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orporation at December ences wations Land LUS Support Buildings 2021 $95.000 250,000 (55,000 239.000 (86,000) 2020...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings 308,500 295,250 Accumulated depreciation-equipment 132,000 98,750 Dividends payable 3,050 6,600 Mortgage payable 547,800 587,800 Notes payable 343,500 312,500 Common shares: 5,470 shares in 2021; 4,070 in 2020 542,500 413,500 Retained earnings 208,000 109,000 Cash dividends declared 28,500 12,800 Depreciation expense-buildings 26,250 40,350 Depreciation expense-equipment 47,855 26,000 Gain on sale of equipment 970 Loss on sale of building 10,900 Interest expense 44,850 48,950 Additional information:...
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Need some help with this. don't think this is correct. Need
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Below selected information for Flint Corporation for December 31. All purchases were paid for by cash. Land was sold for cash at a loss of $4,600. Equipment with a cost of $50,000 and accumulated depreciation of $40,000 was sold for cash at a gain of $2,800. No other transactions occurred. 2018 2017 Land $105,000 $250,000 Buildings 160,000 80,000 Accumulated Depreciation Buildings 49,100...
CALCULATOR Exercise 4-14 a The adjusted trial balance for Carla Vista Bowling Alley at December 31,...
CALCULATOR Exercise 4-14 a The adjusted trial balance for Carla Vista Bowling Alley at December 31, 2020, contains the following accounts. FULL SCREEN PRINTER VERSION 4 BACK Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $128,200 14,000 5,000 18,600 Credits Owner's Capital Accumulated Depreciation Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Service Revenue 62,200 66,600 900 6,700 2,900 $305,100 $117,400 12,600 11,300 97,000 17,800 2,000 17,000 $305,100 (a) Prepare a classified...
Selected financial information for Sandhill as at December 31, 2021. follows Ences rations Accounts payable $209,000...
Selected financial information for Sandhill as at December 31, 2021. follows Ences rations Accounts payable $209,000 Land $107.000 LUS Support Accounts receivable 190.000 Licences 60,000 Accumulated depreciation-building Building 75,000 Long term equity investments 47,000 256,000 Mortgage payable 217,000 Cash 15,500 Notes payable 55,000 Goodwill 36,000 Prepaid expenses 7,300 Interest payable 17,000 Salarles payable 29,500 J.Chrowder, capital 98,800 Supplies 10,000 Unearned revenue 27.500 Additional information: 1. All accounts have normal balances. 2 $18,000 of the mortgage payable will be paid before...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments $150 $100 290 Land 290 Buildings 330 330 Accumulated depreciation-buildings 80 Equipment 600 360 Accumulated depreciation-equipment 200 200 Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was purchased during the year. In addition, equipment with a cost of $130 and a carrying amount of $60 was sold at a gain of $20. Prepare the investing activities section...
RACK 2019 ROJAS CORPORATION Comparative Balance Sheets December 31 2020 Cash $14.900 Accounts receivable 21.500 Land...
RACK 2019 ROJAS CORPORATION Comparative Balance Sheets December 31 2020 Cash $14.900 Accounts receivable 21.500 Land Buildings 70,100 Accumulated depreciation buildings (14.800) $111.00 $10,400 70,100 (10,700) 119.100 Accounts payable Commons $12.100 75.000 520,300 73.600 17,200 119.100 5111,400 1. Net income was 22,400. Dividends declared and paid were $15.700 2. No noncash investing and financing activities occurred during 2020. 3. The land was sold for cash of 54.900 Prepare a statement of cash flows for 2020 using the indirect method (Show...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment $27,300 59,000 23,100 62,800 104,400 43,000 Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred...
The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 115,000 79,600...
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 115,000 79,600 99,000 4,800 131,200 94,000 83,600 2,400 500,000 806,000 (432,000) $1,172,400 500,000 690,000 (276,000) $1,225,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 103,000 6,600 8,800...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings 308,500 295,250 Accumulated depreciation-equipment 132,000 98,750 Dividends payable 3,050 6,600 Mortgage payable 547,800 587,800 Notes payable 343,500 312,500 Common shares: 5,470 shares in 2021; 4,070 in 2020 542,500 413,500 Retained earnings 208,000 109,000 Cash dividends declared 28,500 12,800 Depreciation expense-buildings 26,250 40,350 Depreciation expense-equipment 47,855 26,000 Gain on sale of equipment 970 Loss on sale of building 10,900 Interest expense 44,850 48,950 Additional information:...
Need some help with this. don't think this is correct. Need
someone to provide correct answer alongside explanation:
Below selected information for Flint Corporation for December 31. All purchases were paid for by cash. Land was sold for cash at a loss of $4,600. Equipment with a cost of $50,000 and accumulated depreciation of $40,000 was sold for cash at a gain of $2,800. No other transactions occurred. 2018 2017 Land $105,000 $250,000 Buildings 160,000 80,000 Accumulated Depreciation Buildings 49,100...
CALCULATOR Exercise 4-14 a The adjusted trial balance for Carla Vista Bowling Alley at December 31, 2020, contains the following accounts. FULL SCREEN PRINTER VERSION 4 BACK Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $128,200 14,000 5,000 18,600 Credits Owner's Capital Accumulated Depreciation Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Service Revenue 62,200 66,600 900 6,700 2,900 $305,100 $117,400 12,600 11,300 97,000 17,800 2,000 17,000 $305,100 (a) Prepare a classified...
Selected financial information for Sandhill as at December 31, 2021. follows Ences rations Accounts payable $209,000 Land $107.000 LUS Support Accounts receivable 190.000 Licences 60,000 Accumulated depreciation-building Building 75,000 Long term equity investments 47,000 256,000 Mortgage payable 217,000 Cash 15,500 Notes payable 55,000 Goodwill 36,000 Prepaid expenses 7,300 Interest payable 17,000 Salarles payable 29,500 J.Chrowder, capital 98,800 Supplies 10,000 Unearned revenue 27.500 Additional information: 1. All accounts have normal balances. 2 $18,000 of the mortgage payable will be paid before...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments $150 $100 290 Land 290 Buildings 330 330 Accumulated depreciation-buildings 80 Equipment 600 360 Accumulated depreciation-equipment 200 200 Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was purchased during the year. In addition, equipment with a cost of $130 and a carrying amount of $60 was sold at a gain of $20. Prepare the investing activities section...
RACK 2019 ROJAS CORPORATION Comparative Balance Sheets December 31 2020 Cash $14.900 Accounts receivable 21.500 Land Buildings 70,100 Accumulated depreciation buildings (14.800) $111.00 $10,400 70,100 (10,700) 119.100 Accounts payable Commons $12.100 75.000 520,300 73.600 17,200 119.100 5111,400 1. Net income was 22,400. Dividends declared and paid were $15.700 2. No noncash investing and financing activities occurred during 2020. 3. The land was sold for cash of 54.900 Prepare a statement of cash flows for 2020 using the indirect method (Show...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment $27,300 59,000 23,100 62,800 104,400 43,000 Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 115,000 79,600 99,000 4,800 131,200 94,000 83,600 2,400 500,000 806,000 (432,000) $1,172,400 500,000 690,000 (276,000) $1,225,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 103,000 6,600 8,800...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
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