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Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are...
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts $60,000 24,600 45,000 18,200 388,000 5,300 Sales Returns and Allowances Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income $2,020 214,000 30,450 29,100 2,990 Prepare closing entries for Tamarisk, Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The...
Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in the current year a. Purchased $250,000 of new sports equipment inventory, paid $90,000 in cash and owed the rest on account b. Paid employees $180,300 in wages for work during the year, an additional $3.700 for the current year's wage will be paid in January of the next year. c. Sold sports equipment to customers for $750,000; received $500,000 in...
The following information was taken from the accounts of Green Market, a delicatessen, at December 31,...
The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/2018 Sales revenue Salaries expense Rent expense Gain on sale of land $ 604 404 200 414 204 600 66 410 44 639 1,040 170 100 79 Required Prepare...
The records of Koop Co. provided the following information for the year ended 31 December 20X8:...
The records of Koop Co. provided the following information for the year ended 31 December 20X8: Statement of Comprehensive Income For year ended 31 December 20x8 Sales revenue Cost of goods sold Depreciation expense Insurance expense Interest expense Salaries and wages expense Remaining expenses Loss on sale of equipment Income tax expense Net earnings and comprehensive income $ 418,300 (304,500) (23,400) (2,400) (4,800) (28,800) (31,200) (4,800) (18,200) $ 200 Statement of Financial Position As of 31 December 20x8 Cash $146,400...
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans...
Problem 12-7A The following are the financial statements of Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets...
Problem 12-7A The following are the financial statements of Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $37,400 Accounts receivable 32,900 Inventory 30,600 Equipment 59,700 Accumulated depreciation equipment (29,100) Total $131,500 2018 $20,500 18,100 20,000 77,900 (23,500) $113,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 $16,500 7,500 8,200 27,900 32,800 18,600 14,200 49,200 41,300 $131,500 $113,000 Larkspur, Inc. Income Statement For the Year Ended December 31,...
The following Information was taken from the accounts of Green Market, a delicatessen, at December 31,...
The following Information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed In alphabetical order, and each has a normal balance. Accounts payable hccounts receivable Advertising expense Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/2018 sales revenue Salaries expense Rent expense Gain on sale of land $ 605 405 200 415 205 500 65 400 45 640 1.050 180 100 90 * Required Prepare...
following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31,...
following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31, 2019. Using these 1. Prepare the income statement of Jedi's Restaurant, Inc. for 4 2. Prepare the balance sheet of Jedi's Restaurant, Inc. for 201 of Jedi's Restaurant, Inc. for 2019 in account form 2019 Accounts Sales Revenue Depreciation expense Cost of sales Operating expenses Interest expense Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Tax rate of...
The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31...
The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,900 $20,200 Accounts receivable 32,100 19,600 Inventory 31,000 20,400 Equipment 59,500 77,800 Accumulated depreciation equipment (29,900) (23,800) Total $130,600 $114,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 $16,800 7,300 8,400 27,400 32,500 18,200 14,900 49,300 41,600 $130,600 $114,200 Cheyenne Corp. Income Statement For the Year Ended December 31, 2019 Sales...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts $60,000 24,600 45,000 18,200 388,000 5,300 Sales Returns and Allowances Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income $2,020 214,000 30,450 29,100 2,990 Prepare closing entries for Tamarisk, Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in the current year a. Purchased $250,000 of new sports equipment inventory, paid $90,000 in cash and owed the rest on account b. Paid employees $180,300 in wages for work during the year, an additional $3.700 for the current year's wage will be paid in January of the next year. c. Sold sports equipment to customers for $750,000; received $500,000 in...
The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/2018 Sales revenue Salaries expense Rent expense Gain on sale of land $ 604 404 200 414 204 600 66 410 44 639 1,040 170 100 79 Required Prepare...
The records of Koop Co. provided the following information for the year ended 31 December 20X8: Statement of Comprehensive Income For year ended 31 December 20x8 Sales revenue Cost of goods sold Depreciation expense Insurance expense Interest expense Salaries and wages expense Remaining expenses Loss on sale of equipment Income tax expense Net earnings and comprehensive income $ 418,300 (304,500) (23,400) (2,400) (4,800) (28,800) (31,200) (4,800) (18,200) $ 200 Statement of Financial Position As of 31 December 20x8 Cash $146,400...
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans...
Problem 12-7A The following are the financial statements of Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $37,400 Accounts receivable 32,900 Inventory 30,600 Equipment 59,700 Accumulated depreciation equipment (29,100) Total $131,500 2018 $20,500 18,100 20,000 77,900 (23,500) $113,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 $16,500 7,500 8,200 27,900 32,800 18,600 14,200 49,200 41,300 $131,500 $113,000 Larkspur, Inc. Income Statement For the Year Ended December 31,...
The following Information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed In alphabetical order, and each has a normal balance. Accounts payable hccounts receivable Advertising expense Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/2018 sales revenue Salaries expense Rent expense Gain on sale of land $ 605 405 200 415 205 500 65 400 45 640 1.050 180 100 90 * Required Prepare...
following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31, 2019. Using these 1. Prepare the income statement of Jedi's Restaurant, Inc. for 4 2. Prepare the balance sheet of Jedi's Restaurant, Inc. for 201 of Jedi's Restaurant, Inc. for 2019 in account form 2019 Accounts Sales Revenue Depreciation expense Cost of sales Operating expenses Interest expense Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Tax rate of...
The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,900 $20,200 Accounts receivable 32,100 19,600 Inventory 31,000 20,400 Equipment 59,500 77,800 Accumulated depreciation equipment (29,900) (23,800) Total $130,600 $114,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 $16,800 7,300 8,400 27,400 32,500 18,200 14,900 49,300 41,600 $130,600 $114,200 Cheyenne Corp. Income Statement For the Year Ended December 31, 2019 Sales...
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