0 ences exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Mc Graw Hill Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 Using the above information prepare a December income statement for the business. Consulting revenue Rent expense 2,990 17,710 Salaries expense 45,940 Telephone expense 8,230 Miscellaneous expenses 83,660 ERNST CONSULTING Income Statement 0 < Prev 7 S 8 9 of 9 $ 1,760 13,720 3,210 6,690 870 680 Next >

0 ences exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Mc Graw Hill Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 Using the above information prepare a December income statement for the business. Consulting revenue Rent expense 2,990 17,710 Salaries expense 45,940 Telephone expense 8,230 Miscellaneous expenses 83,660 ERNST CONSULTING Income Statement 0 < Prev 7 S 8 9 of 9 $ 1,760 13,720 3,210 6,690 870 680 Next >

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 5PA: Multiple-step income statement and balance sheet The following selected accounts and their current...

See similar textbooks

Similar questions

Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders equity. Additional common stock of 75,000 was issued during the year ended May 31, 20Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple and single-step income statements differ.
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
M Corporation compiled the following information on December, 2021 8,40,000 1,90,000 Service Revenue Common Stock Equipment Operating Expense Cash Dividends 254000 7,27,000 2,05,000 64,000 30,000 1,09,000 90,000 Retained Earmings (01/01/20210) 4,51,000 Supplies Accounts Payable Accounts receivable Calculate M Corporation's Shareholder's Equity on December 31, 2021: $690,000 $660,000 $481000 $731000
Crane Company compiled the following financial information as of December 31, 2025: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/2025 $294000. $237000. $32000. $848000 $356000. 179000 247000 ·729000 223000 62000 32000 Crane's retained earnings balance on December 31, 2025 is 119000 90000 237000
A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
The following is the statement of stockholders' equity for Cloud Computer Service Company: Cloud Computer Service Company Statement of Stockholders' Equity For the Year Ended December 31, 2018 Common Stock Totals Balances, January 1, 20Y8 $50,000 $67,068 ??? Net income (5,000) Dividends Balances, December 31, 20Y8 $50,000 $68,905 Calculate the net income to complete the statement. O a. $6,837 O b. $8,137 O c. $6,637 O d. $1,837 Retained Earnings $17,068 ??? (5,000) $18,905
Blue Spruce Corp.compiled the following financial information as of December 31, 2022: Service revenue $840000 Common stock 190000 Equipment 254000 Operating expenses 727000 Cash 205000 Dividends 64000 Supplies 30000 Accounts payable 109000 Accounts receivable 90000 Retained earnings, 1/1/22 451000 Blue's stockholders' equity on December 31, 2022 is: O $731000. O $660000. O $481000. O $690000.
Denna Company's working capltal accounts at the beginning of the year follow Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 85,eee $ 25,600 S 386,000 $ 499, 000 S 18, See $ 227,000 $ 130,eee $ 73,500 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $45,000. a. Issued additional shares of common stock for cash. $230,000. b Sold inventory costing $82.000 for $115,000, on account c. Wrote off uncollectible accounts in the amount of $16,000, reducing the accounts recelvabie balance accordingly d. Declared a cash dividend, $45.000. e Paid accounts payable, $124,000. f Borrowed cash on a short-term note with the bank, $82,500 g. Sold inventory costing $19,500 for $13,000 cash. h. Purchased Inventory on account. $61.250. 1. Pald off all short-term notes due, $212,500. J. Purchased equipment for cash, $87,000. k. Sold marketable…
Presented below are data for Cheyenne Corp. Assets, January 1 Liabilities, January 1 Stockholders' Equity, Jan. 1 Dividends Common Stock Stockholders' Equity, Dec. 31 Net Income 2025 O $1700. O $2454. O $1150. O $1054. $4220 2520 ? 860 754 Stockholders' Equity at January 1, 2025 is ? 850 2026 $5000 ? ? 637 675 ? 655
KisAsian Official O Academic Portal t LIBIS - Sampoerna. O Dashboard I VitalSource Booksh... Spouly AA STIOTOR naHt Prepare an income statement for the year 2022. Ordinary shares outstanding for 2022 total 40,550 (in thousands). E4.6 (LO 2, 3) (Income Statement Items) The following balances were taken from the books of Parnevik ASA on December 31, 2022. € 86,000 Accumulated depreciation-buildings € 28,000 155,000 Interest revenue Cash 51,000 Notes receivable Sales revenue 1,280,000 Selling expenses 194,000 Accounts receivable 150,000 Accounts payable 170,000 Prepaid insurance 20,000 Bonds payable 100,000 Sales returns and allowances 150,000 Administrative and general expenses 97,000 Allowance for doubtful accounts 7,000 Accrued liabilities 32,000 60,000 45,000 Interest expense 100,000 Notes payable 200,000 Loss on impairment of plant assets Sales discounts Land 100,000 Equipment 120,000 Buildings 140,000 Share capital-ordinary 500,000 Cost of goods sold 621,000 Retained earnings 21,000…
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
The following data was taken from the accounting records of Pina Colada Corporation: Total assets Total liabilities Preferred shares Common shares Retained earnings Additional data: Net income Interest expense Sales revenue 2024 O 20.1% 21.1% 19.1% 18.1% 2023 $962000 $883000 271000 250000 81300 81300 303000 303000 The return on assets for 2024 is 306700 248700 167000 35500 981000