1. Stein Books Inc. sold 2,300 finance textbooks for $220 each to High Tuition University in...
1. Stein Books Inc. sold 2,300 finance textbooks for $220 each to High Tuition University in 20X1. These books cost $200 to produce. Stein Books spent $12,500 (selling expense) to convince the university to buy its books. Depreciation expense for the year was $15,800. In addition, Stein Books borrowed $100,000 on January 1, 20X1, on which the company paid 14 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm’s tax rate is 30 percent. Prepare an income statement for Stein Books.
2
Arrange the following items in proper balance sheet
presentation: (Amounts to be deducted should be indicated
with parentheses or a minus sign.)
| Accumulated depreciation | $ | 352,000 |
| Retained earnings | 109,000 | |
| Cash | 16,000 | |
| Bonds payable | 171,000 | |
| Accounts receivable | 53,000 | |
| Plant and equipment—original cost | 775,000 | |
| Accounts payable | 43,000 | |
| Allowance for bad debts | 10,000 | |
| Common stock, $1 par, 100,000 shares outstanding | 100,000 | |
| Inventory | 75,000 | |
| Preferred stock, $56 par, 1,000 shares outstanding | 56,000 | |
| Marketable securities | 28,000 | |
| Investments | 26,000 | |
| Notes payable | 35,000 | |
| Capital paid in excess of par (common stock) | 97,000 | |
Homework Answers
![Answer to Q#1 (First question in the list Stein Books Inc. Income Statement For the Year Ended December 31, 20X1 $506,000 [2,300 books x $220] $A60,000 [2,300 books x $200] Sales Revenue Cost of goods sold Gross Profit Expenses: $46,000 [Sales Revenue - Cost of goods sold] Selling Expense Depreciation Expense Interest Expense Total Expenses $12,500 $15,800 $14,000 ($100,000 x 14%) $42,300 Net Income (Loss) $3,700 [Gross profit - Total expenses] NOTE Though the borrowed amount of $100,000 was also repaid along with interest, the principal repaid is not an expense to the firm and so interest portion alone is considered as interest expense on the income statement.](http://img.homeworklib.com/questions/75203f60-7894-11ea-9b6d-4152fd8a88c6.png?x-oss-process=image/resize,w_560)
Add Answer to:
1. Stein Books Inc. sold 2,300 finance textbooks for $220 each
to High Tuition University in...
Stein Books Inc. sold 2,000 finance textbooks for $210 each to High Tuition University in 20X1....
Stein Books Inc. sold 2,000 finance textbooks for $210 each to High Tuition University in 20X1. These books cost $180 to produce. Stein Books spent $12,900 (selling expense) to convince the university to buy its books. Depreciation expense for the year was $15,800. In addition, Stein Books borrowed $102,000 on January 1, 20X1, on which the company paid 16 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm’s tax rate...
1, 2, Elite Trailer Parks has an operating profit of $285,000. Interest expense for the year...
1,
2,
Elite Trailer Parks has an operating profit of $285,000. Interest expense for the year was $30,500; preferred dividends paid were $28,900; and common dividends paid were $36,800. The tax was $68,500. The firm has 21,600 shares of common stock outstanding. a. Calculate the earnings per share and the common dividends per share for Elite Trailer Parks. (Round your answers to 2 decimal places.) Earnings per share Common dividends per share b. What was the increase in retained eamings...
. The Aztec Book Company sold 1,400 finance textbooks to High Tuition College for $84 each...
. The Aztec Book Company sold 1,400 finance textbooks to High Tuition College for $84 each in 20XX. These books cost $63 to produce. In addition, Aztec Books spent $2,000 (selling expense) to persuade the college to buy its books. Aztec Books borrowed $50,000 on January 1, 20XX, on which it paid 10 percent interest. Both interest and principal were paid on December 31, 20XX. Aztec Books' tax rate is 20 percent. Amortization expense for the year was $5.000. Did...
34 Extra Homework From the following information for 2019 for Logan, Inc. prepare Financial Statements. Assume...
34 Extra Homework From the following information for 2019 for Logan, Inc. prepare Financial Statements. Assume a December 31-year end. Accounts Payable $200,000 80,000 46,000 19,000 300,000 108,000 300,000 500,000 Accounts Recelvable Accumulated Depreciation Advertising Expense Building Cash Common Stock Cost of Goods Sold Equipment Interest Expense 5,000 118,000 28,000 10,000 50,000 75,000 171,000 825,000 60,000 100,000 18,000 9,000 40,000 Depreciation Expense Notes Payable, Long-Term Patent Rent Expense Retained Earnings Sales Salaries Payable Salary Expense Tax Expense Taxes Payable Utilities...
(Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31,...
(Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017. Interest revenue $ 86,000 Accumulated depreciation—equipment $ 40,000 Cash 51,000 Accumulated depreciation—buildings 28,000 Sales revenue 1,920,000 Notes receivable 155,000 Equity earnings 30,000 loss from disposal of production lines 15,000 Accounts receivable 150,000 Selling expenses 194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses 97,000 Sales discounts 45,000 ...
Can anyone help me with my homework problems? 1. Sunny Company has the following account balances...
Can anyone help me with my homework problems? 1. Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Payable $24,000 Dividends 7,000 Treasury Stock, Common (22,000 shares) 98,000 Preferred Stock ($10 par) 80,000 Land 220,000 Cash 220,000 Equipment 120,000 Accounts Receivable 90,000 Common Stock ($1 par) 365,000 Sales 820,000 Prepaid Rent 70,000 Bonds Payable (due 2030) 120,000 Premium on Bonds Payable 8,000 Cost of Goods Sold 720,000 Interest Expense 20,000 Unearned Revenue 20,000 Allowance...
For December 31, 20X1, the balance sheet of Baxter Corporation was as follows: ...
For December 31, 20X1, the balance sheet of Baxter Corporation
was as follows: Current AssetsLiabilitiesCash$13,000Accounts payable$15,000Accounts receivable18,000Notes payable23,000Inventory28,000Bonds payable53,000Prepaid expenses12,300Fixed AssetsStockholders’ EquityGross plant and equipment$253,000Preferred stock$23,000Less: Accumulated depreciation50,600Common stock58,000Paid in Capital28,000Net plant and equipment$202,400Retained earnings73,700Total assets$273,700Total liabilities and stockholders’ equity$273,700Sales for 20X2 were $235,000, and the cost of goods sold was 60
percent of sales. Selling and administrative expense was $23,500.
Depreciation expense was 11 percent of plant and equipment (gross)
at the beginning of the year. Interest expense for the...
Q2 (10 Points) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp....
Q2 (10 Points) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017. Interest revenue $ 86,000 Accumulated depreciation equipment $ 40,000 Cash 51,000 Accumulated depreciation buildings 28,000 Sales revenue 1,920,000 Notes receivable 155,000 Equity earnings 30,000 loss from disposal of production lines 15,000 Accounts receivable 150,000 Selling expenses 1194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses...
Income statement data: Advertising expense Cost of goods sold Dellvery expense S 150,000 3,700,000 30,000 30,000 100,000 140,500 21,000 30,000 .500 14,000 50,000 170,000 10,000 5,313,000 185,000 385,...
Income statement data: Advertising expense Cost of goods sold Dellvery expense S 150,000 3,700,000 30,000 30,000 100,000 140,500 21,000 30,000 .500 14,000 50,000 170,000 10,000 5,313,000 185,000 385,000 21,000 Depreciation expense-office buildings and equipment Depreciation expense -store buildings and equipment Income tax expense interest expense Interest revenue Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales salaries expense Store supplies expense earnings and balance sheet data: Accounts payable Accounts recelvable s 194300 545,000 1,580,000 4,126,000 8,450...
27. Construction of income statement and balance sheet (L02-1 & (2-3 ) For December 31, 20X1....
27. Construction of income statement and balance sheet (L02-1 & (2-3 ) For December 31, 20X1. the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities Cash $ 15,000 Accounts payable $ 17,000 Accounts receivable 20,000 Notes payable 25,000 Inventory 30,000 Bonds payable 55,000 Prepaid expenses 12,500 Fixed Assets Stockholders' Equity Plant and equipment (gross) $255,000 Preferred stock $ 25,000 Less: Accumulated Common stock 60,000 depreciation 51.000 Paid-in capital 30,000 Net plant and equipment $204,000 Retained earnings 69.500...
1,
2,
Elite Trailer Parks has an operating profit of $285,000. Interest expense for the year was $30,500; preferred dividends paid were $28,900; and common dividends paid were $36,800. The tax was $68,500. The firm has 21,600 shares of common stock outstanding. a. Calculate the earnings per share and the common dividends per share for Elite Trailer Parks. (Round your answers to 2 decimal places.) Earnings per share Common dividends per share b. What was the increase in retained eamings...
. The Aztec Book Company sold 1,400 finance textbooks to High Tuition College for $84 each in 20XX. These books cost $63 to produce. In addition, Aztec Books spent $2,000 (selling expense) to persuade the college to buy its books. Aztec Books borrowed $50,000 on January 1, 20XX, on which it paid 10 percent interest. Both interest and principal were paid on December 31, 20XX. Aztec Books' tax rate is 20 percent. Amortization expense for the year was $5.000. Did...
