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Question 12 View Policies Current Attempt in Progress Windsor Company shows a balance of $237,880 in...
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020....
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $28,600 Installment accounts due after 2021 42,400 Overpayments to vendors 2,890 Due from regular customers, of which $40,600 represents accounts pledged as security for a bank loan 89,500 Advances to employees 1,890 Advance to subsidiary company (due in 2021) 83,900 Illustrate how the information above should be shown on the balance sheet of...
Installment accounts due ter 2021 Overpayments to vendors Due from regular customers, of which $40,600 represents...
Installment accounts due ter 2021 Overpayments to vendors Due from regular customers, of which $40,600 represents accounts pledged as security for a bank loan Advances to employees Advance to subsidiary company due in 2021) 2390 39,500 1.090 33,900 Illustrate how the information above should be shown on the balance sheet of Martinez Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2021 (Customers) are collectible within the operating cycle of the business. MARTINEZ COMPANY Balance...
View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December...
View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 59,000 94,300 258,100 42,700 43,400 36,900 45,400 55,600 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,150,000 43,600 156,450 199,390 62,150 12,250 19.190 94,870...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Novak Company had...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Novak Company had a net deferred tax liability of $354,500. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $205,600 Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return when...
Problem 24-04 a-b Presented below is the comparative balance sheet for Windsor Company. Windsor Company Comparative...
Problem 24-04 a-b Presented below is the comparative balance sheet for Windsor Company. Windsor Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash $178,400 $277,400 Accounts receivable (net) 218,900 156,300 Short-term investments 271,200 151,500 Inventories 1,068,100 980,700 Prepaid expenses 25,000 25,000 Plant & equipment 2,597,900 1,964,800 Accumulated depreciation (1,008,200) (745,200) $3,351,300 $2,810,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings $49,500 169,600 450,500 2,093,700 588,000 $3,351,300...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had a net deferred tax liability of $371,300. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $215,200 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return...
Question 2 of 4 < > -76 = Current Attempt in Progress Splish Corporation is preparing...
Question 2 of 4 < > -76 = Current Attempt in Progress Splish Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability 1. 2. On December 15, 2020, Splish declared a cash dividend of $2.20 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Splish has issued 1,000,000 shares of common stock, of which 50,000 shares are held in...
Current Attempt in Progress Sarasota Corporation is preparing its December 31, 2020, balance sheet. The following...
Current Attempt in Progress Sarasota Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2020, Sarasota declared a cash dividend of $2.30 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Sarasota has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. At December 31, bonds payable of $114,286,000...
Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the...
Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Debits Credits Cash $4,850 Accumulated Depreciation--Equipment $1,620 4,050 Accounts Payable Accounts Receivable Inventory (2,700 x $0.60) 3,280 1.620 Common Stock 9.000 Equipment 18 19,000 Retained Earnings $29.520 $29.520 15,620 $29.520 The following transactions occurred during December Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
Installment accounts due ter 2021 Overpayments to vendors Due from regular customers, of which $40,600 represents accounts pledged as security for a bank loan Advances to employees Advance to subsidiary company due in 2021) 2390 39,500 1.090 33,900 Illustrate how the information above should be shown on the balance sheet of Martinez Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2021 (Customers) are collectible within the operating cycle of the business. MARTINEZ COMPANY Balance...
View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 59,000 94,300 258,100 42,700 43,400 36,900 45,400 55,600 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,150,000 43,600 156,450 199,390 62,150 12,250 19.190 94,870...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Novak Company had a net deferred tax liability of $354,500. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $205,600 Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return when...
Problem 24-04 a-b Presented below is the comparative balance sheet for Windsor Company. Windsor Company Comparative Balance Sheet As of December 31, 2021 and 2020 December 31 2021 2022 Assets Cash $178,400 $277,400 Accounts receivable (net) 218,900 156,300 Short-term investments 271,200 151,500 Inventories 1,068,100 980,700 Prepaid expenses 25,000 25,000 Plant & equipment 2,597,900 1,964,800 Accumulated depreciation (1,008,200) (745,200) $3,351,300 $2,810,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Bonds payable Capital stock Retained earnings $49,500 169,600 450,500 2,093,700 588,000 $3,351,300...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had a net deferred tax liability of $371,300. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $215,200 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return...
Question 2 of 4 < > -76 = Current Attempt in Progress Splish Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability 1. 2. On December 15, 2020, Splish declared a cash dividend of $2.20 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Splish has issued 1,000,000 shares of common stock, of which 50,000 shares are held in...
Current Attempt in Progress Sarasota Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2020, Sarasota declared a cash dividend of $2.30 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Sarasota has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. At December 31, bonds payable of $114,286,000...
Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Debits Credits Cash $4,850 Accumulated Depreciation--Equipment $1,620 4,050 Accounts Payable Accounts Receivable Inventory (2,700 x $0.60) 3,280 1.620 Common Stock 9.000 Equipment 18 19,000 Retained Earnings $29.520 $29.520 15,620 $29.520 The following transactions occurred during December Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
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