During 2020, Harper Corp. entered into the following transactions. Borrowed $70,000 by issuing a note. Paid $10,000 cash dividend to stockholders. Received $14,000 cash from a previously billed customer for services performed. Purchased supplies on account for $4,000.   Using the tabular analysis shown on the next page, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the right-hand margin. For retained earnings, use separate columns for revenues, expenses, and dividends if necessary.

Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?

The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Compute net income for 2019 by comparing total equity amounts for these two years and using thefollowing information: During 2019, the owner invested $35,000 additional cash in the business and withdrew $19,000 cash for personal use.

Pharoah Inc., a greeting card company, had the following statements prepared as of December 31, 2020. Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity PHAROAH INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 Additional information: 1. PHAROAH INC INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,075 Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income 2. 3. 4. $11,300 2,000 175,000 164,075 119,900 44,175 $313,900 9,300 12/31/20 34,875 $6,100 62,500 34,800 6,975 $27,900 39,600 4,900 154,500 (34,800)…

The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest revenue $87,950 Accumulated depreciation-equipment $41,950 Cash 52,950 Accumulated depreciation-buildings 29,950 Sales revenue 1,381,950 Notes receivable 156,950 Accounts receivable 151,950 Selling expenses 195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales returns and allowances 151,950 Bonds payable 101,950 Allowance for doubtful accounts 8,950 Administrative and general expenses 98,950 Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950 Interest expense 61,950 Equipment 201,950 Notes payable 101,950 Buildings 141,950 Loss from earthquake damage 151,950 Cost of goods sold 622,950 Common stock 501,950 Retained earnings 22,950 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) Search DILL

The accountant at Storm Inc. gathered the following selected accounting information: Cash Short-term investments Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salaries payable Income taxes payable Bonds payable (due 2019) Sales Cost of goods sold 2022 $ 35,000 28,000 33,000 47,000 7,000 55,000 10,000 3,000 90,000 250,000 180,000 2023 $33,000 29,000 30,000 50,000 5,500 62,000 8,000 2,500 90,000 230,000 165,000 Required 1. Compute the acid-test ratio for 2022 and 2023. 2. Compute the days' sales in average receivables for 2022 and 2023. Net accounts receivable on December 31, 2021 was $27,000.

Laura is classifying items for the balance sheet of Archer Daniels Midland. How should Laura classify an item that will be converted to cash or consumed within one year or the company's operating cycle, whichever is longer? A B C D E Notes Payable Capital Stock Long-term Assets Current Assets Notes Receivable