Question 1 of 3 - Chp 4 Homework 14th Ed_
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186
Subject
Accounting
Date
Jun 27, 2024
Type
Pages
6
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(a1)
The completed ±nancial statement columns of the spreadsheet for Bray Company are shown as follows:
Bray Company
Worksheet
For the Year Ended December 31, 2022
Income Statement
Balance Sheet
Account
No.
Account Titles
Dr.
Cr.
Dr.
Cr.
101
Cash
8,800
112
Accounts Receivable
10,800
130
Prepaid Insurance
2,800
157
Equipment
24,000
158
Accumulated Depreciation—Equip.
4,200
201
Accounts Payable
9,000
212
Salaries and Wages Payable
2,400
301
Owner’s Capital
19,500
306
Owner’s Drawings
11,000
400
Service Revenue
60,000
622
Maintenance and Repairs Expense
1,700
711
Depreciation Expense
2,800
722
Insurance Expense
1,800
726
Salaries and Wages Expense
30,000
732
Utilities Expense
1,400
Totals
37,700
60,000
57,400
35,100
Net Income
22,300
22,300
60,000
60,000
57,400
57,400
Your answer is correct.
Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g.
(45).)
BRAY COMPANY
Income Statement
For the Year Ended December 31, 2022
Revenues
Service Revenue
$
60000
(a2)
(a3)
Expenses
Salaries and Wages Expense
$
Depreciation Expense
Insurance Expense
Maintenance and Repairs Expense
Utilities Expense
Total Expenses
Net Income / (Loss)
$ eTextbook and Media
List of Accounts
Attempts: 1 of 10 used
Your answer is correct.
Prepare an owner’s equity statement. (List items that increase owner's equity ±rst.)
BRAY COMPANY
Owner’s Equity Statement
For the Year Ended December 31, 2022
Owner’s Capital, January 1
$
Add
: Net Income / (Loss)
Less
: Drawings
Owner’s Capital, December 31
$
eTextbook and Media
List of Accounts
Attempts: 2 of 10 used
Your answer is correct.
Prepare a classi±ed balance sheet. (List Current Assets in order of liquidity.)
30000
2800
1800
1700
1400
37700
22300
19500
22300
41800
11000
30800
(b)
BRAY
COMPANY
Balance Sheet
December 31, 2022
Assets
Current Assets
Cash
$ Accounts Receivable
Prepaid Insurance
Total Current Assets
$ Property, Plant and Equipment
Equipment
Less
: Accumulated Depreciation-Equipment
Total Assets
$ Liabilities and Owner’s Equity
Current Liabilities
Accounts Payable
$ Salaries and Wages Payable
Total Current Liabilities
$ Owner’s Equity
Owner's Capital
Total Liabilities and Owner’s Equity
$ eTextbook and Media
List of Accounts
Attempts: 2 of 10 used
Your answer is correct.
Prepare the closing entries. L. Bray did not make any additional investments during the year. (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.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Service Revenue
Income Summary
8800
10800
2800
22
24000
4200
19
42
9000
2400
11
30
42
60000
60000
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Consider the following selected financial information for Green Woods Company.
Green Woods Company
Income Statement
For the Year Ended December 31, 2020
Green Woods Company
Balance Sheet
For the Year Ended December 31, 2019 & 2020
2020
2019
Assets
|Cash
Accounts Receivable
Inventories
Plant & Equipment
Less: Accimiulated Depreciation
$480
$510 S$90
$960
Revenues
S650
7/100
S980
$3140 $2.150
(S1 520)S870)
$3.3.40 S3,310
Less: Depreciation expense
Less: Other operating expenses
Total Assets
Liabilities &OE
Less: Interest Expense
40
$810
Is17015550
T/S120/S2.80
Income before income taxes
INehornts Paable
Income Tax Payable
Income tax expense
$S40
S7100 / SĨ350
Net income
Retained FarnenE
What is the het dash
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The completed financial statement columns of the worksheet for Crane Company are shown as follows:
Crane Company
Worksheet
For the Year Ended December 31, 2020
Income Statement
Balance Sheet
Account
Account Titles
Dr.
