QS 3-19 (Algo) Preparing financial statements LO P5 The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number Account Title 101 Cash 106 Accounts receivable 153 154 183 Land 201 209 233 301 Trucks Accumulated depreciation-Trucks Accounts payable Salaries payable Unearned revenue E. Happ, Capital Debit $ 7,200 31,464 45,000 Credit $ 18,090 30,000 16,776 3,838 3,238 67,150 302 E. Happ, Withdrawals 27,398 401 Plumbing revenue 100,000 611 622 640 Depreciation expense-Trucks Salaries expense 6,030 46,800 Rent expense 15,200 Totals $ 209,092 $ 209,092 a. Use the adjusted trial balance to prepare the December 31 year-end income statement. b. Use the adjusted trial balance to prepare the December 31 year-end statement of owner's equity. The E. Happ, Capital account balance was $67,150 on December 31 of the prior year, and there were no owner investments in the current year. c. Use the adjusted trial balance to prepare the December 31 year-end balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Required C pronare the December 31 year-end balance sheet.

QS 3-19 (Algo) Preparing financial statements LO P5 The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number Account Title 101 Cash 106 Accounts receivable 153 154 183 Land 201 209 233 301 Trucks Accumulated depreciation-Trucks Accounts payable Salaries payable Unearned revenue E. Happ, Capital Debit $ 7,200 31,464 45,000 Credit $ 18,090 30,000 16,776 3,838 3,238 67,150 302 E. Happ, Withdrawals 27,398 401 Plumbing revenue 100,000 611 622 640 Depreciation expense-Trucks Salaries expense 6,030 46,800 Rent expense 15,200 Totals $ 209,092 $ 209,092 a. Use the adjusted trial balance to prepare the December 31 year-end income statement. b. Use the adjusted trial balance to prepare the December 31 year-end statement of owner's equity. The E. Happ, Capital account balance was $67,150 on December 31 of the prior year, and there were no owner investments in the current year. c. Use the adjusted trial balance to prepare the December 31 year-end balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Required C pronare the December 31 year-end balance sheet.

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Description: i need the answer quickly QS 3-19 (Algo) Preparing financial statements LO P5The adjusted trial balance for Happ Company follows.Adjusted Trial BalanceDecember 31NumberAccount Title101Cash106Accounts receivable153154183Land201209233301TrucksAccumulat

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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CengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ v.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inp Return on Total Assets A company reports the following income statement and balance sheet information for the current ye Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. 6.5 X % Feedback Y Check My Work Divide the sum of net income and interest expense by average total assets. Check My Work All work saved. Email Instr
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Exercise 9-19 (Algo) Computing and interpreting times interest earned LO A1 Use the following information from separate companies a through d: Net Income (Loss) Interest Expense Income Taxes a. $ 130,000 $ 61,100 $ 32,500 b. 124,600 12,460 44,856 c. 110,500 37,570 46,410 d. 133,100 6,655 63,888 Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due?
Required information Problem 17-6AA (Algo) Income statement computations and format LO A2 [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold. Problem 17-6AA (Algo) Part 4 4. What is the amount of…
Home om/ilm/takeAssignment/takeAssignmentMain.do?invo... A Net income X CengageNOWV2 | Online teachin X + Interest expense Fiscal Year 3 $146,200 3,000 anteay M Fiscal Year 3 Fiscal Year 2 Fiscal Year 1 Total assets (at end of fiscal year) $3,232,667 $2,945,905 $3,398,445 1,220,347 1,196,181 866,833 Total stockholders' equity (at end of fiscal year) Assume the apparel industry average return on total assets is 8.0%, and the average return on stockholders' equity is 15.0 % for the year ended April 2, Year 3. a. Determine the return on total assets for East Point for fiscal Years 2 and 3. Round to one decimal place. Fiscal Year 3 Fiscal Year 2 b. Determine the return on stockholders' equity for East Point for fiscal Years 2 and 3. Round to one decimal place. Fiscal Year 3 Fiscal Year 2 c. The return on stockholders' equity is the return on total assets due to the use of leverage. d. During fiscal Year 3, East Point's results were, compared to the industry average. The return on total…
1. Compute the net (debit)/credit adjustment for EE anf FF. EE FF EE FFA. 28,700 ; 28,200 C. (8,700) ; 1,800B. (28,700) ; (28,200) D. 8,700 ; (1,800) 2. Compute the total assets after the formation.A. 1,607,650 C. 1,579,850B. 1,570,850 D. 1,568,750 3. If the partners are to share profits and losses in the ratio of 6:4 and their capital is top reflect this relationship, what is the capital of FF after the formation?A. 400,000 C. 369,740B. 391,700 D. 391,700 4. If If the partners are to share profits and losses in the ratio of 6:4 and their capital is top reflect this relationship with EE’s capital to be used as a basis, what is the capital of FF after the formation?A. 400,000 C. 369,740B. 391,700 D. 391,700