for the attached comprehensive problem, please make Statement of Comprehensive Income (SCI) The following accounts are taken from the records of Shore Corporation. Unless otherwiseindicated, they are the balances as of December 31, 2020.Interest receivable1,200Miscellaneous administrative expense7,500Allowance for doubtful accounts8,450Office supplies expense10,000Miscellaneous selling expense14,000Interest expense21,000Store supplies expense21,000Paid in capital from treasury shares28,000Delivery expense30,000De preciation expense-office building & equipment30,000Interest revenue30,000Prepaid expenses42,070Income tax payable44,000Office rent expense50,000Share premium - preferenceDe pre ciation expense-store building & equipment70,000100,000Cash dividends for preferred shares100,000Advertising expense150,000Treasury shares150,000Cash dividends for ordinary sharesOffice salaries expense155,150170,000Sales commission185,000Accounts payable194,300Share premium - ordinary200,000Cash282,850Sales salaries expenseBonds payable385,000500,000Accounts receivable545,000Inventory - December 31, 2020778,000 5% Preferrence share P80 par 30,000 shares authorized 16,000shares issued as of December 31, 20201,280,000Accumulated depreciation-office building & equipment1,580,000Ordinary share capital P20 par 400,000 shares authorized 85,000shares issued 80,000 outstanding as of December 31, 20201,700,000Cost of good sold3,700,000Accumulated depreciation-store building & equipment4,126,000Office building & equipment4,320,000Sales5,313,000Retained earnings-January 1, 20208,734,020Store building & equipment12,560,000Additional information:Balances as of January 1, 2020Preference shares1,200,000Ordinary shares1,500,000Share premium-preference60,000Share premium-Ordinary150,000

Net income from statement of comprehensive income (SCI) as of December 31,2020 is 469,500.…

The following accounts are taken from the records of Shore Corporation. Unless otherwise indicated, they are the balances as of December 31, 2020. Interest receivable 1,200 Miscellaneous administrative expense 7,500 Allowance for doubtful accounts 8,450 Office supplies expense Miscellaneous selling expense 10,000 14,000 Interest expense 21,000 Store supplies expense 21,000 Paid in capital from treasury shares 28,000 Delivery expense 30,000 De pre ciation expense-office building & equipment 30,000 Interest revenue 30,000 Prepaid expenses 42,070 Income tax payable 44,000 Office rent expense 50,000 Share premium - preference 70,000 De preciation expense-store building & equipment 100,000 Cash dividends for preferred shares 100,000 Advertising expense 150,000 Treasury shares 150,000 Cash dividends for ordinary shares 155,150 Office salaries expense 170,000 Sales commission 185,000 Accounts payable 194,300 Share premium - ordinary 200,000 Cash 282,850 Sales salaries expense Bonds payable 385,000 500,000 Accounts receivable 545,000 Inventory - December 31, 2020 778,000

The following accounts are taken from the records of Shore Corporation. Unless otherwise indicated, they are the balances as of December 31, 2020. Interest receivable 1,200 Miscellaneous administrative expense 7,500 Allowance for doubtful accounts 8,450 Office supplies expense Miscellaneous selling expense 10,000 14,000 Interest expense 21,000 Store supplies expense 21,000 Paid in capital from treasury shares 28,000 Delivery expense 30,000 De pre ciation expense-office building & equipment 30,000 Interest revenue 30,000 Prepaid expenses 42,070 Income tax payable 44,000 Office rent expense 50,000 Share premium - preference 70,000 De preciation expense-store building & equipment 100,000 Cash dividends for preferred shares 100,000 Advertising expense 150,000 Treasury shares 150,000 Cash dividends for ordinary shares 155,150 Office salaries expense 170,000 Sales commission 185,000 Accounts payable 194,300 Share premium - ordinary 200,000 Cash 282,850 Sales salaries expense Bonds payable 385,000 500,000 Accounts receivable 545,000 Inventory - December 31, 2020 778,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following data were taken from the balance sheet accounts of Wildhorse Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings a. b. C. $513,000 605,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) 501,000 Date 144,000 910,000 A 6% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $40. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a book value of $104,000 and a fair…
Below are the titles of a number of debit and credit accounts as they might appear on the statement of financial position of Hayduke ASA as of October 31, 2022. Select the Current Asset, Current Liability, Borderline, and Not a Current Item from among these debit and credit accounts. Debit Interest Accrued on Government Securities Notes Receivable Petty Cash Fund Government Securities Treasury Shares Current Asset Current Liability Borderline Not a Current Item Credit Share Capital-Preference 6% First Mortgage Bonds, due in 2029 Preference Dividend, payable Nov. 1,2022 Allowance for Doubtful Accounts Customers' Advances (on contracts to be completed next year)
The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial Position
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
The accounts below were taken from the unadjusted trial balance of a company as at December 31, 2021:Accounts receivable 200,000Sinking fund assets 20,000Allowance for doubtful accounts 50,000Cash in bank 894,000Investment in shares, at cost 56,000Interest payable 15,000Notes receivable 100,000Mortgage payable 1,200,000Investment in associate 35,000 Merchandise inventory 123,000Accounts payable 110,000Notes payable 400,000Employee’s withholding taxes payable 15,000Bonds payable 500,000Sales commissions payable 10,000Share dividends payable 18,000 Additional information:a. Included in the accounts receivable is P60,000 due from a customer with special terms requiring the customer to pay in an equal semi-annual installment of P10,000 every end of June and December. In addition, accounts receivable was net of customers’ deposit of P5,000.b. Cash in bank includes P10,000 compensating balance legally restricted for short-term borrowing. In addition, a bank overdraft of P15,000…
The following data were taken from the balance sheet accounts of Culver Corporation on December 31, 2019. Current assets $512,000 Debt investments (trading) 577,000 Common stock (par value $10) 471,000 Paid-in capital in excess of par 154,000 Retained earnings 890,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $42. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $98,000 and a fair value of $130,000.
The following data were taken from the balance sheet accounts of Blossom Corporation on December 31, 2019. Current assets $554,000 Debt investments (trading) 596,000 Common stock (par value $10). 455,000 Paid-in capital in excess of par 148,000 Retained earnings 800,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when no entry is required, select "No Entry" for the account titles and enter 0 for the amount is entered. Do not indent manually. amounts.) (a) A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $37. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $105,000 and a fair value of $133,000.
Use the table for the question(s) below. Consider the following balance sheet: Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) Assets 2019 2018 Liabilities and Stockholders' Equity 2019 2018 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable / short−term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long−term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long−Term Assets Long−Term Liabilities Land 66.6 62.1 Long−term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations −−− −−−…
The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.
The Murdock Corporation reported the following balance sheet data for 2024 and 2023: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity 2024 $ 80,705 17,000 83,000 168,000 1,770 1,256,000 (613,000) $ 993,475 $ 79,040 21, 200 27,700 203,000 300,000 362,535 $ 993,475 Additional Information for 2024: (1) Sold available-for-sale debt securities costing $71,000 for $75,800. (2) Equipment costing $20,000 with a book value of $5,300 was sold for $6,450. (3) Issued 6% bonds payable at face value, $203,000. (4) Purchased new equipment for $148,000 cash. (5) Pald cash dividends of $21,500. (6) Net Income was $53,000. 2023 $ 24,755 88,000 70,950 147,700 2,300 1,128,000 (575,000) $ 886,705 $ 151,670 26,000 78,000 8 300,000…