Homework Answers
| Computation of Total Asset | |
| Cash | $33,000.00 |
| Account Receivable | $82,000.00 |
| Unused Supplies | $2,000.00 |
| Land | $25,000.00 |
| Building | $70,000.00 |
| Equiment | $30,000.00 |
| Total Asset | $242,000.00 |
| Computation of Total Liabilities | |
| Bank Loan | $15,000.00 |
| Account Payable | $27,000.00 |
| Total Liabilities | $42,000.00 |
| Computation of Common Stock | |
| Total Asset | $242,000.00 |
| Less: Total Liabilities | -$42,000.00 |
| Less: Net Income | -$40,000.00 |
| Add: Dividend | $1,000.00 |
| Common Stock | $161,000.00 |
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Problem 4: The following accounts are taken from the records of Monsters Incorporated...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term...
The following items were taken from the accounting records of a company. 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. The following items were taken from the accounting records of a company. Accounts Payable...
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 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 information was taken from the accounting records of ABC Company for the period ended...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
The following list of accounts is taken from the records of the Norman Company Ltd. at...
The following list of accounts is taken from the records of the Norman Company Ltd. at December 31, 2019: Account Balance Accounts Payable $125 Accounts Receivable 138 Bank Loan (½ Due In 2020) 110 Building 400 Cash 250 Equipment 140 Land 115 Mortgage Payable (due 2021) 280 Notes Receivable, due within 90 Days 18 Prepaid Insurance 12 Retained Earnings 214 Salaries Payable 14 Common Stock 400 Unused Supplies 70 Required: Prepare a classified balance sheet. Assume all accounts have normal...
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 ...............
P16-6A The following data, presented in alphabetical order, are taken from the records Nieto Corporation Accounts...
P16-6A The following data, presented in alphabetical order, are taken from the records Nieto Corporation Accounts payable $ 260,000 Accounts receivable 140,000 Accumulated depreciation buildings 180,000 Accumulated depreciation-equipment 52,000 Allowance for doubtful accounts 6,000 Bonds payable (10%, due 2025) 500,000 Buildings 950,000 Cash 62,000 Common stock ($10 par value; 500,000 shares authorized, 150,000 shares issued) 1,500,000 Dividends payable g r id 80,000 Equipment COSTA 275,000 Fair value adjustment-available-for-sale securities (Dr) A 8,000 Goodwill 200,000 Income taxes payable 120,000 Inventory 170,000...
The following information was taken from the accounting records of ABC Company for the period ended...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
The information below is taken from the accounts of Gabbi Corporation for the year ended December...
The information below is taken from the accounts of Gabbi Corporation for the year ended December 31, 2019. Each account has a normal balance. _____________________________________________________________________________________________________________________________ Net income $ 314,000 Proceeds from issuance of common stock 103,000 Decrease in inventory 27,000 Proceeds from sale of building at a $15,000 gain 85,000 Decrease in accounts payable 15,000 Purchase of equipment 185,000 Payment of cash dividends 24,000 Depreciation expense 67,000 Decrease in accounts receivable 23,000 Redemption of bonds payable 75,000 Increase in short-term...
Problem 2-Statement of cash flows. The information shown below is taken from the accounts of Waverly...
Problem 2-Statement of cash flows. The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2017 Net income Amortization of patent Proceeds from issuance of common stock Decrease in inventory Sale of building at a $15,000 gain Decrease in accounts payable Purchase of equipment Payment of cash dividends Depreciation expense Decrease in accounts receivable Payment of mortgage Increase in short-term notes payable Sale of land at a $5,000 loss Purchase of delivery...
The following items were taken from the accounting records of a company. 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. The following items were taken from the accounting records of a company. Accounts Payable...
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 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 information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
P16-6A The following data, presented in alphabetical order, are taken from the records Nieto Corporation Accounts payable $ 260,000 Accounts receivable 140,000 Accumulated depreciation buildings 180,000 Accumulated depreciation-equipment 52,000 Allowance for doubtful accounts 6,000 Bonds payable (10%, due 2025) 500,000 Buildings 950,000 Cash 62,000 Common stock ($10 par value; 500,000 shares authorized, 150,000 shares issued) 1,500,000 Dividends payable g r id 80,000 Equipment COSTA 275,000 Fair value adjustment-available-for-sale securities (Dr) A 8,000 Goodwill 200,000 Income taxes payable 120,000 Inventory 170,000...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
Problem 2-Statement of cash flows. The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2017 Net income Amortization of patent Proceeds from issuance of common stock Decrease in inventory Sale of building at a $15,000 gain Decrease in accounts payable Purchase of equipment Payment of cash dividends Depreciation expense Decrease in accounts receivable Payment of mortgage Increase in short-term notes payable Sale of land at a $5,000 loss Purchase of delivery...
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