Homework Answers
1.
| Income
Statement For the year ended December 31, 2018 |
||
| Revenues | ||
| Service Revenue | $ 350,000 | |
| Expenses | ||
| Salaries and Wages Expense | $ 55,000 | |
| Utilities Expense | 2,400 | |
| Advertising Expense | 1,600 | |
| Depreciation Expense | 8,000 | |
| Interest Expense | 3,000 | |
| Total Expenses | 70,000 | |
| Net Income | 280,000 | |
2.
| Statement of
Retained Earnings For the year ended December 31, 2018 |
|
| Retained Earnings, Jan 1 | $ 89,000 |
| Net Income | 280,000 |
| Less: Dividends | (50,000) |
| Retained Earnings, Dec 31 | $ 319,000 |
3.
| Balance
Sheet December 31, 2018 |
|||
| Assets | |||
| Current Assets | $ | $ | |
| Cash | 145,000 | ||
| Accounts Receivable | 102,000 | ||
| Supplies | 2,000 | ||
| Prepaid Advertising | 5,000 | ||
| Total Current Assets | 254,000 | ||
| Property Plant and Equipment | |||
| Land | 250,000 | ||
| Buildings, at cost | 180,000 | ||
| Accumulated Depreciation: Building | (15,000) | 165,000 | |
| Equipment, at cost | 100,000 | ||
| Accumulated Depreciation: Equipment | (30,000) | 70,000 | |
| Property Plant and Equipment, net | 485,000 | ||
| Total Assets | $ 739,000 | ||
| Liabilities | |||
| Current Liabilities | |||
| Salaries and Wages Payable | 1,000 | ||
| Income Taxes Payable | 9,400 | ||
| Interest Payable | 600 | ||
| Notes Payable | 29,000 | ||
| Total Current Liabilities | 40,000 | ||
| Long Term Liabilities | |||
| Bonds Payable | 80,000 | ||
| Total Liabilities | 120,000 | ||
| Stockholders Equity | |||
| Common Stock | 300,000 | ||
| Retained Earnings | 319,000 | ||
| Total Stockholders Equity | 619,000 | ||
| Total Liabilities and Stockholders Equity | $ 739,000 | ||
Add Answer to:
given the following account information prepare a balance
sheet in report form for the company as...
11. Balance sheet presentation. ccount information for Leong Corporation, prepare a balance sheet in report form...
11. Balance sheet presentation. ccount information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2020. All accounts have not 70,000 2,400 600 2 Equipment Interest Expense Interest Payable Retained Earnings Dividends Land Accounts Receivable Bonds Payable Notes Payable (due in 6 months) Common Stock Accumulated Depreciation - Equip Prepaid Advertising Service Revenue Buildings Supplies Income Taxes Payable Utilities Expense Advertising Expense Salaries and Wages Expense Salaries and Wages Payable Accumulated Depr....
Prepare a Classified Balance Sheet The following is a list of accounts of the Dienstag Company...
Prepare a Classified Balance
Sheet
The following is a list of accounts of the Dienstag Company for the current year end (December 31, 2020. All of the accounts have normal balances. You are being asked to prepare an Income Statement, a statement of Retained Earnings and a classified Balance Sheet. Accounts Payable $48,000 Administrative Salary Expense $400,000 Accounts Receivable 32,000 64,000 Beginning Inventory Freight -In 56,000 48,000 Accumulated Depreciation - Building Freight-out Expense Allowance for Uncollectible Accounts 64,000 0,000 Ending...
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current...
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment Accumulated Depreciation-Store Equipment 87,500 Rent Expense Accounts Payable Customers Refunds Payable $92,000 Retained Earnings 450,000 Dividends 370,000 Sales $381,000 300,000 8,925,000 5,000 Cost of Goods Sold...
Problem 123 Given the following account information for Leong Corporation. Equipment 59,450 Interest Expense 2,3...
Problem 123
Given the following account information for Leong
Corporation.
Equipment
59,450
Interest Expense
2,380
Interest Payable
570
Retained Earnings
?
Dividends
66,150
Land
137,680
Accounts Receivable
101,010
Bonds Payable
79,820
Notes Payable (due in 6 months)
30,520
Common Stock
67,780
Accumulated Depreciation - Equipment.
11,940
Prepaid Advertising
4,820
Service Revenue
345,340
Buildings
78,090
Supplies
1,860
Income Taxes Payable
2,910
Utilities Expense
1,370
Advertising Expense
1,630
Salaries and Wages Expense
50,470
Salaries and Wages Payable
940
Accumulated Depr. - Building....
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current...
Multiple-Step Income Statement and Report Form of Balance
Sheet
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for the fiscal year ended
May 31, 2018:
Cash
$114,700
Retained Earnings
505,500
Accounts Receivable
305,800
Dividends
68,700
Inventory
348,600
Sales
$4,200,600
Estimated Returns Inventory
22,500
Cost of Goods Sold
2,429,700
Office Supplies
10,800
Sales Salaries Expense
683,300
Prepaid Insurance
8,400
Advertising Expense
187,900
Office Equipment
252,400
Depreciation Expense—
Store Equipment
36,600
Accumulated Depreciation—
Office Equipment...
