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E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with...
Crane Company had the following assets and liabilities on the dates indicated. December 31 2019 2020...
Crane Company had the following assets and liabilities on the dates indicated. December 31 2019 2020 2021 Total Assets $482,000 $542,000 $672,000 Total Liabilities $329,000 $379,000 $479,000 Crane began business on January 1, 2019, with an investment of $90,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2019, assuming Crane's drawings were $16,000 for the year. Net income for 2019 $ (b) 2020, assuming Crane made an additional...
P15.7A (LO 2, 3, 4, 7) AP On January 1, 2021, DC Ltd. issued bonds with...
P15.7A (LO 2, 3, 4, 7) AP On January 1, 2021, DC Ltd. issued bonds with a maturity value of $8 million when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2031. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year end is December 31. Record bond transactions including bond redemption; show balance sheet presentation. Instructions...
Toth Company had the following assets and liabilities on the dates indicated. December 31 Total Assets...
Toth Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $400,000 $260,000 2020 $480,000 $300,000 2021 $590,000 $400,000 Toth began business on January 1, 2019, with an investment of $100,000 from stockholders. From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Toth paid $15,000 in dividends for the year. Net income (loss) for 2019 55000 (b) 2020, assuming...
P9.3A (LO 1, 2) AP Payne Company purchased equipment on account on September 3, 2019, at...
P9.3A
(LO 1, 2) AP Payne Company
purchased equipment on account on September 3, 2019, at an invoice
price of $210,000. On September 4, 2019, it paid $4,400 for
delivery of the equipment. A one-year, $1,975 insurance policy on
the equipment was purchased on September 6, 2019. On September 20,
2019, Payne paid $5,600 for installation and testing of the
equipment. The equipment was ready for use on October 1, 2019.
Payne estimates that the equipment's useful life will be...
please help 19 19 View Policies Current Attempt in Progress Splish Brothers Inc, had the following...
please help
19 19 View Policies Current Attempt in Progress Splish Brothers Inc, had the following assets and liabilities on the dates indicated December 31 Total Liabilities Total Assets $457,000 2019 $216,000 $266,000 2020 $537.000 2021 $667,000 $366,000 Solish Brothers began business on January 1, 2019, with an investment of $97.000 from stockholdere From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Splish Brothers paid $20,000 in...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,240,000. During 2021, costs of $2,080,000 were incurred with estimated costs of $4,080,000 yet to be incurred. Billings of $2,580,000 were sent, and cash collected was $2,330,000 In 2022, costs incurred were $2,580,000 with remaining costs estimated to be $3,720,000.2022 billings were $2,830,000 and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000...
E14.7. (LO 1 2, 3, 4 ) AP On January 1, 2021, Fyre Lite Corporation had...
E14.7. (LO 1 2, 3, 4
) AP On January 1, 2021, Fyre
Lite Corporation had retained earnings of $650,000. During the
year, Fyre Lite had the following selected transactions:
Prepare a statement of retained earnings with correction of
prior period error.
1. Declared and paid cash dividends,
$245,000.
2. Earned profit before income tax,
$750,000.
3. Corrected a prior period error of $85,000,
before income tax, which resulted in an understatement of profit in
2020.
4. Reacquired 25,000 common...
need to make adjusting and closingent the end of every 4.63 (LO 1, 3) AP Nazari...
need to make adjusting and closingent the end of every 4.63 (LO 1, 3) AP Nazari Electrical Services has an August 31 fiscal year end. The company's balance prior to adjustments follows: NAZARI ELECTRICAL SERVICES Trial Balance August 31, 2021 Credit Debit $ 13,870 23,400 18,000 108,000 $ 38,250 98,000 Cash Supplies Debt investments Equipment Accumulated depreciation--equipment Vehicles Accumulated depreciation-vehicles Accounts payable Unearned revenue Notes payable A. Nazari, capital A. Nazari, drawings Service revenue Interest revenue Repairs expense Insurance expense...
P14.6A. (LO 2, 3, 4 ) AP The ledger of Zug Limited at October 31, 2021,...
