Accounts payableAccounts receivableHEAccumulated depreciation, buildingAccumulated depreciation, equipmentBuildingCashDividendsEquipmentX Interest earnedX Interest expenseInvestment in bondsLand improvementsLong-term notes payableX Property taxes expenseProperty taxes payableRetained earingsShare capitalShort-term notes payableTotalsDatu30 Jun Income SummaryRetainod EarningsDebit Credit2,780correct closing entry error19″CSunny11,4003,3203,5201,5408003,3604,6207,3307,4103703605,700b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan).General JoumalAccount/ExplanationPage GJ87,0707,1806,7606,4406,64043,300 43,300F Debit Creditc) Calculate the correct post-closing retained earnings balance on June 30, 2014.Retained earnings balance:E

The post-closing trial balance seems to be the trial balance created after all types of closing…

PNET Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest eamed X Interest expense Investment in bonds Land improvements com poter ble Debit Credit 2,780 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 370 360 5,700 7.070

PNET Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest eamed X Interest expense Investment in bonds Land improvements com poter ble Debit Credit 2,780 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 370 360 5,700 7.070

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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Determine if an asset, liability, cash inflow, or cash outflow:
A company borrows as follows: amortiza oustanding t interest instalment tion amount 0 0 301.386 0 3.000.000 1 90.000 301.386 211.386 2.788.614 2 83.658 301.386 217.728 2.570.886 3 77.127 301.386 224.260 2.346.626 4 70.399 301.386 230.987 2.115.639 5 63.469 301.386 237.917 1.877.722 6 56.332 301.386 245.055 1.632.667 7 48.980 301.386 252.406 1.380.261 8 41.408 301.386 259.978 1.120.282 9 33.608 301.386 267.778 852.505 10 25.575 301.386 275.811 576.693 11 17.301 301.386 284.085 292.608 12 8.778 301.386 292.608 Loan was requested on 31 October 2019 and instalments are monthly. It is requested: a. Make accounting entries for year finished 2019. b. If company were to make a full prepayment on 15 January 2020, how much would it have to pay? Make respective accounting entry(s). Note: Remember that, to transform monthly interest rate to fortnightly interest rate, following formula must be applied: (1 + i_monthly)^ = (1+i_fortnightly) c. If at the time of applying for credit, agreed term for…
Use the following information and the indirect method to calculate the net cash provided or used by operating activitie $ 85,700 12,400 7,900 2,450 6,550 Net income Depreciation expense Gain on sale of land Increase in merchandise inventory Increase in accounts payable ↑ Multiple Choice VLC #m 3 E $94,300. d 54 L f O % 5 * 00 8 j 11 9 k X O
Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
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Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
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Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine Current assets Plant assets Total plant assets Intangible assets Tatal intensible anta $ 47,000 Accounts payable 17,000 Accumulated depreciation-Equipment 6,800 Notes payable (due in 9 years) 7,400 Goodwill 44,000 Accumulated depletion-Silver mine 34,000 Accumulated amortization-Patents 29,000 GREGOR COMPANY Balance Sheet December 31 Assets 0 0 0 0 $ 3,400 25,600 25,000 6,400 5,800 3,800
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Under what section of the Statement of Cash Flows would you report the purchase of an long-term intangible asset such as a patent for cash? O Investing O Bonds O Leases O Financing O Notes: Noncash activity O Operating ASUS f5 f6 f7 [X f9 f10 f11 %24 & 4 7. 8 R Y U G H. 5 F. 图