Cr.
Dr.
Cr.
No.
101
Cash
8,800
112
Accounts Receivable
10,800
130
Prepaid Insurance
3,000
157
Equipment
24,500
158
Accumulated Depreciation-Equip.
4,600
201
Accounts Payable
9,200
2,600
Salaries and Wages Payable
Owner's Capital
212
20,000
301
306
Owner's Drawings
12,100
60,500
400
Service Revenue
622
Maintenance and Repairs Expense
1,600
3,100
Depreciation Expense
Insurance Expense
711
1,800
722
29,800
Salaries and Wages Expense
Utilities Expense
726
1,400
732
37,700
60,500
59,200
36,400
Totals
22,800
Net Income
22,800
60,500
60,500
59,200
59,200
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current ye
Net income
$382,880
Interest expense
67,570
Average total assets
5,850,000
Determine the return on total assets. If required, round the answer to one decimal place.
6.5
X %
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Divide the sum of net income and interest expense by average total assets.
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Changes in Current Operating Assets and Liabilities-Indirect Method
Victor Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$23,400
$22,600
Inventory
78,800
79,500
Accounts payable
20,700
20,400
Dividends payable
18,000
17,000
Adjust net income of $77,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020.
RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
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Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio
2020
2019
Cash
122,500
104,700
Accounts Receivable
90,650
80,550
Inventory
66,200
53,000
Prepaid Expense
85,450
106,000
Total Current Assets
364,800
344,250
Property, Plant and Equipment
925,000
786,350
TOTAL ASSETS
1,654,600
1,475,350
Total Current Liability
381,500
423,350
Long-term Liabilities
359,900
230,600
Mabini, Capital
913,200
821,400
Total Liability and Equity
1,654,600
1,475,350
Sales
1,047,050
1,151,755
Cost of Sales
322,750
355,025
Gross Profit
724,300
796,730
Selling Expenses
353,250
388,575
Administrative Expenses
128,150
140,965
Operating Income
242,900
267,190
Interest Income…
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You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
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You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
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You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
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The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also.
WRIGHT COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)
2021
2020
Assets
Cash
$
116
$
95
Accounts receivable
136
140
Short-term investment
47
14
Inventory
137
135
Land
102
125
Buildings and equipment
695
530
Less: Accumulated depreciation
(193
)
(140
)
$
1,040
899
Liabilities
Accounts payable
$
40
$
48
Salaries payable
2
6
Interest payable
8
5
Income tax payable
5
10
Notes payable
0
33
Bonds payable
296
230
Shareholders’ Equity
Common stock
390
330
Paid-in capital—excess of par
187…
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Locate Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21)
There are 10 sections of questions. You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report. Read through the questions carefully and answer in the space provided.
What are the following amounts at 1/30/21:
Total Assets :
Total Liabilities:
Total Owner’s Equity :
At 1/30/21:
What is the percentage of debt used to finance Gap?
What is the percentage of owner’s equity used to finance Gap?
What is the significance of these two percentages?
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Current Attempt in Progress
The following balances were taken from the books of Metlock Corp. on December 31, 2020.
Interest revenue
$87,450
Accumulated depreciation-equipment
$41,450
Cash
52,450
Accumulated depreciation-buildings
29.450
Sales revenue
1,381,450
Notes receivable
156,450
Accounts receivable
151,450
Selling expenses
195,450
Prepaid insurance
21,450
Accounts payable
171,450
Sales returns and allowances
151.450
Bonds payable
101.450
Allowance for doubtful accounts
8,450
Administrative and general expenses
98,450
Sales discounts
46,450
Accrued liabilities
33,450
Land
101,450
Interest expense
61.450
Equipment
201,450
Notes payable
101.450
Buildings
141,450
Loss from earthquake damage
151,450
Cost of goods sold
622,450
Common stock
501,450
Retained earnings
22,450
Assume the total effective tax rate on all items is 20%.
Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per
share to 2 decimal…
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The following are extracts from the financial records of COF (Pty) Ltd for the year ended
30 June 2021:
Extract from the statement of profit or loss and other comprehensive income
for the year ended 30 June 2021
30 June 2021
R
Revenue from sale of goods
920 000
Cost of sales
Profit on sale of non-current assets
Commission income
490 000
31 000
23 000
Audit fees
84 000
Depreciation
Interest expense (finance cost)
Income tax expense
72 000
20 000
87 000
Profit for the year (after tax)
Extract from the statement of financial position as at 30 June 2021
BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE
+ REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43
123 000
30 June 2021
30 June 2020
302 000
690 000
292 000
Inventories
Trade receivables
Trade payables
Taxation payable
Prepaid expenses
Accrued expenses
Required:
720 000
400 000
385 000
75 000
60 000
2 000
8 000
84 000
88 000
Prepare only the "Cash generated by operations"…
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Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year.
Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d
Mellark's Baked Goods
Balance Sheet as of December 31, 2021
Assets
Current assets:
Total current assets
$
$
Data table
Accounts payable
Accounts receivable
Accruals
Accumulated depreciation
Buildings
Cash
Common stock (at par)
Cost of goods sold
Depreciation expense
Equipment
Furniture and fixtures
General expense
Inventories
Land
Long-term debts
Machinery
Marketable securities
Notes payable
Paid-in capital in excess of par
Preferred stock
Retained earnings
Sales revenue
Vehicles
$219
447
51
260
225
217
92
2,503
50
148
166
320
380
95
421
416
76
479
360
96
218
3,567
26
-
X
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Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
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=HCS/380 Ratio Calculations
HCS/380: Week 4 - Ratio Calculations - Academic Resour...
Select the images below to enlarge.
Balance Sheet
Murawski Company
Balance Sheet
December 31
Current Assets
Investments
Cash and cash equivalents
Accounts receivable (net)
Property, plant, and equipment
Intangibles and other assets
Total assets
Current liabilities
Inventory
Prepaid expenses
Total current assets
Long-term liabilities
Stockholder's equity - common
Total liabilities and stockholder's equity
Sales Revenue
Murawski Company
Income Statement
For the Years Ended December 31
Costs and expenses
Cost of goods sold
Selling and Administrative expenses
Interest expense
Total costs and expenses
Income before income taxes
2022
Income Statement
Income tax expense
Net Income
$330
470
460
120
1,380
10
420
530
$2,340
$900
410
1,030
$2,340
2022
$3,800
955
2,400
25
3,380
420
126
$294
2021
$360
400
390
160
1,310
10
380
510
$2,210
$790
380
1,040
$2,210
2021
$3,460
890
2,330
20
3,240
220
66
$154
View…
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The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.
Accounts .. . .. .. . .. Balances ($).... ||| .... Accounts .. . . . Balances ($)
Accumulated Depreciation-Building. . 127000 .... ||| .
Accumulated Depreciation-Equipment. 35000.... ||| .... Merchandise Inventory . 227000
Additional Paid in Capital-Common Stock. 229000.... ||| . ... Mortgage Loan .. . . 104000
Loss on Sale of Property . .
7310
Auditors Fee .. .. ... . .... .... ..... ..... ..
204000.... I|I .... Rent Revenue . . . . 53000
Buildings. . 401000.... ||| .... Retained Earnings
51400
....... . u.
Cash
199660
- ||| . ... Salaries and Wages Expense . . 104000
.... .... .... ........ .... ..... ... ..... ..... ..... ...
Common Stock ($2 each)..
