Instructions For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not reported, explain why. E5-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2017. Cash Supplies Prepaid Insurance Equipment. Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2024) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during 2017. Debit $ ? 1,200 1,000 48,000 $ 950 9,000 1,400 1,200 900 ? Credit $4,000 10,000 500 2,000 9,000 10,000 25,000 10,000 $ ? Instructions Prepare a classified balance sheet as of December 31, 2017.
Q: Which of the following statements about the RFM analysis above is NOT correct? A) The average…
A: RFM analysis is a marketing strategy that categorizes customers based on their recency of purchase…
Q: The current sections of Cheyenne Corp.'s balance sheets at December 31, 2021 and 2022, are presented…
A: Cash Flow Statement is a financial statement that includes the inflow and outflow of cash during the…
Q: Mr. A is a resident of country X, went on 3 months assignment to Country Y > Salary income of Mr. A…
A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…
Q: The closing trade receivables as at 31/10/2020 before bad debts written off were £165,000. The…
A: A counter account termed as an allowance for doubtful accounts nets against the total receivables…
Q: Southern Distributors, Incorporated, supplies ice cream shops with various toppings for making…
A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…
Q: ProForm acquired 70 percent of ClipRite on June 30, 2023, for $910,000 in cash. Based on ClipRite's…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: A machine can be purchased for $50,000 and used for five years, yielding the following income. This…
A: The question is related to Capital Budgeting. Payback Period is the length of time required to…
Q: Provide the missing data in the following table for a distributor of martial arts products: (Round…
A: A financial metric known as residual income evaluates the economic value produced by an investment…
Q: WP Corporation produces products X, Y, and Z from a single raw material input in a joint production…
A: Joint cost means the cost incurred to produce more than one units and then joint cost need to be…
Q: QUICK CHECK 3C As before, Colonial Heritage's supplier of hardwood will only be able to supply 2,000…
A: A company's contribution margin is its sales revenue minus its variable expenses. After fixed costs…
Q: Accounting for Treasury Stock Big Ben Corporation provides travel planning services for large…
A: When the company repurchases its own shares, the cost is deducted from the equity section of the…
Q: TB MC Qu. 09-40 (Static) Holly took a prospective client to... Holly took a prospective client to…
A: Under current tax laws, the cost of entertainment expenses is generally not deductible, while the…
Q: PowerTap Utilities is planning to issue bonds with a face value of $2,300,000 and a coupon rate of 7…
A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…
Q: Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1,…
A: Journal entry to record the acquisition is:Calculations of above journal is given in below table:
Q: A partner receives the following in a liquidating distribution: Basis $12,000 FMV $12,000 4,000 0…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: Davis, Inc. borrows $49,071 on July 1 from the bank by signing a $49,071, 5%, 1- year note payable.…
A: The interest rate is the percentage of the loan amount or deposit on which interest is either earned…
Q: On January 1, 2021, you deposited $5,500 in a savings account. The account will earn 10 percent…
A: In many financial computations, such as investment analysis, retirement planning, and assessing the…
Q: Oriole Company is planning to produce 2,200 units of product in 2025. Each unit requires 1.00 pounds…
A: Total manufacturing cost is the total cost incurred in the manufacturing of product during the…
Q: Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner,…
A: Partnership is the relation between two or more person, It has the following characteristicsThey…
Q: No A The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31,…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2021 for…
A: Modified AGI is also referred to as modified adjusted gross income that is computed after…
Q: Required information [The following information applies to the questions displayed below.] Suresh…
A: Avoidable costs are expenses that can be eliminated if a segment or department is discontinued.…
Q: Required information [The following information applies to the questions displayed below.] Tony and…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: 4. The following select financial statement information from Hogge Computing. Compute the accounts…
A: The accounts receivable turnover ratio is a financial metric that measures how efficiently a company…
Q: Sick pay benefits that are related to an employee's services already rendered, whose payment is…
A: The right response is that accrual is necessary when the benefits both accumulate and vest. The…
Q: pat, jean lou, and diane are partners with capital balances of $50,000, $30,000, and $20,000…
A: The objective of the question is to determine the reason behind the amount of Mary Ann's investment…
Q: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from…
A: The percentage method has no wage or allowance limit. therefore firm can use it if the employee's…
Q: The appropriate cost per unit of inventory is: M $4.05 $3.13 $5.33 N $12.60 $6.60 $10.08 $5.08 $5.33…
A: The term "cost per unit" describes the combined fixed and variable expenses related to creating and…
Q: Austin Grocers recently reported the following 2021 income statement (in millions of dollars): Sales…
A: The dividend payout ratio indicates how much of the earnings are paid as dividends. The retained…
Q: Current Attempt in Progress Sheridan Corp. sells one product and uses a perpetual inventory system.…
A: An inventory valuation technique known as Last-in First-out (LIFO) is predicated on the idea that…
Q: The following information is available for Blossom Limited for the year ended December 31, 2024.…
