Homework Answers
| SKYSONG COMPANY | ||
| Balance Sheet | ||
| December 31, 2020 | ||
| Assets | ||
| Current assets | ||
| Cash ($69670 - $14180) | 55490 | |
| Accounts receivable ($47950 - $8170) | 39780 | |
| Less: Allowance for doubtful accounts ($13020 - $8170) | 4850 | 34930 |
| Inventory | 63488 | |
| Total current assets | 153908 | |
| Investments | ||
| Bond sinking fund | 14180 | |
| Property, plant, and equipment | ||
| Equipment | 116600 | |
| Less: Accumulated depreciation | 28720 | 87880 |
| Intangible assets | ||
| Patents | 13960 | |
| Total assets | 269928 | |
| Liabilities and Stockholders' Equity | ||
| Current liabilities | ||
| Accounts payable | 49860 | |
| Long-term liabilities | ||
| Notes payable (due 2022) | 69090 | |
| Total liabilities | 118950 | |
| Stockholders' equity | ||
| Common stock | 90200 | |
| Retained earnings | 60778 | |
| Total stockholders' equity | 150978 | |
| Total liabilities and stockholders' equity | 269928 | |
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Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss...
Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss...
Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 76,300 37.340 69.169 79.820 13.800 $ 53.100 81.120 100,700 41.509 $ 276,429 S 276,429 Except for the following items, Pearl has recorded all adjustments in its accounts. 1....
Type or paste question here Early in January 2021, Marin Company is preparing for a meeting...
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Early in January 2021, Marin Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 79,360 37,660 66,246 86,540 13,940 $ 50,850 76,590 99,800 56,506 $283,746 $ 283,746 Except for the following items, Marin has recorded all adjustments...
The current assets and current liabilities sections of the balance sheet of Buffalo Company appear as...
The current assets and current liabilities sections of the balance sheet of Buffalo Company appear as follows. BUFFALO COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $50,000 Accounts payable $ 57,390 Accounts receivable $92,000 Notes payable 71.770 Less: Allowance for doubtful accounts 7.220 84,780 $129,160 Inventory 160,190 Prepaid expenses 8,170 $303,140 The following errors in the corporation's accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of...
Presented below is the comparative balance sheet for Skysong Company. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS...
Presented below is the comparative balance sheet for Skysong Company. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2018 AND 2017 December 31 2018 2017 Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant & equipment Accumulated depreciation $179,700 219,900 269,000 1,056,200 25,100 2,583,400 (993,200) $273,700 153,800 149,000 988,300 25,100 1,944,700 (756,300) $2,778,300 $3,340,100 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock $49,800 169,600 452,600 2,093, 100 575,000 $3,340,100 $75,000 198,600 191,400 1,760,400...
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned...
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 60,500 Cost of Goods Sold 92,200 Notes Receivable 261,300 Accounts Receivable 34,200 Inventory (raw materials) 40,700 Supplies Expense 39,700 Allowance for Doubtful Accounts 38,100 Licenses 53,200 Additional Paid-in Capital Treasury Stock $2,120,400 40,400 152,420 193,420 55,100 11,520 17,680 85,150 22,270 The following additional information is...
The following is taken from the Skysong, Inc. balance sheet. Interest is payable annually on January...
The following is taken from the Skysong, Inc. balance sheet.
Interest is payable annually on January 1. The bonds are
callable on any annual interest date. Skysong uses straight-line
amortization for any bond premium or discount. From December 31,
2019, the bonds will be outstanding for an additional 10 years (120
months).
can you help me answer the last part of the
question?
The following is taken from the Skysong, Inc. balance sheet. Skysong, Inc. Balance Sheet (partial) December 31,...
CALCULATOR FULLS Exercise 23-05 Skysong Company's income statement for the year ended December 31, 2020, contained...
CALCULATOR FULLS Exercise 23-05 Skysong Company's income statement for the year ended December 31, 2020, contained the following condensed information $837,000 Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $621,000 60,000 25,000 706,000 131,000 40,000 $91,000 Skysong's balance sheet contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2020 $36,000 42.000 4.000 2019 $55,000 31,000 8.200 (Accounts payable pertains to...
Skysong, Inc. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president...
