Cash | 244000 | |
Cash Equivalents | 65000 | |
Accounts Receivable | 195000 | |
Allowance for Doubtful Accounts | 2500 | |
Short-Term Investments | 240000 | |
Merchandise Inventory | 285000 | |
Supplies Inventory | 25000 | |
Prepaid Rent | 90000 | |
Prepaid Insurance | 0 | |
Long-Term Investment (60% ownership) | 360000 | |
Land for Future Expansion | 400000 | |
Debt Service Fund | 950000 | |
Land | 400000 | |
Machinery & Equipment | 4600000 | |
Buildings | 3100000 | |
Accumulated Depreciation | 542500 | |
Patents | 245000 | |
Copyright | 123000 | |
Goodwill | 75000 | |
Trademark | 135000 | |
Derivatives | 50000 | |
Deferred Tax Assets | 240000 | |
Deferred Pension Assets | 230000 | |
Accounts Payable | 175000 | |
Income Taxes Payable | 95000 | |
Sales Taxes Payable | 34000 | |
Dividends Payable | 0 | |
Interest Payable | 14000 | |
Notes Payable (8% interest rate) | 1000000 | |
Mortgage Payable (5% interest rate) | 850000 | |
Bonds Payable (6% interest rate) | 2500000 | |
Common Stock (1,000,000 shares outstanding) | 1000000 | |
Preferred Stock (4%) | 500000 | |
Paid-in Capital in Excess of Par - Common | 1800000 | |
Paid-in Capital in Excess of Par - Preferred | 200000 | |
Retained Earnings | ||
Accumulated Other Comprehensive Income | 29000 | |
Sales Revenue | 9800000 | |
Sales Returns & Allowances | 37000 | |
Sales Discounts | 56000 | |
Cost of Goods Sold | 3517000 | |
Selling Expense | 482200 | |
General Administrative Expense | 2120000 | |
Rent Expense | 0 | |
Insurance Expense | 136000 | |
Research and Development Expense | 120000 | |
Impairment Expense | 0 | |
Bad Debts Expense | 0 | |
Interest Revenue | 22000 | |
Dividend Revenue | 35000 | |
Other Expense | ||
Interest Expense | 95000 | |
Income Tax Expense | 0 | |
Gain / Loss on Derivatives | 0 | 0 |
Gain on Sale of investments | 44200 | |
Loss on Sale of Machinery | 23000 | |
TOTALS | 18640700 | 18640700 |
Net Income Calculation
Revenue | ||
Sales Revenue | 9800000 | |
Sales Returns & Allowances | -37000 | |
Sales Discounts | -56000 | |
Interest Revenue | 22000 | |
Dividend Revenue | 35000 | |
Gain on Sale of investments | 44200 | 9808200 |
Expenses | ||
Cost of Goods Sold | 3517000 | |
Selling Expense | 482200 | |
General Administrative Expense | 2120000 | |
Insurance Expense | 136000 | |
Research and Development Expense | 120000 | |
Interest Expense | 95000 | |
Loss on Sale of Machinery | 23000 | 6493200 |
Net Income | 3315000 |
Tax is calculated at 30% Tax rate in absence of any information.
Particulars | Debit | Credit |
Tax Expenses | 994,500 | |
Tax Payable | 994,500 | |
(To record Tax expense for the year on Net income of $3,315,000 at 30%) |
b. Income statement and Comprehensive Income Statement
Particulars | USD | USD |
Sales | 9,800,000 | |
Sales Returns & Allowances | (37,000) | |
Sales Discounts | (56,000) | |
Net Sales | 9,707,000 | |
Cost of Goods Sold | 3,517,000 | |
Gross Profit | 6,190,000 | |
Operating Expense | ||
Selling Expense | 482,200 | |
General Administrative Expense | 2,120,000 | |
Insurance Expense | 136,000 | |
Research and Development Expense | 120,000 | |
Interest Expense | 95,000 | 2,953,200 |
Income from Continuing Operations before Tax | 3,236,800 | |
Loss on Sale of Machinery | 23,000 | |
Interest Revenue | (22,000) | |
Dividend Revenue | (35,000) | |
Gain on Sale of investments | (44,200) | |
Net Income Before Tax | 3,315,000 | |
Provision for Income tax | 994,500 | |
Income after tax | 2,320,500 | |
Discontinued Operations | ||
Extraordinary Items | ||
Net Earnings | 2,320,500 | |
Other Comprehensive Income Adjustment | - | |
Comprehensive Income | 2,320,500 |
Cash 244000 Cash Equivalents 65000 Accounts Receivable 195000 Allowance for Doubtful Accounts 2500 Short-Term Investments 240000...
