User Account

All Pages

Calculate the net income of the year

Assignment Help Accounting Basics
Reference no: EM133164720

Question - These items are taken from the financial statements of Pina Colada Corp. at December 31, 2022.

Buildings $106800

Accounts receivable 11800

Prepaid insurance 4680

Cash 11840

Equipment 82000

Land 61600

Office expense 580

Income tax expense 200

Depreciation expense 5100

Interest expense 2400

Common shares 62000

Retained earnings (January 1, 2022) 40000

Accumulated depreciation--buildings 45800

Accounts payable 8400

Income taxes payable 1000

Bank loan payable (due July 1, 2024) 93800

Accumulated depreciation - equipment 18720

Interest payable 3600

Sales 13680

Required - Calculate the net income of the year.

Reference no: EM133164720

Questions Cloud

Pros and cons of using the payback period : As we have learned about capital investment and how it applies to Human Resources, please discuss the following:
How much has down home foods included for intangibles : How much has Down Home Foods included for intangibles in its offer of $7,300,000
Financial result in global exchange : Examinations of public pay are additionally often made based on buying power equality (PPP), to adapt to contrasts in the average cost for basic items in variou
Cash basis accounting and accrual basis accounting : In Principles of Accounting I, you learned the difference between cash basis accounting and accrual basis accounting. These principles were reintroduced in Chap
Calculate the net income of the year : These items are taken from the financial statements of Pina Colada Corp. at December 31, 2022. Calculate the net income of the year
Managing the interview scheduling with the candidate : This individual assignment requires each individual student to independently reflect on the entire learning process when completing Group Assignment
Illustrating the cognitive component : Provide links to two print ads, one illustrating the affective component and the other illustrating the cognitive component.
Effective and creative brands on social media : You will identify TWO effective and creative brands on social media, one on Instagram and one on SnapChat. What features drew you to this specific brand?
Provide the adjusting journal entry for each transactions : Provide the adjusting journal entry for each of the following transactions. Please be sure to provide clarity as to which account is debited and which is credit

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the costs per equivalent unit for june

Compute the costs per equivalent unit for June for the Mixing Department

  Suppose the eps of a company is 10 there is is one

suppose the eps of a company is 10. there is is one transitory items restructuring charges that total 3 per share on an

  Is minter internal control over purchasing effective

The audit program states that the first Purchase Order used for the year was number 5117001. Is Minter internal control over purchasing effective

  Analyse British Airways external environment

PAA102 Accountant in Business Assignment - The company to be examined is British Airways plc (BA). Your task is to analyse BA's "current situation"

  Dividend on the remaining shares of stock

The bonds' annual interest rate is 6%, which is paid on July 31 and January 31. On October 15, Herman receives a $2,200 dividend on the remaining shares of stock. How much gross income does Herman have from these transactions?

  Explain on what will be the possible outcomes

Explain on what will be the possible outcomes if the company reject the special order without any consideration

  Calculate the amount associated with the company

Calculate the amount associated with the company-provided housing and free parking that Tim must include in his gross income

  Collections of cash from the sale of land would be reported

collections of cash from the sale of land would be reported in the following section of the statement of cash flowsa.

  What amount should be reported as unappropriated retained

A Company issued 200,000 shares of P5 par value at P10 per share. What amount should be reported as unappropriated retained earnings at year-end?

  Journal entry to record the change in accounting principle

Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes.

  What was the total amount of the period costs

Consider the following costs incurred in a recent period: Depreciation on factory equipment $ 12,000. What was the total amount of the period costs

  Why would you customize a coa to a specific business

Why would you customize a COA to a specific business? How would the COA differ for a service business versus a retail business that sells products?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd