Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The balance sheet and the income statement for the year ended December 31, 2016 for Johnson Inc. follows. During 2016, cash of 15,000 was paid for building and equipment, 10,000 was paid for retirement of notes payable, and $68,000.was paid for cash dividends. . During 2016, cash was received from issuance of stock.
Balance Sheet
As of December, 31.
2016
2015
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000
3,000
Wages payable
5,000
Current notes payable
50,000**
Common stock
110,000***
Retained earnings
61,000
84,000
Total liabilities and stockholders's equity
Income Statement
For the Year Ended December 31, 2016
Sales
$500,000
Less expenses:
Cost of goods sold
$330,000
Selling and administrative expenses
90,000
(includes depreciation of $15,000)
Interest expense
Total expenses
425,000
Income before taxes
$ 75,000
Income tax expense
30,000
Net income
$ 45,000
(Required) Prepare the statement of cash flows for 2016. Present cash flows from operations using the indirect approach.
The truck has an estimated useful life of four years and no residual value. Considering only these facts, depreciation expense (on the truck) for 2009, would be ??
What is meant by cash resources? How may a business increase its cash resources? Why might the cash resources of a business decrease
Given the change in cyclical unemployment over this two-year period, what can you conclude about the state of the economy?
Compare the balance sheets of two different companies, and present to the class a summary of the similarities and differences of the two companies.
write a 350- to 500-word summary explaining the differences between revenue expenditures and capital expenditures
memorax company earned before-tax income of 960000 for its 2013 fiscal year. during the year the company experienced a
Blue Bell Industries manufactures a single product. This product sells for $105 each. What is the break-even point in units? In dollars
Details co held bonds of schooner corp with a cost
Jarret's interest payments on the loan this year are $4000,and his principal payments are $900. a. Should Jarret report any interest income this year? b. Can Jarret deduct any interest expense this year?
jones and lange refiners began business on july 1. the following operations data are available for july and the one
Explain what is meant by high quality of earnings and evaluate the quality of the company's earnings - Discuss your findings.
norris company is considering investing in automated equipment with a ten-year useful life. managers have estimated the
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd