Homework Answers
NUCLEAR COMPANY
Income statement
| Revenue | |
| Sales revenue | 97700 |
| Expense | |
| Operating expense | 74500 |
| Other expense | 9650 |
| Total expense | 84150 |
| Net income | 13550 |
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Required information [The following information applies to the questions displayed below.) Assume you are the president...
Required Information (The following information applies to the questions displayed below! Assume you are the president...
Required Information (The following information applies to the questions displayed below! Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31, the following financial data for the company are available: 346,000 Accounts Payable Accounts Receivable CNHH Equipement Notes Payable Operating Expense 14,500 97,700 3. Prepare a balance sheet at December 31 TIP: The balance sheet includes the ending balance from the statement of reta NUCLEAR COMPANY Balance Sheet < Prev 6...
Required information The following information applies to the questions displayed below.) Assume you are the president...
Required information The following information applies to the questions displayed below.) Assume you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31). the following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 34,530 10,900 15,300 11,400 1,700 93,000 53,320 74,000 9,550 115,600 10,400 Required: 1. Prepare an income statement for the year ended...
Required information [The following information applies to the questions displayed below.) Assume that you are the...
Required information [The following information applies to the questions displayed below.) Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to...
[The following information applies to the questions displayed below Assume you are the president of High...
[The following information applies to the questions displayed below Assume you are the president of High Power Corporation. At the en following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 34,000 12,400 15,200 60,990 2,140 98,000 2,390 60,300 8,040 105,600 6,900 2. Prepare a statement of retained earnings for the year ended December 31 ces HIGH POWER CORPORATION Statement of Retained Earnings...
Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst...
Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3. the owner contributed $85.460 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ $ Cash Accounts receivable office supplies Land Office equipment Accounts payable Owner investments 6,650 Cash withdrawals by owner 15,520 Consulting revenue 4,640 Rent expense 46,000 salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 3,490...
The following information applies to the questions displayed below) Assume you are the president of Nuclear...
Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31), the following financial data for the company are available: 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Because this is the first year of operations, the beginning balance in Retained Earnings will be zero.
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680...
(The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial...
(The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $126,000 11, 100 10,100 4,100 31,000 210,000 51,000 410,000 310,000 15,500 31,000...
Quiz 3 Saved Required information (The following information applies to the questions displayed below.] The following...
Quiz 3 Saved Required information (The following information applies to the questions displayed below.] The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting Advertising $ 49,412 revenue Cash 43,977 Accounts receivable 7,584 Interest expense 2.355 Accounts payable 5,120 Operating 40,024 expenses Unearned revenue 1.250 Equipment 19.271 Income tax 2,471 expense The following activities occurred in 2016: 1. Performed advertising services on account, $58,450. 2.Received cash payments...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680...
Required Information (The following information applies to the questions displayed below! Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31, the following financial data for the company are available: 346,000 Accounts Payable Accounts Receivable CNHH Equipement Notes Payable Operating Expense 14,500 97,700 3. Prepare a balance sheet at December 31 TIP: The balance sheet includes the ending balance from the statement of reta NUCLEAR COMPANY Balance Sheet < Prev 6...
Required information The following information applies to the questions displayed below.) Assume you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31). the following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 34,530 10,900 15,300 11,400 1,700 93,000 53,320 74,000 9,550 115,600 10,400 Required: 1. Prepare an income statement for the year ended...
Required information [The following information applies to the questions displayed below.) Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to...
[The following information applies to the questions displayed below Assume you are the president of High Power Corporation. At the en following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 34,000 12,400 15,200 60,990 2,140 98,000 2,390 60,300 8,040 105,600 6,900 2. Prepare a statement of retained earnings for the year ended December 31 ces HIGH POWER CORPORATION Statement of Retained Earnings...
Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3. the owner contributed $85.460 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ $ Cash Accounts receivable office supplies Land Office equipment Accounts payable Owner investments 6,650 Cash withdrawals by owner 15,520 Consulting revenue 4,640 Rent expense 46,000 salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 3,490...
(The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $126,000 11, 100 10,100 4,100 31,000 210,000 51,000 410,000 310,000 15,500 31,000...
Quiz 3 Saved Required information (The following information applies to the questions displayed below.] The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting Advertising $ 49,412 revenue Cash 43,977 Accounts receivable 7,584 Interest expense 2.355 Accounts payable 5,120 Operating 40,024 expenses Unearned revenue 1.250 Equipment 19.271 Income tax 2,471 expense The following activities occurred in 2016: 1. Performed advertising services on account, $58,450. 2.Received cash payments...
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