Glenn Corporation had the following list of account balances for the year ended December 31,2016. Net Sales $1,650,000 Cash $300,000 Accounts Receivable 140,000 Operating Expenses 840,000 Equipment 420,000 Common Stock 170,000 Accounts Payable 120,000 Interest Income 32,000 Accumulated Depreciation 40,000 Gross Profit 1,140,000 Inventories 20,000 Prepaid Rent 20,000 Unearned Revenue 50,000 incomeTaxes Expense 99,000 Notes Payable Dividends Interest Expense 200,000 5,000 2,000vRetained Earnings, January 1, 2016 94,000 Required: 1. Calculate the cost of goods sold for the year ended December 31, 2016. 2. Calculate ending retained earnings for the year ended December 31, 2016. 3. Calculate current assets on December 31, 2016. 4. Calculate total liabilities on December 31, 2016. 5. Calculate net income for the year ended December 31, 2016.
Glenn Corporation had the following list of account balances for the year ended December 31,2016. Net Sales $1,650,000 Cash $300,000 Accounts Receivable 140,000 Operating Expenses 840,000 Equipment 420,000 Common Stock 170,000 Accounts Payable 120,000 Interest Income 32,000 Accumulated Depreciation 40,000 Gross Profit 1,140,000 Inventories 20,000 Prepaid Rent 20,000 Unearned Revenue 50,000 incomeTaxes Expense 99,000 Notes Payable Dividends Interest Expense 200,000 5,000 2,000vRetained Earnings, January 1, 2016 94,000 Required: 1. Calculate the cost of goods sold for the year ended December 31, 2016. 2. Calculate ending retained earnings for the year ended December 31, 2016. 3. Calculate current assets on December 31, 2016. 4. Calculate total liabilities on December 31, 2016. 5. Calculate net income for the year ended December 31, 2016.
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Glenn Corporation had the following list of accountbalances for the year ended December 31, 2013.
Please show all work
Net Sales | $1,650,000 | Cash | $300,000 | |
Accounts Receivable | 140,000 | Operating Expenses | 840,000 | |
Equipment | 420,000 | Common Stock | 170,000 | |
Accounts Payable | 120,000 | Interest Income | 32,000 | |
Accumulated Depreciation | 40,000 | Cost of Goods Sold | 510,000 | |
Inventories | 20,000 | Prepaid Rent | 20,000 | |
Income Taxes Payable | 50,000 | Income Taxes Expense | 99,000 | |
| Notes Payable Dividends Interest Expense | 200,000 5,000 2,000 | Retained Earnings, January 1,2013 | 94,000 | |
Required:
Calculate the gross margin for the year endingDecember 31, 2013.
Calculate ending retainedearnings for the year ending December 31, 2013.
Calculate current assets on December 31,2013.
Calculate total stockholdersâ equity onDecember 31, 2013.
Calculate net income for the year endingDecember 31, 2013.
Selected information taken from the financial statements ofVerbeke Co. for the year ended December 31, 2016, follows:
| Gross profit | $413,000 |
| General and administrativeexpenses | 84,000 |
| Net cash used by investingactivities | 107,000 |
| Dividends paid | 54,000 |
| Interest expense | 65,000 |
| Net sales | 741,000 |
| Advertising expense | 76,000 |
| Accounts payable | 102,000 |
| Income tax expense | 81,000 |
| Other selling expenses | 44,000 |
Required:
a. Calculate income from operations (operatingincome) for the year ended December 31, 2016.
b. Calculate net income for the year endedDecember 31, 2016.
Selected information taken from the financial statements ofFordstar Co. for the year ended December 31, 2016, follows:
| Net cash provided byoperations | $ | 42,000 |
| Cost of goods sold | 183,400 | |
| Selling, general, andadministrative expenses | 63,000 | |
| Accounts payable | 50,400 | |
| Dividends paid | 88,200 | |
| Research and developmentexpenses | 37,800 | |
| Merchandise inventory | 61,600 | |
| Provision for income taxes | 23,800 | |
| Net sales | 513,800 | |
| Interest expense | 57,400 | |
Required:
a. Calculate income from operations (operatingincome) for the year ended December 31, 2016.
b. Calculate net income for the year endedDecember 31, 2016.
