Where would the interest expense be shown on the statement

Assignment Help Accounting Basics
Reference no: EM13933835

The following information was drawn from the 2013 accounting records of Foster Merchandisers:

1. Inventory that had cost $19,400 was sold for $31,500 under terms 2y20, nety30. 
2. Customers returned merchandise to Foster. The merchandise had been sold for a price of $1,350. The merchandise had cost Foster $920. 
3. All customers paid their accounts within the discount period. 
4. Selling and administrative expenses amounted to $4,700. 
5. Interest expense amounted to $420. 
6. Land that had cost $7,000 was sold for $9,250 cash. 

Required: 

a. Determine the amount of net sales. 
b. Prepare a multi step income statement. 
c. Where would the interest expense be shown on the statement of cash flows? 
d. How would the sale of the land be shown on the statement of cash flows? 
e. Explain the difference between a gain and revenue.

Reference no: EM13933835

Questions Cloud

Ompare the effectiveness of punishment-based interventions : Compare the effectiveness of punishment-based interventions with reinforcement-based interventions for modifying behavior.
Opinion to the state ethics board : What ethics rules did the attorney violate? Would it make a difference if the attorney's writing problems were attributable to him battling cancer during this time?
Determine the critical value of h : The water has free access to the underside as well as the right side of the gate. When the water level rises above a certain value of h, the gate will open. Determine the critical value of h. Neglect the mass of the gate.
Partnership under the partnership act 1891 : Question 1: Provide a legal argument for why this is NOT a partnership under the Partnership Act 1891 (Qld). Question 2: Apply the "three certainties" to demonstrate why this agreement does NOT create a trust.
Where would the interest expense be shown on the statement : Where would the interest expense be shown on the statement of cash flows?
Extensive knowledge of the sydney property market : After two weeks preliminary negotiations, Green Ltd, impressed by Tait's extensive knowledge of the Sydney property market and his business acumen, indicated that it was unwilling to deal with Publico, but it would deal with Tait personally.
Discuss profitability of a company : Discuss profitability of a company and its impact on investor performance indicators.
Determine the expression for the density : Determine the expression for the density ps of the sphere - A homogeneous solid sphere of radius r is resting on the bottom of a tank containing a liquid of density pl, which is greater than the density ps of the sphere
What are the assumptions for multiple regression : What are the assumptions for multiple regression? How do the values of the individual correlation coefficients compare to the value of the multiple correlation coefficient?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The blending department began the period with 20000 units

the blending department began the period with 20000 units. during the period the department received another 80000

  For these assignments youre asked to make a refection paper

for these assignments you are asked to prepare a refection paper. after you have finished the reading assignment for

  Crane company division b recorded sales of 360000 variable

crane company division b recorded sales of 360000 variable cost of goods sold of 315000 variable selling expenses of

  Prepare and post the entries to record this as a statutory

on june 30 200x carl corporation purchased lin company by issuing 50000 shares of stock. stock has a market value of

  The investment turnover for chicks is:

Chicks Corporation had $1,100,000 in invested assets, sales of $1,210,000, income from operations amounting to $242,000, and a desired minimum rate of return of 15%.

  At flint companys break-even point of 9600 units fixed

at flint companys break-even point of 9600 units fixed costs are 249600 and variable costs are 633600 in total.what is

  Calculate the inventory turnover ratio and days in inventory

Calculate the inventory turnover ratio and days in inventory and calculate the current ratio based on LIFO inventory.

  Jupiter explorers has 8800 in sales the profit margin is 4

jupiter explorers has 8800 in sales. the profit margin is 4 percent. there are 5300 shares of stock outstanding. the

  The charter of a corporation provides for the issuance

the charter of a corporation provides for the issuance of100000 shares of common stock. assume that 40000 shares

  What valuation principle should patterson use

What total value should Patterson assign to its Soriano acquisition in its January 1 consolidated balance sheet?

  Describe the advantages and disadvantages a distributed data

Describe the advantages and disadvantages of using a distributed database and distributed data processing. Do you think the advantages are worthwhile? Explain your answer.

  It has inventory added at three different price points

it has inventory added at three different price points during the month in question when i add the direct materials do

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!

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