Assets                       Cash   $ 58,900         $ 79,500     Accounts receivable     74,830           56,625     Inventory     284,656           257,800     Prepaid expenses     1,270           2,015     Total current assets     419,656           395,940     Equipment     151,500           114,000     Accum. depreciation—Equipment     (39,625 )         (49,000 )   Total assets   $ 531,531         $ 460,940     Liabilities and Equity                       Accounts payable   $ 59,141         $ 123,675     Short-term notes payable     11,800           7,200     Total current liabilities     70,941           130,875     Long-term notes payable     62,000           54,750     Total liabilities     132,941           185,625     Equity                       Common stock, $5 par value     171,750           156,250     Paid-in capital in excess of par, common stock     46,500           0     Retained earnings     180,340           119,065     Total liabilities and equity   $ 531,531         $ 460,940          FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales       $ 612,500     Cost of goods sold         291,000     Gross profit         321,500     Operating expenses               Depreciation expense $ 26,750           Other expenses   138,400     165,150     Other gains (losses)               Loss on sale of equipment         (11,125 )   Income before taxes         145,225     Income taxes expense         32,650     Net income       $ 112,575         Additional Information on Current Year Transactions The loss on the cash sale of equipment was $11,125 (details in b). Sold equipment costing $64,875, with accumulated depreciation of $36,125, for $17,625 cash. Purchased equipment costing $102,375 by paying $42,000 cash and signing a long-term note payable for the balance. Borrowed $4,600 cash by signing a short-term note payable. Paid $53,125 cash to reduce the long-term notes payable. Issued 3,100 shares of common stock for $20 cash per share. Declared and paid cash dividends of $51,300.     I need help figuring the top portion of the promblem out.

is:       Dec. 31, 20Y9        Dec. 31, 20Y8 Assets           Cash $70,720     $47,940   Accounts receivable (net) 207,230     188,190   Inventories 298,520     289,850   Investments 0     102,000   Land 295,800     0   Equipment 438,600     358,020   Accumulated depreciation—equipment (99,110)     (84,320)   Total assets $1,211,760     $901,680   Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700     $194,140   Accrued expenses payable (operating expenses) 30,600     26,860   Dividends payable 25,500     20,400   Common stock, $1 par 202,000     102,000   Paid-in capital: Excess of issue price over par—common stock 354,000     204,000   Retained earnings 393,960     354,280   Total liabilities and stockholders' equity $1,211,760     $901,680   The income statement for the year ended December 31, 20Y9, is as follows: Sales   $2,023,898 Cost of goods sold   1,245,476 Gross profit   $778,422 Operating…

Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate). After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you…

Cash       $59,000      $23,500      Accounts receivable       43,000      25,500      Inventory       50,000      29,500      Prepaid expenses       18,500      34,000      Long-term investments       0      42,000      Equipment       97,500      45,500      Accumulated depreciation—equipment       (45,000)     (27,500)         Total assets       $223,000      $172,500      Liabilities and Stockholder's Equity Accounts payable       $42,000      $19,500      Bonds payable       48,500      70,000      Common stock       65,000      35,500      Retained earnings       67,500      47,500          Total liabilities and stockholders' equity       $223,000      $172,500        Additional information: 1.   Net income for the year ending December 31, 2022 was $47,500. 2.   Cash dividends of $27,500 were declared and paid during the year. 3.   Long-term investments that had a cost of $42,000 were sold for $26,500.…

Financial information for Jay Co. is provided below: BALANCE SHEETS                                                                                                12/31/20                           12/31/19 Cash                          ANSWER/ALL OF THEM           $408,000                        $ 192,000 Accounts receivable                     O                                  360,000                            216,000 Inventory                                      O                                   384,000                            480,000 Equipment                                    I             $608,000                         $960,000 Less accumulated depreciation  O/I           (320,000)     288,000    (304,000)     656,000                                                                                            $1,440,000                      $1,544,000   Accounts payable                         O                               $ 176,000                        $  96,000…

Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…

MONTGOMERY INC.Comparative Balance SheetsDecember 31   Current Year   Prior Year Assets                         Cash   $ 30,800         $ 31,000       Accounts receivable, net     8,900           10,900       Inventory     79,800           63,000       Total current assets     119,500           104,900       Equipment     44,200           37,300       Accum. depreciation—Equipment     (19,900 )         (13,800 )     Total assets   $ 143,800         $ 128,400       Liabilities and Equity                         Accounts payable   $ 21,200         $ 22,900       Salaries payable     400           500       Total current liabilities     21,600           23,400       Equity                         Common stock, no par value     102,400           94,100       Retained earnings     19,800           10,900       Total liabilities and equity   $ 143,800         $ 128,400           MONTGOMERY INC.Income StatementFor Current Year Ended December 31…

Given the following financial statement information: $ in millions Income Statement Net Income: $578 Depreciation Expense: $50 Balance Sheet Accounts Receivable Total Inventory Dec. 31, 2022 $38 $112 Accounts Payable $85 Calculate the cash from operating activities. Dec. 31, 2023 $63 $157 $108

Cash   $   200,490     Sales       $ 8,104,080 Debt Investments (trading) (at cost, $145,000)   157,080     Cost of Goods Sold   4,800,000     Debt Investments (long-term)   302,490     Equity Investments (long-term)   280,490     Notes Payable (short-term)       94,080 Accounts Payable       459,080 Selling Expenses   2,004,080     Investment Revenue       64,820 Land   264,080     Buildings   1,043,490     Dividends Payable       139,490 Accrued Liabilities       100,080 Accounts Receivable   439,080     Accumulated Depreciation-Buildings       152,000 Allowance for Doubtful Accounts       29,080 Administrative Expenses   901,820     Interest Expense   212,820     Inventory   600,490     Gain       81,820 Notes Payable (long-term)       903,490 Equipment   604,080     Bonds Payable       1,003,490 Accumulated Depreciation-Equipment…

Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.