Q137: Mackowsky LP started a new business on December 1, 2021. That same day, Mackowsky LP...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Q137: Mackowsky LP started a new business on December 1, 2021. That same day, Mackowsky LP also received $230,000 of cash from issuing common stock and borrowed $450,000 from a friend. On December 1, 2021, Mackowsky LP also purchased equipment for $288,000. The equipment has a useful life of 72 months. On December 1, 2021, Mackowsky also paid $124,800 in cash to rent office space for a 48 month period. During 2021, the Company provided services valued at $27,200 and had collected $16,320 of that amount at year-end. The company will collect the remaining portion in the following year. The company's payroll for 2021 was $18,500, which was paid in full during 2021. Use this information to find the company's net income in 2021, its cash flow from operations in 2021, and total assets as of December 31, 2021. Q137: Mackowsky LP started a new business on December 1, 2021. That same day, Mackowsky LP also received $230,000 of cash from issuing common stock and borrowed $450,000 from a friend. On December 1, 2021, Mackowsky LP also purchased equipment for $288,000. The equipment has a useful life of 72 months. On December 1, 2021, Mackowsky also paid $124,800 in cash to rent office space for a 48 month period. During 2021, the Company provided services valued at $27,200 and had collected $16,320 of that amount at year-end. The company will collect the remaining portion in the following year. The company's payroll for 2021 was $18,500, which was paid in full during 2021. Use this information to find the company's net income in 2021, its cash flow from operations in 2021, and total assets as of December 31, 2021.
Expert Answer:
Answer rating: 100% (QA)
To calculate the net income we need to calculate the total revenue and deduct the total expenses ... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
Students also viewed these finance questions
-
Q1. The following transactions occurred during Year 1, the first year of business, for Nancy Nanny Child Care. Record each transaction in proper journal entry format below using debits and credits....
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
1) Identify a Major Global Company 2) Provide a brief History of the Company and what it does. 3) Identify their top three (3) Tier 1 Suppliers - Explain what they supply, where they are located and...
-
Why is the time of day recorded on the time study form?
-
The 30-kg spool of outer radius r o = 450 mm has a centroidal radius of gyration k = 275 mm and a central shaft of radius r i = 200 mm. The spool is at rest on the incline when a tension T = 300 N is...
-
Your local newsagent makes sales of 52,000 and purchases of 31,000 over the last accounting year. The owner took goods costing 455 without paying for them. Closing stock was valued at its cost of...
-
Police are to conduct random breath testing on drivers on a busy road one Friday evening. Suppose 3% of the drivers drink and drive at the time. Let X be the number of drivers that police need to...
-
1/5 Score: 1 Penalty: 1 of id Perez onential Functions - Basi
-
Cybernetics Inc. issued $60 million of 5% three-year bonds, with coupon paid at the end of every year. The effective interest rate at the beginning of Years 1, 2, and 3 was 8%, 5%, and 2%. Required:...
-
Compare and contrast command and control organizations (CCO), high-involvement organizations (HIO), and sustainably managed organizations (SMO). Within your paper, determine the following: Which...
-
On November 1, 2017, Hunter opened a sandwich shop in Northridge across the street from a sandwich shop run by Donald. Donald's sandwich shop had been in business for 10 years and had made between...
-
Compute the maturity date and the maturity value associated with each of the following notes receivables. (Use 360 days for calculation.) 1. A $20,800, 6%, 3-month note dated April 20. 2. A...
-
Dr. Jim performed an appendectomy on Alison Thursday morning. Everything went well and Alison seemed to be recovering as expected. Saturday morning, she woke with horrible pain and an x-ray revealed...
-
Kraft Heinz is closing its plant in St. Marys, Ontario, believed to employ some 200 people. In 2013, Heinz closed its century-old plant in Leamington, Ontario, laying off around 740 people. After...
-
Hotel capacity is limited in Noshuille so even a 2-star hotel can sell its standard room at the high price of $300. The hotel has 120 rooms and the distribution of the number of x of no shows is. a 3...
-
El 2 de enero de 2021, East Company adquiri el 10% de lasacciones con derecho a voto en circulacin de West Company. El 2 deenero de 2022, East Company obtuvo la capacidad de ejercer unainfluenc 1...
-
Find the intercepts and then graph the line. (a) 2x - 3y = 6 (b) 10 - 5x = 2y
-
Refer to the scenario described in Problem 2-1A. Problem 2.1 obias Eaden started a sole proprietorship named Sky High Ads. A customers message can be displayed on an airplane banner across the city....
-
Delta Yard Maintenance offers a variety of services to its customers, including lawn and garden care, tree pruning, exterior painting, fence building/installation, eaves trough cleaning, snow...
-
Assume that Volleyball Pro Equipment had $900,000 of sales during each of three consecutive years, and it purchased merchandise costing $500,000 during each of the years. It also maintained a...
-
The income statement of Barbra Streisand Company is shown below. Additional information: 1. Accounts receivable decreased \($280,000\) during the year. 2. Prepaid expenses increased \($150,000\)...
-
George Clooney Company's income statement for the year ended December 31 2002, contained the following condensed information. Clooney s balance sheet contained the following comparative data at...
-
The financial statements of Frank B. Robinson Company appear below. Additional information: 1. Dividends declared and paid were \($3,000\). 2. During the year equipment was sold for \($8,500\) cash....
Study smarter with the SolutionInn App