Accounting

On January 1, 2014, Howe Company’s Accounts Receivable balance was $10,400 and the balance in the Allowance for Doubtful Accounts was $520. On January 5, 2014, a $240 uncollectible account was written-off as uncollectible. Assuming that no other transactions related to accounts receivable had occurred, the net realizable value of accounts receivable immediately after the write-off was
Bay Company began using the allowance method in 2014. On January 1, 2014, Bay had a $3,100 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2014, Bay provided $26,000 of service on account. The company collected $21,500 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account.
The amount of cash flow from operating activities that would appear on the 2014 statement of cash flows is:
The Stevens Company provided $56,000 of services on account during 2014, its first year in operation. During 2014, Stevens collected $39,500 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its revenues on account.
The amount of net realizable value of receivables on the company’s 2014 balance sheet was
For Engle Company, the balance in Accounts Receivable at the beginning of the period was $1,050. During the period $3,700 of credit sales were made to customers. If the ending balance in Accounts Receivable amounted to $450, and uncollectible accounts of $450 were written off, the amount of cash inflow from customers that would appear in the operating section of the cash statement would be:
The following balance sheet information is provided for Gaynor Company:
Assets
2014
2013
Cash
$
3,950
$
3,200
Accounts receivable
16,700
14,700
Inventory
$
41,500
$
49,000
Assuming 2014 cost of goods sold is $127,000, what is the company’s inventory turnover? (Round your final answer to 2 decimal places.)
The Preston Company reported the following income for 2014:
Sales
$
37,500
Cost of goods sold
9,500

Gross margin
$
28,000
Selling and administrative expense
11,500

Operating income
$
16,500
Interest expense
5,500

Income before taxes
$
11,000
Income tax expense
3,300

Net income
$
7,700

7700/37500
What is the company’s net margin? (Round your final answer to 2 decimal places.)
The Monticello Company reported net income of $14,500 on gross sales of $80,500. The company has total assets of $115,700, of which $100,500 is property, plant and equipment. What is the company’s return on investment? (Do not round intermediate calculations. Round your final percentages to 2 decimal places.)
The Destin Company reported net income of $67,000 on sales of $470,000. The company has total assets of $755,000 and total liabilities of $270,000. What is the company’s return on equity ratio? (Round your final answer to 2 decimal places.)
The following account balances were drawn from the financial records of Crystal Company (CC) as of January 1, 2014. Assets, $14,000 (all in cash); Liabilities, $4,000; Common Stock, $7,000; and Retained Earnings, $3,000. CC has agreed to pay the creditors $400 of interest per year. Further, CC agrees that for the 2014 fiscal year any annual earnings remaining after the interest charges will be paid out as dividends to the owners.
Required
a.
Assuming CC earns a before interest expense recognition profit of $900 during 2014, determine the amount of interest and dividends paid.
b.
Assuming CC earns a before interest expense recognition profit of $500 during 2014, determine the amount of interest and dividends paid.
c.
Assuming CC earns a before interest expense recognition profit of $100 during 2014, determine the amount of interest and dividends paid.
Required
Calculate the missing amounts in the following table.
Mountain View, Inc., purchased land in January 2009 at a cost of $250,000. The estimated market value of the land is $425,000 as of December 31, 2014.
Required
a.
Name the December 31, 2014, financial statement(s) on which the land will be shown.
2014 Balance Sheet
b.
At what dollar amount will the land be shown in the financial statement(s)?
c.
Name the key concept that will be used in determining the dollar amount that will be reported for land that is shown in the financial statement(s).
Sammy’s Pizza opened on January 1, 2014. Sammy’s reported the following for cash revenues and cash expenses for the years 2014 to 2016:
Cash Revenues
Cash Expenses
2014
$
20,000
$
11,000
2015
$
30,000
$
14,000
2016
$
40,000
$
22,000

Required
a.
What would Sammy’s Pizza report for net income and retained earnings for the years 2014, 2015, and 2016?
c.
Assume that Sammy’s Pizza paid a $5,000 dividend to stockholders in 2015. What would Sammy’s Pizza report for net income and retained earnings for 2015 and 2016?

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