! Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. $ 11,600 10,600 7,600 Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 6,600 14,200 17,600 22,200 14,600 36,200 25,200 21,600 13,600 9,600 Required: Prepare the statement of owner's equity for Armani Company for the current year ended December 31. ARMANI COMPANY Statement of Owner's Equity For Current Year Ended December 31 Armani, Capital, December 31, prior year Armani, Capital, December 31, current year 2$

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mework i ! Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Saved Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and…

! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 29,953 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity 85,945 110,242 9,742 271,795 $ 507,677 Accounts payable $ 123,883 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 94,489 162,500 126,805 $ 34,312 60,046 78,537 9,283 255,475 $ 437,653 $ 71,744 100,660 163,500 101,749 $ 507,677 $ 437,653 For both the current year and one year ago, compute the following ratios: $ 36,464 48,619 52,814 3,893 219,310 $ 361,100 $ 49,095 82,197 162,500 67,308 $ 361,100 Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last…

Question Carlene Johnson is the Accountant in the Finance Department at Fairway Trading Limited who manages the company Accounts Receivables. She was given the following information by the Finance Manager which was extracted from the debtor's ledger as at December 31, 2022. Category of Total value of Customers Sales To Customer $ Keith Green Karen White June Hinds John Wayne 180,0000 240,000 390,000 380,000 Paul Gayle 346,000 Date of Sales December 16, 30 days 2021 December 10, 60 days 2021 November 15, 2022 30 days June 26, 2022 30 days 30 days August 25, 2022 Terms Percentage provision to be created Date of Last Payment on A/C January 15, 2022 February 14, 2022 December 20, 2022 October 24, 2022 September 24, 2022 Total Amount Paid to Date on Account S 90,500 180,000 170,000 295,000 235,000 The Accountant decided that she would age the debt outstanding in the following category and the percentage to be provided for bad debt in the amount stated beside each category accordingly. Aging…

Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400

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Required information [The following information applies to the questions displayed below] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,700 cash during the year. Cash Accounts receivable Supplies Equipment $ 10,700 9,700 6,700 5,700 Accounts payable 12,400 Armani, Capital, December 31, prior year 16,700 Armani, Capital, December 31, current year 20,400 Armani, Withdrawals 13,700 Consulting revenue 34,400 Rental revenue 23,400 Salaries expense 20,700 Rent expense 12,700 4 Selling and administrative expenses 8,700 Required: Prepare the income statement for Armani Company for the current year ended December 31 Revenues Total revenues Expenses ARMANI COMPANY Income Statement For Current Year Ended December 31 $ 0

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