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The Financial Statements

4 short accounting questions

2. Pat's Pottery reported the following before-tax income statement items: Operating income $600,000 Extraordinary loss 100,000 Extraordinary gain 60,000 Pat's has a 25% income tax rate. Pat's would report the following amount of income tax expense as a separate item in the income statement Option are:

Financial Management

Why should companies pay attention to short-term finance? What kind of issues would short-term financial planning address? What causes companies to have the short-term financing needs? What are the limitations of financial statement analysis?

Accountant Balance Sheet and Income Statement

An accountant for Micro Dynamics prepared the following list from the company's accounting records for the year ended December 31, 2006: Net Sales: $165,000 Cash $30,000 Accounts Receivable $14,000 Selling Expenses

File contains a practice ratio analysis and statement of cash flows.

Summary comparing the financial performance of Google and Yahoo, as well as an evaluation of the annual and year-to-year results of these companies that highlights the importance of the use of ratios to compare their performance against each other as well as the internet services provider industry.

Journal Entries and balance sheet transactions

This file contains examples, as well as an analysis of balance sheet transactions (journal entries) and how they are to properly entered in a balance sheet. Practice Exercise 3-12 Analysis of Journal Entries Analyze and record the transactions as journal entries a. Buildings 90,000 Cash 35,000 Mortgage Pa

Items on financial statements

Identify whether each of the following items would appear on the income statement (IS), statement of change in stockholder's equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than one statement: if so, identify all applicable statements. If an item would not appear on any financial s

Accounting: Weighted Average Common Shares

Part 1 The annual income statements for Cortez, Inc., as reported when they were initially published in 2003, 2004, and 2005 follow: 2003 2004 2005 Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . $370,000 $425,000 $412,500 Operating expenses . . . . . . . . . . . . . . . . . . .232,500 260,000

Income State Format and Calculation

Can some one please review the attached schedule and make any format changes. Also, can someone please tell me if I calculated the percentage of sales correctly. YTD Income Statement Overall Analytical ABC COMPANY Q2: 6/23/2007 (In Thousands) YTD PY Variance YTD 6/23/2007 2007 % of Sales YTD

T accounts, balance sheet, statement of cash flows

The following transactions apply to ABC co. for 2007. A.) Issued stock to investors for 15,000 cash. B.) Purchased land for 12,000 cash. C.) Performed services on account for 17,000. D.) Collected 11,200 on accounts receivable. E.) Paid operating expenses of 6,500. 1.) Draw T accounts and post transactions to the appropr

Constructing a balance sheet

Balance sheet preparation From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006. Accounts payable.................................... $62,500 Accounts receivable............................... $123, 000 Buildings .............................................. $ 418, 500 Owner' eq

Financial Statements

Create a handout with details from the research to be used for management discussion and planning. This handout for management should specifically address AFC's goal to double its sales over the next three years. Your individual deliverable will include a one-page handout in Word and three financial statements in Excel as fol

Effects of recognizing accrued interest on financial statements

Scott Perkins started Perkins Company on January 1, 2005. The company experienced the following events during its first year of operation. 1. Earned $1,500 of cash revenue for performing services 2. Borrowed $2,400 cash from the bank 3. Adjusted the accounting records to recognize accrued interest expense on the bank note,

Accounting Problem

1. What was the amount of cash on January 1, 2002? 2. How much did the change in accounts receivable during 2002 contribution to the change in cash? 3. What were the total current assets at the end of 2001? 4. What was the amount of the gain on the sale of the range? 5. What were the total purchase of equipment during 2002?

Prepare a classified balance sheet in Excel, along with computing the current ratio and debt ratio. The accounts of Doppler Travel Agency at December 31, 19X6, are listed in alphabetical order. All adjustments have been journalized and posted, but the closing entries have not yet been made.

The accounts of Doppler Travel Agency at December 31, 19X6, are listed in alphabetical order. Accounts payable $ 5,100 Accounts receivable 6,600 Accumulated depreciation - building 37,800 Accumulated depreciation - furniture 11,600 Advertising expense 2,200 Building 104,400 Cash 6,500 Commission revenue

Bond Problem - Financial Statements

The following are selected transactions of Talley Company. Talley prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Jones Company, $20,000, terms 2/10, n/30. Feb. 1 Issued a 9%, 2-month, $20,000 note to Jones in payment of account. Mar. 31 Accrued interest for 2 months on Jones note.

Balance sheet accounts

Please help with the following problem: A) current assets b) investments c) property, plant, and equipment d) Intangible assets e) other assets f) current liabilities g) non-current liabilities h) capital stock i) additional paid in capital j) retained earnings And these are the items to be classified: 1. pref

Depreciation on the accounting equation and financial statements

The following events apply to The Pizza Factory for the 2008 fiscal year: 1. The company started when it acquired $18,000 cash from the issue of common stock. 2. Purchased a new pizza oven that cost $15,000 cash. 3. Earned $26,000 in cash revenue 4. Paid $13,000 cash for salaries expense 5. Paid $6,000 cash for operating

Prepare a multi-step income statement and a balance sheet

Use the following information to prepare a multistep income statement and a balance sheet for Daniels Company 2006. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Operating Expenses $90,000 Accounts Payable $60,000 Land $77,000 D

Income statement and balance sheet

See attached file for full problem description. Merchandise inventory 132,000 Notes payable (long term) 150,000 Sales 450,000 Buildings and equipment 252,000 Selling, general 36,000 Accounts receivable 60,000 Common stock 105,000 Income tax expense 42,000 cash 96,000 Retained earnings 1/1/07 64,500 Accrued

Financial Statement Relationships

Interest expense $18,000 Paid-in capital $40,000 Accumulated depreciation $12,000 Notes payable (long term) $140,000 Rent expense $36,000 Merchandise inventory $420,000 Accounts receivable $96,000 Depreciation expense $6,000 Land $64,000 Retained earnings $450,000 Cash $72,000 Cost of goods sold $880,000 Equipment $3

Preparing an Income Statement for Hoopes Company

Hoopes Company is preparing financial statements for the calendar year 2006. The following totals for each account have been verified as correct: Office Supplies on Hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 600 Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . .

Fraud Controls at Andragon

Can you help me get started with this project? After analyzing Andragon's financial statements and logging several months on the job, you began to notice that the company's average cash balance is unusually low in respect to its sales and productivity. As such, you began to suspect fraud. After several weeks of investigation,