Balance Sheet &
Balance Sheet Income statement
Transaction Assets Liability Stockholder Revenue Expenses Net Income
Equity
Homework Answers
In each of the following transaction (a) through (c) the Catena’s Marketing Company indicated the amount and the direction of effects
In each of the following transaction (a) through (c) the Catena’s Marketing Company indicated the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement indicate + for increase. -for decrease (Reductions in account balance should be indicated with a minus sign)Collected $1,200 rent for the period December 1 of the current year to April 1 of next year, which was credit to Unearned Rent on December 1.Purchased a machine...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. $ 57 70 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE...
Pro forma Income Statement & Balance Sheet for Radial Inc. This exper...
Pro forma Income Statement & Balance Sheet for Radial Inc. This experiential exercise involves creating a pro forma Balance Sheet and a pro forma Income Statement for Radial Inc. Assume the current year is 2015. To assist you in this endeavor, an Excel worksheet containing Radial's 2014 Income Statement and Balance Sheet has been provided. Develop the two pro forma financial statements for 2015 based upon the following assumptions: The company plans to increase sales by an additional 2 percent...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. $50 35 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE SHEET...
This exercise involves creating a pro forma Balance Sheet and a pro forma Income Statement for...
This exercise involves creating a pro forma Balance Sheet and a pro forma Income Statement for JetBlue Inc. To assist you in this endeavor, a worksheet containing JetBlue’s 2011 Income Statement and Balance Sheet has been provided. Develop the two pro forma financial statements for 2012 based upon the following assumptions. The company plans to increase sales by an additional 10 percent in 2012 due to minor price increases. In addition,the firm plans to launch a massive marketing campaign in...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 35 Inventories Less accumulated depreciation 120 Receivables Total current assets Total current liabilities Long-term debt $350 Interest expense $25 Property, plant, and equipment 520...
l UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on...
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UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
complete the worksheets above using information from the adjusted trial balance sheet. Adjusted Trial Balance December...
complete the worksheets above using information from the
adjusted trial balance sheet.
Adjusted Trial Balance December 31, 2019 Debit Credit 2.300 200 700 1126 587 loccounts Receivable 13.500 ANNONCe forunlcctalic Account Interest Receivable 15 Supplies 1800 Prepaid insurance Linventory 15.760 NO1S Pecewable 15,000 Building Cain ercumulaild Deprecat lecounts Payable Deferred Revenue salaries Payable income taxes Pavobl way rent liability NOLS Payable common stock Dividends 1.100 Seruisl. Pevno Solcs Revenue Sales Discounts interest Ketenul Bad De exachsc COSTOC Loods sold 17,280...
Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000 $49,000 Accounts...
Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000 $49,000 Accounts Receivable $26,000 $36,000 Prepaid Expenses $6,000 Land $70,000 Building $200,000 Accumulated $11,000 $189,000 Depreciation Equipment $68,000 Accumulated $10,000 $58,000 Depreciation Total Assets $386,000 $85,000 Liabilities and Stockholder Equity Accounts Payable $40,000 $5,000 Bonds Payable $150,000 Common Stock $60,000 Retained Earnings $136,000 $20,000 Total Liabilities and Stockholder Equity $386,000 $85,000 $0 Income Statement Shiner Corporation $492,000 00 Revenue Operating $269,0 Expenses $21,00 Depreciation Income before...
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic...
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. April 26, 2019 $30,557 9,155 2,330 10,418 1,764 Consolidated Statement of Income, 12 Months Ended ($ millions) Net Sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. $ 57 70 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. $50 35 Payables Less accumulated depreciation Total current assets Long-term debt Property, plant, and equipment Net fixed assets Total assets BALANCE SHEET...
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 35 Inventories Less accumulated depreciation 120 Receivables Total current assets Total current liabilities Long-term debt $350 Interest expense $25 Property, plant, and equipment 520...
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UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
complete the worksheets above using information from the
adjusted trial balance sheet.
Adjusted Trial Balance December 31, 2019 Debit Credit 2.300 200 700 1126 587 loccounts Receivable 13.500 ANNONCe forunlcctalic Account Interest Receivable 15 Supplies 1800 Prepaid insurance Linventory 15.760 NO1S Pecewable 15,000 Building Cain ercumulaild Deprecat lecounts Payable Deferred Revenue salaries Payable income taxes Pavobl way rent liability NOLS Payable common stock Dividends 1.100 Seruisl. Pevno Solcs Revenue Sales Discounts interest Ketenul Bad De exachsc COSTOC Loods sold 17,280...
Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000 $49,000 Accounts Receivable $26,000 $36,000 Prepaid Expenses $6,000 Land $70,000 Building $200,000 Accumulated $11,000 $189,000 Depreciation Equipment $68,000 Accumulated $10,000 $58,000 Depreciation Total Assets $386,000 $85,000 Liabilities and Stockholder Equity Accounts Payable $40,000 $5,000 Bonds Payable $150,000 Common Stock $60,000 Retained Earnings $136,000 $20,000 Total Liabilities and Stockholder Equity $386,000 $85,000 $0 Income Statement Shiner Corporation $492,000 00 Revenue Operating $269,0 Expenses $21,00 Depreciation Income before...
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. April 26, 2019 $30,557 9,155 2,330 10,418 1,764 Consolidated Statement of Income, 12 Months Ended ($ millions) Net Sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax...
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