FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Can you help me?
-
Prepare an income statement for the year ended December 31, 20Y5.
AnswerCheck Figure: Net income, $137,400
-
Prepare a statement of
stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. -
Prepare a
balance sheet as of December 31, 20Y5. -
Based upon the end-of-period spreadsheet, journalize the closing entries.
-
Prepare a post-closing
trial balance
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- How would I prepare the statement of stockholder's equity?arrow_forwardYear-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times timesarrow_forwardClimate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows: Prepare a statement of stockholders' equity for the year.arrow_forward
- How do I solve this?arrow_forward1 Assume an investor deposits $115,332 in a professionally managed account. One year later, the account has grown in value to $147,367 and the investor withdraws $44,209. At the end of the second year, the account value is $91,455. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Your Answer: 2 Assume an investor deposits $118,152 in a professionally managed account. One year later, the account has grown in value to $149,976 and the investor withdraws $42,343. At the end of the second year, the account value is $91,322. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Answer: Help me with both please...Asap Please do not use chatgpt or any AI toolarrow_forwardA summary of selected transactions in ledger accounts appears below for Alberto’s Plumbing Services for the current calendar year-end. Common Stock 1/1 6,870 Retained Earnings 12/31 7,608 12/31 21,781 Dividends 3/30 2,402 12/31 7,608 9/30 5,206 Net income for the period isarrow_forward
- The right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the sum of what the initial stockholders paid when they bought company shares and the earnings that the company has retained over the years. Equity is the difference between the paid-in capital and retained earnings. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $136 million. Last year, the company reported a retained earnings balance of $459 million, whereas this year it increased to $540 million. How much was paid out in dividends this year? $4 million $217 million $55 million $280 millionarrow_forwardSimon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Required 1A Required 1B Required 2A Required 2B Current Year: 1 Year Ago: 2 Years Ago: Complete this question by entering your answers in the tabs below. Compute the current ratio for each of the three years. Numerator: Current assets Current Year: 1 Year Ago: 2 Years Ago: I Current Year $ 27,733 83,694 104,187 9,115 259,862 $ 484,591 1 1 1…arrow_forward1 Assume an investor deposits $115,332 in a professionally managed account. One year later, the account has grown in value to $147,367 and the investor withdraws $44,209. At the end of the second year, the account value is $91,455. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Your Answer: 2 Assume an investor deposits $118,152 in a professionally managed account. One year later, the account has grown in value to $149,976 and the investor withdraws $42,343. At the end of the second year, the account value is $91,322. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Answer:arrow_forward
- presented below is an alphabetical list of of account balances take from the looks of an entity at the end of the current period, dec 31: accounts payable 125,000 accrued expenses 47,000 cash surrender value on life insurance 29,000 dividends, ordinary shares 100,000 dividends, preference shares 150,000 mortgage payable (including 200,000 due in six months) 1,200,000 note payable (not due within 12 months)1,500,000 premium on notes payable 25,000 profit and loss summary - credit balance 500,000 retained earning January 1 550,000 share capital- ordinary, 100 par 1,000,000 share capital - preference, 200 par 450,000 share premium - ordinary 250,000 unamortized issue cost on note payable 25,000 unearned rent income 33,000 what is the retained earnings balance on December 31?arrow_forwardWhat are interim dividend and where are these reported in financial statement. Please solve within 30 minutes.arrow_forwardWeat. Sub: accountingarrow_forward
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