Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets NashAuto Supplies Balance Sheet December 31, 2021 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Common Stock Retained Earnings $ 39000 80000 99000 142000 182000 251000 $197000 (65000) 132000 142000 $1067000 Equity of liabilition to ho clarified as current liabilities is Total Liabilities and Stockholders $397000 332000 $ 129000 54000 155000 338000 729000 $1067000

Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets NashAuto Supplies Balance Sheet December 31, 2021 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Common Stock Retained Earnings $ 39000 80000 99000 142000 182000 251000 $197000 (65000) 132000 142000 $1067000 Equity of liabilition to ho clarified as current liabilities is Total Liabilities and Stockholders $397000 332000 $ 129000 54000 155000 338000 729000 $1067000

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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Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense Less: Gain on sale of land Adjustments for cash flow effects from working capital items: g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 k. ending cash balance, $14,000 Tunne 8,000 4,300 -1,900 0.000 ✓
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Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
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The following information is for Sweet Day Real Estate: Sweet Day Real EstateBalance SheetDecember 31, 2021 Cash $ 24500 Accounts Payable $ 60600 Prepaid Insurance 29700 Salaries and Wages Payable 14700 Accounts Receivable 50300 Mortgage Payable 85800 Inventory 68600 Total Liabilities 161100 Land Held for Investment 83900 Land 118500 Buildings $101200 Common Stock $122100 Less Accumulated Depreciation (20200) Retained Earnings 244300 366400 81000 Trademark 71000 Total Liabilities and Stockholders’ Equity Total Assets $527500 $527500 The total dollar amount of assets to be classified as current assets is A) $257000. B) $104500. C) $173100. D) $188400.