Please do not give answer in image formate Question 6 of 8Current Attempt in ProgressThese financial statement items are for Concord Company at year-end, July 31, 2022.Salaries and wages payable $2,300Notes payable (long-term)Salaries and wages expense51,000CashUtilities expense22,200Accounts receivable30,500Accumulated depreciation-equipment4,700Dividends60,700Depreciation expense8,800Retained Earnings (beginning of the year)30,300EquipmentAccounts payableService revenueRent revenueCommon Stockfall$1,90014,6009,6005,5002,6003,90020,200 Add veTextbook and MediaeTextbookList of AccountsSave for LaterRetained Earnings StatementAssistance UsedAttempts: 0 of 3 used Submit Answer

Retained earnings is the amount of earnings accumulated over the period of time. Net income or loss…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 14E: Future Values and Long-Term Investments Portman Corporation engaged in the following transactions...

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Exercise 10-24 (Algo) Interest capitalization [LO10-7] On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $1,550,000 at 7% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $9,000,000, 11% bonds $3,000,000, 7% long-term note Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 September 30 December 31 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Date $ 680,000 1,280,000 896,000 680,000 480,000 January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Average accumulated X Answer is complete but not entirely correct. Expenditure Weight…
QUESTION SIX The following financial statements relate to ZB Plc. ZB PLC Statement of comprehensive Income for the year ended 31st December: 2021 2020 K'000 K'000 Revenue 3,068,959 2,305,425 Cost of sales -2,024,857 -1,346,701 Gross profit 1,044,102 958,724 Other expenses -244,307 -458,473 Net impairment credit on financial assets 12,291 3,002 Distribution costs -208,749 -178,028 Administrative expenses -413,157 -302,323 Operating profit 190,180 22,902 Finance Income 2,978 1,557 Interest Expense -86,936 -15,974 Profit before income tax 106,222 8,485 Income tax credit (expense) 41,730 -2,546 Profit for the year 147,952 5,939 Other comprehensive income Total comprehensive income for the year 147,952 5,939 ZB PLC Statement of Financial Position as at 31st December:…
Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…
Future Values and Long-Term Investments Portman Corporation engaged in the following transactions during 2020: a. On January 1, 2020, Portman deposited $12,000 in a certificate of deposit paying 6% interest compounded semiannually (3% per 6-month period). The certificate will mature on December 31, 2023 b. On January 1, 2020, Portman established an account with Lee County Bank. Portman will make quarterly payments of $2,500 to Lee beginning on March 31, 2020, and ending on December 31, 2021. Lee guarantees an interest rate of 8% compounded quarterly (2% per 3-month period). Required: 1. Prepare the cash flow diagram for each of these two investments. 2. Calculate the amount to which each of these investments will accumulate at maturity. (Note: Round answers to two decimal places.)
Assets Current assets Net fixed assets INCOME STATEMENT, 2022 (Figures in $ millions) Revenue Cost of goods sold Depreciation Interest expense 2021 $ 101 2022 $ 195 910 1,010 $ 2,005 1,085 405 251 Req A and B Req C and D BALANCE SHEET AT END OF YEAR (Figures in $ millions) Liabilities and Shareholders' Equity Current liabilities Long-term debt Req E Complete this question by entering your answers in the tabs below. a&b. What is shareholders' equity in 2021 and 2022? c&d. What is net working capital in 2021 and 2022? e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income. f. What is cash provided by operations during 2022? g.Net fixed assets increased from $910 million to $1,010 million during 2022. What must have been South Sea's gross investment in fixed assets during 2022? Answer is complete but not entirely correct. h. If South Sea reduced its outstanding accounts payable by $46 million during the year, what must have happened to its other current…
The following amounts were reported on the December 31, 2019, balance sheet: $ 8,000 20,000 15,000 120,000 30,000 80,000 180,000 22,000 40,000 5,000 Cash Land Accounts payable Bonds payable Merchandise inventory Retained earnings Buildings and equipment, net of accumulated depreciation Accounts receivable Common stock Wages payable The current ratio at December 31, 2019 was: Multiple Choice 6.0 1.5
28 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts - Receivable BD2000 Equipment BD6000 Accounts Prepaid Rent BD4000 - Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000. Required: compute the amount and show solution steps of: 1- Total current assets. 2- Total fixed assets. *
Question 1, The following information is relevant for the year ended 31 December, 2022 for Grace Ltd 2022 GH¢'000 2021 GH¢'000 Cash 21,000 10,000 Account receivables 30,000 20,000 Inventories 26,000 30,000 PPE 70,000 50,000 Accumulated depreciation (10.000) (5.000) 137.000 105.000 Account payable 9,000 15,000 Accrued liability 2,000 Ordinary Capital 90,000 60,000 Retained earnings 36,000 30,000 137.000 105,000 Grace Ltd Statement of comprehensive Income for the year ended 31 December, 2022 GH¢'000 Sales 140,000 Cost of sales (100,000) 40,000 Operating expenses other than depreciation Depreciation 25,000 5.000 (30,000) Net profit 10.000 Additional information: 1. P&M bought for cash in 2022 GH¢20m 2. Share issued for cash GH¢30m 3. Cash dividend paid GH¢4m Prepare a cash flow statement for the year ended 2022.
#6 Item Prior year Current year Accounts payable 8,182.00 7,768.00 Accounts receivable 6,011.00 6,766.00 Accruals Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt 1,022.00 1,542.00 ??? ??? 11,535.00 12,370.00 12,726.00 18,265.00 4,989.00 5,013.00 2,500 2,833.00 733 417 4,158.00 4,820.00 14,080.00 14,452.00 Net fixed assets 51,720.00 54,916.00 Notes payable 4,306.00 9,860.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,006.00 29,332.00 Sales 35,119 47,524.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.
Question Content Area A company reported the following information: Interest receivable, December 31, 2023: $8,000 Interest receivable, December 31, 2022: $11,500 Interest revenue for 2023: $16,000 Interest receivable, December 31, 2023 $8,000 Interest receivable, December 31, 2022 11,500 Interest revenue for 2023 16,000 How much cash was received for interest during 2023?
Current Attempt in Progress These financial statement items are for Blossom Tax Services at year-end, July 31, 2020. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Share capital-ordinary £2,336 54,544 : v 25,312 38.528 4,592 70,560 9.520 22.400 Notes payable (long-term) Cash Accounts receivable Accumulated depreciation-equipment Dividends £ Depreciation expense Retained earnings (beginning of the year) BLOSSOM TAX SERVICES Income Statement Prepare a retained earnings statement for the year. £ BLOSSOM TAX SERVICES Retained Earnings Statement Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Prepare a classified statement of financial position at July 31. (List Current Assets in the reverse order of liquidity) BLOSSOM TAX SERVICES Statement of Financial Position Assets Equity and Liabilities v £ £ £ £ £2,016…