Answer and Explanation:
The preparation of the sales section of the income statement is presented below:
<u>Income Statement
</u>
<u>For the year ended </u>
Sales
Sales revenue $903,400
Less:
Sales Discount $15,400
Sales return & allowances $22,000
Net Sales $866,000
hence the net sales is $866,000
The freight out would not be considered. Hence, ignored it
Answer:
The answer is ($174,000)
Explanation:
Cash flows from financing activities show the inflow and outflow of cash that are used to fund the business's operations.
Cash flow from financing activities:
Issuance of common stock......................................$79,000
Payment of dividend........($13,000)
Settlement of notes payable.................................($125,000)
Payment for treasury stock.........…...........................................($115,000)
Net cash from financing activities...............................($174,000)
Answer:
Debit Land $94,000; credit Common Stock $62,000; credit Paid-In Capital in Excess of Par Value, Common Stock $32,000
Explanation:
Preparation of what The entry to record this exchange is:
Debit Land $94,000
Credit Common Stock $62,000
(6,200*$10)
Credit Paid-In Capital in Excess of Par Value, Common Stock $32,000
($94,000-$62,000)
(To record exchange)
