Homework Answers
| TOTAL CURRENT ASSETS | ||
| cash | 29,000.00 | |
| accounts receivable | 23,100.00 | |
| inventory | 10,600.00 | |
| supplies | 1,300.00 | |
| prepaid insurance | 3,000.00 | |
| TOTAL CURRENT ASSETS | 67,000.00 | |
| PROPERTY PLANT & EQUIPMENT | ||
| Building | 143,000.00 | |
| PROPERTY PLANT & EQUIPMENT | 143,000.00 | |
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Cash $ 3,600 3,400 Accounts receivable Sandhill Co. Balance Sheet December 31, 2022 $ 29,000 Accounts...
Wayne Holtz is the bookkeeper for Sandhill Co. Wayne has been trying to get the balance...
Wayne Holtz is the bookkeeper for Sandhill Co. Wayne has been trying to get the balance sheet of Sandhill Co to balance. It finally balanced, but now he's not sure it is Sandhill Co. Balance Sheet December 31, 2022 Assets Liabilities and Stockholders' Equity Cash $16,300 Accounts payable $15,800 Supplies 10,200 Accounts receivable (12,400) Equipment 42,000 7,200 Dividends Total assets Common stock 46,000 Retained earnings 26,300 Total liabilities and stockholders' equity $75,700 $75,700 Prepare a correct balance sheet. (List assets...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid Insurance Equipment 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,700 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 10,500 99,600 Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200 4,950 5,400 Totals $144,880 $144,880 Required: TO Required: Prepare a classified balance sheet for Sparrow at December 31, 2019. Sparrow Company...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600 Liabilities Current liabilities: Accounts receivable $44,500 Accumulated depreciation-building 219,000 Accumulated depreciation-equipment 35,600 Net income 190,300 Total liabilities $489,400...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
I am having trouble getting the total property, plant, and equipment. The balance sheet for Oriole...
I am having trouble getting the
total property, plant, and equipment.
The balance sheet for Oriole Company is as follows: Oriole Company Balance Sheet December 31, 2022 $ 30,500 Accounts payable 17,600 Salaries and wages payable 11,500 Note payable (due 2025) 1,400 Total liabilities Cash Accounts receivable Inventory Supplies Prepaid insurance Land $ 3,600 2,900 159,000 165,500 2,300 25,600 Buildings Less: Accumulated depreciation Trademark $237,000 (116,000) 121,000 2,000 $211,900 Common stock Retained earnings Total stockholders' equity 30,000 16,400 46,400 $211,900...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓ Cash Common Stock Land Mortgage Payable Prepaid Insurance Retained Earnings Salaries Payable 6,000 5,000 40,000 120,000 12,000 60,000 ? 64,000 2,000 15,000 3,000 1,000 2,000 Supplies Unearned Fees Requirement: Using the above amounts prepare a classified balance sheet, for the Plum Company at December 31 of the current year, that includes the correct balance for Land. Assets Current assets: Liabilities Current liabilities: Total current...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained...
Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts...
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
2. Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
Wayne Holtz is the bookkeeper for Sandhill Co. Wayne has been trying to get the balance sheet of Sandhill Co to balance. It finally balanced, but now he's not sure it is Sandhill Co. Balance Sheet December 31, 2022 Assets Liabilities and Stockholders' Equity Cash $16,300 Accounts payable $15,800 Supplies 10,200 Accounts receivable (12,400) Equipment 42,000 7,200 Dividends Total assets Common stock 46,000 Retained earnings 26,300 Total liabilities and stockholders' equity $75,700 $75,700 Prepare a correct balance sheet. (List assets...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid Insurance Equipment 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,700 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 10,500 99,600 Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200 4,950 5,400 Totals $144,880 $144,880 Required: TO Required: Prepare a classified balance sheet for Sparrow at December 31, 2019. Sparrow Company...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600 Liabilities Current liabilities: Accounts receivable $44,500 Accumulated depreciation-building 219,000 Accumulated depreciation-equipment 35,600 Net income 190,300 Total liabilities $489,400...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
I am having trouble getting the
total property, plant, and equipment.
The balance sheet for Oriole Company is as follows: Oriole Company Balance Sheet December 31, 2022 $ 30,500 Accounts payable 17,600 Salaries and wages payable 11,500 Note payable (due 2025) 1,400 Total liabilities Cash Accounts receivable Inventory Supplies Prepaid insurance Land $ 3,600 2,900 159,000 165,500 2,300 25,600 Buildings Less: Accumulated depreciation Trademark $237,000 (116,000) 121,000 2,000 $211,900 Common stock Retained earnings Total stockholders' equity 30,000 16,400 46,400 $211,900...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓ Cash Common Stock Land Mortgage Payable Prepaid Insurance Retained Earnings Salaries Payable 6,000 5,000 40,000 120,000 12,000 60,000 ? 64,000 2,000 15,000 3,000 1,000 2,000 Supplies Unearned Fees Requirement: Using the above amounts prepare a classified balance sheet, for the Plum Company at December 31 of the current year, that includes the correct balance for Land. Assets Current assets: Liabilities Current liabilities: Total current...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained...
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
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