The following balance sheet and income statement data were taken from the records of Mako Retail Supply
Question:
Transcribed Image Text:
2018 2017 BALANCE SHEET $ 6,000 $ 5,400 Cash Accounts receivable 9,000 11,200 Inventory 15,600 15,000 Prepaid rent 1,200 1,800 $ 33,400 $31,800 Total current assets Equipment (net) 58,000 52,000 $ 91,400 Total $83,800 $ 11,200 Accounts payable $14,600 Salaries and wages payable 6,800 9,000 Interest payable 1,500 2,200 4,700 Unearned revenue 6,500 $ 28,200 $28,300 Total current liabilities Bonds payable (net) 28,000 28,400 10,000 Common stock 10,000 Retained earnings 25,200 17,100 $ 91,400 $83,800 Total INCOME STATEMENT $109,100 Sales revenues Cost of goods sold 56,000 $ 53,100 Gross profit Salaries and wage expense (15,200) Rent expense Interest expense Depreciation expense Loss on disposal of plant assets Net income before taxes Income tax expense Net income (9,000) (2,900) (6,200) (4,200) $ 15,600 4,400 $ 11,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Mako Retail Operating Section Statement of Cash Flows Direct Method For the Year Ended December 31 2...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these Business questions
-
The following balance sheet and income statement information includes actual data for 2011 and forecasted data for 2012: Prepare a forecasted statement of cash flows for 2012. Use the indirect method...
-
The following balance sheet and income statement information includes actual data for 2013 and forecasted data for 2014: ............................................................ Actual 2013...
-
Balance sheet and income statement data for two affiliated companies for the cur rent year appear below. Additional Information ¢ Albeniz acquired an 80% interest in Bach on January 1, Year 1,...
-
Practice Problem 6: We-B-Busy, Inc. uses job costing and a predetermined overhead rate based on machine hours (MH). The firm estimated that it would use $240,000 of MOH and 7,500 MH this year. Data...
-
Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $660,000; Raw Materials Inventory, $51,000; Work in Process Inventory, $18,000; Finished...
-
Show that the two-sample test turns into the one-sample test as n1 approaches infinity. 1. What is the null hypothesis about the difference between means? 2. What is the distribution of sample means...
-
There are about \(10^{11}\) stars in the Galaxy with mass comparable to the Sun. Determine total mass \(M_{S}\) in the stars and the fraction of the Galaxy mass in the form of interstellar medium...
-
Streep Factory provides a 2-year warranty with one of its products which was first sold in 2010. In that year, Streep spent $70,000 servicing warranty claims. At year-end, Streep estimates that an...
-
6. For which of following reversible reaction the degree of dissociation or association depends upon the value of temperature but NOT on value of pressure? (a) N2(g)+3H2(g)2NH3(g) (b) N2O4(g) 2NO2(g)...
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
The following balance sheet and income statement data were taken from the records of Steeler and Jones for the year ended December 31, 2018: Prepare the operating section of the statement of cash...
-
Micks Photographic Equipment began operations on January 1, 2017. During 2017, the company entered into the following transactions: 1. Issued 50,000 shares of $15 par value common stock for $30 per...
-
What does it mean that the Wairasian equilibrium price vector is determined to accuracy of a structure (multiplication by a positive number)? What does it result from? What does it result in?
-
Exercises 1. Suppose you have European call on a stock with: *Current stock price is $50 *There is one period to go *Stock price will either go up to $75 or go down to $25 *There are no cash...
-
show answers and formula for how to get answer JTM Airlines Airport Expansion Start Phase I Phase II Phase III Success 55% PV of Revenues 300 Costs Expected Net Probability Value 25 Start 32 Success...
-
PROBLEM 2 A and B, calendar year individuals, are equal partners in a real estate partnership. In the current year, the partnership had gross rental income of $250 and deductions, including...
-
why the development and integration of Web 2.0 was important in the evolution of the Internet? As an extension to what you have shared in your reflection post, please end the post with a question or...
-
A. A Statement of Cash Flows for 2020 and 2019 using the indirect method. a. Explain why cash increased in 2020 and 2019 with reference to the cash flow analysis CASE - Financial Statements 2020...
-
Condensed statement of financial position and income statement data for Clarence Corporation appear below. Clarence Corporation Statements of Financial Position December 31 Clarence Corporation...
-
What is beacon marketing? What are digital wallets?
-
Information about PepsiCos five primary segments is provided below (dollars in millions). The information was taken from the companys 2012 SEC Form 10-K. REQUIRED: a. Compute the percent each segment...
-
Review the 2012 consolidated income statement and balance sheet published by Unilever, which is located at the end of Chapter 2 in this text. REQUIRED: a. Compute the profitability, solvency,...
-
Financial profiles, expressing the dollar value of financial statement accounts as a percentage of total assets (for balance sheet accounts) and sales (for income statement accounts), are listed from...
-
3. (20 points) Consider three periodic tasks A, B and C with their respective periods as 4ms, 6ms and 8ms. The execution time required for each task is 1 ms. (a) Draw a figure/table to execute these...
-
Write a method (pseudocode) to reverse the queue using another empty queue. You may only use queue operations such as enqueue(), dequeue(), and size(). No other data structure can be used other than...
-
Solve the recurrence relation an = 7an-18an-2-9.2", with initial conditions ao = 5, a = 10. Show all your work.
Study smarter with the SolutionInn App