The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows: Dec.
Question:
The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows:
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Dec. 31, 2016 Dec. 31, 2015 Assets Cash Accounts receivable (net Inventories Investments Land .. $ 585,920 208,960 617,120 240,000 0 553,120 (166.400) (148,000) $2,057,120 625,760 227,840 641,760 328,000 705,120 Equipment.... Accumulated depreciation-equipment . .. Liabilities and Stockholders' Equity 42,240 24,000 150,000 417,500 1,303,860 404,960 52,640 19,200 100,000 280,000 1,200,320 $2,057,120 Accrued expenses payable (operating expenses) Dividends payable. Paid-in capital: Excess of issue price over par-common stock.... The income statement for the year ended December 31, 2016, is as follows $5,372,559 3,306,190 $2,066,369 Gross profit .. .._.... Operating expenses: 18,400 1,755,402 1,773,802 S292,567 Other income: 40,000 332,567 133,027 S 199,540 Income before income tax
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
CROMME INC Statement of Cash Flows For the Year Ended December 31 2016 Cash flows from operating act...View the full answer
Answered By
Mehwish Aziz
What I have learnt in my 8 years experience of tutoring is that you really need to have a friendly relationship with your students so they can come to you with their queries without any hesitation. I am quite hardworking and I have strong work ethics. Since I had never been one of those who always top in the class and always get A* no matter what, I can understand the fear of failure and can relate with my students at so many levels. I had always been one of those who had to work really hard to get decent grades. I am forever grateful to some of the amazing teachers that I have had who made learning one, and owing to whom I was able to get some extraordinary grades and get into one of the most prestigious universities of the country. Inspired by those same teachers, I am to be like one of them - who never gives up on her students and always believe in them!
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Assume that on January 1, 2020, Elmers Restaurants sells a computer system to Liquidity Finance Co. for $680,000 and immediately leases the computer system back. The relevant information is as...
-
The comparative balance sheet of Cantor Industries, Inc. at December 31, 2010 and 2009, is as follows: The noncurrent asset, noncurrent liability, and stockholders equity accounts for 2010 are as...
-
The comparative balance sheet of Builders Supply Co. at December 31, 2007 and 2006, is as follows: The noncurrent asset, the noncurrent liability, and the stockholders equity accounts for 2007 are as...
-
What is the one greatest strength of a pluralistic society? What is the one greatest weakness? Do these characteristics work for or against business?
-
Explain the difference between a LAN and a WAN, define the term topology, and draw a sketch of each wired and wireless network model. Also describe the IEEE 802.11g and 802.11n amendments, and...
-
The 30/360 day count convention will always result in a fewer number of days between dates than the Actual/Actual day count. Do you agree or disagree with this statement? Explain your reasoning.
-
Which of the following is not a refrigerant? (a) \(\mathrm{SO}_{2}\) (c) \(\mathrm{CCl}_{2} \mathrm{~F}_{2}\) (b) \(\mathrm{NH}_{3}\) (d) \(\mathrm{C}_{2} \mathrm{H}_{4} \mathrm{Cl}_{2}\).
-
The following balances are from the accounts of Hill Components: Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900. Required Find the...
-
In its most recent financial statements, Del-Castillo Inc. reported $25 million of net income and $950 million of retained earnings. The previous retained earnings were $940 million. How much in...
-
The chancellor of a major university was concerned about alcohol abuse on her campus and wanted to find out the proportion of students at her university who visited campus bars on the weekend before...
-
The comparative balance sheet of Whitman Co. at December 31, 2016 and 2015, is as follows: The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2016 are as follows: Dec....
-
Alpenrose Corporation's comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $207,000 for changes in operating assets and liabilities to arrive at net...
-
Define the following terms: (a) convergent validity; (b) central tendency; (c) construct validity; (d) feedback interview; and (e) adverse impact.
-
a. What is a basket default swap? b. When does the protection seller have to make a payment to the protection buyer in a basket default swap?
-
What is the major concern with banks creating OT'C derivative products?
-
How are credit default swap indexes used by portfolio managers?
-
What are the risks associated with cross hedging?
-
a. In a Treasury bond futures contract, there are choices or options granted to one of the parties to the contract. Which party has these choices, the buyer or seller? b. What are the options that...
-
What information do we get from a chemical formula? From a chemical equation?
-
Critical reading SAT scores are distributed as N(500, 100). a. Find the SAT score at the 75th percentile. b. Find the SAT score at the 25th percentile. c. Find the interquartile range for SAT scores....
-
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance...
-
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance...
-
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance...
-
What logic gate does this represent (reduce it) Do D
-
What basic logic gate does this implement? a b in out Not otb E in Not O out nota And out aAndNotb out Or out b notAndb a out And b
-
Design a Fuzzy system to reduce effect of impulse noise on a noisy image with intensities ranging from [0, L-1]. Let zs denotes the intensity of middle pixel of the neighborhood. The output intensity...
Study smarter with the SolutionInn App