Homework Answers
Income statement of ____ for the December 31, 2017
| Particulars | Amount ($) | Amount ($) |
| Revenue | ||
| Net Sales Revenue | $1,064,280 | |
| Rent Revenue | $21,720 | |
| Gain on Sale of Land | $33,720 | |
| Total Revenue | $1,119,720 | |
| Expenses | ||
| Cost of Goods Sold | $623,720 | |
| Selling Expenses | $235,720 | |
| Administration Expenses | $102,720 | |
| Total Expenses | $962,160 | |
| Operating Income | $157,560 | |
| Income Tax Expense | $57,620 | |
| Net Income | $99,940 | |
| Earnings Per Share | $3.29 | |
| Statement of Retained Earning's | ||
| For Month Ended December 31, 2017. | ||
| Retained Earning's as on January 1, 2017 | $163,720 | |
| Add: - Net Income | $99,940 | |
| Sub total | $263,660 | |
| Less:- Cash Dividends | $48,720 | |
| Retained Earning's as on December 31, 2017 | $214,940 | |
.
Working Notes
| 1. Net Sales Revenue | |
| Sales Revenue | $1,103,720 |
| Less: - Sales Discounts | -$18,220 |
| Less: - Sales Returns and Allowances | -$21,220 |
| Net Sales Revenue | $1,064,280 |
| 2. Cost of Goods Sold | |
| Purchases | $613,720 |
| Less:- Purchase Discounts | -$13,720 |
| Add:- Freight-In | $23,720 |
| Cost of Goods Sold | $623,720 |
| 3. Earning per share | |
| Net Income | $99,940 |
| Number of Shares | 30372 |
| Earning Per Share | $3.29 |
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TRIAL BALANCE DECEMBER 31, 2017 Debits Credits Purchase Discounts $13,720 $193,420 Cash Accounts Receivable 108,720 Rent...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $588,070 Accounts Receivable 325,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 341,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 44,950 Sales Returns and Allowances 54,250 Notes Payable Selling Expenses 719,200 Administrative Expenses 306,900 Common Stock Income Tax Expense 167,090 Cash Dividends 139,500 Allowance for Doubtful Accounts Supplies 43,400 Freight-in 62,000 Land 217,000 151,900 86,800 217,000 930,000 15,500 MacBook...
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The trial balance of Swifty Ltd. at December 31, 2020, follows: Debits Credits Cash $235,000 Sales revenue $10,427,000 FV-NI investments (at fair value) 243,000 Cost of goods sold 6,300,000 Bond investment at amortized cost 479,000 FV—OCI investments (fair value $545,000) 478,000 Notes payable (due in six months) 114,000 Accounts payable 725,000 Selling expenses 2,460,000 Investment income or loss* 12,000 Land 320,000 Buildings 1,540,000 Dividends payable 46,000 Income tax payable 100,000 Accounts receivable 665,000 Accumulated depreciation—buildings 312,000 Allowance for doubtful accounts...
The following is the trial balance of Oriole Corporation at December 31, 2020. A physical count...
The following is the trial balance of Oriole Corporation
at December 31, 2020.
A physical count of inventory on December 31 resulted in
an inventory amount of $172,800; thus, cost of goods sold for 2020
is $1,741,500.
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The following is the trial balance of Metlock Corporation at December 31, 2020. METLOCK CORPORATION TRIAL...
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Adjusted Trial Balance December 31, 2018 Debit Credit Cash $12,700 Accounts receivable 21,...
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
$92,700
Equipment
$96,300
Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
Income...
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What is Total Liabilities and Stockholders' Equity as of
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The trial balance of Skysong Wholesale Company contained the following accounts shown at December 31, the...
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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...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable...
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Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $588,070 Accounts Receivable 325,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 341,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 44,950 Sales Returns and Allowances 54,250 Notes Payable Selling Expenses 719,200 Administrative Expenses 306,900 Common Stock Income Tax Expense 167,090 Cash Dividends 139,500 Allowance for Doubtful Accounts Supplies 43,400 Freight-in 62,000 Land 217,000 151,900 86,800 217,000 930,000 15,500 MacBook...
The following is the trial balance of Oriole Corporation
at December 31, 2020.
A physical count of inventory on December 31 resulted in
an inventory amount of $172,800; thus, cost of goods sold for 2020
is $1,741,500.
Credits $27,000 48,600 432,000 48,600 2,970,000 132,300 75,600 189,000 ORIOLE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $512,190 Accounts Receivable 283,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 297,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts...
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
$92,700
Equipment
$96,300
Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
Income...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
The trial balance of Matarald at December 31, 2019, follows: Debits Credits 872.000 $ 824,000 153,600 243,200 96,000 128,000 1.440,000 40,000 1,600,000 1.664,000 328,000 217,600 1,294,400 64,000 7,680,000 960,000 552,000 478,400 Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation buildings Accumulated depreciation equipment Accumulated other comprehensive income Administrative expenses Allowance for doubtful accounts Bonds payable (due on 31/12/2022) Buildings Cash Commission payable Common shares Correction of prior year error Cost of goods sold Equipment FV-OCI investments Long-term equity investment in...
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...
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