Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on the accounts payable during the year Purchase disCounts taken 160,000 300,000 500,000 800,000 7,000 much Durcho ses should be report ed on the statement of comprebensive inc
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How much purchases should be reported on the statement of comprehensive income for the year?
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
- Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 26,605 89, 200 114,500 8,568 221, 258 $ 460,131 $ 112,281 84,775 162,500 100,575 1 Year Ago $ 65,696 89,408 162,500 79,061 $ 460, 131 $ 396,665 Current Year $ 31,099 62,900 85,000 8,163 209,503 $ 396,665 $364,884 185,433 10,169 7,776 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 598,170 2 Years Ago $ 32,725 50,800 58,000 3,636 192, 139 $…ces Given the following information, complete the balance sheet shown next. Collection period Days' sales in cash Current ratio Inventory turnover Liabilities to assets Payables period Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets (All sales are on credit. All calculations assume a 365-day year. The payables period is based on cost of goods sold.) Note: Round your answers to the nearest whole dollar. Liabilities and shareholders' equity Current liabilities: 71 days 33 days 2.2 times Accounts payable Short-term debt Total current liabilities Long-term debt Shareholders' equity Total liabilities and equity 5 65% 35 days $ $ 1,300,000 2,000,000 7,000,000
- [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year 1 Year Ago $ 40,993 $ 34,375 99,630 69,607 124,001 96,674 11,070 319,442 10,761 289, 308 $ 588,518 $ 507,343 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: $ 146,541 111,748 163,500 166,729 $ 588,518 Exercise 13-7 (Algo) Analyzing liquidity LO P3 $ 83,169 115,522 162,500 146,152 $ 507,343 2 Years Ago $ 41,027 55,808 60,036 4,697 257,032 $ 418,600 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio…Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Current Year $ 35,467 102,794 127,925 11,888 335,329 $ 613,403 For both the current year and one year ago, compute the following ratios: ه له مه له :. .: له The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 149,683 117,626 162,500 183,594 $ 613,403 $ 486,429 247,201 Current Year 13,556 10,367 Vanu $ 797,424 Earnings per share Additional information about the company follows. Common stock market price, December 31, Current Year Common stock market price, December 31, 1 Year Ago Annual cash dividends per share…Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 27,970 80, 264 100,917 9,097 251, 134 $ 469,382 $ 116,876 90,891 163,500 98,115 $ 469,382 $ 372,220 189,161 10,373 7,933 For both the current year and one year ago, compute the following ratios: Current Year 1 Year Ago $ 31,400 58,349 77,104 8,412 229,375 $ 404,640 Exercise 13-9 (Algo) Analyzing risk and capital structure LO P3 $ 70,436 92,137 163,500 78,567 $ 404,640 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 610,197 579,687 $ 30,510 $1.88 2 Years Ago $ 312,989…
- Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131, 100 $ 523,000 Current Year 1 Year Ago $ 411,225 209,550 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 673,500 2 Years Ago $ 37,800 50, 200 54,000 5,000 230,500 $ 377,500 642,400 $ 31,100 $ 1.90 $ 51,250…Excerpts from Sydner Corporation's most recent balance sheet appear below: Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities Year 2 Year 1 $ 140 $ 160 210 230 240 200 10 10 $ 600 $ 600 $360 $ 330 Sales on account in Year 2 amounted to $1,390 and the cost of goods sold was $900. The accounts receivable turnover for Year 2 is closest to:Calculate the activity and liquidity ratios for P for the year ended 31 December 20X9. Revenue Gross profit Inventory Trade receivables Trade payables Cash Short-term investments Other current liabilities $m 1,867.5 489.3 147.9 393.4 275.1 53.8 6.2 284.3 Current ratio= Current assets Current liabilities Inventory days Inventory days = inventory+ cost of sales × 365 Receivable days Receivable days - receivables + credit sales x 365 Payable days Payable days = payables ÷ credit purchases x 365.