Reference no: EM133106774
Question - Lu Chen Company imports Asian goods and sells them in eight import stores across Europe. On August 1, 2017, Lou Chen's cash balance was €166,000. Summarized transactions during August were:
1. Sales on open account, $580,000,
2. Collections of accounts receivable, $450,000.
3. Purchases of inventory on open account, $305,000.
4. Payment of accounts payable, $280,000.
5. Cost of goods sold, $325,000.
6. Salaries and wages expense, $105,000, of which $90,000 was paid in cash and $15,000 remained payable on August 31.
7. Rent expense for August, $35,000, paid in advance in July.
8. Depreciation expense, $46,000.
9. Other operating expenses, $60,000, all paid in cash.
10. Borrowed from bank on August 31, $50,000, with repayment (including interest) due on December 31.
11. Purchased fixtures and equipment for the Baltimore store on August 31, $120,000; half paid in cash and half due in October.
Required -
1. Prepare a statement of cash flows, including the cash balance on August 31. How much is the net increase or decrease in cash?
2. Prepare an income statement. How much is net income?
|
What is marcie acb on the shares
: Question - When Brad died, he left 2,000 shares in the Copper Dollar mine Inc., to his sister Marcie. What is Marcie ACB on the shares
|
|
Prepare variable costing income statements for July
: Fixed costs per month: Fixed manufacturing overhead $72,000. Prepare variable costing income statements for July and August
|
|
BLD 830 Concepts in Molecular Biology Assignment
: BLD 830 Concepts in Molecular Biology Assignment Help and Solution, Michigan State University - Assessment Writing Service
|
|
What is the maturity value
: Question - What is the maturity value of a $7,835.00 loan borrowed at 2.92% compounded annually for 5 years and 7 month
|
|
Prepare statement of cash flows, including the cash balance
: Prepare a statement of cash flows, including the cash balance on August 31. How much is the net increase or decrease in cash
|
|
What is janice company actual direct labor rate per hour
: Janice Company uses the standard cost system. Direct labor efficiency variance (favorable) P10,000. What is Janice Company actual direct labor rate per hour
|
|
Will he has enough savings to accommodate retirement plan
: The person currently has $900,000 in savings that earns 8% interest annually. Will he has enough savings to accommodate this retirement plan
|
|
What amount of the dividend declaration for dividends
: What amount of the 2019 dividend declaration for dividends in arrears was recorded with a debit to the Dividends payable account on the date of declaration
|
|
What was ending inventory using the fifo cost flow
: During the year, Lauer sold 1,200 laptop computers. What was ending inventory using the FIFO cost flow assumption
|