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Sparky's Welding, Inc. provided you with the following self-prepared financial statement for the year ending December...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash $ 160,000 Accounts receivable 135,000 Allowance for doubtful accounts $ 23,000 Inventory 445,000 Accounts payable 105,000 Common stock 500,000 Retained earnings 112,000 Tile, Etc. had the following transactions in 2018: Purchased merchandise on account for $630,000. Sold merchandise that cost $470,000 for $990,000 on account. Sold for $295,000 cash merchandise that had cost $180,000. Sold merchandise for...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash $ 160,000 Accounts receivable 135,000 Allowance for doubtful accounts $ 23,000 Inventory 445,000 Accounts payable 105,000 Common stock 500,000 Retained earnings 112,000 Tile, Etc. had the following transactions in 2018: Purchased merchandise on account for $630,000. Sold merchandise that cost $470,000 for $990,000 on account. Sold for $295,000 cash merchandise that had cost $180,000. Sold merchandise for...
Preparing Financial Statements You will be preparing the Financial Statement for Bolero Auto Repair Shop. Remember...
Preparing Financial Statements You will be preparing the Financial Statement for Bolero Auto Repair Shop. Remember the order in which financial statements must be prepared and remember to use good form. Bolero Auto Repair Shop has just completed operations for the year ended December 31, 2020. This is the third year of operations for the company. The following data have been assembled for the business: Insurance Expense Service Revenue Utilities Expense Rent Expense Bolero, Capital, Jan. 1, 2020 Cash Owner...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
Selected information from Wildhorse Ltd's statement of financial position and income statement is as follows: WILDHORSE...
Selected information from Wildhorse Ltd's statement of financial position and income statement is as follows: WILDHORSE LTD. Statement of Financial Position (partial) December 31 2018 2017 Current assets Accounts receivable $7,300 $13,000 Inventory 6,400 4,600 Prepaid expenses 3,200 2.100 Current liabilities Accounts payable 3,800 2,500 Income tax payable 1,500 650 Accrued liabilities 2.200 1.500 Bank loan payable-current portion 6,000 9.200 O WP hp WILDHORSE LTD. Income Statement Year Ended December 31, 2018 Net sales $205,000 Cost of goods sold 114.000...
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For...
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 $315,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $190,000 61,000 16,100 22,500 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $6,100 13,100 9,100 5,100 8,100 20,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase...
The income statement and unclassified statement of financial position for Sandhill, Inc. follow: SANDHILL, INC. Statement...
The income statement and unclassified statement of financial position for Sandhill, Inc. follow: SANDHILL, INC. Statement of Financial Position December 31 Assets 2018 2017 Cash $99,400 $48,800 Held for trading investments 123,000 112,500 Accounts receivable 79,500 41,900 Inventory 122,100 94,500 Prepaid expenses 18,500 28,200 Property, plant, and equipment 314,000 284,500 Accumulated depreciation (45,500 ) (53,800 ) Total assets $711,000 $556,600 Liabilities and Shareholders’ Equity Accounts payable $97,000 $73,900 Accrued liabilities 11,600 7,700 Bank loan payable 127,400 180,500 Common shares 230,000...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner of Preston Gifts, to several of her creditors. The business is a sole proprietorship that sells miscellaneous gifts. An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles. PRESTON GIFTS Income Statement Year Ended December 31, 2019 Cash Collected from Customers $126,000 Cost of Goods Sold Merchandise Inventory, Jan. 1...
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you...
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31,...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550...
Preparing Financial Statements You will be preparing the Financial Statement for Bolero Auto Repair Shop. Remember the order in which financial statements must be prepared and remember to use good form. Bolero Auto Repair Shop has just completed operations for the year ended December 31, 2020. This is the third year of operations for the company. The following data have been assembled for the business: Insurance Expense Service Revenue Utilities Expense Rent Expense Bolero, Capital, Jan. 1, 2020 Cash Owner...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
Selected information from Wildhorse Ltd's statement of financial position and income statement is as follows: WILDHORSE LTD. Statement of Financial Position (partial) December 31 2018 2017 Current assets Accounts receivable $7,300 $13,000 Inventory 6,400 4,600 Prepaid expenses 3,200 2.100 Current liabilities Accounts payable 3,800 2,500 Income tax payable 1,500 650 Accrued liabilities 2.200 1.500 Bank loan payable-current portion 6,000 9.200 O WP hp WILDHORSE LTD. Income Statement Year Ended December 31, 2018 Net sales $205,000 Cost of goods sold 114.000...
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 $315,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $190,000 61,000 16,100 22,500 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $6,100 13,100 9,100 5,100 8,100 20,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner of Preston Gifts, to several of her creditors. The business is a sole proprietorship that sells miscellaneous gifts. An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles. PRESTON GIFTS Income Statement Year Ended December 31, 2019 Cash Collected from Customers $126,000 Cost of Goods Sold Merchandise Inventory, Jan. 1...
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31,...
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