Homework Answers
Q1)
Balance Sheet:
| Balance Sheet | |||
| Assets | Liabilities and Stockholders' equity | ||
| Current Assets: | Current liabilities: | ||
| Cash | 15,000 | Accounts payable | 57,000 |
| Accounts receivable | 32,000 | Short-term Notes payable | 35,000 |
| Inventory | 82,000 | ||
| Prepaid Expenses | 12,000 | Total Liabilities | 92,000 |
| Investments: | |||
| Long-term investments | 35,000 | ||
| Property,plant,and Equipment: | |||
| Building | 255,000 | Stockholder's equity: | |
| Equipment | 76,000 | Common stock | 1,000 |
| Intangible assets: | Retained earnings | 420,000 | |
| Trademarks | 6,000 | Total stockholders' equity | 421,000 |
| Total Assets | 513,000 | Total liabilities and stockholders' equity | 513,000 |
Calculations for retained earnings:
Total assets = Total liabilities and stockholders' equity
Total liabilities and stockholders' equity = Total liabilities + Total stockholders' equity
513,000 = 92,000 + Total Stockholders' equity
Total stockholders' equity = 513,000 - 92,000
Total stockholders' equity = 421,000
Total stockholders' equity = common stock + retained earnings
421,000 = 1,000 + retained earnings
Retained earnings = 420,000
Q2)
Income Statement:
| Income Statement | ||
| Revenues: | ||
| Sales | 123,000 | |
| Total revenues | 123,000 | |
| Expenses: | ||
| Cost of goods sold | 62,000 | |
| Salary Expense | 22,000 | |
| Accrued Expenses | 9,000 | |
| Utilities expense | 8,000 | |
| Income tax expense | 9,000 | |
| Total Expenses | 110,000 | |
| Net income | 13,000 | |
Add Answer to:
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term...
Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000...
Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock...
Use the following data $ 57,000 $ 32,000 $255,000 $ 15,000 $ 76,000 Accounts Payable Accounts...
Use the following data $ 57,000 $ 32,000 $255,000 $ 15,000 $ 76,000 Accounts Payable Accounts Receivable Building Cash Equipment Retained Earnings Prepaid Expenses Sales ?? $ 12,000 $123,000 $ 22,000 $ 35,000 $ 6,000 $ 9,000 $ 35,000 $ 1,000 $ 2,000 $ 82,000 $ 25,000 $ 62,000 $ 8,000 $ 9,000 Salary Expense Long-term Investments Trademarks Accrued Expenses Short-term Notes Payable Common Stock Interest Income Inventory Dividends Paid Cost of Goods Sold Utilities expense Income tax expense Use...
QUESTION 3: Holy cross Industries perform adjusting entries every month, but close its accounts only at...
QUESTION 3: Holy cross Industries perform adjusting entries every month, but close its accounts only at year end. The Agency’s year -end adjusted Trial Balance dated December 31, 2018, appears below. DATA Accounts Payable 57,000 Accounts Receivable 34,000 Building 255,000 Cash 15,000 Equipment 76,000 Loan from bank 320,000 Prepaid Expenses 12,000 Sales 123,000 Salary Expense 22,000 Utility Expense 8,000 Long-term liability 35,000 Trademarks 6,000 Short-term Notes Payable 44,000 Interest Expenses 4,500 Inventory 82,000 Cost of Goods Sold 62,000 Income Tax...
QUESTION 3: Holy cross Industries perform adjusting entries every month, but close its accounts only at...
QUESTION 3: Holy cross Industries perform adjusting entries every month, but close its accounts only at year end. The Agency’s year –end adjusted Trial Balance dated December 31, 2018, appears below. DATA Accounts Payable 57,000 Accounts Receivable 34,000 Building 255,000 Cash 15,000 Equipment 76,000 Loan from bank 320,000 Prepaid Expenses 12,000 Sales 123,000 Salary Expense 22,000 Utility Expense 8,000 Long-term liability 35,000 Trademarks 6,000 Short-term Notes Payable 44,000 Interest Expenses 4,500 Inventory 82,000 Cost of Goods Sold 62,000 Income Tax...
7).. Use the following data to create a P&L: Accounts Receivable Building Cash Salary Expense Accounts...
7).. Use the following data to create a P&L: Accounts Receivable Building Cash Salary Expense Accounts Payable Equipment Supplies Prepaid Expenses Sales Accumulated Deprec- Rent expense 32.000 142,000 15,000 22,000 57,000 76,000 1,000 12,000 123,000 32,000 8,000 Goodwill Accrued Expenses Short-term Notes Payable Cost of Goods Sold Long-term Investments Common Stock Interest Income Inventory Dividends paid Rent Income Depreciation Expense 16.000 9,000 25,000 52,000 25,000 1,000 2.000 82.000 25,000 1,200 3,000 S- Use the following data to prepare a Statement...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
Use the following data to create a balance sheet: Accounts Receivable Building Cash Salary Expense Accounts...
Use the following data to create a balance sheet: Accounts Receivable Building Cash Salary Expense Accounts Payable Equipment Retained Earnings Prepaid Expenses Sales Accumulated Deprec- 22,000 142,000 38,000 22,000 37,000 86,000 ?? 2,000 123,000 32,000 Goodwill Accrued Expenses Short-term Notes Payable Cost of Goods Sold Long-term Investments Common Stock Interest Income Inventory Dividends paid Rent Income 16,000 4.000 25,000 52,000 35,000 1,000 2,000 62,000 25,000 1,200 10). Use the following data to create a P&L: $12000 $12,000 $64,000 $53,000 $22,000...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
The following account balances were taken from ABC Company’s accounting records at December 31, 2020: Accounts...
The following account balances were taken from ABC Company’s accounting records at December 31, 2020: Accounts Payable ............ $69,000 Accounts Receivable ......... $56,000 Advertising Expense ......... $33,000 Building .................... $94,000 Cash ........................ $31,000 Common Stock ................ $82,000 Cost of Goods Sold .......... $30,000 Dividends ................... $19,000 Equipment ................... $86,000 Income Tax Expense .......... $17,000 Interest Expense ............ $11,000 Inventory ................... $54,000 Notes Payable ............... $96,000 Rental Revenue .............. $62,000 Retained Earnings ........... $60,000 (at January 1, 2020) Salaries Expense ...............
From owner's capital and down which selection is credit and debit D&G Catering Company Trial Balance...
From owner's capital and down which selection is credit and
debit
D&G Catering Company Trial Balance September 30th, 2020 Credit $ Debit 54,000 48,000 317,000 30,000 70,000 19,000 270,000 12,000 48,000 36,000 4,000 5,000 20,000 8,000 24,000 Cash Land Equipment Short Term Investment Inventory Trademark Building Franchise Account Receivable Delivery Van Interest Receivable Office Supplies PREPAID LEGAL EXPENSES PREPAID ADVERTISING EXPENSE UNEARNED CATERING REVENUE ACCOUNTS PAYABLE MORTGAGE PAYABLE SALARY PAYABLE INCOME TAX PAYABLE NOTES PAYABLE Owner's Capital Owner's Drawing CATERING...
Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock...
Use the following data $ 57,000 $ 32,000 $255,000 $ 15,000 $ 76,000 Accounts Payable Accounts Receivable Building Cash Equipment Retained Earnings Prepaid Expenses Sales ?? $ 12,000 $123,000 $ 22,000 $ 35,000 $ 6,000 $ 9,000 $ 35,000 $ 1,000 $ 2,000 $ 82,000 $ 25,000 $ 62,000 $ 8,000 $ 9,000 Salary Expense Long-term Investments Trademarks Accrued Expenses Short-term Notes Payable Common Stock Interest Income Inventory Dividends Paid Cost of Goods Sold Utilities expense Income tax expense Use...
7).. Use the following data to create a P&L: Accounts Receivable Building Cash Salary Expense Accounts Payable Equipment Supplies Prepaid Expenses Sales Accumulated Deprec- Rent expense 32.000 142,000 15,000 22,000 57,000 76,000 1,000 12,000 123,000 32,000 8,000 Goodwill Accrued Expenses Short-term Notes Payable Cost of Goods Sold Long-term Investments Common Stock Interest Income Inventory Dividends paid Rent Income Depreciation Expense 16.000 9,000 25,000 52,000 25,000 1,000 2.000 82.000 25,000 1,200 3,000 S- Use the following data to prepare a Statement...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
Use the following data to create a balance sheet: Accounts Receivable Building Cash Salary Expense Accounts Payable Equipment Retained Earnings Prepaid Expenses Sales Accumulated Deprec- 22,000 142,000 38,000 22,000 37,000 86,000 ?? 2,000 123,000 32,000 Goodwill Accrued Expenses Short-term Notes Payable Cost of Goods Sold Long-term Investments Common Stock Interest Income Inventory Dividends paid Rent Income 16,000 4.000 25,000 52,000 35,000 1,000 2,000 62,000 25,000 1,200 10). Use the following data to create a P&L: $12000 $12,000 $64,000 $53,000 $22,000...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
From owner's capital and down which selection is credit and
debit
D&G Catering Company Trial Balance September 30th, 2020 Credit $ Debit 54,000 48,000 317,000 30,000 70,000 19,000 270,000 12,000 48,000 36,000 4,000 5,000 20,000 8,000 24,000 Cash Land Equipment Short Term Investment Inventory Trademark Building Franchise Account Receivable Delivery Van Interest Receivable Office Supplies PREPAID LEGAL EXPENSES PREPAID ADVERTISING EXPENSE UNEARNED CATERING REVENUE ACCOUNTS PAYABLE MORTGAGE PAYABLE SALARY PAYABLE INCOME TAX PAYABLE NOTES PAYABLE Owner's Capital Owner's Drawing CATERING...
Most questions answered within 3 hours.
-
Executive Program Practical Connection Assignment
Subject : Operations Security.
Assignment:
Provide a reflection of at least...
asked 3 minutes ago -
Every time Casey is at bat he has a 0.4 probability of
getting on base (assume...
asked 12 minutes ago -
The Walston Company is to be liquidated and has the following
liabilities:
Income taxes
$
9,400...
asked 19 minutes ago -
If
the more comprehensive data is available in MEPS, why does the NHIS
still exist? How...
asked 40 minutes ago -
Koo argues that the Japanese economy in the 1990s suffered from
a balance sheet recession. What...
asked 33 minutes ago -
Automobile mechanics conduct diagnosis tests on 150 new cars of
particular make and model to determine...
asked 27 minutes ago -
11) Find the proceeds of a 5 year non-interest
bearing note for $6500 discounted 2.5 years...
asked 34 minutes ago -
Required: Prepare the consolidated financial statements of
Griffin Ltd at 30 June 2019.
Griffin Ltd is...
asked 43 minutes ago -
1.How large must the coefficient of static friction be between
the tires and the road if...
asked 58 minutes ago -
What is the time complexity (Big-O) of the following code?
class Main
{
// Recursive...
asked 58 minutes ago -
Economists look at any situation in terms of its component
parts: the people making decisions, the...
asked 1 hour ago -
What is a population?
Select one:
a. All of the individual organisms belonging to the same...
asked 1 hour ago