State whether the following are on the balance sheet or the income statement, and state if...
State whether the following are on the balance sheet or the income statement, and state if it is an asset, liability, or stockholders' equity.
Accounts Receivable 250,000 Accounts Payable 260,000
Capital Surplus 100,000 Cash 190,000
Common Stock 300,000 Costs 640,000
Depreciation Expense 40,000 Dividends 97,500
Net Furniture & Fixtures 200,000 Goodwill 180,000
Interest Expense 50,000 Inventory 175,000
Land 305,000 Line of Credit (used) 200,000
Long Term Loan 340,000 Retained Earnings ?
Sales 980,000 Tax rate 21%
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State whether the following are on the balance sheet or the
income statement, and state if...
Problem 3-40 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for...
Problem 3-40 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Assume a 21% Federal corporate tax rate and no valuation allowance. Tax Debit/(Credit) Book Debit/(Credit) Assets Cash $1,000 $1,000 Accounts receivable 9,000 9,000 Buildings 850,000 850,000 Accumulated depreciation (700,000) (620,000) Furniture and fixtures 40,000 40,000 Accumulated depreciation (10,000) (8,000) Total assets $190,000 $272,000 Liabilities Accrued warranty expense $0 ($40,000) Note payable (16,000) (16,000) Total...
Problem 3-40 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for...
Problem 3-40 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Assume a 21% Federal corporate tax rate and no valuation allowance. Tax Debit/(Credit) Book Debit/(Credit) Assets Cash $1,000 $1,000 Accounts receivable 9,000 9,000 Buildings 850,000 850,000 Accumulated depreciation (700,000) (620,000) Furniture and fixtures 40,000 40,000 Accumulated depreciation (10,000) (8,000) Total assets $190,000 $272,000 Liabilities Accrued warranty expense $0 ($40,000) Note payable (16,000) (16,000) Total...
Balance Sheet 2012 &
Balance Sheet 2012 2013 Cash $50,000 $50,000 Accounts Receivables 200,000 300,000 Inventories 450,000 570,000 Total Current Assets 700,000 920,000 Fixed Assets, Net 300,000 380,000 Total Assets $1,000,000 $1,300,000 Accounts Payable 130,000 $180,000 Accruals 50,000 70,000 Bank Loan 90,000 90,000 Total Current Liabilities 270,000 340,000 Long-Term Debt 400,000 550,000 Common Stock ($.05 par)...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000 Inventory …………………… $40,000 Accounts receivable ………….. $40,000 Land ………………………... $100,000 Bonds payable, long-term …… $250,000 Goodwill ……………………. $10,000 Buildings ……………………….. $160,000 Retained earnings ………… $115,000 Cash ……………………………. $50,000 Sales revenue ……………... $500,000 Common stock ………………… $100,000 Supplies inventory ………… $5,000 Cost of goods sold ……………. $200,000 Supplies expense …………. $20,000 Equipment ……………………... $80,000 Wages expense …………… $100,000 What is Daniels Company’s net income for...
Problem 3-38 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for...
Problem 3-38 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this information, determine Kantner's net Federal deferred tax asset or net deferred tax liability at year-end. Assume a 21% Federal corporate tax rate and no valuation allowance. Tax Debit/(Credit) Book Debit/(Credit) Assets Cash $1,000 $1,000 Accounts receivable 9,000 9,000 Buildings 850,000 850,000 Accumulated depreciation (700,000) (620,000) Furniture and fixtures 40,000 40,000 Accumulated...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2014. Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000,...
Problem 3-42 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for...
Problem 3-42 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Tax Debit/Credit) Book Debit/Credit) Assets Cash Accounts receivable Buildings Accumulated depreciation Furniture and fixtures $1,000 9,000 850,000 (700,000) 40,000 (10,000) $190,000 $1,000 9,000 850,000 (620,000) 40,000 Accumulated depreciation (8,000) $272,000 Total assets Liabilities SO Accrued warranty expense Note payable (16,000) ($40,000) (16,000) ($56,000) ($16,000) Total liabilities Stockholders' Equity Paid-in capital Retained earnings ($50,000) (124,000)...
See the following financial information (Income Statement and balance Sheet) for Thornton Company for the years...
See the following financial information (Income Statement and
balance Sheet) for Thornton Company for the years ending December
31, 1998 and 1999.
What is the Net Plant & Equipment in 1998
and 1999?
Calculate the Cash balance in 1998 and
1999?
What is firm’s Net Income in 1998 and
1999?
What is the Quick ratio in 1998 and 1999?
What is the ROE in 1998 and 1999?
What is the EPS (Earnings Per Share) in 1998
and 1999?
1998 1999...
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year)....
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $185,000 320,000 270,000 205,000 $980,000 $ 250,000 260,000 7,800 100,000 362,200 $980,000 Transactions during 2021 (current year) were as follows: 1. Sales to...
problem 43 41. LO.2 Kantner, Inc., is a domestic corporation with the following balance sheet for...
problem 43
41. LO.2 Kantner, Inc., is a domestic corporation with the following balance sheet for mine Kantner's net Federal deferred tax asset or net Assume a 21 % Federal corporate tax rate and no valuation allowance. book and tax purposes at the end of the year. Based on this information, deter- deferred tax liability at year-end Tax Debit/ Book Debit/ (Credit) (Credit) Assets S 1,000 Cash Accounts receivable $ 1,000 9,000 9,000 Buildings Accumulated depreciation Furniture & fixtures Accumulated...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2014. Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000,...
Problem 3-42 (LO. 2) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Tax Debit/Credit) Book Debit/Credit) Assets Cash Accounts receivable Buildings Accumulated depreciation Furniture and fixtures $1,000 9,000 850,000 (700,000) 40,000 (10,000) $190,000 $1,000 9,000 850,000 (620,000) 40,000 Accumulated depreciation (8,000) $272,000 Total assets Liabilities SO Accrued warranty expense Note payable (16,000) ($40,000) (16,000) ($56,000) ($16,000) Total liabilities Stockholders' Equity Paid-in capital Retained earnings ($50,000) (124,000)...
See the following financial information (Income Statement and
balance Sheet) for Thornton Company for the years ending December
31, 1998 and 1999.
What is the Net Plant & Equipment in 1998
and 1999?
Calculate the Cash balance in 1998 and
1999?
What is firm’s Net Income in 1998 and
1999?
What is the Quick ratio in 1998 and 1999?
What is the ROE in 1998 and 1999?
What is the EPS (Earnings Per Share) in 1998
and 1999?
1998 1999...
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $185,000 320,000 270,000 205,000 $980,000 $ 250,000 260,000 7,800 100,000 362,200 $980,000 Transactions during 2021 (current year) were as follows: 1. Sales to...
problem 43
41. LO.2 Kantner, Inc., is a domestic corporation with the following balance sheet for mine Kantner's net Federal deferred tax asset or net Assume a 21 % Federal corporate tax rate and no valuation allowance. book and tax purposes at the end of the year. Based on this information, deter- deferred tax liability at year-end Tax Debit/ Book Debit/ (Credit) (Credit) Assets S 1,000 Cash Accounts receivable $ 1,000 9,000 9,000 Buildings Accumulated depreciation Furniture & fixtures Accumulated...
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