Blink, Ltd. Had the following data: Sales of $550,000 Administrative Expenses of $45,000 Beginning...

 

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Blink, Ltd. Had the following data: Sales of $550,000 • Administrative Expenses of $45,000 • Beginning Inventory of $100,000 • A/P has a balance of $55,000. • An accounting change was made that resulted in a gross loss of $80,000. • Treasury stock was purchased for $15,000 • Selling expenses of $60,000 • Interest expense of $10,000 was paid. • Purchases of $300,000 • Tax rate is 50% • A routine monthly event occurred (the selling of some waste product) that gave the company $5,000 in income. This was not a normal operating item but was done every month. • Ending Inventory of $125,000 • There were 300,000 shares; 200,000 of common and 100,000 of preferred. Prepare an Income Statement Question #2 Mickey and Minnie were in a partnership. They had income of $25,000. Mickey received a salary of $11,000. Minnie was given interest of 10% on her capital account of $200,000. Provide a schedule showing how much each person's capital account increased or decreased. Question #3 Bo-Bo, Inc. sold bonds at 105. 100 bonds were issued. The market interest rate was 8.9%. The face interest rate was 9.3% Create the entry. Blink, Ltd. Had the following data: Sales of $550,000 • Administrative Expenses of $45,000 • Beginning Inventory of $100,000 • A/P has a balance of $55,000. • An accounting change was made that resulted in a gross loss of $80,000. • Treasury stock was purchased for $15,000 • Selling expenses of $60,000 • Interest expense of $10,000 was paid. • Purchases of $300,000 • Tax rate is 50% • A routine monthly event occurred (the selling of some waste product) that gave the company $5,000 in income. This was not a normal operating item but was done every month. • Ending Inventory of $125,000 • There were 300,000 shares; 200,000 of common and 100,000 of preferred. Prepare an Income Statement Question #2 Mickey and Minnie were in a partnership. They had income of $25,000. Mickey received a salary of $11,000. Minnie was given interest of 10% on her capital account of $200,000. Provide a schedule showing how much each person's capital account increased or decreased. Question #3 Bo-Bo, Inc. sold bonds at 105. 100 bonds were issued. The market interest rate was 8.9%. The face interest rate was 9.3% Create the entry.

Answer rating: 100% (QA)

INCOME STATEMENT OF BLINK LTD Amount in Dollars Amount Par... View the full answer