FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
On June 1, 2025, Oriole Service Co. was started with an initial investment in the company of $31,500 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of
operations:
Cash
Accounts receivable
Service revenue
Supplies
Advertising expense
Equipment
Common stock.
$5,470
4,280
8,400
2,398
400
37,400
31.500
Notes payable
Accounts payable
Supplies expense
Maintenance and repairs expense
Utilities expense
Salaries and wages expense
$13,740
780
860
670
230
1,200
On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of
operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,800
Supplies expense
1,200
Supplies
2,305
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
24,100
Salaries and wages expense
1,400
Common stock
19,500
During June, the company issued no additional stock but paid dividends of $1,365.
Please see the info below. They are all part of the same question. I need this asap please and thank you. It requires an income statment for the month of june, a retained earnings statement for the month of june, and a balance sheet for June 30, 2017. Please include the correct terminology.
On June 1, 2017, Swifty Corporation was started with an initial investment in the company of $22,350 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,970
Supplies expense
1,100
Supplies
2,300
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
26,470
Salaries and wages expense
1,870
Common stock
22,350
In June, the company issued no additional stock…
Knowledge Booster
Similar questions
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.arrow_forwardYou are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the companys general ledger and other financial reports (all balances are end-of-year except for those noted otherwise: Prepare the companys Statement of Retained Earnings.arrow_forwardAfter all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 193,400 and a credit of RO 258,600. At the same date, Share Capital has a credit balance of RO 300,000, and Dividends has a balance of RO 25,000. The total equity at the end of the period is: a. RO 401,752 b. RO 363,250 C. RO 348,100 d. None of the options are correct e. RO 340,200arrow_forward
- what is the retained earnings ? And completed balance sheet On June 1, 2025, Cullumber Service Co. was started with an initial investment in the company of $19,750 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock $4,730 Notes payable 4,330 Accounts payable 7,900 Supplies expense 2,387 Maintenance and repairs expense 400 Utilities expense 24,000 Salaries and wages expense 19,750 $12,260 830 955 670 230 1,300 During June, the company issued no additional stock but paid dividends of $1,738.arrow_forwardSunland Inc. started the month of June 2025 with total assets of $210000 and total liabilities of $107000. During June, the business recorded $330000 in revenues, $162000 in expenses, and dividends of $55000. Assuming that no common stock was sold during the month, stockholders' equity at the end of June was $216000. $113000. $162000. $222000.arrow_forwardAfter all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 240.400 and a credit of RO 302.600. At the same date, Share Capital has a credit balance of RO650,000, and Dividends has a balance of RO 55.000. The total equity at the end of the period is:arrow_forward
- At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.arrow_forwardAt the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a balance in retained earnings of $68,000. During the year, the company issued additional shares of stock for $58,000, earned net income of $48,000, and paid dividends of $11,800. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,400 Accounts payable $15,600 Supplies 12,700 Utilities payable 6,000 Prepaid rent 33,000 Salaries payable 5,300 Land 290,000 Notes payable 33,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.arrow_forwardRequired: 1. Prepare journal entries to record the declaration and payment of these stock and cash dividends. 2. Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $3,000,000.) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024.arrow_forward
- Seismic Inc. reported the following results for the year ended June 30, 20Y5: Retained earnings, July 1, 20Y4 $1,700,000 Net income 311,000 Cash dividends declared 44,000 Stock dividends declared 22,000 Required: Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A decrease to retained earnings should be entered as a negative amount.arrow_forwardOn January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $37,000. 2. May 20 Provide services to customers for cash, $52,000, and on account, $47,000. 3. August 31 Pay salaries to employees for work in 2021, $40,000. 4. October 1 Purchase rental space for one year, $29,000. 5. November 17 Purchase supplies on account, $39,000. 6. December 30 Pay dividends, $3,700. The following information is available on December 31, 2021: Employees are owed an additional $5,700 in salaries. Three months of the rental space has expired. Supplies of $6,700 remain on hand. All of the services associated with the beginning deferred revenue have been performed. 3. Prepare an adjusted trial…arrow_forward8) Omani Company began operations in May, 2019. During May. The Company issued ordinary shares for RO 200,000; earned revenue of 22,000 of which RO 2,000 were on account, incurred expenses of RO 12,000 of which RO 3,000 were on account, and paid dividends of RO 1,000. The balance of cash at month end will be: A) RO 209,000 B) RO 210,000 C) RO 199,000 D) RO 221,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College