34 Extra Homework From the following information for 2019 for Logan, Inc. prepare Financial Statements. Assume a December 31-year end. Accounts Payable $200,000 80,000 46,000 19,000 300,000 108,000 300,000 500,000 Accounts Recelvable Accumulated Depreciation Advertising Expense Building Cash Common Stock Cost of Goods Sold Equipment Interest Expense 5,000 118,000 28,000 10,000 50,000 75,000 171,000 825,000 60,000 100,000 18,000 9,000 40,000 Depreciation Expense Notes Payable, Long-Term Patent Rent Expense Retained Earnings Sales Salaries Payable Salary Expense Tax Expense Taxes Payable Utilities...
For December 31, 20X1, the balance sheet of Baxter Corporation
was as follows: Current AssetsLiabilitiesCash$13,000Accounts payable$15,000Accounts receivable18,000Notes payable23,000Inventory28,000Bonds payable53,000Prepaid expenses12,300Fixed AssetsStockholders’ EquityGross plant and equipment$253,000Preferred stock$23,000Less: Accumulated depreciation50,600Common stock58,000Paid in Capital28,000Net plant and equipment$202,400Retained earnings73,700Total assets$273,700Total liabilities and stockholders’ equity$273,700Sales for 20X2 were $235,000, and the cost of goods sold was 60
percent of sales. Selling and administrative expense was $23,500.
Depreciation expense was 11 percent of plant and equipment (gross)
at the beginning of the year. Interest expense for the...
Q2 (10 Points) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017. Interest revenue $ 86,000 Accumulated depreciation equipment $ 40,000 Cash 51,000 Accumulated depreciation buildings 28,000 Sales revenue 1,920,000 Notes receivable 155,000 Equity earnings 30,000 loss from disposal of production lines 15,000 Accounts receivable 150,000 Selling expenses 1194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses...
Income statement data: Advertising expense Cost of goods sold Dellvery expense S 150,000 3,700,000 30,000 30,000 100,000 140,500 21,000 30,000 .500 14,000 50,000 170,000 10,000 5,313,000 185,000 385,000 21,000 Depreciation expense-office buildings and equipment Depreciation expense -store buildings and equipment Income tax expense interest expense Interest revenue Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales salaries expense Store supplies expense earnings and balance sheet data: Accounts payable Accounts recelvable s 194300 545,000 1,580,000 4,126,000 8,450...
27. Construction of income statement and balance sheet (L02-1 & (2-3 ) For December 31, 20X1. the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities Cash $ 15,000 Accounts payable $ 17,000 Accounts receivable 20,000 Notes payable 25,000 Inventory 30,000 Bonds payable 55,000 Prepaid expenses 12,500 Fixed Assets Stockholders' Equity Plant and equipment (gross) $255,000 Preferred stock $ 25,000 Less: Accumulated Common stock 60,000 depreciation 51.000 Paid-in capital 30,000 Net plant and equipment $204,000 Retained earnings 69.500...
Most questions answered within 3 hours.
-
A Student takes a sample from a table top in the student lounge
using a sterile...
asked 23 seconds from now -
Which prezygotic barrier to reproduction results in hybrid
sterility?
Question 11 options:
A)
Habitat isolation
B)...
asked 8 minutes ago -
Give an answer that's easy to understand. Define stack data
structure. Show how the Stack operations...
asked 9 minutes ago -
Potassium hydrogen phthalate is a solid, monoprotic acid
frequently used in the laboratory to standardize strong...
asked 9 minutes ago -
You own a portfolio that has $2709 invested in Stock A and $4387
invested in Stock...
asked 27 minutes ago -
A parameter estimate is said to be statistically significant if
there is sufficient evidence that the...
asked 25 minutes ago -
Based on the following table, calculate the ES, EF, LS, LF and
Slack for each activity...
asked 23 minutes ago -
The Work Breakdown Structure is always created using a phased-in
approach.
True/False
asked 40 minutes ago -
In a thermodynamically sealed container, 30.0 g of 22.0∘ ∘ C
water is mixed with 50.0...
asked 40 minutes ago -
what ate the mechanisms that pseudomonas aeruginosa utilize to
cause disease on skin and in the...
asked 45 minutes ago -
What is the present value of the following? Use Appendix B as an
approximate answer, but...
asked 47 minutes ago -
A 0.500 kg ice puck, moving east with a speed of 5.10 m/s ,
has a...
asked 53 minutes ago