Business, 05.05.2020 01:28, iwannabewinston
Kelley Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow.
KELLEY CORPORATION
Comparative Balance Sheets
December 31, 2017 and 2016
2017 2016
Assets
Cash $ 335,000 $ 216,000
Accounts receivable 118,000 101,000
Inventory 624,000 546,000
Total current assets 1,077,000 863,000
Equipment 378,000 329,000
Accum. depreciation—Equipment (178,000 ) (114,000 )
Total assets $ 1,277,000 $ 1,078,000
Liabilities and Equity
Accounts payable $ 111,000 $ 91,000
Income taxes payable 30,000 27,000
Total current liabilities 141,000 118,000
Equity
Common stock, $2 par value 712,000 668,000
Paid-in capital in excess of par value, common stock 253,000 187,000
Retained earnings 171,000 105,000
Total liabilities and equity $ 1,277,000 $ 1,078,000
KELLEY CORPORATION
Income Statement
For Year Ended December 31, 2017
Sales $ 2,185,000
Cost of goods sold 1,324,000
Gross profit 861,000
Operating expenses
Depreciation expense $ 64,000
Other expenses 602,000 666,000
Income before taxes 195,000
Income taxes expense 59,690
Net income $ 135,310
Additional Information on Year 2017 Transactions
Purchased equipment for $49,000 cash.
Issued 22,000 shares of common stock for $5 cash per share.
Declared and paid $69,310 in cash dividends.
Answers: 3
Business, 21.06.2019 22:20, mistytownsend1952
Outstanding stock consists of 8,300 shares of cumulative 7% preferred stock with a $10 par value and 4,300 shares of common stock with a $1 par value. during the first three years of operation, the corporation declared and paid the following total cash dividends. year dividend declared 2016 $ 0 2017 $ 7,300 2018 $ 45,000 the amount of dividends paid to preferred and common shareholders in 2018 is:
Answers: 2
Business, 23.06.2019 01:00, ashley232323
Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i. e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000
Answers: 3
Business, 23.06.2019 03:20, james169196
With only a part-time job and the need for a professional wardrobe, rachel quickly maxed out her credit card the summer after graduation. with her first full-time paycheck in august, she vowed to pay $270 each month toward paying down her $8 comma 368 outstanding balance and not to use the card. the card has an annual interest rate of 18 percent. how long will it take rachel to pay for her wardrobe? should she shop for a new card? why or why not?
Answers: 2
Business, 23.06.2019 15:30, wilkoASK2919
Explain where you plan to get funding for your company
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Kelley Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales ar...
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