Homework Answers
| Part 1 | ||
| Revenue | 18000 | |
| Less:Expenses | 10000 | |
| Net income | 8000 | |
| Less:Dividend | 6000 | |
| Net income after dividend | 2000 | |
| Add:Opening retained earnings | 4000 | |
| Closing retained earnings | 6000 | |
| Part 2 | ||
| Revenue | 63000 | |
| Less:Expenses | 38000 | |
| Net income | 25000 | |
| Less:Dividend | 21000 | |
| Net income after dividend | 4000 | |
| Less:Dec 31 retained earnings | 16000 | |
| Jan 1 retained earnings | 12000 | |
| Part 3 | ||
| Revenue | 46000 | |
| Less:Expenses | 30000 | |
| Net income | 16000 | |
| Less:Amount transferred to retained earnings ( 22000 - 13000) | 9000 | |
| Dividend distributed | 7000 | |
| Part 4 | ||
| Revenue | 97000 | |
| less:Amount transferred to retained earnings ( 57000 - 36000) | 21000 | |
| Expenses | 76000 | |
| Part 5 | ||
| Amount transferred to retained earnings ( 32000 - 28000) | 4000 | |
| Add:Dividend | 80000 | |
| Add:Expenses | 70000 | |
| Revenue | 154000 | |
Add Answer to:
1-9. Articulation of financial statements. Calculate the missing amount for each of the following situations. 4,000...
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income...
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries $ 12,000 Rent 6,000 Advertising 4,000 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ 19,000 13,000 $ 6,000 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 4,000 4,000 $ 15,000 $ 7,000 $ 22,000 Assets $ CYCLONE, INC....
Question 3 In year 1, Company A has the following info in its financial statements: Retained...
Question 3 In year 1, Company A has the following info in its financial statements: Retained Earnings (beginning balance) of $32,000; Retained Earnings (ending balance) of $95,000; Revenue of $100,000, Expenses (including tax expense) of $30,000, and dividends declared $7,000. What amount will be shown as Net Income in Income Statement? $95,000 $70,000 $63,000 $77,000
The following adjusting journal entry found in the journal is missing an explanation. Select the best...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Please answer Problem 13-18A LO 13-1 Problem 13-17A Horizontal analysis Financial statements for Allendale Company follow....
Please answer Problem 13-18A
LO 13-1 Problem 13-17A Horizontal analysis Financial statements for Allendale Company follow. CHECK FIGURES Total assets: +11.1% Total liabilities: +14.4% ALL ENDALE COMPANY Balance Sheets As of December 31 Year 4 Year 3 $ 40,000 20,000 54,000 135,000 25,000 274,000 27.000 270.000 29,000 $600,000 $ 36,000 6,000 46,000 143,000 10,000 241,000 20,000 255,000 24.000 $540,000 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net Land Total assets...
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017. BRECKER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $7,000 Accounts receivable 62,000 51,000 Short-term debt investments (available-for-sale) 35,000 18,000 Inventory 40,000 60,000 Prepaid rent 5,000 4,000 Equipment 154,000 130,000 Accumulated depreciation—equipment (35,000 ) (25,000 ) Copyrights 46,000 50,000 Total assets $313,000 $295,000 Accounts payable $46,000 $40,000 Income taxes payable 4,000 6,000 Salaries and wages payable 8,000...
Please explain your answer. Thank you. Learning Objective 5 P1-43A Preparing financial statements Picture Perfect Photography...
Please explain your answer. Thank you.
Learning Objective 5 P1-43A Preparing financial statements Picture Perfect Photography works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances: b. Ending Retained Earnings $48,000 Insurance Expense $ 13,000 14,000 Cash Accounts Payable Advertising Expense Service Revenue Dividends $ 6,000 Accounts Receivable 42,000 Notes Payable 11,000 Retained Earnings, Dec. 31, 2018 4,000 Salaries Expense 75,000 Equipment 8,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Company's December 31, 2028 unadjusted trial balance reported the following accounts: |||Accounts Payable ............ $54,000||| |||Accounts...
