Homework Answers
CRANE COMPANY
Retained Earnings Statement
| Beginning retained earnings | $19,500 |
| Add : Net income | $19,000 ($34,500+$4,000-$19,500) |
| Less : Dividends | $4,000 |
| Ending retained earnings | $34,500 |
CRANE COMPANY
Income Statement
| Revenues | $84,000 |
| Cost of goods sold | $54,560 ($84,000-$19,000-$10,440) |
| Salaries and wages expense | $10,440 |
| Net income | $19,000 |
Liabilities and Stockholder's equity
| Liabilities | |
| Accounts payable | $5,500 |
| Stockholder's equity | |
| Common stock | $29,500 ($69,500-$34,500-$5,500) |
| Retained earnings | $34,500 |
| Total liabilities and stockholder's equity | $69,500 |
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Exercise 1-12 x Your answer is incorrect. Try again. Here are incomplete financial statements for Crane...
The comparative statements of Crane Company are presented here: Crane Company Income Statements For the Years...
The comparative statements of Crane Company are presented here: Crane Company Income Statements For the Years Ended December 31 2020 Net sales $1,898,740 Cost of goods sold 1,066,740 Gross profit 832,000 Selling and administrative expenses 508,200 Income from operations 323,800 Other expenses and losses Interest expense 23,700 Income before income taxes 300,100 Income tax expense 93,700 Net income $206,400 2019 $1,758,700 1,014,200 744,500 487,200 257,300 21,700 235,600 74,700 $160,900 Crane Company Balance Sheets December 31 Assets 2020 2019 Current assets...
Kimmel, Accounting, 7e & Practice Assignment Gradebook Downloadable eTextbook ORION ssignment Exercise 1-13 X Your answer...
Kimmel, Accounting, 7e & Practice Assignment Gradebook Downloadable eTextbook ORION ssignment Exercise 1-13 X Your answer is incorrect. Try again. Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet Assets Cash $29,500 (a) 31,700 Supplies 61,200 Equipment (net) (b) Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $23,200 Stockholders' Equity Common stock 38,800 62,000 (c) Retained earnings 124,000 (d) Total liabilities and stockholders' equity 2000-2019 John Wiley & Sons, Inc. All Rights...
Help | System Announcements nment Exercise 9-03 Your answer is incorrect. Try again. Crane Company follows...
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I need the answer within 10 to 15 minutes please. gnment Exercise 12-7 comparative balance sheets...
I
need the answer within 10 to 15 minutes please.
gnment Exercise 12-7 comparative balance sheets for Bridgeport Company. Shown below are Bridgeport Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $143,888 $ 46,552 Accounts receivable 186,208 160,816 Inventory 353,372 399,924 Land 169,280 211,600 Equipment 550,160 423,200 Accumulated depreciation-equipment (139,656) (67,712) Total $1,263,252 $1,174,380 Liabilities and Stockholders' Equity Accounts payable Bonds payable $82,524 $90,988 317,400 423,200 Common stock ($1 par) 457,056 368,184 Retained earnings 406,272 292,008 Total $1,263,252...
ignment Exercise 230 Here is financial information for Pina Colada Inc CALCULATOR FALSCREE K Current assets...
ignment Exercise 230 Here is financial information for Pina Colada Inc CALCULATOR FALSCREE K Current assets Plant assets (net) Current abilities Long-term liabilities Common stock, Si par Retained earnings December 31, 2023 December 31, 2022 $204,680 5136.000 743,580 612,000 163,540 110,500 241,740 153,000 272.476 195.500 270,504 289,000 Prepare a schedule showing a horizontal analysis for 2023 using 2022 as the bese year (a (55.000) (12.19). Round percentages to 1 decimal places . 12.19 ) t and percentage are a decrease...
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ignment CALCULATOR FULL SCREE Exercise 5-8 In its income statement for the year ended December 31,...
ignment CALCULATOR FULL SCREE Exercise 5-8 In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. $ 179,525 Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $999,750 2,122,050 152,650 139,750 666,500 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense 4,751,500 53,750 344,000 236,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For...
inment CALCULATOR FI Exercise 2-8 These financial statement items are for Nash's Trading Post, LLC at...
inment CALCULATOR FI Exercise 2-8 These financial statement items are for Nash's Trading Post, LLC at year-end, July 31, 2017. Salaries and wages payable $ 3,080 Salaries and wages expense 58,500 Supplies expense 16,600 Equipment 19,500 Accounts payable 4,100 Service revenue 67,100 Rent revenue 9,500 Notes payable (due in 2020) 2,800 Common stock 16,000 Cash 30,200 Accounts receivable 10,780 Accumulated depreciation-equipment 7,000 Dividends 4,000 Depreciation expense 5,000 Retained earnings (beginning of the year) 35,000 Prepare an income statement for the...
CALCULATOR FULL SCREEN PR Exercise 11-9 The following stockholders' equity accounts, arranged alphabetically, are in the...
CALCULATOR FULL SCREEN PR Exercise 11-9 The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Novak Corp. at December 31, 2017 Common Stock ($4 stated value) $2,080,000 Pald-in Capital in Excess of Par Value--Preferred Stock 58,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,365,000 Preferred Stock (6%, $100 par, noncumulative) 780,000 Retained Earnings 1,734,200 Treasury Stock (15,600 common shares) 93,600 Prepare the stockholders' equity section of the balance sheet at December 31, 2017. (Enter account name...
Question 12 A comparative balance sheet for Rocker Company appears below: Dec 31, 2019 ROCKER COMPANY...
