Homework Answers
| PRONGHORN | |||
| Statement of Financial Position | |||
| December 31 | |||
| $ | $ | $ | |
| Assets | |||
| Property, Plant, and Equipment | |||
| Land | 66,000.00 | ||
| Building | 129,100.00 | ||
| Less: Accumulated Depreciation-Buildings | (42,450.00) | 86,650.00 | |
| Equipment | 63,800.00 | ||
| Less: Accumulated Depreciation-Equipment | (18,540.00) | 45,260.00 | |
| 197,910.00 | |||
| Current Assets | |||
| Prepaid Insurance | 4,790.00 | ||
| Accounts Receivable | 14,570.00 | ||
| Cash | 19,040.00 | 38,400.00 | |
| Total Assets | 236,310.00 | ||
| Equity and Liabilities | |||
| Equity | |||
| Share Capital | 100,000.00 | ||
| Retained Earnings | 22,460.00 | 122,460.00 | |
| Non-current Liabilities | |||
| Notes Payable (97,800 - 15,100) | 82,700.00 | ||
| Current Liabilities | |||
| Current Portion of Notes Payable | 15,100.00 | ||
| Accounts Payable | 13,000.00 | ||
| Interest Payable | 3,050.00 | 31,150.00 | |
| Total Equity and Liabilities | 236,310.00 | ||
| Explanation | |||
| Calculation of net income | |||
| Revenues: | |||
| Bowling revenue | 14,170.00 | ||
| Total Revenues | 14,170.00 | ||
| Expenses: | |||
| Insurance expense | 780.00 | ||
| Depreciation expense | 7,370.00 | ||
| Interest Expenses | 3,050.00 | ||
| Total expenses | 11,200.00 | ||
| Net income | 2,970.00 | ||
Add Answer to:
The following information is available for Pronghorn at December 31, 2019. Buildings Accounts Receivable Prepaid Insurance...
The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance...
The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense nterest Expense $100,000 2,570 42,450 11,500 97,580 55,000 Accumulated Depreciation-Equipment 18,520 2,100 14,100 $127,500 Share Capital 14,410 Retained Earnings (beginning) 4,550 Accumulated Depreciation Buildings 16,840 Accounts Payable 60,400 Notes Payable 780 Interest Payable 7,240 2,100 Bowling Revenues Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2020. (List...
The following information is available for Riverbed at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance...
The following information is available for Riverbed at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129,900 Share Capital $100,000 29,070 42,570 11,700 97,600 78,000 Accumulated Depreciation-Equipment 18,650 2,350 14,330 14,580 4,760 17,740 60,800 Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable 780 Interest Payable 7,360 Bowling Revenues 2,350 Prepare a classified statement of financial position. Assume that $14,200 of the notes payable will be paid in 2020. (List Current...
The following information is available for Ayayai Bowling Alley at December 31, 2022. Buildings Accounts Receivable...
The following information is available for Ayayai Bowling Alley at December 31, 2022. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $127,500 14,410 4,550 16,840 60,400 55,000 Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues $100,000 2,970 42,450 11,500 97,580 18,120 2,100 14,100 780 7,240 2,100 Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2023....
Your answer is partially correct. The following information is available for Marigold Bowling Alley at December...
Your answer is partially correct. The following information is available for Marigold Bowling Alley at December 31, 2022. $129,000 14,460 4,800 $100,000 5,290 42,480 18,240 13,200 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues 61,400 55,000 780 97,620 18,420 2,150 14,160 7,490 2,150 Prepare a classified statement of financial position. Assume that $14,200 of the notes payable...
Your answer is partially correct. The following information is available for Riverbed Bowling Alley at December...
Your answer is partially correct. The following information is available for Riverbed Bowling Alley at December 31, 2022. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129.900 14,580 4,760 17,740 60,800 78,000 780 7.360 2,350 Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues $100,000 29,480 42,570 11.700 97,600 18.240 2,350 14,330 Prepare a classified statement of financial position. Assume that $14.200 of the notes payable...
The adjusted trial balance for Monty at December 31, 2019, contains the following accounts. Debit Credit...
The adjusted trial balance for Monty at December 31, 2019, contains the following accounts. Debit Credit Buildings $127,400 Common Stock $93,050 Accounts Receivable 14.700 26,150 Retained Earnings Accumulated Depreciation-Buildings Prepaid Insurance 4,400 43,300 Cash 18,900 Accounts Payable 11,900 Equipment 62,500 Notes Payable 96,300 18,300 Land Insurance Expense 68,500 Accumulated Depreciation-Equipment 900 Interest Payable 7,400 Service Revenue 2,400 $307,100 2,400 15,700 Depreciation Expense Interest Expense $280,950 Prepare a classified balance sheet: assume that $23,000 of the note payable will be paid...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
CALCULATOR Exercise 4-14 a The adjusted trial balance for Carla Vista Bowling Alley at December 31,...
CALCULATOR Exercise 4-14 a The adjusted trial balance for Carla Vista Bowling Alley at December 31, 2020, contains the following accounts. FULL SCREEN PRINTER VERSION 4 BACK Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $128,200 14,000 5,000 18,600 Credits Owner's Capital Accumulated Depreciation Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Service Revenue 62,200 66,600 900 6,700 2,900 $305,100 $117,400 12,600 11,300 97,000 17,800 2,000 17,000 $305,100 (a) Prepare a classified...
