Homework Answers
| Skysong Inc. | ||
| Balance Sheet for Year ended on 31st Dec 2017 | ||
| Assets | ||
| Cash | 22000 | |
| Account Receivable (55000-11000*) | 44000 | |
| Inventory** | 27500 | |
| Total Asset | $93,500.00 | |
| Liability & Equity | ||
| Liablities | ||
| Account Payable | $33,000.00 | |
| Note Payable | 16500 | |
| Total Liabilities | 49,500.00 | |
| Equity | ||
| Shareholder Equity (93500-49500) | $44,000.00 | |
| Total Liability & Equity | $93,500.00 | |
| *Boat belong to other hence it'sloan will not be considered and also account recivable on account of advance given to relative will not be considered in balance sheet of Sky Song Inc. | ||
| **Inventory should be recorded at cost or fair value whatever is less. | ||
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Skysong, Inc. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president...
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Answers?
Skysong, Inc. is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017 Service revenue (from camping fees) $145,200 Dividends $9,900 Sales revenue (from general store) 27,500 Notes payable 55,000 Accounts payable 12,100 Expenses during 2017 138,600 Cash 9,350 Supplies 6,050 Equipment 125,400 Common stock 44,000 5,500 Retained earnings (1/1/2017) Determine Skysong, Inc.'s net income for 2017. Skysong, Inc's net income for 2017 $ Prepare a retained...
Presented below is the adjusted trial balance of Tamarisk, Inc. at December 31, 2017. Prepare a...
Presented below is the adjusted trial balance of Tamarisk, Inc.
at December 31, 2017.
Prepare a classified balance sheet as of December 31, 2017.
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Answers?
Skysong, Inc. is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017 Service revenue (from camping fees) $145,200 Dividends $9,900 Sales revenue (from general store) 27,500 Notes payable 55,000 Accounts payable 12,100 Expenses during 2017 138,600 Cash 9,350 Supplies 6,050 Equipment 125,400 Common stock 44,000 5,500 Retained earnings (1/1/2017) Determine Skysong, Inc.'s net income for 2017. Skysong, Inc's net income for 2017 $ Prepare a retained...
Presented below is the adjusted trial balance of Tamarisk, Inc.
at December 31, 2017.
Prepare a classified balance sheet as of December 31, 2017.
We were unable to transcribe this imageTamarisk, Inc. Balance Sheet December 31, 2017 Assets Current Assets Cash $ Accounts Receivable Supplies Prepaid Insurance Total Current Assets $ Equipment Less Accumulated Depreciation-Equipment Trademarks Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue Total Current Liabilities Long-term Liabilities Bonds Payable...
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