Skysong, Inc. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Skysong, Inc. Balance Sheet December 31, 2017 Assets Liabilities and Stockholders Equit Cash Accounts receivable Inventory Boat $22,000 Accounts payable 55,000 Notes payable 39,600 Boat loan 26,400 Stockholders' equity $33,000 16,500 24,200 70,400 Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet...
Skysong Company had the following select transactions.
Skysong Company had the following select transactions.Apr 1, 2020 Accepted Goodwin Company's 12-month, 16% note in settlement of a $53,000 account receivable. July 1, 2020 Loaned $55,000 cash to Thomas Slocombe on a 9-month, 14% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1.2021 Thomas Slocombe dishonored its note; Skysong expects it will eventually collect. Prepare journal entries to record the transactions. Skysong prepares adjusting entries once a year on December...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 48,600 Accounts receivable $95,200 Less: Allowance for doubtful accounts 8,060 87,140 Inventory 167,370 Prepaid expenses 8,130 $311,240 Accounts payable Notes payable $ 65,590 73,440 $139,030 The following errors in the corporation's accounting have been discovered: 1. 2. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable...
Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 76,300 37.340 69.169 79.820 13.800 $ 53.100 81.120 100,700 41.509 $ 276,429 S 276,429 Except for the following items, Pearl has recorded all adjustments in its accounts. 1....
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Early in January 2021, Marin Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 79,360 37,660 66,246 86,540 13,940 $ 50,850 76,590 99,800 56,506 $283,746 $ 283,746 Except for the following items, Marin has recorded all adjustments...
The current assets and current liabilities sections of the balance sheet of Buffalo Company appear as follows. BUFFALO COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $50,000 Accounts payable $ 57,390 Accounts receivable $92,000 Notes payable 71.770 Less: Allowance for doubtful accounts 7.220 84,780 $129,160 Inventory 160,190 Prepaid expenses 8,170 $303,140 The following errors in the corporation's accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of...
Presented below is the comparative balance sheet for Skysong Company. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2018 AND 2017 December 31 2018 2017 Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant & equipment Accumulated depreciation $179,700 219,900 269,000 1,056,200 25,100 2,583,400 (993,200) $273,700 153,800 149,000 988,300 25,100 1,944,700 (756,300) $2,778,300 $3,340,100 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock $49,800 169,600 452,600 2,093, 100 575,000 $3,340,100 $75,000 198,600 191,400 1,760,400...
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 60,500 Cost of Goods Sold 92,200 Notes Receivable 261,300 Accounts Receivable 34,200 Inventory (raw materials) 40,700 Supplies Expense 39,700 Allowance for Doubtful Accounts 38,100 Licenses 53,200 Additional Paid-in Capital Treasury Stock $2,120,400 40,400 152,420 193,420 55,100 11,520 17,680 85,150 22,270 The following additional information is...
The following is taken from the Skysong, Inc. balance sheet.
Interest is payable annually on January 1. The bonds are
callable on any annual interest date. Skysong uses straight-line
amortization for any bond premium or discount. From December 31,
2019, the bonds will be outstanding for an additional 10 years (120
months).
can you help me answer the last part of the
question?
The following is taken from the Skysong, Inc. balance sheet. Skysong, Inc. Balance Sheet (partial) December 31,...
CALCULATOR FULLS Exercise 23-05 Skysong Company's income statement for the year ended December 31, 2020, contained the following condensed information $837,000 Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $621,000 60,000 25,000 706,000 131,000 40,000 $91,000 Skysong's balance sheet contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2020 $36,000 42.000 4.000 2019 $55,000 31,000 8.200 (Accounts payable pertains to...
Skysong, Inc. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Skysong, Inc. Balance Sheet December 31, 2017 Assets Liabilities and Stockholders Equit Cash Accounts receivable Inventory Boat $22,000 Accounts payable 55,000 Notes payable 39,600 Boat loan 26,400 Stockholders' equity $33,000 16,500 24,200 70,400 Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 48,600 Accounts receivable $95,200 Less: Allowance for doubtful accounts 8,060 87,140 Inventory 167,370 Prepaid expenses 8,130 $311,240 Accounts payable Notes payable $ 65,590 73,440 $139,030 The following errors in the corporation's accounting have been discovered: 1. 2. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable...
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