Chapter 1, Problem 10E

Pretty Co.'s total liabilities and equity amounted to $285,000 for year 2018. The financial statement for 2019 showed total assets of $542,000. How much is the percentage of increase for the total assets?

using information below how can I prepere Bringle company income statement effects for year end December 31, 2019? We have the following information:  A patent was purchased from Lou Company for $1,845,000 on January 1, 2018. Bringle estimated the remaining useful life of the patent to be 15 years. The patent was carried in Lou's accounting records at a net book value of $1,635,000 when Lou sold it to Bringle. During 2019, a franchise was purchased from Rink Company for $470,000. In addition, 6% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2019 was $2,000,000. Bringle estimates the useful life of the franchise to be 5 years and takes a full year's amortization in the year of purchase On January 1, 2019, Bringle estimates, based on new events, that the remaining life of the patent purchased on January 1, 2018, is only 10 years from January 1, 2019 Step 2  Schedule showing the intangibles section of Bringle's balance sheet at December 31, 2019…

Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00

During 2019, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)

The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated…

The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit…

Displayed here are the draft financial statements which have been prepared for Valerie’s  business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021   Assets       Non-current assets see point a. below     Cost   90,000   Provision for depreciation   30,600   Net Book Value     59,400 Current assets       Inventory   To be advised   Trade receivables   43,200   Cash   4,680 47,880 Total assets     107,280         Liabilities       Current liabilities       Trade payables   17,280   Non-current liabilities       Bank loan   16,000   Total liabilities     33,280 Net assets     74,000         Owner’s interest     Capital invested   24,000 Profit and Loss Reserve:     Opening balance 34,720   Draft profit for the year…

Rotweiler Obedience School's December 31, 2018, balance sheet showed net fixed assets of $1,730,000, and the December 31, 2019, balance sheet showed net fixed assets of $2,050,000. The company's 2019 income statement showed a depreciation expense of $322,000. What was the company's net capital spending for 2019?

Cardi B reported the following data for her company in 2019: Net Operating Income $61,000 Beginning Operating Assets ??? Ending Operating Assets $540,000 Return on Investment 0.11 Based on the information above, what was the beginning balance of Operating Assets for 2019? Round your answer to the nearest dollar.