Required:Prepare the following, December 31, 2019, financial statements:Income StatementRetained Earnings StatementBalance SheetDecember 31, 2019, adjusted trial balance is provided below.Prepare the fiscal year-end closing entries.a. Prepare the January 1, 2020 opening trial balance.b. Prepare the journal entries for the first six months of 2020.provided is a summary of activities accounting entries that need to be prepared 2. The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account. Adjusted Trlal BalanceDecember 31, 2019DebltCreditAccountCashAccounts ReceivableAllowance for Doubtful AccountsInventoryEquipment - PackagingEquipment - OfficeAccumulated Depreciation: Equipment - PackagingAccumulated Depreciation: Equipment - OfficeAccounts PayableInterest PayableSBA Loan (Long-Term)Common Stock ParAdditional Paid-In CapitalRetained EarningsDividendsSales (Revenue)Cost of Goods Sold (COGS)Selling ExpenseAdministrative ExpenseIncome Tax Expense184,00015,00010023,00072,00022,0007,2002,20072,50010,000110,000S 0.012,80097,200265,00086,00065,00085,00015,000567,000567,000Jan. 5, 2020Received customer payment of $15,000.Sold a $40, 000 non-interesting bearing note to U.S. Bank Corporation. Received $38,000 cash.Note is due on January 19, 2021.Jan. 20, 2020Jan. 29, 2020Purchased $65,000 inventory on account.Jan. 30, 2020Paid $65,000 to suppliers for previous purchases of inventory.Jan. 31, 2020Paid monthly salaries to sales stoff ($4,500) and administrative staff ($5,000).Paid for various supplies etc. (company policy to expense as incurred).Selling department supplies $3,200Administrative department supplies $2,100Feb. 15, 2020Feb. 28, 2020Paid monthly salaries to sales staff ($4, 500) and administrative staff ($5,000).March 5, 2020Paid $10,000 to suppliersprevious purchases of Inventory.March 10, 2020Sold $47,000 of product on account to 3Meats Pizza. Cost of the product sold was $24,000.March 31, 2020Paid monthly salaries to sales staff ($4,500) and administrative staff ($5000).April 10, 2020Received customer payment of $47,000.April 20, 2020Paid $30,000 to suppliers for previous purchases of inventory,April 30, 2020Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000).May 2, 2020Paid sales commission of $14,000 due to sales staffPaid for various supplies etc. (company policy to expense as incurred).Selling department supplies $1,650Administrative department supplies $1,150May 3, 2020May 5, 2020Sold $63,000 oTarget Pizza. Cost of the product sold was $48,000.May 31, 2020Paid monthly salaries to sales staff (S4,500) and administrative staff ($5,000).June 5, 2020Purchased $50,000 inventory on account.June 10, 2020Paid $40,000 to suppliers for previous purchases of inventory.June 14, 2020Sold $66,000 of product on account to Picky Pizza. Cost of the product sold was $38,000.June 30, 2020Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000).

Answered: Required: Prepare the following,…

Required: Prepare the following, December 31, 2019, financial statements: Income Statement Retained Earnings Statement Balance Sheet

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 14E: Rate of Change nalyses eiher Company presents the following condcnsed comparative income statements...

