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2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Property. Plant and Equipment. Total Assets $475,326 28,355 436,200 85,321 20,322 1,045,524 $384,569 72,355 284,513 60,240 15,638 817,315 400,500 45,210 355,290 $1,400.814 332,680 35,291 297,389 $1,114,704 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable 50,546 Unearned Revenue 48,956 Income Taxes Payable 3,521 Total Current Liabilities 103,023 Long-term Debt 369,875 Total Liabilities 472,898 Stockholders' Equity Contributed Capital 406,570...
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B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
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December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
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2018 2019 Assets Current assets Cash Accounts receivable Inventory 2018 2019 Liabilities and Owners' Equity Current liabilities Accounts payable $500 $ 700 Notes payable 900 700 $ 500 $1,000 500 400 900 600 Total $ 1.900 $2,000 Total $ 1,400 $ 1,400 $ 400 $ 600 Long-term debt Owners' equity Common stock Accumulated retained earnings $ 600 $ 621 Fixed assets $ 500 $ 579 Net plant and equipment $1,000 $ 1,200 Total $ 1,100 $ 1200 Total assets $2,900...
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Assets Current assets Cash Accounts receivable Inventory FUT VUUS) 2018 2019 2018 2019 Liabilities and Owners' Equity Current liabilities $ 100 $ 115 Accounts payable $ 75 $ 105 170 150 Notes payable 100 120 120 120 Total $ 390 $ 385 Total $ 175 $ 225 $ 250 $ 290 Long-term debt Owners' equity Common stock Accumulated retained earnings 122 $ 190 $ 275 Fixed assets 348 Net plant and equipment $ 500 $ 600 Total Equity $ 465...
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Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
-
Assets 2017 2018 2018 Current assets Cash Accounts receivable Inventory $ 24,236 14,348 27,892 $ 26,000 17,100 29.000 $ 72,100 Liabilities and Owners' Equity 2017 Current liabilities Accounts payable $ 25,084 Notes payable 19,000 Other 13,471 $ 29,000 12,700 18,300 Total $ 66,476 Total $ 57,555 $ 60,000 $ 87,698 Long-term debt $ 88,000 S 45.000 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 45,000 219,616 244,302 Fixed assets Net plant and equipment $343,695 $364 900 Total...
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2018 2019 Assets Current assets Cash $ 5,298 $ 5,827 Accounts receivable 7,707 9.477 Inventory 12.150 22,956 2018 2019 Liabilities and Owners' Equity Current liabilities Accounts payable $ 3,754 $ 5.986 Notes payable 2,045 3,055 Other 152 179 Total $ 5,951 $ 9,220 Total $ 25,155 $38,260 $ 22,700 $ 19.000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 43.000 $ 43,000 28,805 47189 Fixed assets Net plant and equipment $ 75,301 $ 80,149 Total...
-
2018 2019 Assets Current assets Cash $ 5,298 $ 5,827 Accounts receivable 7,707 9,477 Inventory 12,150 22.956 2018 2019 Liabilities and Owners' Equity Current liabilities Accounts payable $ 3,754 $ 5,986 Notes payable 2,045 3,055 Other 152 179 Total $ 25,155 $38,260 Total $ 5,951 $ 9,220 $.22,700 $ 19,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 43,000 $ 43,000 28,805 47189 Fixed assets Net plant and equipment $ 75,301 $ 80,149 Total $...
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CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Property. Plant and Equipment. Total Assets $475,326 28,355 436,200 85,321 20,322 1,045,524 $384,569 72,355 284,513 60,240 15,638 817,315 400,500 45,210 355,290 $1,400.814 332,680 35,291 297,389 $1,114,704 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable 50,546 Unearned Revenue 48,956 Income Taxes Payable 3,521 Total Current Liabilities 103,023 Long-term Debt 369,875 Total Liabilities 472,898 Stockholders' Equity Contributed Capital 406,570...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
2018 2019 Assets Current assets Cash Accounts receivable Inventory 2018 2019 Liabilities and Owners' Equity Current liabilities Accounts payable $500 $ 700 Notes payable 900 700 $ 500 $1,000 500 400 900 600 Total $ 1.900 $2,000 Total $ 1,400 $ 1,400 $ 400 $ 600 Long-term debt Owners' equity Common stock Accumulated retained earnings $ 600 $ 621 Fixed assets $ 500 $ 579 Net plant and equipment $1,000 $ 1,200 Total $ 1,100 $ 1200 Total assets $2,900...
Assets Current assets Cash Accounts receivable Inventory FUT VUUS) 2018 2019 2018 2019 Liabilities and Owners' Equity Current liabilities $ 100 $ 115 Accounts payable $ 75 $ 105 170 150 Notes payable 100 120 120 120 Total $ 390 $ 385 Total $ 175 $ 225 $ 250 $ 290 Long-term debt Owners' equity Common stock Accumulated retained earnings 122 $ 190 $ 275 Fixed assets 348 Net plant and equipment $ 500 $ 600 Total Equity $ 465...
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
Assets 2017 2018 2018 Current assets Cash Accounts receivable Inventory $ 24,236 14,348 27,892 $ 26,000 17,100 29.000 $ 72,100 Liabilities and Owners' Equity 2017 Current liabilities Accounts payable $ 25,084 Notes payable 19,000 Other 13,471 $ 29,000 12,700 18,300 Total $ 66,476 Total $ 57,555 $ 60,000 $ 87,698 Long-term debt $ 88,000 S 45.000 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 45,000 219,616 244,302 Fixed assets Net plant and equipment $343,695 $364 900 Total...
2018 2019 Assets Current assets Cash $ 5,298 $ 5,827 Accounts receivable 7,707 9.477 Inventory 12.150 22,956 2018 2019 Liabilities and Owners' Equity Current liabilities Accounts payable $ 3,754 $ 5.986 Notes payable 2,045 3,055 Other 152 179 Total $ 5,951 $ 9,220 Total $ 25,155 $38,260 $ 22,700 $ 19.000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 43.000 $ 43,000 28,805 47189 Fixed assets Net plant and equipment $ 75,301 $ 80,149 Total...
2018 2019 Assets Current assets Cash $ 5,298 $ 5,827 Accounts receivable 7,707 9,477 Inventory 12,150 22.956 2018 2019 Liabilities and Owners' Equity Current liabilities Accounts payable $ 3,754 $ 5,986 Notes payable 2,045 3,055 Other 152 179 Total $ 25,155 $38,260 Total $ 5,951 $ 9,220 $.22,700 $ 19,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 43,000 $ 43,000 28,805 47189 Fixed assets Net plant and equipment $ 75,301 $ 80,149 Total $...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...