A: The cash flow statement is one of the financial statements of the business. It records the cash flow…
Q: Required information (The following information applies to the questions displayed below]…
A: The inventory valuation is the accounting method adopted by the business entity to evaluate the cost…
Q: The following cases are independent. Case A Starling Ltd. bought a building for $1,330,000. Before…
A: Assets are the resources owned by the company. They are acquired with an intention to sell or to…
Q: s
A: Taxable income refers to the earnings of an individual, company, etc. which is subject to tax…
Q: Oriole Company's balance sheet at December 31, 2026 reports assets of $1054000 and liabilities of…
A: In case one company overtake the assets and liabilities of another company, then accounting for…
Q: On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a…
A: Estimated warranty liability is an anticipated amount of expense which is set aside by the company…
Q: Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear…
A: Stockholders’ equityThe stockholders’ equity (often referred to as the book value of the company) is…
Q: For which of the following statements is it not possible to arrive at an answer due to information…
A: In the reducing balance method, the depreciation expense is calculated as a percentage of the…
Q: On October 1, 2024, the Allegheny Corporation purchased equipment for $213,000. The estimated…
A: Depreciation expense :— It is the allocation of depreciable cost of an asset over the estimated…
Q: Pearl Company sold 218 color laser copiers on July 10-2025, for $3,690 apiece, together with a…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Blossom Company is considering a long-term investment project called ZIP. ZIP will require an…
A: The question is related to Capital Budgeting. The Cash Payback Period is the length of time required…
Q: ulcan Company's contribution format income statement for June is as follows: Vulcan Company Income…
A: The segmented contribution margin income statement is a financial statement that offers a detailed…
Q: compound interest is only the interest you earn on your principal amount. TRUE OR FALSE.
A: Compound interest is a financial concept where interest is calculated not only on the initial…
Q: Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter…
A: The choice between accrual and cash basis depends on several variables, including the size and type…
Q: Blossom Company, organized in 2024, has set up a single account for all intangible assets. The…
A: Intangible assets are non-physical assets that lack a physical substance but provide long-term…
Q: explain how a credit transaction impacting both assets and liabilities could maintain the accounting…
A: Accounting equations have given the foundation for double-entry bookkeeping. As per this equation,…
Q: k ces Suppose your company sells services for $325 cash this month. Your company also pays $100 in…
A: Outstanding salary treatment will be as fallows If the salaries are earned but not yet paid by the…
Q: Garcia Company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest…
A: The discount on bonds issued is amortized and added to the carrying value of the bond. Interest…
Q: The following data were taken from the balance sheet accounts of Tamarisk Corporation on December…
A: Journal entries The entries which are recorded by the company in the accounting books on regular…
Q: During its first year of operations, Crane Corporation had these transactions pertaining to its…
A: ACCOUNTING EQUATIONAccounting Equation is a Financial Accounting Technique which represents the…
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufaCurrent Liabilities The following items are accounts on Smiths balance sheet of December 31, 2016: Required Identify which of the accounts should be classified as a current liability on Smiths balance sheet. For each item that is not a current liability, indicate the category of the balance sheet in which it would be classified. Assume the company has the following balance sheet categories: current asset; property, plant, and equipment; long-term investment; intangible asset; current liability; long-term liability; and stockholders equity.
- You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
- Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…The following accounts appeared on the trial balance of Wildhorse Company at December 31, 2025. Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2028 Allowance for Doubtful Accts. Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Appropriated Retained Earnings Compute each of the following: Total current assets Total assets Total current liabilities $185,000 690,000 Total stockholders' equity Total property, plant, and equipment 42,000 28,000 300,000 190,000 1,300,000 7,300 195,000 140,000 165,000 760,000 210,000 $ LA $ tA $ $ LA $ Accounts Receivable Prepaid Insurance Common Stock Unappropriated Retained Earnings Inventory Land Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital $510,000 57,000 1,025,000 290,000 1,480,250 450,000 79,000 5,100 1,900,000 420,000 130,000The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
- The accounts and balances shown below were taken from ACCCOB2 Company's trial balance on December 31, 2020. All adjusting entries have been made: Cash Prepaid rent Inventory Investment - FVPL Accounts receivable Sinking fund asset Investment in associates Property, plant & equipment, net Patents, net Wages payable Dividends payable Taxes payable Accounts payable Bonds Payable O P916,000 and P640,000 O P866,000 and P648,000 P 175,000 O P916,000 and P648,000 O P776,000 and P552,000 136,000 820,000 153,000 366,000 525,000 1,020,000 1,700,000 150,000 250,000 140,000 228,000 How much should be reported in ACCCOB2's December 31, 2020 statement of financial position as current and non-current liabilities, respectively? 248,000 648,000An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2.prepare owner's equity 3.prepare balance sheetAn alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)