These items are taken from the financial statements of Waterway Industries at December 31, 2017. Buildings...
These items are taken from the financial statements of Waterway Industries at December 31, 2017. Buildings $120,612 Accounts receivable 14,364 Prepaid insurance 3,648 Cash 13,498 Equipment 93,936 Land 69,768 Insurance expense 889 Depreciation expense 6,042 Interest expense 2,964 Common stock 68,400 Retained earnings (January 1, 2017) 45,600 Accumulated depreciation—buildings 51,984 Accounts payable 10,830 Notes payable 106,704 Accumulated depreciation—equipment 21,341 Interest payable 4,104 Service revenue 16,758 Prepare a classified balance sheet. Assume that $15,504 of the note payable will be paid...
These items are taken from the financial statements of Ivanhoe Company at December 31, 2022 Buildings...
These items are taken from the financial statements of Ivanhoe Company at December 31, 2022 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $90,988 10,836 2,752 10,182 70,864 52,632 671 4,558 2236 51,600 34,400 39,216 8.170 80,496 16,099 3,096 12642 Prepare a classified balance sheet. Assume that $11.696 of the note payable will be...
The following information is available for Ayayai at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense nterest Expense $100,000 2,570 42,450 11,500 97,580 55,000 Accumulated Depreciation-Equipment 18,520 2,100 14,100 $127,500 Share Capital 14,410 Retained Earnings (beginning) 4,550 Accumulated Depreciation Buildings 16,840 Accounts Payable 60,400 Notes Payable 780 Interest Payable 7,240 2,100 Bowling Revenues Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2020. (List...
The following information is available for Riverbed at December 31, 2019 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129,900 Share Capital $100,000 29,070 42,570 11,700 97,600 78,000 Accumulated Depreciation-Equipment 18,650 2,350 14,330 14,580 4,760 17,740 60,800 Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable 780 Interest Payable 7,360 Bowling Revenues 2,350 Prepare a classified statement of financial position. Assume that $14,200 of the notes payable will be paid in 2020. (List Current...
The following information is available for Ayayai Bowling Alley at December 31, 2022. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $127,500 14,410 4,550 16,840 60,400 55,000 Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues $100,000 2,970 42,450 11,500 97,580 18,120 2,100 14,100 780 7,240 2,100 Prepare a classified statement of financial position. Assume that $12,900 of the notes payable will be paid in 2023....
Your answer is partially correct. The following information is available for Marigold Bowling Alley at December 31, 2022. $129,000 14,460 4,800 $100,000 5,290 42,480 18,240 13,200 Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues 61,400 55,000 780 97,620 18,420 2,150 14,160 7,490 2,150 Prepare a classified statement of financial position. Assume that $14,200 of the notes payable...
Your answer is partially correct. The following information is available for Riverbed Bowling Alley at December 31, 2022. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129.900 14,580 4,760 17,740 60,800 78,000 780 7.360 2,350 Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues $100,000 29,480 42,570 11.700 97,600 18.240 2,350 14,330 Prepare a classified statement of financial position. Assume that $14.200 of the notes payable...
The adjusted trial balance for Monty at December 31, 2019, contains the following accounts. Debit Credit Buildings $127,400 Common Stock $93,050 Accounts Receivable 14.700 26,150 Retained Earnings Accumulated Depreciation-Buildings Prepaid Insurance 4,400 43,300 Cash 18,900 Accounts Payable 11,900 Equipment 62,500 Notes Payable 96,300 18,300 Land Insurance Expense 68,500 Accumulated Depreciation-Equipment 900 Interest Payable 7,400 Service Revenue 2,400 $307,100 2,400 15,700 Depreciation Expense Interest Expense $280,950 Prepare a classified balance sheet: assume that $23,000 of the note payable will be paid...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
CALCULATOR Exercise 4-14 a The adjusted trial balance for Carla Vista Bowling Alley at December 31, 2020, contains the following accounts. FULL SCREEN PRINTER VERSION 4 BACK Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $128,200 14,000 5,000 18,600 Credits Owner's Capital Accumulated Depreciation Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Service Revenue 62,200 66,600 900 6,700 2,900 $305,100 $117,400 12,600 11,300 97,000 17,800 2,000 17,000 $305,100 (a) Prepare a classified...
These items are taken from the financial statements of Ivanhoe Company at December 31, 2022 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $90,988 10,836 2,752 10,182 70,864 52,632 671 4,558 2236 51,600 34,400 39,216 8.170 80,496 16,099 3,096 12642 Prepare a classified balance sheet. Assume that $11.696 of the note payable will be...
Most questions answered within 3 hours.
-
The activation energy for a given reaction is 50.3 kJ/mol. If
the rate constant for the...
asked 2 minutes ago -
An entomologist discovers a dung beetle rolling a ball of dung
along the ground, and decides...
asked 1 hour ago -
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 3 hours ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 4 hours ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 5 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 5 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 5 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 5 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 5 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 6 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 6 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 6 hours ago