Wilkin Corporation reported accrual basis sales of $2,00,000, cost of goods sold

Question

Wilkin Corporation reported accrual basis sales of $2,00,000, cost of goods sold of $80,000, and operating expenses, taxes, and interest summing to $30,000. In evaluating Wilkin's comparative balance sheets, it is determined that accounts receivable increased $10,000, inventory increased $5,000, and accounts payable decreased $7,000. There were no changes in prepaid expenses nor were there any interest or taxes payable at the beginning or end of the year. How much was cash basis income for Wilkin Corporation for the year? Of the following characteristics, which is not generally regarded as a right of common shareholders? The appropriate journal entry to record the issue of 1,000 shares of $1 par-value common stock, which is issued for $4 per share would be:

Explanation / Answer

Q5.

Sales = $200,000

Less COGS = $80,000

Gross profit = $120,000

Less Expenses = $30,000

Net income = $90,000

Less:

Accts receivable = $10,000

-Inventory         = $5,000

Add:- Accounts payable = $7,000

Cash basis income for wikin = $82,000

Q6. option c

Q7 . option B

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.