Homework Answers
| Bridgeport Corporation | |||
| Balance Sheet | |||
| Assets | |||
| Current Assets | |||
| Cash | 199690 | ||
| Account Receivable | 438140 | 410000 | |
| Less: Allowance for doubtfull account | -28140 | ||
| Inventory | 599690 | ||
| Debt Investement Trading | 156140 | ||
| Non Current Assets | |||
| Land | 263140 | 263140 | |
| Building | 1042690 | 890690 | |
| Less: Accumulated Depreciation Building | -152000 | ||
| Equipments | 603140 | 543140 | |
| Less: Accumulated Depreciation Equipments | -60000 | ||
| Franchises | 160000 | ||
| Debt Investment (Long Term) | 301690 | ||
| Equity Investment (Lonf Term) | 279690 | ||
| Patent | 195000 | ||
| Total Assets | 3998870 | ||
| Liabilities | |||
| Current Liabilities | |||
| Notes Payable(Short TERM) | 93140 | ||
| Accounts Payable | 458140 | ||
| Dividend Payable | 138690 | ||
| Accrued Liability | 99140 | ||
| Non Current Liabilities | |||
| Notes Payable(Long Term) | 902690 | ||
| Bonds Payable | 1002690 | ||
| Total Liabilities | 2694490 | ||
| Stock Holder's Equity | |||
| Common stock | 1003140 | ||
| Less: Treasury Stock | -194140 | ||
| Retained Earning | 412690 | Note 1 | |
| Paid in CAPITAL IN excess of Par | 82690 | ||
| Total Stock Holder's Equity | 1304380 | ||
| Total Liability and Stock Holder's Equity | 3998870 | ||
| Note 1: Calculation of retained earning | |||
| Opening Retained Earning | 80690 | ||
| Add : Net income during the year(Note 2) | 332000 | ||
| Total Retained earning | 412690 | ||
| Note 2: Calculation of Net Operating Income | |||
| Sales | 8103140 | ||
| Investment Revenue | 65840 | ||
| Gain | 82840 | ||
| Less: Cost of Goods Sold | -4800000 | ||
| Gross Profit | 3451820 | ||
| Less: Operating Expenses | |||
| Selling Expense | 2003140 | ||
| Administrative Exp | 902840 | ||
| Interest Exp | 213840 | ||
| Total Expesne | 3119820 | ||
| Net INCOME | 332000 | ||
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Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash...
Exercise 5-12 Presented below is the trial balance of Sandhill Corporation at December 31, 2020. Credit...
Exercise 5-12 Presented below is the trial balance of Sandhill Corporation at December 31, 2020. Credit Debit $ 199,690 $ 8,103,140 156,140 4,800,000 301,690 279,690 93,140 458,140 2,003,140 65,840 263,140 1,042,690 138,690 99,140 438,140 Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
Presented below is the trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ 201,670 Sales $ 8,104,230 Debt Investments (trading) (at cost, $145,000) 157,230 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,670 Equity Investments (long-term) 281,670 Notes Payable (short-term) 94,230 Accounts Payable 459,230 Selling Expenses 2,004,230 Investment Revenue 64,770 Land 264,230 Buildings 1,044,670 Dividends Payable 140,670 Accrued Liabilities 100,230 Accounts Receivable 439,230 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,230 Administrative Expenses 901,770 Interest Expense 212,770...
Presented below is the trial balance of Vivaldi Corporation at December 31, 2012. Debit Credit Cash...
Presented below is the trial balance of Vivaldi Corporation at December 31, 2012. Debit Credit Cash $199,140 Sales $7,904,980 Debt Investments (trading) (cost, $145,000) 157,980 Cost of Goods Sold 4,804,980 Debt Investments (long-term) 301,140 Equity Investments (long-term) 279,140 Notes Payable (short-term) 94,980 Accounts Payable 459,980 Selling Expenses 2,004,980 Investment Revenue 64,580 Land 260,000 Buildings 1,042,140 Dividends Payable 138,140 Accrued Liabilities 100,980 Accounts Receivable 439,980 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 29,980 Administrative Expenses 901,580 Interest Expense 212,580 Inventory 599,140...
Exercise 5-12 Presented below is the trial balance of Nash Corporation at December 31, 2020. Debit...
Exercise 5-12 Presented below is the trial balance of Nash Corporation at December 31, 2020. Debit Credit Cash $ 199,800 $ 8,102,570 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue 155,570 4,800,000 301,800 279,800 92,570 457,570 2,002,570 64,380 Land 262,570 1,042,800 Buildings Dividends Payable Accrued Liabilities 138,800 98,570 Accounts Receivable 437,570 152,000 27,570 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest...
*Exercise 5-12 Presented below is the trial balance of Vaughn Corporation at December 31, 2020. Credit...
*Exercise 5-12 Presented below is the trial balance of Vaughn Corporation at December 31, 2020. Credit Debit $ 201,970 $ 8,104,060 $ 157,060 4,800,000 303,970 281,970 94,060 459,060 2,004,060 66,860 264,060 1,044,970 140,970 100,060 439,060 Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense...
Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017. Debit...
Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017. Debit Credit Cash 199,850 Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock...
Presented below is the trial balance of Wildhorse Corporation at December 31, 2017. Cash Sales Debt...
Presented below is the trial balance of Wildhorse Corporation at
December 31, 2017.
Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital...
ES Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017....
ES Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017. Debit Credit $199,850 Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold $8,103,200 156,200 4,800,000 301,850 279,850 Debt Investments (Iong-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) 93,200 458,200 2,003,200 67,270 263,200 1,042,850 138,850 99,200 438,200...
Exercise 5-12 Presented below is the trial balance of Sandhill Corporation at December 31, 2020. Credit Debit $ 199,690 $ 8,103,140 156,140 4,800,000 301,690 279,690 93,140 458,140 2,003,140 65,840 263,140 1,042,690 138,690 99,140 438,140 Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
Exercise 5-12 Presented below is the trial balance of Nash Corporation at December 31, 2020. Debit Credit Cash $ 199,800 $ 8,102,570 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue 155,570 4,800,000 301,800 279,800 92,570 457,570 2,002,570 64,380 Land 262,570 1,042,800 Buildings Dividends Payable Accrued Liabilities 138,800 98,570 Accounts Receivable 437,570 152,000 27,570 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest...
*Exercise 5-12 Presented below is the trial balance of Vaughn Corporation at December 31, 2020. Credit Debit $ 201,970 $ 8,104,060 $ 157,060 4,800,000 303,970 281,970 94,060 459,060 2,004,060 66,860 264,060 1,044,970 140,970 100,060 439,060 Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense...
Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017. Debit Credit Cash 199,850 Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock...
Presented below is the trial balance of Wildhorse Corporation at
December 31, 2017.
Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital...
ES Question 6 Presented below is the trial balance of Carla Corporation at December 31, 2017. Debit Credit $199,850 Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold $8,103,200 156,200 4,800,000 301,850 279,850 Debt Investments (Iong-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) 93,200 458,200 2,003,200 67,270 263,200 1,042,850 138,850 99,200 438,200...
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