III .... Sales .. . .. ... . .. .. . 1755000
**** .... .... .... .. 119000
Cost of Goods Sold . . . . 1094000 .... ||| .... Sales Returns and Allowances .. 9030
Equipment . . ... .... ... .........…
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Using the balance sheets provided above for The Enchanted Forest Boutique, the amount that should be
included in box L of the vertical analysis above is: Group of answer choices A. 100% B. 0% C. 4.41% D
. 23.76%
The Enchanted Forest Boutique
Balance Sheets
As of December 31, 2018 and December 31, 2019
Cash
Accounts receivable
Inventory
Prepaid insurance
Total current assets
Equipment
Less: Accumulated depreciation
Net fixed assets
Total assets
Accounts payable
Wages and payroll taxes payable
Short-term portion of mortgage payable
Total current liabilities
Mortgage payable
Total liabilities
Owner's equity
c
Total liabilities and owner's equity
2018
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19,541
40.285
1.258
67,405
127,300
21.150
106,150
$173,555
$ 16,996
6.647
7.800
31,443
45,000
76.443
97,112
2019
$173.555
17,555
20,145
39,552
1.313
68.565
131,300
23.150
108,150
$176,715
$ 17,113
7,916
7,800
32.829
37.200
70.029
106.686
$176,715
Vertical
Analysis
2019
A
BCDE
с
Ε
F
G
H
I
J
K
L
M
N
P
Q
R
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Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet.
Income Statement
Balance Sheet
Sales
$202,590
Assets
Cash and Equivalents
Accounts Receivable
Costs Except Depreciation
$14,950
(99,910)
$102,680
EBITDA
1,980
(5,940)
$96,740
4,100
$21,030
Depreciation
Inventories
EBIT
Total Current Assets
Property, Plant, and
Equipment
Interest Expense (net)
(490)
9,990
Pre-tax Income
$96,250
Total Assets
$31,020
(33,688)
$62,562
Income Tax
Liabilities and Equity.
Accounts Payable
Net Income
$1,550
4,080
$5,630
Debt
Total Liabilities
Stockholders' Equity
Total Liabilities and Equity
25,390
$31,020
For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your
non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…
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An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600
1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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From the worksheet, prepare the assets section of a classified balance sheet.
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the icon to view the completed worksheet.)
A. Marks Co.
Partial Balance Sheet
December 31, 2019
Assets
Current Assets:
Total Current Assets
Plant and Equipment:
Less:
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Vertical Analysis of Balance Sheet
Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow:
Current Year
Current assets
Property, plant, and equipment.
Intangible assets
Current liabilities
Total assets
Current assets
Property, plant, and equipment
Intangible assets
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$296,820
453,960
122,220
209,520
349,200
78,570
235,710
$170,300
438,850
45,850
124,450
Long-term liabilities
255,450
Common stock
85,150
Retained earnings
189,950
>
Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and
each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity.
If required, round percentages to one decimal place.
Kwan Company
Comparative Balance Sheet
For the Years Ended December 31
Current Current
year
year
Amount Percent
$296,820
453,960
122,220
$873,000
Current liabilities…
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Current Attempt in Progress
Sunland Industries has the following current assets and liabilities on the company's balance sheet: Cash $19000; Accounts Receivable
$5000; Inventory $55000; Prepaid Rent $2500; Accounts Payable $19000; and Unearned Revenue $6000.
The company's acid-test ratio would be
O 1.35:1
O 0.35:1
O 0.96:1
O 1.04:1
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Question Content Area
Use the information provided for Harding Company to answer the question that follow.
Harding Company
Accounts payable
$33,234
Accounts receivable
67,995
Accrued liabilities
6,510
Cash
22,738
Intangible assets
35,347
Inventory
83,390
Long-term investments
101,069
Long-term liabilities
79,156
Notes payable (short-term)
27,161
Property, plant, and equipment
689,074
Prepaid expenses
2,037
Temporary investments
30,842
Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)?
a.3.1
b.0.8
c.1.8
d.15.4
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The following information was extracted from the financial statements working papersfile for year ended 31 December 2020 for Dave Song’s Cleaning Services
List of balances at 31 December 2020
Debits
Credits
Capital: D Song
660 000
Drawings
160 000
Land and buildings at cost
582 000
Vehicle at cost
224 000
Accumulated depreciation: Vehicle (1 January2020)
46 000
Bank
360 000
Inventories: Consumables
104 000
Trade receivables
261 200
Allowance for credit losses
13 060
10% Long term loan
320 000
Trade payables
260 000
Fees earned
1 036 600
Rent expense
160 000
Telephone
10 708
Other distribution expenses
454 752
Interest on long term loan
19 000
2 335 660
2 335 660
Additional information not yet taken into account:1. Included in rent expenses is an amount of R68 000 in respect of rent for 2021 whichwas paid and recorded in December 2020.2. The telephone account for December 2020 of R1 540 was received but not yet…
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Cost of goods sold
Gross profit
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Required information
[The following information applies to the questions displayed below.]
