 income statement showed an interest expense of $104,500. What was the firm’s cash flow to creditors during 2022?The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,470,000 and the December 31, 2022, balance sheet showed long-term debt of $1,720,000. The 2022 income statement showed an interest expense of $101,000. What was the firm's cash flow to creditors during 2022?The 2018 balance sheet of Spieth’s Golf Shop, Inc., showed long-term debt of $1.565 million, and the 2019 balance sheet showed long-term debt of $1.645 million. The 2019 income statement showed an interest expense of $170,000. What was the firm’s cash flow to creditors during 2019? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
- The 2020 balance sheet of Osaka's Tennis Shop, Incorporated, showed long-term debt of $2.5 million, and the 2021 balance sheet showed long-term debt of $2.65 million. The 2021 income statement showed an interest expense of $100,000. What was the firm's cash flow to creditors during 2021? (A negative answer should be indicated by a minus sign. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Cash flow to creditorsThe 2020 balance sheet of Osaka's Tennis Shop, Incorporated, showed long-term debt of $5.2 million, and the 2021 balance sheet showed long-term debt of $5.4 million. The 2021 income statement showed an interest expense of $125,000. What was the firm's cash flow to creditors during 2021? (A negative answer should be indicated by a minus sign. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Cash flow to creditorsThe December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,455,000 and the Decembrr 31, 2019, balance sheet showed long-term debt of $1,690,000. The 2019 income statement showed an interest expense of $99,500. What was the firm's cash flow to creditors during 2019?
- The following data were taken from Mesa Company's balance sheet: Dec. 31, 2019 Dec. 31,2018 $518,000 Total liabilities $547,800 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?The following data were taken from Alvarado Company's balance sheet: Dec. 31, 2019 Dec. 31, 2018 Total liabilities $2,880,000 $4,085,000 Total owner's equity 4,300,000 3,600,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?During 2025, Rostock Company entered into the following transactions. 1. Purchased equipment for $286, 176 cash. 2. Issued common stock to investors for $137,590 cash. 3. Purchased inventory of $68,480 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Cash + Inventory + Equipment = Accounts Payable
- Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $ 3,620 $ 4,540 Accounts receivable (net) 3,400 4,400 Allowance for doubtful accounts 220 140 Sales revenue 36,270 38,770 Total current assets 7,210 7,308 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnover times The average collection period for 2022 daysClovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000 accounts receivable balance at the end of 2018 and $841,000 at the end of 2019. Clovis uses the income statement method to record bad debt estimation at 4% during 2018. To manage earnings more favorably, Clovis changes bad debt estimation to the balance sheet method at 5% during 2019. A. Determine the bad debt estimation for 2018. B. Determine the bad debt estimation for 2019. C. Describe a benefit to Clovis Enterprises in 2019 as a result of its earnings management.Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an $825,000 accounts receivable balance at the end of 2018 and $756,000 at the end of 2019. Fortune uses the balance sheet method to record bad debt estimation at 7.5% during 2018. To manage earnings more favorably, Fortune changes bad debt estimation to the income statement method at 5.5% during 2019. A. Determine the bad debt estimation for 2018. B. Determine the bad debt estimation for 2019. C. Describe a benefit to Fortune in 2019 as a result of its earnings management.