Problems P4-1 Multiple-step income statement and report form of balance sheet The following selected accounts and...
Problems P4-1 Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Aqua Co for the fiscal year ended June 30, 20Y8 $ 83,500 $3,625,000 Cash Sales Accounts Receivable Sales Returns and Allowances 150,000 37,800 Merchandise Inventory Office Supplies Sales Discounts 380,000 20,200 Cost of Merchandise Sold 15,000 2,175,000 Prepaid Insurance 12,000 Sales Salaries Expense 388,800 Office Equipment Accumulated Depreciation 115,200 Advertising Expense Depreciation Expense Store Equipment Miscellaneous...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 70,300 Accumulated depreciation (building) 106,200 Accumulated depreciation (furniture) 27,600 Bonds payable (due in 7 years) 192,000 Building 300,000 Cash 41,450 Common stock 115,620 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 11,400 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment...
Requirement 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31,...
Requirement 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the stockholders' equity section. Data Table Requirements Sally O'Sullivan Dance Studio Company Balance Sheet August 31, 2018 Assets 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31,...
1. prepare retained earnings statement for the year. 2. prepare a classified balance sheet as of...
1. prepare retained earnings statement for the year.
2. prepare a classified balance sheet as of Nov. 30,
2020.
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances...
11. Balance sheet presentation. ccount information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2020. All accounts have not 70,000 2,400 600 2 Equipment Interest Expense Interest Payable Retained Earnings Dividends Land Accounts Receivable Bonds Payable Notes Payable (due in 6 months) Common Stock Accumulated Depreciation - Equip Prepaid Advertising Service Revenue Buildings Supplies Income Taxes Payable Utilities Expense Advertising Expense Salaries and Wages Expense Salaries and Wages Payable Accumulated Depr....
Prepare a Classified Balance
Sheet
The following is a list of accounts of the Dienstag Company for the current year end (December 31, 2020. All of the accounts have normal balances. You are being asked to prepare an Income Statement, a statement of Retained Earnings and a classified Balance Sheet. Accounts Payable $48,000 Administrative Salary Expense $400,000 Accounts Receivable 32,000 64,000 Beginning Inventory Freight -In 56,000 48,000 Accumulated Depreciation - Building Freight-out Expense Allowance for Uncollectible Accounts 64,000 0,000 Ending...
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment Accumulated Depreciation-Store Equipment 87,500 Rent Expense Accounts Payable Customers Refunds Payable $92,000 Retained Earnings 450,000 Dividends 370,000 Sales $381,000 300,000 8,925,000 5,000 Cost of Goods Sold...
Problem 123
Given the following account information for Leong
Corporation.
Equipment
59,450
Interest Expense
2,380
Interest Payable
570
Retained Earnings
?
Dividends
66,150
Land
137,680
Accounts Receivable
101,010
Bonds Payable
79,820
Notes Payable (due in 6 months)
30,520
Common Stock
67,780
Accumulated Depreciation - Equipment.
11,940
Prepaid Advertising
4,820
Service Revenue
345,340
Buildings
78,090
Supplies
1,860
Income Taxes Payable
2,910
Utilities Expense
1,370
Advertising Expense
1,630
Salaries and Wages Expense
50,470
Salaries and Wages Payable
940
Accumulated Depr. - Building....
Multiple-Step Income Statement and Report Form of Balance
Sheet
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for the fiscal year ended
May 31, 2018:
Cash
$114,700
Retained Earnings
505,500
Accounts Receivable
305,800
Dividends
68,700
Inventory
348,600
Sales
$4,200,600
Estimated Returns Inventory
22,500
Cost of Goods Sold
2,429,700
Office Supplies
10,800
Sales Salaries Expense
683,300
Prepaid Insurance
8,400
Advertising Expense
187,900
Office Equipment
252,400
Depreciation Expense—
Store Equipment
36,600
Accumulated Depreciation—
Office Equipment...
Problems P4-1 Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Aqua Co for the fiscal year ended June 30, 20Y8 $ 83,500 $3,625,000 Cash Sales Accounts Receivable Sales Returns and Allowances 150,000 37,800 Merchandise Inventory Office Supplies Sales Discounts 380,000 20,200 Cost of Merchandise Sold 15,000 2,175,000 Prepaid Insurance 12,000 Sales Salaries Expense 388,800 Office Equipment Accumulated Depreciation 115,200 Advertising Expense Depreciation Expense Store Equipment Miscellaneous...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment...
Requirement 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the stockholders' equity section. Data Table Requirements Sally O'Sullivan Dance Studio Company Balance Sheet August 31, 2018 Assets 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31,...
1. prepare retained earnings statement for the year.
2. prepare a classified balance sheet as of Nov. 30,
2020.
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances...
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