Problem 84 (LAA)Summa Company revealed the following account balanceson December 31, 2020Accota payableAccounta receivable, net of allowance for doubtfulaccounts PS0.000Accrued taxesAecrued interest receivableAutherined sbare capital, 60,000 aharea. P100 parBuilding, net ofaccumulated depreciation of P500,000 3,000.000Cash on handCash in bankBond sinking fundFurniture and equipment, net ofaccumulateddepreciation of P900,000IaventoryInvestment propertyLandDeferred tax liabilityBonds payable due June 30, 2021Notes payableNotes reoeivablePatentOcher accrued liabilitiesPrepaid expensesShare premiumRetained earninge appropristed for contingenciesRetained eantingsShare ubecription receivableSubscribed share capital E000 sharesUnianoed share capital1000,00050.00030,0005,000.00050.000650.0002000.0001,500,0001,200,000700.0001,000,000650.0002.000.000850.000200,000370,000150,000100,000300,000200,0002.700,000500,000L000,0002.000,000Required:Prepare a statement of financial position, presented andelassified according to generally accepted acountingPrinciples with appropriate notes

Financial statement: Financial information shows the position of an organization at a particular…

Cash on hand Cash in bank Bond sinking fund Purniture and equipme depreciaticn of isoc aventery nvestment property Land Deferred tax liahlity Bends payable due June Notespayable Notes receivable Patent Dher accrued liabliies

Cash on hand Cash in bank Bond sinking fund Purniture and equipme depreciaticn of isoc aventery nvestment property Land Deferred tax liahlity Bends payable due June Notespayable Notes receivable Patent Dher accrued liabliies

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 k. ending cash balance, $14,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 Adjustments for cash flow effects from working capital items:
Governmental funds report. Multiple select question. liabilities that will be settled with current financial resources assets to be converted to cash in the normal course of operations long-term assets that will not be sold during the current year long-term liabilities cash
From the following balance the ledgers and make the trial Balance Cash Account Date Particular Amount Date Particular Amount 1.1.2020 50000 20.1.2020 50000 5.1.2020 80000 31.1. 2020 BAL C/D ? 12.1.2020 20000 01.02.2020 BAL B/D Capital Account Date Particular Amount Date Particular Amount 1.1.2020 20000 20.1.2020 150000 5.1.2020 10000 31.1.2020 BAL C/D ? 01.02.2020 BAL B/D Purchase Account Date Particular Amount Date…
Need Help with Statement Matching
Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
Analysis above two financial statement, what you can observe without using financial ratio.
QUESTION 8: "Cash restricted for retirement of long-term debt" should be reported under which section of the statement of financial position? a. Non-current assets. b. Current assets. c. Non-current liabilities. d. Current liabilities.
V Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $34,989 66,770 6,185 17,598 39,822 89,571 98,246 70,130 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the amount of working capital? Oa. $608,269 Ob. $149,965 Oc. $212,546 Od. $959,971 21,407 609,357 1,088 37,519
1.Which of the following is a permanent difference? Dividends from a domestic corporation Property insurance premiums paid Commissions from consignment sales Donations received Interest on savings deposit
Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…