Company's December 31, 2028 unadjusted trial balance reported the following accounts: |||Accounts Payable ............ $54,000||| |||Accounts Receivable ......... $47,000||| |||Advertising Expense ......... $21,000||| |||Cash ........................ $18,000||| |||Common Stock ................ $73,000||| |||Cost of Goods Sold .......... $41,000||| |||Dividends ................... $10,000||| |||Equipment ................... $68,000||| |||Income Tax Expense .......... $20,000||| |||Interest Revenue ............ $46,000||| |||Inventory ................... $55,000||| |||Mortgage Payable ............ $51,000||| |||Retained Earnings ........... $36,000 |||(at January 1, 2028) |||Sales Revenue ............... $93,000||| |||Supplies .................... $28,000||| |||Trademark ................... $49,000||| |||Unearned Revenue ............ $33,000|||...
Op-4J Company's December 31, 2028 unadjusted trial balance reported the following accounts: Accounts Payable ............ $54,000...
Op-4J Company's December 31, 2028 unadjusted trial balance reported the following accounts: Accounts Payable ............ $54,000 Accounts Receivable ......... $47,000 Advertising Expense ......... $21,000 Cash ........................ $18,000 Common Stock ................ $73,000 Cost of Goods Sold .......... $41,000 Dividends ................... $10,000 Equipment ................... $68,000 Income Tax Expense .......... $20,000 Interest Revenue ............ $46,000 Inventory ................... $55,000 Mortgage Payable ............ $51,000 Retained Earnings ........... $36,000 (at January 1, 2028) Sales Revenue ............... $93,000 Supplies .................... $28,000 Trademark ................... $49,000 Unearned Revenue ...............
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. 39,000 BULLDOG, INC....
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. 39,000 BULLDOG, INC. Income Statement Revenues $ Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income Less: Dividends (3.000) (3,000) Ending balance 11,100 $ 10,000 $ 21,100 Assets Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sheet Liabilities $ 4,000...
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries $ 12,000 Rent 6,000 Advertising 4,000 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ 19,000 13,000 $ 6,000 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 4,000 4,000 $ 15,000 $ 7,000 $ 22,000 Assets $ CYCLONE, INC....
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Please answer Problem 13-18A
LO 13-1 Problem 13-17A Horizontal analysis Financial statements for Allendale Company follow. CHECK FIGURES Total assets: +11.1% Total liabilities: +14.4% ALL ENDALE COMPANY Balance Sheets As of December 31 Year 4 Year 3 $ 40,000 20,000 54,000 135,000 25,000 274,000 27.000 270.000 29,000 $600,000 $ 36,000 6,000 46,000 143,000 10,000 241,000 20,000 255,000 24.000 $540,000 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net Land Total assets...
Please explain your answer. Thank you.
Learning Objective 5 P1-43A Preparing financial statements Picture Perfect Photography works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances: b. Ending Retained Earnings $48,000 Insurance Expense $ 13,000 14,000 Cash Accounts Payable Advertising Expense Service Revenue Dividends $ 6,000 Accounts Receivable 42,000 Notes Payable 11,000 Retained Earnings, Dec. 31, 2018 4,000 Salaries Expense 75,000 Equipment 8,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. 39,000 BULLDOG, INC. Income Statement Revenues $ Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income Less: Dividends (3.000) (3,000) Ending balance 11,100 $ 10,000 $ 21,100 Assets Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sheet Liabilities $ 4,000...
Most questions answered within 3 hours.
-
Suppose that the production function takes the form Q=L-0.7L^2.
In addition, marginal revenue is $10 and...
asked 1 minute ago -
If you were in charge of the selection and purchase of a display
system for the...
asked 1 minute ago -
I just took a final for chemistry 2. There were alot of
questions on cell potential....
asked 5 minutes ago -
In which region of the country did Methodists and
Baptists have the largest following?
a. The...
asked 6 minutes ago -
A man is standing on a ledge when he throws a ball. The speed of
the...
asked 13 minutes ago -
Facebook Marketing benefit: How is this tool useful for
marketing purposes? Identify and explain at least...
asked 25 minutes ago -
What are the five considerations relevant to the
substantive fairness of a dismissal for permanent incapacity?...
asked 25 minutes ago -
Prince Electronics, a manufacturer of consumer electronic
goods, has five distribution centers in different regions of...
asked 27 minutes ago -
1.) For the following general reaction, rate = k[A]2 and k = 1.3
× 10−2 M−1...
asked 31 minutes ago -
In the Enron documentary(Netflix) What ethical issues did you
observe and who was responsible for them?
asked 31 minutes ago -
Many products fail, some of them spectacularly. Why do you
believe the failure rate for new...
asked 31 minutes ago -
An important news announcement is transmitted by radio waves to
people who are 65 km away,...
asked 50 minutes ago