@
2
Operating expenses (excluding depreciation)
Depreciation expense
Other gains (losses)
Loss on sale of equipment
Income before taxes
Income taxes expense
Net income
W
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the
year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory.
S
Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
#
DONP
3
Window Help
E
D
FORTEN COMPANY
Income Statement
For Current Year Ended December 31
80
F3
$
VATS
4
FORTEN COMPANY
Comparative Balance…
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With this information create Journal Entries, T Accounts/Trial Balance, and Financial Statements
Balance Sheet for end of 2019 Assets Cash 77,250 Accounts Receivable (net of allowance of 7200) 237,884 Inventory 45,500 (1000 units at $45.50 each)Prepaid Insurance 1,600 Supplies 1,625 Total Current Assets 363,859 Property, Plant and Equipment, Net 177,500 Land 32,000 Total Assets 573,359 Liabilities Accounts Payable 94,552 Unearned Revenue 45,200 Interest Payable 2,100 Salaries Payable 6,600 Total Current Liabilities 148,452 Long Term Debt 246,100 Total Liabilities 394,552 Capital Stock 100,000 Retained…
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answer please with all working
On December 1, 2022, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment *(3,000 x $0.60) Dec. 3 1. 5 2. 7 17 22 Debit The following transactions occurred during December: Adjustment data: $5,000 5,000 1,800 21,000 $32,800 14 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 Recognized accrued salaries payable $400. Recognized depreciation $400 per month. 3,400 28,200 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.) $32,800 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.84 each. Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.)
1.…
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Financial Statements
Steven Company has provided the following information for the most recent quarter, January 1 through March 31 of 2020. Prepare a multiple-step Income Statement and the Asset section of a classified Balance Sheet, including the correct headings.
Specific Account
Balance
Specific Account
Balance
Accounts Payable
45
Interest Revenue
26
Accounts Receivable
204
Interest Payable
6
Accumulated Depreciation (Buildings)
45
Inventory
112
Accumulated Depreciation (Equipment)
11
Land
218
Allowance for Doubtful Accounts
22
Loss on Sale of PPE
14
Bad Debt Expense
18
Notes Payable (maturity of less than 1 yr)
60
Bank Fees Expense
2
Notes Payable (maturity of more than 1 yr)
83
Buildings
255
Retained Earnings (beginning)
180
Cash
188
Salaries Expense
25
Common Stock
306
Salaries Payable
47
Cost of Goods Sold
560
Sales Discounts
8
Depreciation Expense
20…
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Instructions:
1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor.
2. Round the total accrual to the nearest 10.
3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022.
4. Format/change/improve this tab however you like to make it easier to understand.
This is a list of all invoices received and paid related to Q1 for the respective vendors:
Invoice/Start Date Vendor
Invoice Number Amount
2/1/2021 California Roofing 3AD24DF982D
1/1/2022 Hot Cakes LLC
1/6/2022 Jammer Joes Pools D48F5A4D8
1/10/2022 Else's Hammer Sho
1/19/2022 Washmart Co
2/4/2022 Hot Cakes LLC
2/5/2022 ABC Plumbing
2/16/2022 Else's Hammer Sho
3/17/2022 Spooner forks Inc UUTTRSFS
3/19/2022 Else's Hammer Sho
Washmart Co
California Roofing
Jammer Joes Pools
Spooner forks Inc
Total Accrual
2. Rounded Total
3. JE(s) needed at 3/31/2022:
Account Type
Debit
Expense…
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Required
Consider the following selected financial information for Green Woods Company.
