User Account

All Pages

Cash flows to accrual

Assignment Help Accounting Basics
Reference no: EM13911427

Cash flows to accrual. For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2013:

a. Cash collected from customers during the year amounted to $412,000, and accounts receivable increased by $25,000. How much were sales on account for the year ended December 31, 2013?
b. Cash payments for income taxes during the year were $166,000, and income taxes payable increased by $14,000. How much was income tax expense?
c. Cash paid to suppliers during the year amounted to $243,000, accounts payable decreased by $27,300, and inventories decreased by $16,000. How much was cost of goods sold?
d. The net book value of buildings increased by $95,000. No buildings were sold, and a new building costing $170,000 was purchased during the year. How much was depreciation expense?

Reference no: EM13911427

Questions Cloud

Refer to the consolidated statements of earnings : Refer to the consolidated statements of earnings on shown below of the Campbell Soup Company annual report in the appendix.
Operating income versus net income : Operating income versus net income. Refer to the selected financial data (five year financial summary) on figure shown below of the Campbell Soup Company annual report in the appendix.
Calculate basic earnings per share of common stock : Calculate basic EPS. Ringmeup, Inc., had net income of $111,250 for the year ended December 31, 2013. At the beginning of the year, 40,000 shares of common stock were outstanding.
Calculate basic eps and explain the eps effect of convertib : Calculate basic EPS, and explain the EPS effect of convertible preferred.
Cash flows to accrual : Cash flows to accrual. For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2013:
Income statement format and eps disclosures : Income statement format and EPS disclosures. Refer to the consolidated statements of earnings on page 711 of the Campbell Soup Company annual report in the appendix.
Statement of cash flows analysis. refer to the consolidated : Statement of cash flows analysis. Refer to the consolidated statements of cash flows on figure shown below of the Campbell Soup Company annual report in the appendix.
Use gross profit ratio to calculate inventory loss : Use gross profit ratio to calculate inventory loss. On April 8, 2013, a flood destroyed the warehouse of Stuco Distributing Co.
Prepare a statement of cash flows indirect method : Prepare a statement of cash flows indirect method. The financial statements of Pouchie Co. included the following information for the year ended December 31, 2013 (amounts in millions):

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd