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Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 1,500,000.00 1,165,000.00 4 Inventories 600,000.00 640,000.00 5 Current liabilities 6 Wages payable 1,400,000.00 1,030,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 6,000,000.00 2 Gain on sale of equipment 200,000.00 3 Cost of goods sold (3,840,000.00) 4 Depreciation expense (540,000.00) 5 Interest expense (20,000.00) 6 Net income $1,800,000.00 Required: Compute operating cash flows using...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,00...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) Equipment (net) Total assets 80,000 80,000 350,000 300,000 50,000 680,000 700,000 (20, 000) 520.000 340,000 180,000 $2,399,000 3,09,090,000 Liabilities $ 328,000 $ 335, 000 ( 7,000) Accounts payable Accrued liabilities...
Clark Co.'s advertising expense account had a balance of $153241 at December 31, 20x1, before any...
Clark Co.'s advertising expense account had a balance of $153241 at December 31, 20x1, before any necessary year-end adjustment relating to the following: Included in the $153241 is the $16319 cost of printing catalogs for a sales promotional campaign in January 20x2. Radio advertisements broadcast during December 20x1 were billed to Clark on January 2, 20x2. Clark paid the $9107 invoice on January 11, 20x2 What amount should Clark report as advertising expense in its income statement for the year...
Question Three On 31 December 20X1, the issued share capital of a company consisted of 4,000,000 ordinary shares of 25c...
Question Three On 31 December 20X1, the issued share capital of a company consisted of 4,000,000 ordinary shares of 25c each. On 1 July 20X2 the company made a rights issue in the proportion of 1 for 4 at 50c per share when the shares were quoted at R1.15. The profit after tax for the year ended 31 December 20X2 was R425,000. The reported earnings per share for the year ended 31 December 20X1 was 8c. Required: Calculate the basic...
The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
The following information pertains to Powers Corp. as of December 31, 20X1: Cumulative Preferred stock Dividends...
The following information pertains to Powers Corp. as of December 31, 20X1: Cumulative Preferred stock Dividends in arrears $165,000 20X1 Dividends $75,000 Common Stock 20X1 dividends to be declared in 20X2 $50,000 In addition, Jeff Kurtz, the CFO of Powers Corp. will be paid his 20X1, $120,000 bonus on January 8, 20X2. What amount should Powers Corp. report as current liabilities on its balance sheet at December 31, 20X1?
II.Statement of Cash Flows: Shown below are the balance sheets of Mintz Corporation for December 31,...
II.Statement of Cash Flows: Shown below are the balance sheets of Mintz Corporation for December 31, 20x1, and December 31, 20x2: 20x2 20x1 $11,200 Cash $8,100 Receivables (net) Inventory Equipment Accumulated Depreciation 12,600 10,800 20,000 (14.000 $40,600 12,000 11,500 16,000 (12,000) $35,600 Accounts Payable $7,200 22,000 11.400 $40,600 $4,000 20,000 11,600 $35,600 Common Stock Retained Earnings The net income for 20x2 was $4,800. The company did not sell any equipment during the year 20x2, but it did scrap a fully...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued $ 660 Beginning retained earnings (7,300) Cash flow from financing act. 2,400 Rent expense 79,000 Dividends 41,000 Cash 280 Accounts receivable 1,000 Prepaid rent 1,100 Unearned revenue 7,700 Land 5,300 Accounts payable $ 19,000 (5,000)...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) Equipment (net) Total assets 80,000 80,000 350,000 300,000 50,000 680,000 700,000 (20, 000) 520.000 340,000 180,000 $2,399,000 3,09,090,000 Liabilities $ 328,000 $ 335, 000 ( 7,000) Accounts payable Accrued liabilities...
Clark Co.'s advertising expense account had a balance of $153241 at December 31, 20x1, before any necessary year-end adjustment relating to the following: Included in the $153241 is the $16319 cost of printing catalogs for a sales promotional campaign in January 20x2. Radio advertisements broadcast during December 20x1 were billed to Clark on January 2, 20x2. Clark paid the $9107 invoice on January 11, 20x2 What amount should Clark report as advertising expense in its income statement for the year...
Question Three On 31 December 20X1, the issued share capital of a company consisted of 4,000,000 ordinary shares of 25c each. On 1 July 20X2 the company made a rights issue in the proportion of 1 for 4 at 50c per share when the shares were quoted at R1.15. The profit after tax for the year ended 31 December 20X2 was R425,000. The reported earnings per share for the year ended 31 December 20X1 was 8c. Required: Calculate the basic...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
II.Statement of Cash Flows: Shown below are the balance sheets of Mintz Corporation for December 31, 20x1, and December 31, 20x2: 20x2 20x1 $11,200 Cash $8,100 Receivables (net) Inventory Equipment Accumulated Depreciation 12,600 10,800 20,000 (14.000 $40,600 12,000 11,500 16,000 (12,000) $35,600 Accounts Payable $7,200 22,000 11.400 $40,600 $4,000 20,000 11,600 $35,600 Common Stock Retained Earnings The net income for 20x2 was $4,800. The company did not sell any equipment during the year 20x2, but it did scrap a fully...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued $ 660 Beginning retained earnings (7,300) Cash flow from financing act. 2,400 Rent expense 79,000 Dividends 41,000 Cash 280 Accounts receivable 1,000 Prepaid rent 1,100 Unearned revenue 7,700 Land 5,300 Accounts payable $ 19,000 (5,000)...
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