Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with three more ratios on three accounts The boxes in yellow are the ones that need to be filled, the rest is
I need help with three more ratios on three accounts
The boxes in yellow are the ones that need to be filled, the rest is just for information. (The first five are the information ones and the last two are the ones that need to be answered)
Could you help me fill in the three accounts that are left. (The ones in yellow boxes that are not filled yet)
A Byte of Accounting Balance Sheet As of December 31, 2021 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Net Receivable Prepaid Rent Office Supplies Total Current Assets \begin{tabular}{|r|r|} \hline & $221,270.00 \\ \cline { 1 - 1 } 30,000.00 & \\ \hline 600.00 & \\ \cline { 1 - 1 } & 29,400.00 \\ & 2,600.00 \\ & 900.00 \\ \cline { 1 - 2 } & $254,170.00 \\ \hline \end{tabular} Long-Term Assets Office Equipment Accum. Depr.-Office Equipment Net Office Equipment Computer Equipment Accum. Depr.-Computer Equipment Net Computer Equipment Total Long_Term Assets Total Assets 76,800.00$330,970.00 Liabilities Current Liabilities Accounts Payable Salaries Payable Income Taxes Payable $47,330.00940.006,000.00 Total Liabilities $54,270.00 Stockholder's Equity Capital Stock, \$0.01 Par Value Paid in Capital in Excess of Par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $330,970.00 A Byte of Accounting, Inc. Income Statement For Year Ending December 31, 2022 Revenues Sales Revenue $460,060.00 Cost of Goods Sold Gross Profit 229,936.00$230,124.00 Operating Expenses A Byte of Accounting, Inc. Statement of Stockholders' Equity For Year Ending December 31. 2022 Balance, Beginning of Period Issue of Common Stock Cash Dividends Net Income Balance, End of Period A Byte of Accounting Balance Sheet As of December 31, 2022 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Net Receivable Prepaid Insurance Prepaid Rent Office Supplies Inventory Total Current Assets \begin{tabular}{|r|r|} \hline & $465,472.50 \\ \hline 1,450.40 & \\ \hline & 27,557.60 \\ & 6,187.00 \\ & 2,600.00 \\ & 526.00 \\ & 614.00 \\ \hline & $502,957.10 \\ \hline \end{tabular} Long-Term Assets Office Equipment Accum. Depr.-Office Equipment $69,200.00 Net Office Equipment $56,908.96 Computer Equipment Accum. Depr.-Computer Equipment Net Computer Equipment $23,500.009,400.00 Total Long-Term Assets Total Assets 71,008.96$573,966.06 Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Current-Liabilities $44,056.82 Long-Term Liabilities Notes Payable Bond Payable Premium on Bond Payable Net Bond Payable Total Long-Term Liabilities Total Liabilities \begin{tabular}{r|r|r|} \hline & $4,590.00 & \\ \hline 150,000.00 & & \\ \hline & & \\ \cline { 1 - 2 } 10,042.64 & 160,042.64 & \\ \cline { 1 - 2 } & & $208,632.64 \\ \hline \end{tabular} Stockholder's Equity Capital Stock, \$0.01 par value Paid in Capital in Excess of Par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $573,966.06 A Byte of Accounting Statement of Cash Flows - Indirect Method For Year Ending December 31, 2022 Cash Flow from Operating Activities Net Income $27,251.60 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expenses Decrease in accounts receivable Increase in prepaid Insurance Change in prepaid rent Decrease in office supplies Increase in inventory Decrease in payables Increase in income tax payable \begin{tabular}{|r|} \hline 374.00 \\ \hline(614.00) \\ \hline(13,297.05) \\ \hline 3,083.87 \\ \hline \end{tabular} Net cash flows from operations $23,344.86 Cash Flows from Investing Activities Purchase of equipment $(510.00) Net cash flows from investing activities (510.00) Cash Flows from Financing Activities Issuance of common stock $62,400.00 Proceeds from issuance of bonds payable Payment of cash dividends Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period Cash at the end of the period \begin{tabular}{rr} & 221,367.64 \\ \hline$ & 244,202.50 \\ & 221,270.00 \\ \hline$465,472.50 \\ \hline \hline \end{tabular} Noncash Activities Purchased equipment by issuing note payable $4,590.00 Use complete sentences to complete the fill in questions
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started