Hancock Company reported the following account balancesat December 31, 2027:Sales revenue .. $97, 000Dividends.. $11,000Supplies. 13,000Accounts payable.... . . . . . $59,000Building ... $27,000Insurance expense. $31,000Notes payable. $39,000Income tax expense .. 41,000Patent Common stock.... ... ?Copyright $42,000Cash $20,000Equipment $14,000Utilities payable ... $19,000Repair expense.... $22,000Inventory $64, 000Retained earnings $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... . $37,000Accumulated depreciation .... $23,000 ...? Trademark ... .... $34,000Accounts receivable $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P-E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. S S

Hancock Company reported the following account balancesat December 31, 2027:Sales revenue .. $97, 000Dividends.. $11,000Supplies. 13,000Accounts payable.... . . . . . $59,000Building ... $27,000Insurance expense. $31,000Notes payable. $39,000Income tax expense .. 41,000Patent Common stock.... ... ?Copyright $42,000Cash $20,000Equipment $14,000Utilities payable ... $19,000Repair expense.... $22,000Inventory $64, 000Retained earnings $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... . $37,000Accumulated depreciation .... $23,000 ...? Trademark ... .... $34,000Accounts receivable $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P-E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. S S

Name: Hancock Company reported the following account balancesat December 31
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Description: Hancock Company reported the following account balancesat December 31, 2027:Sales revenue$97,000Dividends.$11,000Supplies13,000Accounts payable41,000Patent$59,000BuildingCommon stock..$27,000Insurance expense.... $31,000Notes payable ..$39,000Income

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…
On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…
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The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
The following data are taken from the financial statements of Cullumber Company. 2022 2021 Accounts receivable (net), end of year $ 587,000 $ 585,000 Net sales on account 4,927,000 3,921,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Accounts receivable turnover Enter turnover in times rounded to 1 decimal place. times Enter turnover in times rounded to 1 decimal place. times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021 Average collection period Enter the collection period in days rounded to 1 decimal place. days Enter the collection period in days rounded to 1 decimal place. days
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32. Refer to Bellingham Incorporated's December 31, 2019 Balanoe Sheet shown below. Bellingham Incorporated Balance Sheet as of December a1, 2019 Assets Current Assets Cash Llabilities Current Uabitles S130,000 80,000 Accounts Payable Notes Payable S0,000 110,000 $200,000 Inventory Accounts Recelvables 40,000 Total Current Liabilitles Total Current Assets $250,000 Non-current Llabilities Debt 150,000 Owner's Equity Non-current Assets Plant and Equipment (Net) Patents (Net) 350,000 50,000 220,000 80,000 Common Stock Retained Earnings Total Assets $650.000 Total Liahilities and Owner's Equity 5650,000 Bellingham began 2019 with $240,000 in owner's equity. During the year they issued $30,000 in new common stock and paid $10,000 in dividends. If their net income for 2019 was $40,000, what was their retained earnings balance on December 31, 20187 O $30,000 $50,000 O S60,000 O $70,000