Green Woods Company
Green Woods Company
Balance Sheet
For the Year Euded December 31, 2019 & 2020
Income Statement
For the Year Ended December 31, 2020
2020
2019
Assets
$230
$480
Revenues
$9.000
Accounts RecEvable
n tories:
$510
$590
5960
S980
S3.140 $2 150
$15201.(S80)
Less: Depreciation expense
S650
Less Other operating expenses
7 100
Plaat & Egupoent
Less AccmaNDepecabon
Total Assets
Liabilities & OE
Less Interest Expense
440
S810
S170
5550
S120
$280
S& 30
S910
$1 100 $1.550
Income before income taxes
Accounts Payalik
ncome Tax Payable
Lenp Term De
Comman StocK
Retained Eatr
$270 00
Income tax expense
Net income
S510
01S
S3.310 $3.310
00ES
Total Liebilitiess and 0 E
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*Required
Consider the following selected financial information for Aishti company.
Aishti Company
Income Statement
For the Year Ended December 31, 2020
Aishti Company
Balance Sheet
For the Year Ended December 31, 2019 & 2020
2020
2019
Assets
Cash
$2,415
$5,040
Revenues
$94,500
Accounts Receivable
$5,355
$6,195
Inventories
$10,290
$10,080
Less: Depreciation expense
$6,825
Plant & Equipment
Less: Acc. Depreciation
Total Assets
$22,575
($15,960) (S9,135)
S35,070
$32,970
Less: Other operating expenses
74,550
S34,755
Less: Interest Expense
3,990
Liabilities & O/E
Accounts Payable
Income Tax Payable
Long-Term Debt
Common Stock
Retained Earnings
Total Liabilities and O/E
$3,885
$1,26
$9,555
$11,550
$8,820
S35,070
$5,775
$2,94
S8,715
$14,175
S3,150
S34,755
Income
income taxes
$9,135
Income tax expense
$3,197
Net income
$5,938
1. Using the indirect method of cash flow statement, what is the net cash
provided by opera
jactivities for the…
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Use the table for the questions below.
Consider the following balance sheets:
PharmPic
DosageDoc
Reported Dec. 31,
2020
2021
2020
2021
Assets
Cash
224,224
200,400
301,540
230,876
Accounts Receivable
129,000
118,125
130,316
110,345
Inventories
154,890
171,147
184,717
186,000
Total Current Assets
508,114
489,672
616,573
527,221
Net Property Plant & Equipt.
421,162
431,795
456,462
460,000
Patents and Trademarks
212,770
210,110
201,348
199,990
Total Assets
1,142,046
1,131,577
1,274,383
1,187,211
Liabilities and Stockholders' Equity:
Short Term Borrowings (Bank)
257,000
264,023
302,453
270,000
Accounts Payable
212,900
209,000
267,004
225,000
Current Portion of LTD (Interest Bearing Debt)
39,532
29,081
32,611
46,048
Total Current Liabilities
509,432
502,104
602,068…
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Related Questions
- Your email will be recorded when you submit this form * Required Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets |Cash Accounts Receivable Inventories Plant & Equipment Less: Accimiulated Depreciation $480 $510 S$90 $960 Revenues S650 7/100 S980 $3140 $2.150 (S1 520)S870) $3.3.40 S3,310 Less: Depreciation expense Less: Other operating expenses Total Assets Liabilities &OE Less: Interest Expense 40 $810 Is17015550 T/S120/S2.80 Income before income taxes INehornts Paable Income Tax Payable Income tax expense $S40 S7100 / SĨ350 Net income Retained FarnenE What is the het dasharrow_forwardThe completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,600 201 Accounts Payable 9,200 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 306 Owner's Drawings 12,100 60,500 400 Service Revenue 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 29,800 Salaries and Wages Expense Utilities Expense 726 1,400 732 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 60,500 60,500 59,200 59,200arrow_forwardCengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ v.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inp Return on Total Assets A company reports the following income statement and balance sheet information for the current ye Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. 6.5 X % Feedback Y Check My Work Divide the sum of net income and interest expense by average total assets. Check My Work All work saved. Email Instrarrow_forward
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