An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances. Accounts payable $15,600 Notes payable $42,000 Accumulated depreciation-equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17,500 R. Martin, capital 65,750 Cash 17,830 R. Martin, drawings 71,000 Cost of goods sold 286,875 Rent expense 24,800 Depreciation expense 7,020 Salaries expense 51,000 Equipment 35,000 Salaries payable 2,250 Furniture 42,000 Sales 473,000 Insurance expense 3,575 Sales returns and allowances 14,000 Interest expense 1,375 Supplies 950 Interest payable 575 Supplies expense 6.325 Merchandise inventory 70,950 Unearned revenue 2,600 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).) 2.prepare owner's equity  3.prepare balance sheet

The following balance sheet is for the Ballyhoo Company forfiscal year-end 2014. Please fill in all missingdata.  Assets         Liabilities and Equity_____________ Cash    $4,300   Accountspayable  $2,340 Accounts receivable _____   Notespayable   4,300 Inventories   8,200   Accruals    1,620 Total current assets$14,300    Total currentliabs.  _____ Gross plant and equip._____   Long-termbonds   _____ Less: accum depr. 5,630    Totaldebt   $13,100 Net plant and equip. _____            Common stock(100 shares) 6,300          Retainedearnings  _____           Total Common equity $13,800 TotalAssets  _______   Preferred Stock   _____          Total liabs &equity  $30,000

On January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: 1. Minor Company Balance Sheet Assets Liabilities and Owners' Equity Cash $40,000 Notes Payable $55,000 Acc. Receivable 80,000 Capital 280,000 Inventory 120,000 $335,000 Buildings(net) Eguipment(net) 50,000 30,000 Patents 5,000 Trademarks 10,000 $335,000 An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the apRraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp.

Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow.                                                               2017                                 2016Cash and cash equivalents                R 75,000                             R 58,800Trade accounts receivable, net          157,500                              193,200Inventory                                           208,200                              253,400Other current assets                         18,400                                 15,500Total current assets                           R 459,100                            R 520,900Total assets                                        R2,650,000                          R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…

The following information is available for Falcon Mercantile for the year ended October 31, 2023: Cash 139,250 Accounts Receivable 15,000 Supplies 2,100 Equipment 27,000 Accumulated Depreciation- 6,300 Equipment Accounts Payable 21,000 Notes Payable 23,050 Owner's Ending Capital 141,400 Short-term Investments 1,000 Intangible Assets 1,500 Long-term Investments 5,900 Prepare a classified balance sheet for the year ended October 31, 2023. Use spaces to demonstrate good form.

Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…

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On January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: ww www Minor Company Balance Sheet wwww n n Assets Liabilities and Owners' Equity $40,000 $55,000 280,000 $335,000 Cash Notes Payable Capital Acc. Receivable 80,000 Inventory Buildings(net) Equipment(net) Patents Trademarks 120,000 50,000 30,000 5,000 10,000 $335,000 ww An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the appraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp. ww w