See similar textbooks

Similar questions

Revenue Cost of goods sold Interest expense Income tax expense Net income Current assets (ending balance) Long-term assets (ending balance) Total assets (ending balance) Current liabilities (ending balance) Long-term liabilities (ending balance) Total liabilities (ending balance) Preferred dividends Total stockholders' equity (ending balance) Total outstanding shares Market price of shares Average inventory Average assets (excluding long-term investments) Average total assets Average total stockholders' equity Question 6 2021 2020 2019 2018 2017 10,901,977.24 7,508,199.16 5,727,216.00 3,941,696.00 3,011,800.00 2,061,536.40 1,374,357.60 1,025,640.00 683,760.00 518,000.00 1,052,060.00 891,576.00 768,600.00 610,000.00 500,000.00 1,225,572.00 845,222.00 640,320.00 441,600.00 320,000.00 5,571,720.00 3,714,480.00 2,772,000.00 1,848,000.00 1,400,000.00 11,751,396.40 9,039,535.60 68,480,133.20 5,035,392.00 4,060,800.00 6,091,200.00 17,627,094.60 13,559,303.40 102,720,199.80 7,553,088.00…
Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year ??? ??? 320,715 397,400 40,500 33,750 500,000 541,650 17,500 47,500 94,000 105,000 328,500 431,876.00 33,750 35,000 54,000 54,402.00 40,500 42,823.00 279,000 288,000 339,660.00 398,369.00 946,535 999,000 148,500 162,000 126,000 162,881.00 306,000 342,000 639,000 847,928.00 24,750 47,224.00 What is the current year's return on assets (ROA)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
O Accounts payable Accounts receivable Accruals Category Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Not fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year 3,153.00 5,992.00 6,936.00 9,031.00 5,792.00 6,116.00 20,429.00 13,896.00 ??? Category 222 2,850 22,561.00 500 952.00 4,008.00 46,360 350 What is the firm's cash flow from financing? 1,259.00 1,120.00 3,060.00 6,658.00 16,820.00 22,100.00 75,431.00 74,071.00 6,567.00 19,950 20,000 35,524.00 34,531.00 45,432.00 2,850 Submit 18,594.00 500 1,019.00 920 Answer format: Number: Round to: 0 decimal places
Maple Group LtdComparative Balance SheetDecember 31, 2020 and 20192020 2019 Increase/(Decrease)Assets Cash and cash equivalent ? 31,500 (10,000)Accounts Receivable ? 87,500 ? Inventories 97,100 ? ? Fixed Assets, net 142,300 ? 32,000 Total Assets 302,900 323,000 (20,100)Liabilities Accounts payable 25,600 26,600 ? Accrued liabilities 24,000 ? 1,200 Long-term notes payable 58,200 ? (20,000)Stockholders' Equity: Common Stock ? 131,400 ? Retained earnings 54,800 64,000 (9,200)Total liabilities and stockholders' equity 302,900 323,000 (20,100)- - - Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 370,000 Interest revenue 11,800 Total revenues and gains 381,800 Expenses Cost of goods sold 205,500 Depreciation expense 15,500 Other operating expense 126,000 Interest expense 24,300 Total expenses 371,300 Income before income taxes 10,500 Income tax expense 16,300 Net Loss (5,800) Notes Acquisition of fixed asset during 2020 47,500 Sale proceed…
Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent ? 15,300 ? Accounts Receivable ? ? 2,250 Inventories 102,000 109,700 ? Fixed Assets, net 142,300 94,300 ? Total Assets 299,050 262,500 36,550 Liabilities Accounts payable 25,600 26,600 ? Accrued liabilities 24,000 22,800 ? Long-term notes payable 54,350 ? ? Stockholders' Equity: Common Stock 140,300 ? 8,900 Retained earnings 54,800 19,700 35,100 Total liabilities and stockholders' equity 299,050 262,500…
Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent 64,990 61,895 ? Accounts Receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long-term notes payable 99,500 128,550 ? Stockholders' Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders' equity 442,590 395,800 46,790…
