Homework Answers
Ans:
| Sierra company | |
| Balance sheet | |
| 31-Dec | |
| Assets | |
| Current assets | |
| Cash | 35000 |
| Prepaid insurance | 2000 |
| Total Current assets (A) | 37000 |
| Long term investment | |
| Notes receivable (B) | 7000 |
| Plant asset | |
| Building | 95000 |
| Accumulated depreciation - Building | -27000 |
| Net Value of Building © | 68000 |
| Total assets (A+B+C) | 112000 |
| Liabilities | |
| Current liabilities | |
| Accounts payable | 10000 |
| Long term liabities | |
| Notes payable | 10500 |
| Total liabities | 20500 |
| Equity | |
| Retained earnings (20500+ 58500) note 1 | 79000 |
| Common stock | 12500 |
| Total equity | 91500 |
| Total liabilities and equity | 112000 |
Note1
| Income statement | |
| Consulting revenue | 84500 |
| Wages expense | -5000 |
| Depreciation expense | -9500 |
| Insurance expense | -3000 |
| Dividend | -8500 |
| Net Income to be added to retained earning | 58500 |
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what is missing from the balance sheet
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Required information Use the following information for Quick Studies below. (The following information applies to the...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
help please thank you Required information SIERRA COMPANY Balance Sheet December 31 Total current assets Total...
help please thank you
Required information SIERRA COMPANY Balance Sheet December 31 Total current assets Total assets Total liabilities Total equity Total liabilities and equity CIT05 NUMEWUIK 1 I ...*********************................................********************.................................********************...............................************************ Required information Use the following information for Quick Studies below. . (The following information applies to the questions displayed below.) Part 2 of 2 The following is the adjusted trial balance of Sierra Company. points eBook Hint Print References Account Title Cash Prepaid insurance Notes receivable (due in 5 years)...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable $44,980 9,815 13,320 40,500 17,000 22,800 28,075 30, 260 Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable $ 41,450 Accounts payable 9,390 Cash 13,640 Common stock 41,000 Land 19,000 Long-term notes payable 24,950 Merchandise inventory 30,400 Retained earnings 29,150 ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders’ Equity Current liabilities Long-term liabilities Total liabilities...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $40,210 7,090 16,240 40,500 27,040 20,300 28,325 43,925 ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets Total current assets $ 0 Property, plant and equipment Total property, plant and equipment 0 Total assets $ To Liabilities and Stockholders' Equity Current...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
Exercise 9-14A Preparing a classified balance sheet LO 9-6 points Required Use the following information to...
Exercise 9-14A Preparing a classified balance sheet LO 9-6 points Required Use the following information to prepare a classified balance sheet for Alpha Co, at the end of Year 1. Book Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $26,500 12,200 20,500 30,000 10,000 17,500 26,300 23,600 ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total...
Fill in the missing numbers on the balance sheet. (2 points each) Balance Sheet At December...
Fill in the missing numbers on the balance sheet. (2 points each) Balance Sheet At December 31, 2018, a company's records show the following information in the Balance Sheet. Cash Accounts Receivable Inventory Accounts Payable Wages Payable Short-term Notes Payable $325,000 150,000 40,000 520,000 650,000 Total Current Assets 1,305,000 Total Current Liabilities Other long-term Assets $ Long-term debt $445,000 Total Assets $ 1,543,000 Total Liabilities Total Stockholders' Equity (Owner's Equity)
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
Struggling with the boxes outlined in red. Any help would be appreciated! The adjusted trial balance...
Struggling with the boxes outlined in red. Any help would be
appreciated!
The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts. Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Credits $128,800 Owner's Capital 14,520 Accumulated Depreciation-Buildings 4,680 Accounts Payable 18,040 Notes Payable 62,400 Accumulated Depreciation Equipment 65,000 Interest Payable 780 Service Revenue 7,360 3,800 $305,380 $113,000 42,600 12,300 97,780 18,720 3,800 17,180 $305,380 Prepare a classified...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
help please thank you
Required information SIERRA COMPANY Balance Sheet December 31 Total current assets Total assets Total liabilities Total equity Total liabilities and equity CIT05 NUMEWUIK 1 I ...*********************................................********************.................................********************...............................************************ Required information Use the following information for Quick Studies below. . (The following information applies to the questions displayed below.) Part 2 of 2 The following is the adjusted trial balance of Sierra Company. points eBook Hint Print References Account Title Cash Prepaid insurance Notes receivable (due in 5 years)...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable $44,980 9,815 13,320 40,500 17,000 22,800 28,075 30, 260 Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $40,210 7,090 16,240 40,500 27,040 20,300 28,325 43,925 ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets Total current assets $ 0 Property, plant and equipment Total property, plant and equipment 0 Total assets $ To Liabilities and Stockholders' Equity Current...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
Exercise 9-14A Preparing a classified balance sheet LO 9-6 points Required Use the following information to prepare a classified balance sheet for Alpha Co, at the end of Year 1. Book Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $26,500 12,200 20,500 30,000 10,000 17,500 26,300 23,600 ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total...
Fill in the missing numbers on the balance sheet. (2 points each) Balance Sheet At December 31, 2018, a company's records show the following information in the Balance Sheet. Cash Accounts Receivable Inventory Accounts Payable Wages Payable Short-term Notes Payable $325,000 150,000 40,000 520,000 650,000 Total Current Assets 1,305,000 Total Current Liabilities Other long-term Assets $ Long-term debt $445,000 Total Assets $ 1,543,000 Total Liabilities Total Stockholders' Equity (Owner's Equity)
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
Struggling with the boxes outlined in red. Any help would be
appreciated!
The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts. Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Credits $128,800 Owner's Capital 14,520 Accumulated Depreciation-Buildings 4,680 Accounts Payable 18,040 Notes Payable 62,400 Accumulated Depreciation Equipment 65,000 Interest Payable 780 Service Revenue 7,360 3,800 $305,380 $113,000 42,600 12,300 97,780 18,720 3,800 17,180 $305,380 Prepare a classified...
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