A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $2,500 Accounts Receivable 5,200 Advertising Expense 450 Cash 1,500 Common Stock 3,190 Interest Expense 400 Service Revenue 4,500 Supplies Expense 240 Unused Supplies 200 Wages Expense 2,200 Net assets total:

A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $2,500 Accounts Receivable 5,200 Advertising Expense 450 Cash 1,500 Common Stock 3,190 Interest Expense 400 Service Revenue 4,500 Supplies Expense 240 Unused Supplies 200 Wages Expense 2,200 Net assets total:

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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During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000. Required: Prepare all necessary journal entries to record this transaction.
REQUIRED: In the December 31, 2021 statement of financial position, how much should be reported as current liabilities?
Record the appropriation of $77000 of retained earnings on December 31, 2022, by Jack Inc. to establish an appropriation for bond retirement. Record the entry to establish appropriation.
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 following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
The following information pertains to MNA Corporation for the year ended December 31, 2020: Accumulated profits, January 1, 2020 P1,500,000 Net income for 2020 300,000 Cash dividends declared December 1, 2020 and distributable on January 10, 2021 490,000 Share dividends declared November 25, 2011 and distributed on December 15, 2020 370,000 Required: Compute the balance of accumulated profits as of December 31, 2020.
On December 28, 2020, X Corporation declared $26,000 dividends payable on January 28, 2021. On December 28, 2020, the corporation will record the following in the accounting books: Debit $26,000 to Dividends, Credit $26,000 to Cash Debit $26,000 to Dividends, Credit $26,000 to Dividends Payable Debit $26,000 to Dividends Payable, Credit $26,000 to Cash O None of the above
Your accounting firm was engaged as the auditor of Chismosa Company for the examination of its financial statements for the year ended December 31, 2022. In the course of your review, you gathered the following information: a. On May 1, 2021, Chismosa Company acquired P400,000 of Chismis Corporation 9% bonds for P440,000, inclusive of accrued interest. Interest on bonds is payable semiannually on June 30 and December 31, and bonds mature on December 31, 2026. The Chismis bonds belong to portfolio of Chismosa’s investments intended for profit taking opportunities, and this, are held for trading. b. On October 1, 2022, Chismosa Company sold bonds of P100,000 for P109,000 inclusive of accrued interest. c. On November 30, 2022, bonds of P120,000 were exchanged for 1,000 shares of Chismis Corporation P100 par ordinary share as held for trading. Interest was received on the date of exchange. d. You obtained the following quoted prices of the securities: December 31,…
Prepare a well-written analysis of each financial statement using appropriate business/accounting vocabulary.
Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation. Income statement PERIOD ENDING: 12/31/2019 Total Revenue $20,972,000 Cost of Revenue $17,755,000 Gross Profit $3,217,000 OPERATING EXPENSES Research and Development $0 Sales, General and Admin. $938,000 Non-Recurring Items $138,000 Other Operating Items $341,000 Operating Income $1,800,000 Add'l income/expense items $180,000 Earnings Before Interest and Tax $1,993,000 Interest Expense $394,000 Earnings Before Tax $1,599,000 Income Tax $326,000 Minority Interest $13,000 Equity Earnings/Loss Unconsolidated Subsidiary $0 Net Income-Cont. Operations $1,286,000 Net Income $1,273,000 Net Income Applicable to Common Shareholders…
# 4) Using the following Company X information, prepare a Retained Earnings Statemen Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000
On January 1, 2022, Discipline Company, a calendar-year company, issued $800,000 of notes payable, of which $200,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $800,000. Long-term debt, $800,000. Current liabilities, $200,000; Long-term debt, $600,000. Current liabilities, $200,000; Long-term debt, $800,000.

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bartleby, a Learneo, Inc. business

Accounts Payable	$2,500
Accounts Receivable	5,200
Advertising Expense	450
Cash	1,500
Common Stock	3,190
Interest Expense	400
Service Revenue	4,500
Supplies Expense	240
Unused Supplies	200
Wages Expense	2,200