Reference no: EM131221042
1. Frick Co. reported sales revenue of $4,600,000 in its income statement for the year ended December 31, 2015. Additional information is as follows: 12/31/14 12/31/15 Accounts receivable $1,000,000 $1,300,000 Allowance for uncollectible accounts (100,000) (60,000) Frick wrote off uncollectible accounts totaling $100,000 during 2015. Under the cash basis of accounting, Frick would have reported 2015 sales of?
2. Frick Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Frick had$60,000 in cash-basis pretax income for 2015. The following information pertains to Frick's operations for the years ended December 31, 2015and 2014: 2015 2014 Accounts receivable $20,000 $40,000 Accounts payable 15,000 30,000 Under the accrual method, what amount of income before taxes should Frick report in its December 31, 2015 income statement?
3. On February 1, 2014, Frick began a service proprietorship with an initial cash investment of $2,000. The proprietorship provided $5,000 of services in February. The proprietorship incurred expenses of $3,000 in February, which wre paid in April. During March, Frick drew $1,000 against the capital account. In the proprietorship's financial statements for the two months ended March 31, 2014 prepared under the accrual basis method of accounting, what amount should be reported as capital?
Prepare an income statement for the year ended
: The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. During the year, Ian withdrew $42,000. Accounts Amounts At Jan. 1, 2016: Prepare an income..
|
Foreign funds will be different than quoted interest rate
: Explain what an MNE needs to consider when borrowing funds in a foreign currency. As part of your answer, explain what happens if the foreign currency of the borrowed funds appreciates or depreciates, how you calculate the effective cost of borrowing..
|
Determine the cash payments made during april
: During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1. On April 1, the cash account balance wa..
|
Decade leading up to the financial crisis
: Numerous corporate scandals occurred in the decade leading up to the financial crisis that began in 2007 and lasted into 2009. Pick a specific event (e.g., a scandal or a collapse) and analyze the key players (i.e., corporations and regulators) invol..
|
What amount should be reported as capital
: On February 1, 2014, Frick began a service proprietorship with an initial cash investment of $2,000. The proprietorship provided $5,000 of services in February. In the proprietorship's financial statements for the two months ended March 31, 2014 prep..
|
Pension expense and liability-benefit pension plan
: On December 31, 2013, Robey Company accumulated the following information for 2013 in regard to its defined benefit pension plan: Assuming Robey's beginning 2013 Other Comprehensive Income-Prior Service Cost balance was $62000 what would be its endin..
|
What is the average cost per unit produced
: Lemon Company spends $3.98 in variable costs for each product produced. Fixed manufacturing overhead costs are $104171 a year. This year, they produced 10,000 units. What is the average cost per unit produced?
|
What is net income for a merchandising company
: What is net income for a merchandising company with the following data? Sales revenue $55000. Utilities $1100 . Inventory on Dec. 31st $9838. Inventory on Jan 1 $12000. Rent for shop $3049. Sales commissions $4300 . Purchases of Merchandise $36474 . ..
|
Latest annual income statement
: A company reports sales of $2,245,000 in its latest annual income statement. The sales, however, are reported for a year that consists of 53 weeks. You want to project sales for the coming year based on the most recently reported year but you now nee..
|