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Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash...
Sammy's Pizza opened on January 1, 2018 Sammy's reported the following for cash revenues and cash...
Sammy's Pizza opened on January 1, 2018 Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Ravens $17.000 $27,000 $37,000 Caah penses $9.500 $12,500 $20,500 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? C. Assume that Sammy's Pizza palda $4,250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings for...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020 ash Revenues Cash Expenses 2819 512,098 2019 $22,8ee 2018 7,808 1e,eee $18,e0 2.8 2828 $32,888 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? c. Assume that Sammy's Pizza paid a $3,000 dividend to stockholders in 2019 What would Sammy's Pizza report for net income and...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Revenue $29,000 $39,000 $49,000 Cash Expenses $15,500 $18,500 $26,500 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? C. Assume that Sammy's Pizza pald a $7.250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings...
SCF Company - due March 2, 2020 - Prepare the Statement of Cash Flows Company Smart...
SCF Company - due March 2, 2020 - Prepare the Statement of Cash Flows Company Smart had the following balance sheet data for 2018 and 2019: Cash Accounts Receivable Merchandise Machinery Accumulated Depreciation Long-term Investments Total Assets 12/31/2018 $ 23,000 26,000 38,000 34,000 (23,000) 28.000 $126.000 12/31/2019 $ 36,000 35.000 32,000 38.000 (24,000) 26,000 $143.000 Accounts Payable Expenses Payable Note Payable Common Stock Retained Earnings Total Liabs and Equities $ 18,000 6,000 30,000 34,000 38.000 $126.000 $ 24,000 4.000 28,000...
Pizza Express Inc. began the 2018 accounting period with $7,500 cash, $4,500 of common stock, and...
Pizza Express Inc. began the 2018 accounting period with $7,500 cash, $4,500 of common stock, and $3.000 of retained earnings. Pizza Express was affected by the following accounting events during 2018 1. Purchased $12.500 of supplies on account 2. Earned and collected $27,000 of cash revenue 3. Paid $11,000 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,600 of supplies was still on hand on December 31, 2018 Required...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,007 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $24,960 cash per year. Required a. Prepare an amortization schedule for the...
Riverbed Inc. began operations in January 2018 and reported the following results for each of its...
Riverbed Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations. 2018 $265,000 net loss 2019 $42,000 net loss 2020 $843,000 net income At December 31, 2020, Riverbed Inc. capital accounts were as follows. 8% cumulative preferred stock, par value $100; authorized, issued, and outstanding 4,500 shares $450,000 Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 778,000 shares $778,000 Riverbed Inc. has never paid a cash or stock...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net inco...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
Martinez Inc. began operations in January 2018 and reported the following results for each of its...
Martinez Inc. began operations in January 2018 and reported the
following results for each of its 3 years of operations.
2018
$268,000 net loss
2019
$38,000 net loss
2020
$775,000 net income
At December 31, 2020, Martinez Inc. capital accounts were as
follows.
8% cumulative preferred stock, par value $100; authorized,
issued,
and outstanding 4,500 shares
$450,000
Common stock, par value $1.00; authorized 1,000,000
shares;
issued and outstanding 741,000
shares
$741,000
Martinez Inc. has never paid a cash or stock...
Concord Inc. began operations in January 2018 and reported the following results for each of its...
Concord Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations. 2018 $268,000 net loss 2019 $38,000 net loss 2020 $775,000 net income At December 31, 2020, Concord Inc. capital accounts were as follows. 8% cumulative preferred stock, par value $100; authorized, issued, and outstanding 4,500 shares $450,000 Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 741,000 shares $741,000 Concord Inc. has never paid a cash or stock...
Sammy's Pizza opened on January 1, 2018 Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Ravens $17.000 $27,000 $37,000 Caah penses $9.500 $12,500 $20,500 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? C. Assume that Sammy's Pizza palda $4,250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings for...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020 ash Revenues Cash Expenses 2819 512,098 2019 $22,8ee 2018 7,808 1e,eee $18,e0 2.8 2828 $32,888 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? c. Assume that Sammy's Pizza paid a $3,000 dividend to stockholders in 2019 What would Sammy's Pizza report for net income and...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Revenue $29,000 $39,000 $49,000 Cash Expenses $15,500 $18,500 $26,500 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? C. Assume that Sammy's Pizza pald a $7.250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings...
SCF Company - due March 2, 2020 - Prepare the Statement of Cash Flows Company Smart had the following balance sheet data for 2018 and 2019: Cash Accounts Receivable Merchandise Machinery Accumulated Depreciation Long-term Investments Total Assets 12/31/2018 $ 23,000 26,000 38,000 34,000 (23,000) 28.000 $126.000 12/31/2019 $ 36,000 35.000 32,000 38.000 (24,000) 26,000 $143.000 Accounts Payable Expenses Payable Note Payable Common Stock Retained Earnings Total Liabs and Equities $ 18,000 6,000 30,000 34,000 38.000 $126.000 $ 24,000 4.000 28,000...
Pizza Express Inc. began the 2018 accounting period with $7,500 cash, $4,500 of common stock, and $3.000 of retained earnings. Pizza Express was affected by the following accounting events during 2018 1. Purchased $12.500 of supplies on account 2. Earned and collected $27,000 of cash revenue 3. Paid $11,000 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,600 of supplies was still on hand on December 31, 2018 Required...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,007 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $24,960 cash per year. Required a. Prepare an amortization schedule for the...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
Martinez Inc. began operations in January 2018 and reported the
following results for each of its 3 years of operations.
2018
$268,000 net loss
2019
$38,000 net loss
2020
$775,000 net income
At December 31, 2020, Martinez Inc. capital accounts were as
follows.
8% cumulative preferred stock, par value $100; authorized,
issued,
and outstanding 4,500 shares
$450,000
Common stock, par value $1.00; authorized 1,000,000
shares;
issued and outstanding 741,000
shares
$741,000
Martinez Inc. has never paid a cash or stock...
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