Homework Answers
Question 1
Correct answer---------(A) $42,000
Working
| Balance sheet | ||||
| Assets= | Liab.+ | Equity | ||
| Contributed capital | Retained earnings | |||
| $ 97,000.00 | $ 34,000.00 | $ 21,000.00 | $ 42,000.00 | |
Retained earnings = 97000-34000-21000
Question 2
Correct answer---------(d) $84,800
Working
| Wages expense as reported | $ 75,000.00 |
| Add: Accrued wages | $ 9,800.00 |
| Total wages expense | $ 84,800.00 |
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During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of...
QUESTION 7 KRJ Corporation reported cost of goods sold of $812 million for the year. Inventory...
QUESTION 7 KRJ Corporation reported cost of goods sold of $812 million for the year. Inventory at the beginning of the year was $118 million and at the end of the year it was $280 million. Accounts payable at the beginning of the year was $144 million and at the end of the year it was $135 million. How much cash (in $ millions) was paid for inventory purchased during the year? QUESTION 8 KRJ Corporation reported annual wages expense...
During the year, Glencoe Corporation paid dividends of $20,000 and received a bank loan for $60,000....
During the year, Glencoe Corporation paid dividends of $20,000 and received a bank loan for $60,000. The company's net income for the year was $30,000. Depreciation expense for the year was $16,000. Accounts receivable increased by $2,000, inventory decreased by $3,000, accounts payable decreased by $2,200, and prepaid insurance increased by $2,400. 9. How much is the company's cash flow from operations? A. $49,600 B. $26,400 C. $42,400 D. $33,600 During the year, Avatar Company issued 1,250 shares of its...
hese financial statement items are for Crane Corporation at year end, July 31, 2018: Operating expenses...
hese financial statement items are for Crane Corporation at year
end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
At September 1, 2017, Crews Co. reported owner’s equity of $136,000. During the month, Crews generated revenues...
At September 1, 2017, Crews Co. reported owner’s equity of $136,000. During the month, Crews generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and withdrew cash of $2,000. What is the amount of owner’s equity at September 30, 2017? $136,000 $8,000 $137,000 $142,000 A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the stand alone concept. monetary unit assumption. corporate form of...
5 After the accounts have been adjusted at July 31, the end of the fiscal year,...
5 After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances are taken from the ledger of Cabriolet Services Co. $615,850 Terry Lambert, Capital Fees Earned 330,450 Wages Expense 220,000 63,000 Rent Expense Supplies Expense 18,250 Miscellaneous Expense 6,200 Journalize the entries required to close the accounts.
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using the indirect method: Accounts payable decrease $7,000 Accounts receivable increase 9,800 Wages payable decrease 4,200 Amortization expense 22.400 Cash balance, January 1 42,000 Cash balance, December 31 9,800 Cash paid as dividends 8,400 Cash paid to purchase land 140,000 Cash paid to retire bonds payable at par 105,000 Cash received from issuance of common stock 63,000 Cash received...
Washington Plaza, Inc. reported the following activity during the year: Gross Profit $82,176,042 Dividends Received from...
Washington Plaza, Inc. reported the following activity during the year: Gross Profit $82,176,042 Dividends Received from 24% owned domestic corporation $179,000 Operating Expenses $57,690,750 Capital Gains $9,346,247 Capital Losses $8,911,634 Charitable Contributions $6,533,611 In addition, the corporation has a net operating loss carryforward from 2015 amounting to $24,439,446. a) How much is the corporation's taxable income and tax liability this year? (30 points) b) What carryovers are available to the corporation in future years? (10 points) gross profit Dividenc 24%...
I need help with my closing entries for revenue, expenses, and dividends... :) Information given: The...
I need help with my closing entries for revenue, expenses, and dividends... :) Information given: The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 24,900 Accounts Receivable 15,700 Prepaid Insurance 12,600 Land 151,000 Accounts Payable $ 7,000 Deferred Revenue 6,100 Common Stock 146,000 Retained Earnings 45,100 Totals $ 204,200 $ 204,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services...
These financial statement items are for Crane Corporation at year end, July 31, 2018: Operating expenses...
These financial statement items are for Crane Corporation at
year end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as...
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Credit Debit $8,000 8,500 15,500 Blossom Company Adjusted Trial Balance July 31, 2020 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732...
QUESTION 7 KRJ Corporation reported cost of goods sold of $812 million for the year. Inventory at the beginning of the year was $118 million and at the end of the year it was $280 million. Accounts payable at the beginning of the year was $144 million and at the end of the year it was $135 million. How much cash (in $ millions) was paid for inventory purchased during the year? QUESTION 8 KRJ Corporation reported annual wages expense...
During the year, Glencoe Corporation paid dividends of $20,000 and received a bank loan for $60,000. The company's net income for the year was $30,000. Depreciation expense for the year was $16,000. Accounts receivable increased by $2,000, inventory decreased by $3,000, accounts payable decreased by $2,200, and prepaid insurance increased by $2,400. 9. How much is the company's cash flow from operations? A. $49,600 B. $26,400 C. $42,400 D. $33,600 During the year, Avatar Company issued 1,250 shares of its...
hese financial statement items are for Crane Corporation at year
end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
5 After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances are taken from the ledger of Cabriolet Services Co. $615,850 Terry Lambert, Capital Fees Earned 330,450 Wages Expense 220,000 63,000 Rent Expense Supplies Expense 18,250 Miscellaneous Expense 6,200 Journalize the entries required to close the accounts.
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using the indirect method: Accounts payable decrease $7,000 Accounts receivable increase 9,800 Wages payable decrease 4,200 Amortization expense 22.400 Cash balance, January 1 42,000 Cash balance, December 31 9,800 Cash paid as dividends 8,400 Cash paid to purchase land 140,000 Cash paid to retire bonds payable at par 105,000 Cash received from issuance of common stock 63,000 Cash received...
Washington Plaza, Inc. reported the following activity during the year: Gross Profit $82,176,042 Dividends Received from 24% owned domestic corporation $179,000 Operating Expenses $57,690,750 Capital Gains $9,346,247 Capital Losses $8,911,634 Charitable Contributions $6,533,611 In addition, the corporation has a net operating loss carryforward from 2015 amounting to $24,439,446. a) How much is the corporation's taxable income and tax liability this year? (30 points) b) What carryovers are available to the corporation in future years? (10 points) gross profit Dividenc 24%...
These financial statement items are for Crane Corporation at
year end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Credit Debit $8,000 8,500 15,500 Blossom Company Adjusted Trial Balance July 31, 2020 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732...
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