Homework Answers
| Date | Particulars | Debit | Credit |
| 31-Dec-14 | Market Adjustments- available for sale securities | $6,200 | |
| Unrealized increase on available for sale securities | $6,200 | ||
| (Being Value increased accounted) | |||
| 31-Dec-14 | Trading Securities Market Value Adjustment | ($1,800) | |
| Unrealized Gain (Loss) on Short Term Investments | ($1,800) | ||
| (Being Value decreased accounted) | |||
| 31-Dec-15 | Other Comprehensive Income | $1,600 | |
| Market Adjustments- available for sale securities | $1,600 | ||
| (Being Value decreased accounted) | |||
| 31-Dec-15 | Trading Securities Market Value Adjustment | $2,100 | |
| Unrealized Gain (Loss) on Short Term Investments | $2,100 | ||
| (Being Value increased accounted) | |||
| 31-Dec-16 | Other Comprehensive Income | $5,400 | |
| Market Adjustments- available for sale securities | $5,400 | ||
| (Being Value decreased accounted) | |||
| 31-Dec-16 | Trading Securities Market Value Adjustment | $1,250 | |
| Unrealized Gain (Loss) on Short Term Investments | $1,250 | ||
| (Being Value increased accounted) |
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Truss Builders Co. reported the following selected balances on
its financial statements for each of the...
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company...
[The following information applies to the questions displayed
below.] Selected comparative financial statements of Korbin Company
follow KORBIN COMPANY Comparative Income Statements For Years Ended
December 31, 2015, 2014, and 2013 2015 2014 Sales $ 490,941 $
376,101 Cost of goods sold 295,546 236,944 2013 $ 261,000 167,040
Gross profit Selling expenses Administrative expenses 195,395
69,714 44,185 139,157 51,902 33,097 93,960 34,452 21,663 Total
expenses 113,899 84,999 56,115 Income before taxes Income taxes
81,496 15,158 54,158 11,102 37,845 7,683 Net...
Question 10 Best Buy reported the following selected information for its three most recent fiscal years...
Question 10 Best Buy reported the following selected information for its three most recent fiscal years in U.S. $ millions): Net sales Cost of goods sold Income from operations Net income 2016 $39,528 30,334 1,375 807 2015 $40,339 31,292 1,450 1,246 2014 $40,611 31,212 1,144 695 Calculate the gross profit margin and profit margin for Best Buy for each of the three years. (Round all amounts to 1 decimal place, e.g. 5.2.) 2016 2015 2014 Gross profit margin Profit margin...
The question is complete Street Limited prepares its financial statements to 31 December each year, and...
The question is complete
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of- town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 2,000 Land...
Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative...
Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...
Carlsville Company, which began operations in 2015. Invests its idle cash in trading securities. The following...
Carlsville Company, which began operations in 2015. Invests its idle cash in trading securities. The following transactions are from its short-term investments in trading securities Purchased 800 shares of Ford Motor Co. at $26 per share plus 20 $125 commission Purchased 2 200 shares of Lucent at $44.25 per share plus a $578 commission Purchased 750 shares of Z-Seven at $7.50 per share plus a $200 commission Fair value of the short-term investments in trading securities is DE $130,000 Sold...
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014...
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of-town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 £'000 Land 2.000 1.800 Direct materials 1.600...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb. 9 Purchased 2,900 shares of Lucent at $31 per share plus a $195 commission 0ct. 12 Purchased 740 shares of Z-Seven at $7.60 per share plus a 100 commission. Dec. 31 Fair value of the short-term investnents in trading securities is $126, 300. 2018 Apr. 15 Sold 1, 000 shares of Ford Motor Co. at $31 per share less a $290...
[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company...
[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46, 920 50, 800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50, 660 50, 500 Income taxes 40, 800...
The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts...
The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, $O; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, $O; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Journalize the adjusting entries using...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation-Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $700. b. Unearned revenue that has been earned, $100. c. Office Supplies on hand,...
[The following information applies to the questions displayed
below.] Selected comparative financial statements of Korbin Company
follow KORBIN COMPANY Comparative Income Statements For Years Ended
December 31, 2015, 2014, and 2013 2015 2014 Sales $ 490,941 $
376,101 Cost of goods sold 295,546 236,944 2013 $ 261,000 167,040
Gross profit Selling expenses Administrative expenses 195,395
69,714 44,185 139,157 51,902 33,097 93,960 34,452 21,663 Total
expenses 113,899 84,999 56,115 Income before taxes Income taxes
81,496 15,158 54,158 11,102 37,845 7,683 Net...
Question 10 Best Buy reported the following selected information for its three most recent fiscal years in U.S. $ millions): Net sales Cost of goods sold Income from operations Net income 2016 $39,528 30,334 1,375 807 2015 $40,339 31,292 1,450 1,246 2014 $40,611 31,212 1,144 695 Calculate the gross profit margin and profit margin for Best Buy for each of the three years. (Round all amounts to 1 decimal place, e.g. 5.2.) 2016 2015 2014 Gross profit margin Profit margin...
The question is complete
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of- town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 2,000 Land...
Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900...
Carlsville Company, which began operations in 2015. Invests its idle cash in trading securities. The following transactions are from its short-term investments in trading securities Purchased 800 shares of Ford Motor Co. at $26 per share plus 20 $125 commission Purchased 2 200 shares of Lucent at $44.25 per share plus a $578 commission Purchased 750 shares of Z-Seven at $7.50 per share plus a $200 commission Fair value of the short-term investments in trading securities is DE $130,000 Sold...
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of-town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 £'000 Land 2.000 1.800 Direct materials 1.600...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb. 9 Purchased 2,900 shares of Lucent at $31 per share plus a $195 commission 0ct. 12 Purchased 740 shares of Z-Seven at $7.60 per share plus a 100 commission. Dec. 31 Fair value of the short-term investnents in trading securities is $126, 300. 2018 Apr. 15 Sold 1, 000 shares of Ford Motor Co. at $31 per share less a $290...
[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46, 920 50, 800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50, 660 50, 500 Income taxes 40, 800...
The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, $O; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, $O; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Journalize the adjusting entries using...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation-Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $700. b. Unearned revenue that has been earned, $100. c. Office Supplies on hand,...
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