Cullumber Corporation was formed on January 1, 2025. At December 31, 2025, Betty Harris, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Cullumber CorporationBalance SheetDecember 31, 2025                       Assets                         Liabilities and Stockholders’ Equity Cash   $22,000   Accounts payable   $32,600 Accounts receivable   53,000   Notes payable   17,000 Inventory   38,000   Boat loan   21,400 Boat   25,000   Stockholders’ equity   67,000 Betty willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information. 1.   The boat actually belongs to Betty, not to Cullumber Corporation. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2.   The inventory was originally purchased for $25,700, but due to a surge in demand Betty now thinks she could sell it for $38,000. She thought it would be best to record it at $38,000. 3.   Included in the accounts receivable balance is $10,000 that Betty loaned to her brother 5 years ago. Betty included this in the receivables of Cullumber Corporation so she wouldn’t forget that her brother owes her money.

Please show the solution in good accounting form. 8. How much is the total shareholders' equity at year-end?

Cypress Corp. went into business on October 1, 2020. Cypress had the following transactions during 2020: Oct. 1 - Issued a total of 20 shares of stock to two stockholders for a total of $6,00O. • Oct. 1 - Borrowed $20,000 from the bank. No payments will be made on this loan until October 1, 2022, when $24,000 will be due. Oct. 12 - Purchased land for $8,000 in cash. • Nov. 1 - Purchased equipment for $12,000 in cash. The equipment is expected to last for four years with no salvage value. • Nov. 15 - Purchased $5,000 inventory, half in cash and half on account. • Dec. 1 - Purchased six months of insurance for $1,200. Dec. 10 - Sold $2,000 of inventory for $4,500 in cash. • Dec. 12 - Sold one-half of land for $5,000 in cash. Dec. 13 - Paid balance owed on accounts payable. Dec. 18 - Sold $1,500 of inventory for $2,500 on account. • Dec. 31 - Paid $1,000 in dividends. What were the net operating cash flows for Cypress during 2020? O $3,300 $800 O ($600) O ($1,700) None of the above

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The following account balances are available from the ledger of Yutao Shui Corporation on December 31, 2019: Common Shares (22,000 shares authorized and outstanding) $ 1,144,000 Retained Earnings (Deficit) (190,000) On January 2, 2020, the corporation put into effect a shareholder-approved reorganization by agreeing to pass the common shares over to the creditors in full payment of the $240,000 Notes Payable, writing up Buildings by $128,300, and eliminating the deficit. Assume that Yutao Shui follows ASPE. Prepare the required journal entries for the financial reorganization of Yutao Shui Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Account Titles and Explanation (To record the elimination of the deficit against share capital) (To record write-up of buildings to fair value and record the negotiated change in control) Debit…

The following journal entries are found in a corporation's ledger: 11/15/17 Cash dividends 44,500 Cash dividends payable 44,500 1/15/18 Cash dividends payable 44,500 Cash 44,500 Which of the following statements is true? Select one: a. The date of record is 11/15/17. b. The date of payment is 11/15/17. c. The declaration date is 12/31/17. d. The date of payment is 1/15/18.