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The comparative statements of Crane Company are presented here: Crane Company Income Statements For the Years Ended December 31 2020 Net sales $1,898,740 Cost of goods sold 1,066,740 Gross profit 832,000 Selling and administrative expenses 508,200 Income from operations 323,800 Other expenses and losses Interest expense 23,700 Income before income taxes 300,100 Income tax expense 93,700 Net income $206,400 2019 $1,758,700 1,014,200 744,500 487,200 257,300 21,700 235,600 74,700 $160,900 Crane Company Balance Sheets December 31 Assets 2020 2019 Current assets...
Kimmel, Accounting, 7e & Practice Assignment Gradebook Downloadable eTextbook ORION ssignment Exercise 1-13 X Your answer is incorrect. Try again. Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet Assets Cash $29,500 (a) 31,700 Supplies 61,200 Equipment (net) (b) Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $23,200 Stockholders' Equity Common stock 38,800 62,000 (c) Retained earnings 124,000 (d) Total liabilities and stockholders' equity 2000-2019 John Wiley & Sons, Inc. All Rights...
Help | System Announcements nment Exercise 9-03 Your answer is incorrect. Try again. Crane Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost Estimated Selling Price Cost to Complete and Sell Item No. Quantity per Unit 1320 1,300 $3.23 $4.55 $1.62 1333 1,000 2.73 3.43 1.01 1426 900 4.55 5.05 1.41 1437 1,100 3.64 3.23 1.36 1510 800 2.27 3.28 1.41 1522 600 3.03 3.94 0.81 1573 3,100 1.82 2.53 1.21 1626 1,100 4.75...
I
need the answer within 10 to 15 minutes please.
gnment Exercise 12-7 comparative balance sheets for Bridgeport Company. Shown below are Bridgeport Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $143,888 $ 46,552 Accounts receivable 186,208 160,816 Inventory 353,372 399,924 Land 169,280 211,600 Equipment 550,160 423,200 Accumulated depreciation-equipment (139,656) (67,712) Total $1,263,252 $1,174,380 Liabilities and Stockholders' Equity Accounts payable Bonds payable $82,524 $90,988 317,400 423,200 Common stock ($1 par) 457,056 368,184 Retained earnings 406,272 292,008 Total $1,263,252...
ignment Exercise 230 Here is financial information for Pina Colada Inc CALCULATOR FALSCREE K Current assets Plant assets (net) Current abilities Long-term liabilities Common stock, Si par Retained earnings December 31, 2023 December 31, 2022 $204,680 5136.000 743,580 612,000 163,540 110,500 241,740 153,000 272.476 195.500 270,504 289,000 Prepare a schedule showing a horizontal analysis for 2023 using 2022 as the bese year (a (55.000) (12.19). Round percentages to 1 decimal places . 12.19 ) t and percentage are a decrease...
CALCULATOR PRINTER VERSSON BACK NEXT Exercise 2-05 These Items are taken from the financial statements of Sandhill Co. at December 31, 2022 Buildings Accounts receivable $126,960 15,120 Prepaid insurance 3,840 Cash 14,208 98,880 Equipment Land 73,440 Insurance expense 936 Depreciation expense Interest expense Common stock 6,360 3,120 72,000 Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable 48,000 54,720 11,400 Notes payable 112,320 Accumulated depreciation-equipment 22,464 4,320 Interest payable 17,640 Service revenue Prepare a classified balance sheet. Assume that $16,320...
ignment CALCULATOR FULL SCREE Exercise 5-8 In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. $ 179,525 Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $999,750 2,122,050 152,650 139,750 666,500 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense 4,751,500 53,750 344,000 236,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For...
inment CALCULATOR FI Exercise 2-8 These financial statement items are for Nash's Trading Post, LLC at year-end, July 31, 2017. Salaries and wages payable $ 3,080 Salaries and wages expense 58,500 Supplies expense 16,600 Equipment 19,500 Accounts payable 4,100 Service revenue 67,100 Rent revenue 9,500 Notes payable (due in 2020) 2,800 Common stock 16,000 Cash 30,200 Accounts receivable 10,780 Accumulated depreciation-equipment 7,000 Dividends 4,000 Depreciation expense 5,000 Retained earnings (beginning of the year) 35,000 Prepare an income statement for the...
CALCULATOR FULL SCREEN PR Exercise 11-9 The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Novak Corp. at December 31, 2017 Common Stock ($4 stated value) $2,080,000 Pald-in Capital in Excess of Par Value--Preferred Stock 58,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,365,000 Preferred Stock (6%, $100 par, noncumulative) 780,000 Retained Earnings 1,734,200 Treasury Stock (15,600 common shares) 93,600 Prepare the stockholders' equity section of the balance sheet at December 31, 2017. (Enter account name...
Question 12 A comparative balance sheet for Rocker Company appears below: Dec 31, 2019 ROCKER COMPANY Comparative Balance Sheet Dec. 31, 2020 Assets Cash $34,000 Accounts receivable 18,000 Inventory 25,000 Prepaid expenses 6,000 Long-term investments 0 Equipment 60,000 Accumulated depreciation--equipment (20,000) Total assets Hilver $123,000 Liabilities and Stockholder's Equity Accounts payable $17,000 Bonds payable 36,000 Common stock 40,000 Retained earnings 30,000 Total liabilities and stockholders' equity $123,000 $11,000 13,000 17,000 9,000 17,000 33,000 (15,000) $85,000 dy $7,000 45,000 23,000 10,000...
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