Required information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2 LO 1-3] [The following information applies to the questions displayed below.) Family Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are listed alphabetically and are in thousands of dollars. $ 1,029,400 601,000 70,700 1,384, 700 Accounts Payable Accounts Receivable Advertising Expense Cash (January 1, 2019) Cash (June 29, 2019) Common Stock 1,077,000 535,500 ,ב 310,700 3,066, 700 79,700 649,700 349,000 657,700 694,700 2,726,700 1,737,000 169,700 Dividends Equipment Income Tax Expense Inventory Notes Payable office Expense Operating Expenses Retained Earnings (January 1, 2019) Sales Revenue Supplies Other cash flow information: $ 58,700 530, 700 1,432,700 1,723,000 Cash received from issuing common stock Cash paid to purchase equipment Cash paid to suppliers and employees Cash received from customers Cash received from sale of long-term assets Dividends paid to stockholders 184, 700 310,700 1-4 (Algo) Part 1 uired: What amount of total assets have been financed by the creditors and the stockholders? Was the company financed mainly by creditors or stockholders? What is your information source? omplete this question by entering your answers in the tabs below. Req 1A Req 18 Reg 10 hat amount of total assets have been financed by the creditors and the stockholders? (Enter your answers in thousands.) (S in thousands) anced by Creditors
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![Required information
Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements (LO 1-2,
LO 1-3]
(The following information applies to the questions displayed below.)
Family Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are
listed alphabetically and are in thousands of dollars.
Accounts Payable
$ 1,029,400
601,000
70,700
1,384,700
1,077,000
1,535,500
310,700
3,066,700
79,700
649, 700
Accounts Receivable
Advertising Expense
Cash (January 1, 2019)
Cash (June 29, 2019)
Common Stock
Dividends
Equipment
Income Tax Expense
Inventory
Notes Payable
Office Expense
349,000
657,700
694,700
2,726,700
1,737,000
169,700
Орerating Exрепяев
Retained Earnings (January 1, 2019)
Sales Revenue
Supplies
Other cash flow information:
Cash received from issuing common stock
Cash paid to purchase equipment
Cash paid to suppliers and employees
Cash received from customers
$ 58,700
530, 700
1,432,700
1,723,000
Cash received from sale of long-term assets
Dividends paid to stockholders
184,700
310,700
CP1-4 (Algo) Part 1
Required:
1-a. What amount of total assets have been financed by the creditors and the stockholders?
1-b. Was the company financed mainly by creditors or stockholders?
1-c. What is your information source?
Complete this question by entering your answers in the tabs below.
Req 1A
Req 18
Req 10
What amount of total assets have been financed by the creditors and the stockholders? (Enter your answers in thousands.)
($ in thousands)
Financed by Creditors
Financed by Stockholders](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36b4eda2-ba0e-42d2-9c19-93466d9d03e5%2F1b79e017-1af2-4923-9a7a-6ecdfc20d4a0%2Fq7jwlx2_processed.png&w=3840&q=75)
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