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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Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land 32,960 Bonds payable 101,480 Buildings 121,480 Common stock 182,960 Equipment 92,960 Retained earnings 46,960 Accum. depr.-buildings ( 31,480 ) Total $ 482,880 Accum. depr.-equipment ( 11,000 ) Patents 41,480 Total $ 482,880 The following information is available for 2020. 1. Net income was $ 54,810. 2. Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. 3. Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. 4. Patent amortization was $ 2,500. 5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. 6. An addition to the building was completed at a cost of $ 28,480. 7. A long-term investment in…
WINTER WHOLESALE COMPANY BEGAN OPERATIONSON AUGUST, 2021. THE FOLLOWING TRANSACTIONS TOOK PLACE DURING THE MONTH OF AUGUST A. OWNERS INVESTED P 50,000 CASH IN THE CORPORATION IN EXCHANGE FOR 5,000 SHARES OF EQUITY CAPITAL B. EQUIPMENT WAS PURCHASED FOR P 20,000 CASH C. ON THE FIRST DAY OF AUGUST, P 6,000 RENT ON A BUILDING WAS PAID FOR THE MONTHS OF AUGUST AND SEPTEMBER. D. MERCHANDISE COSTING P 38,000 WAS PURCHASED ON ACCOUNT. THE COMPANY USES PERPETUAL INVENTORY SYSTEM. E. P 30,000 WAS BORROWED FROM A LOCAL BANK, AND A NOTE PAYABLE WAS SIGNED F. CREDIT SALES FOR THE MONTH WERE P 40,000. THE COST OF MERCHANDISE SOLD WAS P 22,000. G. P 15,000 WAS COLLECTED ON ACCOUNT FROM CUSTOMERS H. P 20,000 WAS PAID ON ACCOUNT TO SUPLIERS OF MERCHANDISE I. SALARIES OF P7,000 WERE PAID TO EMPLOYEES FOR AUGUST J. A BILL FOR P 2,000 WAS RECEIVED FROM A LOCAL UTILITY COMPANY FOR THE MONTH OF AUGUST K. P 20,000 CASH WAS LOANED TO ANOTHER COMPANY, EVIDENCED BY A NOTE RECEIVABLE. L. THE CORPORATION PAID…
The following trial balance relates to Queenie as at 30 September 2019: RM'000RM'000 Revenue (note (i)) 312,890 Cost of sales 148,900 Distribution costs 42,125 Administrative expenses (note (ii))34,680 Loan note interest and dividend paid (notes (ii) and (iii)) 19,500 Investment income3200 Equity shares of 25 cents each 50,000 5% loan note (note (ii)) 30,000 Retained earnings at 1 October 20187,300 Plant and equipment at cost (note (iv)) 90,000 Accumulated depreciation at 1 October 2018: plant and equipment 32,400 Equity financial asset investments (note (v))40,000 Inventory at 30 September 201930,040 Trade receivables 42,900 Bank10,845 Current tax (note (vi)) 1,100 Deferred tax (note (vi)) 900 Trade payables23,400 460090460090 The following notes are relevant: (i) On 1 October 2018, Queenie sold one of its products for RM12 million (included in revenue in the trial balance). As part of the sale agreement, Queenie is committed to the ongoing servicing of this product until 30…
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:Accounts Debit CreditCash $ 42,700Accounts Receivable 44,500Supplies 7,500Equipment 64,000Accumulated Depreciation $ 9,000Accounts Payable 14,600Common Stock, $1 par value 10,000Additional Paid-in Capital 80,000Retained Earnings 45,100Totals $ 158,700 $ 158,700During 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, $14,300.January 10 Purchase…
The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31, 2024: Accounts payable $15, 400 Accounts receivable 30, 400 Accumulated depreciation-equipment 10, 200 Cash 20, 400 Common shares 13,600 Depreciation expense 6,800 Dividends declared 4, 400 Equipment 29, 450 Fees earned 111, 100 Income tax expense 7, 200 Income tax payable 6,950 Insurance expense 5, 900 Prepaid insurance 4,900 Rent expense 8, 400 Retained earnings 23,400 Salaries expense 51, 200 Salaries payable 5, 400 Supplies 5,800 Supplies expense 6, 400 Utilities expense 4, 800 During the year ended March 31, 2024, common shares were issued for $7,400. (a) Prepare a statement of income for the year.
According to the balance sheet of Free Inc, at the end of the 2020 fiscal year, the cash balance is $200,000, account available balance is $500,000, inventory balance is $750,000; the net fixed asset is $1,500,000. On the other side, the account payable is $250,000, the accrual $40,000, the notes payable is $300,000, long-term debt is $510,000, common stock is $1,200,000, retained earnings is $650,000. The net income is $900,000; the interest payment is $45,600; the tax rate is 25%. If the sales is $10,000,000, what is the operating margin?b. 13.26%c. 11.45%d. 10.66%
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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…
ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of commonstock outstanding for the year. The following income statement account balances are availablefor ERS at the end of 2019.Advertising expense $24,200Depreciation expense(on service van) 16,250Income taxes expense 15,150Insurance expense 11,900Interest expense 10,100Rent expense 58,400Salaries expense (foradministrative personnel) $195,600Service revenue 933,800Supplies expense 66,400Utilities expense 26,100Wages expense (for servicetechnicians) 448,300Required:1. Prepare a single-step income statement for ERS for 2019.2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able toincrease its service revenue by $100,000, what should be the effect on future income?
ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
chill Company purchased treasury stock with a cost of $216,000 during 2020. During the year, the company paid dividends of $220,000 and issued bonds payable for proceeds of $650,000. Cash flows from financing activities for 2020 total a. $214,000 net cash inflow. b. $256,000 net cash inflow. c. $260,000 net cash outflow. d. $244,000 net cash inflow.

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