Requirement 1. Compute these ratios: Working Capital Current Debt-to- Ratio Cash Ratio Debt Ratio Equity Ratio Round ratios to two 14.44 212400 7.73 decimal places or format as percentages or Accounts Days Sales currency as appropriate. Inventory Days Sales in Gross ProfitReceivable in Turnover Inventory Percentage Turnover Receivables 2019 Total Assets = Rate of Rate of Asset Return on Return on Turnover Stockholders' Earnings Total Assets Ratio Equity Per Share 2019 SHE = Price/ Earnings *Current Stock Price is Dividend $10.00 per share Ratio* Dividend Yield Payout Dividend per share= Requirement 2. Based on the ratios computed above, analyze the company's ability to pay its debts (both current and long term). Refer to at least 3 specific ratios in your analysis. Requirement 3: Based on the ratios computed above, analyze the company's management of inventory. Refer to at least 2 specific ratios in your analysis. Requirement 4: Based on the ratios computed above, analyze the company's…
Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Prior Year Current Year 3,106.00 5,972.00 6,919.00 8,940.00 5,691.00 6,099.00 20,212.00 13,343.00 ??? ??? 2,850 18,751.00 500 2,850 22,826.00 500 965.00 1,016.00 1,259.00 1,123.00 3,086.00 6,750.00 16,982.00 22,296.00 75,731.00 73,844.00 4,053.00 6,596.00 19,950 20,000 35,937.00 34,762.00 46,360 45,530.00 350 920 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places.
Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
Xyz tradingCondensed comparative balance sheet 2021 2020 2019Assets:Current assets 468,000. 345,600. 300,000Property and equipment 600,000. 560,400. 500,400Other assets(advances ). 72,000. 126,000. 150,000Total assets. 1,140,000. 1,032,000. 950,400Liabilities and stockholders’ equityLiabilitiesCurrent liabilities 134,400. 112,800. 100,00012 % long-term notes payable. 240,000. 300,000 350,000Total liabilities. 374,400. 412,800. 450,000Stockholders’ equity10% preferred stock 120,000. 120,000. 120,000Common stock 300,000 240,000 200,000Additional paid in capital 84,000. 48,000 40,000Retained earnings…
Problem 17-5 (AICPA Adapted) Investment in Hall Company at equity statement of financial position: Accounts receivable, net of allowance Fearsome Company showed the following comparative 2021 2020 Cash and cash equivalents 2,350,000 600,000 1,000,000 2,200,000 2,000,000 5,000,000 1,050,000) ( 800,000) 400,000 350,000 700,000 850,000 2,000,000 1,500,000 4,000,000 Inventory Land Property, plant and equipment. Accumulated depreciation Goodwill 400,000 12,500,000 9,000,000 Accounts payable Note payable - long term Bonds payable Share capital, P100 par Share premium Retained earnings Treasury shares, at cost 600,000 500,000 1,600,000 5,250,000 2,700,000 1,850,000 550,000 2,100,000 4,000,000 1,750,000 1,300,000 700,000) 12,500,000 9,000,000 Additional information for 2021 1. The net income for the current year was P3,050,000. 2. Cash dividend paid amounted to P2,500,000. 3. The entity sold equipment costing P200,000, with carrying amount of P50,000, for P70,000 cash. 4. The entity issued…
SalesOperating costs (excluding depreciation and amortization) EBITDADepreciation and amortization Earnings before interest and taxes Interest Earnings before taxesTaxes (40%)Net income available to common stockholders Common dividendsSEBRINGCORPORATION: BALANCESHEETSFORYEARENDINGDECEMBER31 (FIGURES ARE STATED IN MILLIONS) Assets: Cash and marketable securities Accounts receivableInventories Total current assets Gross Fixed Assets Less DepreciationNet plant and equipment Total assets 2005 2004 $3,600.0 $3,000.0 $3,060.0 $2,550.0 $540.0 $450.0 90.0 75.0 $450.0 $375.0 65.0 60.0 $385.0 $315.0 154.0 126.0 $231.0 $189.0 $15.0 $13.0 2005 2004 $ 36.00 $ 30.00 $ 340.00 $ 250.00 $ 457.00 $ 351.00 $ 833.00 $ 631.00 $ 1,065.00 $ 825.00 $ (165.00) $ (75.00) $ 900.00 $ 750.00 $ 1,733.00 $ 1,381.00 $ 324.00 $ 270.00 $ 201.00 $ 155.00 $ 216.00 $ 180.00 $ 741.00 $ 605.00 $ 450.00 $ 450.00 $ 1,191.00 $ 1,055.00 $ 150.00 $ 150.00 $ 392.00 $ 176.00 $ 542.00 $ 326.00 $ 1,733.00 $ 1,381.00…