Required information [The following information applies to the questions displayed below.] Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies HIGH POWER CORPORATION Income Statement $ 33,400 11,500 14,600 60,390 2,080 Required: 1. Prepare an income statement for the year ended December 31. 0 92,000 1,970 59,700 7,980 98,400 6,300

You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash   $ 12,330 Accounts receivable   20,370 Inventory   36,900 Property, plant, and equipment, net of depreciation   120,500 Accounts payable   22,640 Common stock   153,800 Retained earnings   12,460 Additional information concerning Splish Brothers Inc. is as follows. 1.   Gross profit is 26% of sales.     2.   Actual and budgeted sales data:         March (actual)   $47,000     April (budgeted)   73,100   3.    Sales are both cash and credit. Cash collections expected in April are:     March   $18,800   (40% of $47,000)     April   43,860   (60% of $73,100)         $62,660       4.    Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are:     Purchases March $22,640…

How would I prepare the balance sheet?

Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $650. 2. Provided $88,000 of services on account. 3. Provided $32,000 of services and collected cash. 4. Collected $81,000 cash from accounts receivable. 5. Paid $65,000 of salaries expense fer the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the endi ng…

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You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $530,000. The annual payment is $75,000, payable each June 30. 3. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…

Subject: accounting

Adams Company reports the following balance sheet accounts as of December 31. $ 7,200 Retained earnings 74,200 Notes payable (due in 9 years) 8,200 Office supplies 6 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities 16,400 Land 22,000 Accumulated depreciation-Building 5,400 Mortgages payable (due in 5 years) 16,000 Cash 14,000 ADAMS COMPANY Balance Sheet December 31 Assets Liabilities Equity P Prev 8 of 8 $ $ $ ‒‒‒ --- T 0 0 0 0 0 0 0 Next $ 70,000 54,000 4,400 46,000 7,400 36,000 40,000