P14.6A. (LO 2, 3, 4 ) AP The ledger of Zug Limited at October 31, 2021, contains the following summary data: Correct error from prior period; prepare statement of retained earnings. Cash dividends—common $ 120,000 Operating expenses $929,000 Common shares 650,000 Interest expense 54,000 Depreciation expense 87,000 Retained earnings, November 1, 2020 575,000 Service revenue 1,476,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March 19, 2021, Zug discovered an error...
E10.17 (LO 3), AP Kale Company issued $350,000 of 8%, 20-year bonds on January 1, 2022,...
E10.17 (LO 3), AP Kale Company issued $350,000 of 8%, 20-year bonds on January 1, 2022, at face value. Interest is payable annually on January 1. Prepare journal entries to record issuance of bonds, payment of interest, and redemption at maturity. Instructions Prepare the journal entries to record the following events. a. The issuance of the bonds. b. The accrual of interest on December 31, 2022. c. The payment of interest on January 1, 2023. d. The redemption of the...
Crane Company had the following assets and liabilities on the dates indicated. December 31 2019 2020 2021 Total Assets $482,000 $542,000 $672,000 Total Liabilities $329,000 $379,000 $479,000 Crane began business on January 1, 2019, with an investment of $90,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2019, assuming Crane's drawings were $16,000 for the year. Net income for 2019 $ (b) 2020, assuming Crane made an additional...
Toth Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $400,000 $260,000 2020 $480,000 $300,000 2021 $590,000 $400,000 Toth began business on January 1, 2019, with an investment of $100,000 from stockholders. From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Toth paid $15,000 in dividends for the year. Net income (loss) for 2019 55000 (b) 2020, assuming...
P9.3A
(LO 1, 2) AP Payne Company
purchased equipment on account on September 3, 2019, at an invoice
price of $210,000. On September 4, 2019, it paid $4,400 for
delivery of the equipment. A one-year, $1,975 insurance policy on
the equipment was purchased on September 6, 2019. On September 20,
2019, Payne paid $5,600 for installation and testing of the
equipment. The equipment was ready for use on October 1, 2019.
Payne estimates that the equipment's useful life will be...
please help
19 19 View Policies Current Attempt in Progress Splish Brothers Inc, had the following assets and liabilities on the dates indicated December 31 Total Liabilities Total Assets $457,000 2019 $216,000 $266,000 2020 $537.000 2021 $667,000 $366,000 Solish Brothers began business on January 1, 2019, with an investment of $97.000 from stockholdere From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Splish Brothers paid $20,000 in...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,240,000. During 2021, costs of $2,080,000 were incurred with estimated costs of $4,080,000 yet to be incurred. Billings of $2,580,000 were sent, and cash collected was $2,330,000 In 2022, costs incurred were $2,580,000 with remaining costs estimated to be $3,720,000.2022 billings were $2,830,000 and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000...
E14.7. (LO 1 2, 3, 4
) AP On January 1, 2021, Fyre
Lite Corporation had retained earnings of $650,000. During the
year, Fyre Lite had the following selected transactions:
Prepare a statement of retained earnings with correction of
prior period error.
1. Declared and paid cash dividends,
$245,000.
2. Earned profit before income tax,
$750,000.
3. Corrected a prior period error of $85,000,
before income tax, which resulted in an understatement of profit in
2020.
4. Reacquired 25,000 common...
need to make adjusting and closingent the end of every 4.63 (LO 1, 3) AP Nazari Electrical Services has an August 31 fiscal year end. The company's balance prior to adjustments follows: NAZARI ELECTRICAL SERVICES Trial Balance August 31, 2021 Credit Debit $ 13,870 23,400 18,000 108,000 $ 38,250 98,000 Cash Supplies Debt investments Equipment Accumulated depreciation--equipment Vehicles Accumulated depreciation-vehicles Accounts payable Unearned revenue Notes payable A. Nazari, capital A. Nazari, drawings Service revenue Interest revenue Repairs expense Insurance expense...
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