Financial Accounting Income Statement And Retained Earning Homework Help
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1. The partial financial statement items below were taken from the financial statements of Prone, Inc. This information can be used to correctly solve each of the ratios below. The information is in alphabetical order.
Accounts payable $ 28,000 Net income $ 48,000
Accounts receivable 66,000 Other current liabilities 17,000
Cash 54,000 Total assets 250,000
Gross profit 160,000 Total liabilities 200,000
Income before income taxes 54,000 Wages payable 5,000
The number of average common shares outstanding during the year was 40,000.
Compute the following:
(a) Current ratio.
(b) Working capital.
(c) Earnings per share.
(d) Debts to total assets ratio.
To earn full credit, you must show the formula you are using, show your computations and explain the meaning of each of your ratio results.
2. These financial statement items are for Snyder Corporation at year-end, July 31, 2010.
Salaries payable $ 2,580
Salaries expense 48,700
Utilities expense 22,600
Accounts payable 4,100
Commission revenue 61,100
Rent revenue 8,500
Long-term note payable 1,800
Common stock 16,000
Accounts receivable 9,780
Accumulated depreciation 6,000
Depreciation expense 4,000
Retained earnings (beginning of the year) 35,200
Prepare an income statement and a retained earnings statement for the year.
3. Using the indirect method, calculate the amount of cash flows from operating activities using the indirect method from the following data:
Net income $230,000
Beginning accounts receivable 22,000
Ending accounts receivable 26,000
Beginning prepaid expenses 5,000
Ending prepaid expenses 2,000
Beginning accounts payable 15,000
Ending accounts payable 14,000
Depreciation expense 55,000
Amortization of intangible asset 3,000
Dividends declared and paid 11,000
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4. Your friend, Jeff, has opened a movie theater. Jeff states that he does not have time to develop and implement a system of internal controls.
a. Provide Jeff with the objectives of a system of internal control.
b. Explain to Jeff why he should develop a system of internal control.
5.Fleming Corporation acquired Out-of-Sight Products on January 1, 2008 for $4,000,000, and recorded goodwill of $750,000 as a result of that purchase. At December 31, 2008, the Out-of-Sight Products Division had a fair value of $3,400,000. The net identifiable assets of the Division (excluding goodwill) had a fair value of $2,900,000 at that time. What amount of loss on impairment of goodwill should Fleming record in 2008?
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