EX.01-228 Using the following accounting equation elements and their balances, prepare, in good form, an income statement for Heavenly Futures Company for the month ended August 31. Telephone expense Cash Accounts payable Jason Heavenly, drawing Fees earned Rent expense Supplies Accounts receivable Computer equipment Jason Heavenly, capital (August 1) Wages expense Utilities Expense Notes payable Office expense $1,150 3,000 1,540 800 15,700 1,400 140 1,500 20,000 14,320 4,800 750 2,400 420

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts                                                Debit                  CreditCash                                                     $ 21,900Accounts Receivable                               36,500Allowance for Uncollectible Accounts                              $ 3,100Inventory                                                30,000Land                                                       61,600Accounts Payable                                                              32,400Notes Payable (8%, due in 3 years)                                   30,000Common Stock                                                                 56,000Retained Earnings                                                             28,500Totals                                                  $150,000             $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…

Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements.  Hint:  Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement.          Retained Earnings prior year             7,050     PP&E, net             4,440     Wages Expense                  190     Administration Expense                  150     Cash             1,550     Tax Expense                  205     Common Stock                  300     Inventory             3,700     Accounts Payable             1,800     Accounts Receivable             2,700     Notes Payable             2,200     Depreciation Expense                  220     Cost of Goods Sold             6,700     Dividends                  200     Interest Expense                     85     Revenue              8,400     Tax Liability…

The following information is taken from the 2022 general ledger of Swifty Company. Rent Salaries Sales Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $30,500 5,800 7,400 $65,100 2,500 7,700 $160,900 20,000 7,400 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.

Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture…

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts                                                 Debit                    CreditCash                                                       $ 25,100Accounts Receivable                                 46,200Allowance for Uncollectible Accounts                                 $ 4,200Inventory                                                   20,000Land                                                          46,000Equipment                                                15,000Accumulated Depreciation                                                   1,500Accounts Payable                                                                28,500Notes Payable (6%, due April 1, 2022)                                50,000Common Stock                                                                    35,000Retained Earnings…

Required information [The following information applies to the questions displayed below.] Simon 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 Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…

The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet

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