Required: Complete the adjusting entries that you determine are necessary, based on the data that you have been given. Record then in the general ledger and on the worksheet. Make sure that the entries entered are in perfect form with all required data. You may use SA as the source (for supervisor approval). Show any computations necessary to justify the entries you make. Write the journal entries by hand in the general journal. You can print general journal sheets from the Excel file given...
Create an Income Statement with this data: DR CR Cash 10С Accounts Receivable Short-Term Marketable Securities 15000 12000 Inventory Prepaid Rent Prepaid Insurance Long-Term Marketable Seaurities 25000 24000 12000 50Ссе Land Held for Future Use 10C0 Debt Service Fund Land in Use 120000 Buildings Accumulated Depreciation-Buildings Machinery and Equipment Accumulated Depreciation- Mach and Equip Copper Mine Accumulated Depletion-Copper Mine Franchise TЕССе 200000 250CCO 300CCO 75000 25000 Соруright Trademark 300C0 100се 75000 Patent Long-term Deferred Tax Asset Long-term Pension Asset Accounts...
LA MULUI Trial Balance 11/30/17 Dr 112.000 127,000 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies 1.000 50,000 55.000 62,000 75,000 32,000 94,000 12,000 0 0 12,000 30.000 O 150.000 16,840 105,000 86,000 1,000 50,000 0 Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.75 par Paid In Capital In Excess of Par-CS Preferred Stock -...
Which ones are on the Income statement or Balance Sheet Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Inventory Prepaid Insurance Prepaid Rent Debt Investments Equity Investments Land Buildings Accum. Depr. - Buildings Equipment Accum. Depr. - Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Dividends Payable Long-term Notes Payable Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising...
Qualcomm Balance Sheet 2020 Cash & Short Term Investments 12,260 Cash Only 11,839 Short-Term Investments 421 Cash & Short Term Investments Growth 1.42% Cash & ST Investments / Total Assets 37.20% Total Accounts Receivable 2,471 Accounts Receivables, Net 2,457 Accounts Receivables, Gross 2,504 Bad Debt/Doubtful Accounts -47 Other Receivables 14 Accounts Receivable Growth -14.91% Accounts Receivable Turnover 9.82 Inventories 1,400 Finished Goods 656 Work in Progress 667 Raw Materials 77 Other Current Assets 634 Miscellaneous Current Assets 634 Total Current...
Nvidia Balance Sheet 2020 Cash & Short Term Investments 10,897 Cash Only 10,896 Short-Term Investments 1 Cash & Short Term Investments Growth 46.82% Cash & ST Investments / Total Assets 62.93% Total Accounts Receivable 1,657 Accounts Receivables, Net 1,657 Accounts Receivables, Gross 1,659 Bad Debt/Doubtful Accounts -2 Accounts Receivable Growth 16.36% Accounts Receivable Turnover 6.59 Inventories 979 Finished Goods 465 Work in Progress 265 Raw Materials 249 Other Current Assets 157 Miscellaneous Current Assets 157 Total Current Assets 13,690 Net...
Trial balance as of dec 1,2018 Cash 405,653 Accounts Receivable 615,000 Allowance for Doubtful Accounts 4,600 Marketable Securities 18,000 Inventory 100,000 Prepaid Rent 40,600 Prepaid Insurance 38,500 Supplies 3,600 Equipment 150,000 Accumulated Depreciation Equipment 37,500 Truck 56,500 Accumulated Depreciation Truck 15,875 Land 35,000 Patents 75,000 Accounts Payable 183,300 Salaries Payable 36,000 Payroll Taxes Payable 8,000 Income Tax Payable 19,585 Note Payable -short...
only question b please. PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...
Adjusted Trial Balance December 31st 2019 Debit Credit Cash 126587 Accounts receivable 13500 Allowance for uncollectible accounts 405 Interest receivable 75 Supplies Prepaid insurance inventory Notes receivable 1800 5500 5328 15000 Buildings Gain 62000 2300 Accumulated depreciation Accounts payable Deferred revenue 200 3200 3480 Salaries payable Income tax payable Warranty liability Notes payable 1200 3700 450 113670 Common stock 96000 Dividends 1600 Service revenue 7830 Sales revenue 36000 Sales discounts 150 75 Interest revenue Bad debt expense Cost of goods...
only question b please. PRIOR COMPANY BALANCE SHEET Cash Accounts Receivables (net) Short Term Investments Inventory Prepaid expenses Total Current Assets Property, plant and Equipment (net) Total Assets Current Liabilities Bonds Payable Common stockholder's equity Total liabilities and stockholder's equity Dec. 31 2017 $ 52,000 198,000 80,000 440,000 3,000 $ 773,000 857,000 $ 1,630,000 240,000 400,000 990,000 $ 1,630,000 Dec 31 2016 $ 60,000 80,000 40,000 360,000 7,000 $ 547,000 853,000 $ 1.400,000 160,000 400,000 840.000 $1,400,000 INCOME STATEMENT FOR...