Business, 25.04.2020 00:34, yassinesayedahmad1
Preparing statement of cash flows LO P1, P2, P3
MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2018 and 2017
2018 2017
Assets
Cash $ 31,000 $ 31,200
Accounts receivable, net 10,300 12,600
Inventory 92,400 72,800
Total current assets 133,700 116,600
Equipment 51,200 43,100
Accum. depreciation—Equipment (23,100) (16,000)
Total assets $ 161,800 $ 143,700
Liabilities and Equity
Accounts payable $ 24,600 $ 26,600
Salaries payable 500 600
Total current liabilities 25,100 27,200
Equity
Common stock, no par value 112,800 103,400
Retained earnings 23,900 13,100
Total liabilities and equity $ 161,800 $ 143,700
MONTGOMERY INC.
Income Statement
For Year Ended December 31, 2018
Sales $ 45,900
Cost of goods sold (19,100)
Gross profit 26,800
Operating expenses
Depreciation expense $ 7,100
Other expenses 5,500
Total operating expense 12,600
Income before taxes 14,200
Income tax expense 3,400
Net income $ 10,800
Additional Information
No dividends are declared or paid in 2018.
Issued additional stock for $9,400 cash in 2018.
Purchased equipment for cash in 2018; no equipment was sold in 2018.
Use the above financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2018, using the indirect method.
Answers: 2
Business, 21.06.2019 19:20, Lindseycline123
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. accounts receivable $ 435,000 debit allowance for doubtful accounts 1,250 debit net sales 2,100,000 credit all sales are made on credit. based on past experience, the company estimates 1.0% of credit sales to be uncollectible. what adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Answers: 2
Business, 22.06.2019 12:30, bcarri4073
M. cotteleer electronics supplies microcomputer circuitry to a company that incorporates microprocessors into refrigerators and other home appliances. one of the components has an annual demand of 235 units, and this is constant throughout the year. carrying cost is estimated to be $1.25 per unit per year, and the ordering (setup) cost is $21 per order. a) to minimize cost, how many units should be ordered each time an order is placed? b) how many orders per year are needed with the optimal policy? c) what is the average inventory if costs are minimized? d) suppose that the ordering cost is not $21, and cotteleer has been ordering 125 units each time an order is placed. for this order policy (of q = 125) to be optimal, determine what the ordering cost would have to be.
Answers: 1
Business, 22.06.2019 14:30, deku6
United continental holdings, inc., (ual), operates passenger service throughout the world. the following data (in millions) were adapted from a recent financial statement of united. sales (revenue) $38,901 average property, plant, and equipment 17,219 average intangible assets 8,883 1. compute the asset turnover. round your answer to two decimal places.
Answers: 2
Preparing statement of cash flows LO P1, P2, P3
MONTGOMERY INC.
Comparative Balanc...
MONTGOMERY INC.
Comparative Balanc...
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