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1) The accountant at Parker & Sisters gathered the following selected accounting information: Cash at bank...
Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one...
Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one pdf document. Do not forget to highlight your answers Lab task 1 1) The accountant at Parker & Sisters gathered the following selected accounting information: 20X9 20X8 $ 32,000 17,000 23,000 65,000 8,000 54.000 15,000 $ 40,000 Cash at bank Short-term investments 27,000 35,000 62,000 Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) 7,000 61,000...
*. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8...
*. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8 20x7 Net Sales $35,000 $30,000 Cost of Goods Sold 20,000 18,000 3,000 2,800 900 Accounts Receivable 1,500 2,000 3,000 3,600 4,500 5,000 Net Income 1,000 Inventory Current Liabilities Required: Compute the following Current ratio for 20x8 Acid-test ratio for 20x8 Accounts receivable turnover for 20x8 Average collection period for 20x8 Inventory turnover for 20x8 CONSTANTINE CAVAMANLIS INC BALANCE SHEETS Assets Dec. 31, 2004 Jn...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8 ASSETS: 20X7 20X8 Current assets: Cash $10,000 $12,000 Accounts receivable 20,000 25,000 Inventory 16,000 24,000 Prepaid insurance 4,000 3,000 50,000 64,000 Property & equipment 76,000 84,000 Total assets $126,000 $148,000 LIABILITIES AND STOCKHOLDERS EQUITY: Current liabilities: Accounts payable $15,000 $17,000 Other payables 3,000 7,000 18,000 24,000 Long term notes payable 35,000 40,000 Total liabilities 53,000 64,000 Stockholder's equity Capital...
Parker Company has the following ledger accounts and adjusted balances as of December 31, 2017. All...
Parker Company has the following ledger accounts and adjusted balances as of December 31, 2017. All accounts have normal balances. Parker’s income tax rate is 20%. Parker has 300,000 shares of Common Stock authorized and 100,000 shares of Common Stock issued and outstanding. Accounts Payable……………………………. 39,000 Accounts Receivable………………………… 270,000 Accumulated Depreciation-Building………… 75,000 Accumulated Depreciation-Equipment………. 60,000 Administrative Expenses……………………. 60,000 Allowance for Doubtful Accounts…………… 30,000 Bonds Payable……………………………….. 250,000 Building……………………………………… 750,000 Cash…………………………………………. 39,000 Common Stock……………………………… 400,000 Cost of Goods Sold…………………………. 570,000 Dividends…………………………………… 20,000...
Orange Ltd., a publicly traded company, has compiled their comparative Statement of Financial Position as follows...
Orange Ltd., a publicly traded company, has compiled their comparative Statement of Financial Position as follows for their December 31, 20X8 year-end. Orange Ltd Comparative Statement of Financial Position As at December 31, 20X8 20X8 20X7 Assets Current Assets Cash 42,485 22,000 Accounts receivable 163,794 181,000 Inventory 23,000 229,297 53,000 256,000 Non-current assets PP&E (net) 759,600 446,000 Patents 80,000 839,600 87,000 295,000 Total Assets 1,068,897 507,000 Liabilities and Equity Current liabilities Accounts payable...
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At...
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At that date, the fair value of Saver's buildings and equipment was $16,000 more than the book value. Accumulated depreciation on this date was $19,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,500....
Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $187,000. The trial...
Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $187,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Prince Corporation Sword Company Item Debit Credit Debit Credit Cash $ 83,000 $ 34,000 Accounts Receivable 53,000 58,000 Inventory 180,000 119,000 Land 81,000 29,000 Buildings and Equipment 496,000 155,000 Investment in Sword Company 240,000 Cost of Goods Sold 496,000 251,000 Depreciation Expense 23,000 13,000 Other Expenses 64,000 64,000 Dividends Declared 51,000...
Question Information: Submission Format: Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for...
Question Information:
Submission Format:
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Problem 3-27 summarizes the first year of Peanut's ownership of Snoopy. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20x9: Cash Accounts Receivable Inventory Investment in Snoopy Company...
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items:...
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable $ 13,500 Accounts Receivable $ 35,000 Land $ 235,000 Cash ? Capital Stock ? Equipment $ 115,000 Building $ 175,000 Notes Payable $ 185,000 Retained Earnings $ 155,000 If Capital Stock is $315,000, total assets of Braun Corporation at December 31, Year 1, amounts to: Multiple Choice $668,500. $703,500. $98,500. 2. At December 31, Year 1, the accounting records of Braun Corporation...
The following selected account balances were taken from ABC Company's general ledgers for 2019: J...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 61,000 36,000 Notes payable 95,000 81,000 Unearned revenue 18,000 25,000 Accounts payable 49,000 53,000 Retained earnings 23,000 42,000 Land 80,000 ? Common stock 38,000 92,000 Accounts receivable 53,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows included...
Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one pdf document. Do not forget to highlight your answers Lab task 1 1) The accountant at Parker & Sisters gathered the following selected accounting information: 20X9 20X8 $ 32,000 17,000 23,000 65,000 8,000 54.000 15,000 $ 40,000 Cash at bank Short-term investments 27,000 35,000 62,000 Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) 7,000 61,000...
*. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8 20x7 Net Sales $35,000 $30,000 Cost of Goods Sold 20,000 18,000 3,000 2,800 900 Accounts Receivable 1,500 2,000 3,000 3,600 4,500 5,000 Net Income 1,000 Inventory Current Liabilities Required: Compute the following Current ratio for 20x8 Acid-test ratio for 20x8 Accounts receivable turnover for 20x8 Average collection period for 20x8 Inventory turnover for 20x8 CONSTANTINE CAVAMANLIS INC BALANCE SHEETS Assets Dec. 31, 2004 Jn...
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At that date, the fair value of Saver's buildings and equipment was $16,000 more than the book value. Accumulated depreciation on this date was $19,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,500....
Question Information:
Submission Format:
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Problem 3-27 summarizes the first year of Peanut's ownership of Snoopy. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20x9: Cash Accounts Receivable Inventory Investment in Snoopy Company...
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