At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of$66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paiddividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31.AssetsLiabilities.CashSuppliesPrepaid rentLandRequired:1. Prepare a statement of stockholders' equity.2. Prepare a balance sheet.$54,20012,50032,000280,000Complete this question by entering your answers in the tabs below.Stmt ofStockholders Balance SheetEquityPrepare a statement of stockholders' equity.Beginning BalanceEnding BalanceAccounts payableUtilities payableSalaries payableNotes payableGLASSON ACADEMYStatement of Stockholders' EquityFor the Year Ended December 31, 2024CommonStock$RetainedEarnings08TotalStockholders'Equity0 $0$14,6005,6005,10031,000 Stmt ofStockholders Balance SheetEquityPrepare a balance sheet.Total AssetsAssets$GLASSON ACADEMYBalance SheetDecember 31, 20240Total LiabilitiesLiabilitiesStockholders' EquityTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity$000

The statement of stockholders equity forms a part of the financial statement where it reflects the…

Answered: At the beginning of 2024, Glasson…

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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The bookkeeper of XYZ COMPANY prepared the following statement of financial position: XYZ COMPANY Statement of Financial Position For Year Ended December 31, 2020 Current Assets Current Liabilities Inventory 600,000 Accounts payable Allowance for doubtful accounts P 1,100,000 Accounts receivable 590,000 30,000 Cash Salaries payable Taxes payable Long Term Liabilities Bonds payable (due 2022) Unearned rent (3 months) 180,000 380,000 Treasury shares (at cost) Long Term Investments Temporary investments in 330,000 250,000 1,100,000 marketable securities 580,000 120,000 Investments in held-to- maturity bonds 1,030,000 Plant and Equipment Land 810,000 Owners' Equity Retained earnings Office supplies Buildings and equipment Intangibles Patents (net) 80,000 3,560,000 2,420,000 Accumulated de preciation on 470,000 buildings and equipment 920,000 Prepaid insurance (6 months) 120,000 Premium on ordinary shares 930,000 Discount on bonds payable 100,000 Ordinary share capital, P10 par Total…
we have to make statement of financial position
A company had the following purchases during its first year of operations: Purchases Sales January March 8 units at $ 30 per unit 10 units at $38 per unit May 16 units Using the perpetual FIFO inventory costing method, what is the cost of goods sold? $ 850 $ 544 $ 300 $ 420
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January…
Sprague Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. Sprague CompanyBalance SheetDecember 31, 2020 Cash $ 40,000 000$ Accounts payable $ 80,000 Receivables 75,000 Mortgage payable 140,000 Inventory 95,000 Common stock ($1 par) 150,000 Plant assets (net) $220,000 Retained earnings $460,000 $430,000 $430,000 The net income for 2020 was $25,000. Assume that total assets are the same in 2019 and 2020. Instructions Compute each of the following ratios. For each of the four, indicate the manner in which it is computed and its significance as a tool in the analysis of the financial soundness of the company. a. Current ratio. b. Acid-test ratio. c. Debt to assets ratio. d. Return on assets.
Please show complete solutions for each question.
Gerald Company had the following account balances for 2021. December 31 January 1 Accounts payable 500,000 650,000 Inventory 300,000 250,000 Accounts receivable 800,000 900,000 Prepaid expenses 400,000 600,000 All sales and purchases of inventory were on account. Depreciation expense of P900,000 was recognized during 2021. Equipment was sold during 2021 and a gain of P300,000 was recognized. The entity provided the following cash flow information for 2021: Cash collected from customers 9,500,000 Cash paid to suppliers 4,100,000 Cash paid for other expenses 1,400,000 What is the net income under accrual basis? What is the net income under cash basis?
Use the information provided below to prepare the Cash Flow Statement Limited for the year ended 31 December 2020. Note:(a) Plant and equipment was purchased but there was no disposal.(b) The number of ordinary shares in issue was 930 000.(c) All purchases and sales of inventory were on credit.(d) Credit terms to debtors are 30 days. Debtors took approximately 28 days to settle their accounts during 2019.
You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…
You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…
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A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Stockholders's Equity $66,600 Assets Liabilities $195,500 $128,900 Stockholders's Equity $98,500 Assets Liabilities $170,300 $71,800 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500

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