Business, 16.06.2021 19:30 princess42044
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended.
Interest expense $32,000
Paid-in capital 82,000
Accumulated depreciation 25,000
Notes payable (long-term) 282,000
Rent expense 67,000
Merchandise inventory 840,000
Accounts receivable 188,000
Depreciation expense 10,000
Land 125,000
Retained earnings 462,000
Cash 143,000
Cost of goods sold 1,751,000
Equipment 66,000
Income tax expense 223,300
Accounts payable 96,000
Sales revenue 2,498,000
Required:
a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2019.
b. Calculate the total assets at December 31, 2019.
c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019.
Answers: 2
Business, 22.06.2019 10:20
Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.
Answers: 1
Business, 22.06.2019 11:40
In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?
Answers: 2
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019....
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