Harper Maize Air Conditioner Company presented the following unadjusted trail for the financial year ended December 31st, 2016.
Harper Maize Air Conditioner Company Trial Balance as at December 31, 2016
The following additional information was made available at December 31, 2016
a) Unearned sales revenue, still not earned at December 31, 2016 amounted $22,000.
b) The prepaid electricity includes $15,000 which expired during the year.
c) The Building and Equipment has an estimated life of ten (10) years and is being depreciated on the straight-line method of depreciation, down to a residual value of $10,000.
d) Store supplies consumed during the year amounted to $45,200.
e) Interest expenses not paid as at December 31, 2016 amounted to $4,500
f) Accrued travelling expense amounted to $2,300 at December 31, 2016.
g) A physical count of inventory at December 31, 2016, reveals $315,000 worth of inventory on hand.
1. Prepare the necessary adjusting entries on December 31, 2016 (7 Marks)
2. Prepare the company’s multiple-step income statement for the year ended December 31, 2016. (8 Marks)
3. Prepare the company’s statement of owner’s equity for the year ended December 31, 2016 (3 Marks)
4. Prepare the company’s classified balance sheet at December 31, 2016 (12 Marks)
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Harper Maize Air Conditioner Company presented the following unadjusted trail for the financial year ended December 31st, 2016.
Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows: cash 620,000 Accounts receivable 410,0...
Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows: cash 620,000 Accounts receivable 410,000 Merchandise Inventory 480,000 Store Supplies 144,800 prepaid insurance expense 840,000 Building and equipment 2,000,000 Accumulated Depreciation-Building and Equipment 976,000 Accounts Payable 680,000 Travelling Expense Payable Unearned sales Revenue 450,000 Note Payable-Long Term 213,800 Baltic,Capital 1,700,000 Baltic withdrawal 35,000 Sales revenue earned 2,550,500 Sales discount 45,100 sales returns and allowances 62,500 cost of goods sold 401,000 salaries expense 430,000 telephone expense 85,000 Depreciation...
Harper Company has the following information for the year ended December 31, 2018. (Click the icon...
Harper Company has the following information for the year ended December 31, 2018. (Click the icon to view the information.) Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions. Begin by preparing a schedule of cost of goods manufactured. Harper Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 (in millions) Beginning Work-in-Process Inventory Direct Materials Used...
The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts:...
The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts: Payments: 88680 8320 Balance b/f 2040 Bar Purchases Wages Rent Entrance fees 840 Subscriptions: 2015 2016 2017 500 3720 6100 2560 1940 Heating and lighting General expenses New Equipment Balance c/f 700 Bar Sales Sales of investments 104540 9000 15000 129720 15500 129720 1. Additional information: 1 January 2016 31 December 2016 Bar inventory Owing for bar purchases Rent due 5440...
Malasadas trading company Unadjusted Trial balance as at december 31, 2016 Account Debit Credit accounts receivable...
Malasadas trading company Unadjusted Trial balance as at december 31, 2016 Account Debit Credit accounts receivable 340,000 allowance for bad debts 25,000 merchandise inventory 210,000 store supplies 120,000 prepaid insurance 156,000 office furniture 1,200,000 accumulated depreciation - office furniture 360,000 computer equipment 600,000 accumulated depreciation - computer equipment accounts payable 345,000 wages payable interest payable notes payable long term 210,000 unearned sales revenue 265,000 donna malasadas capital 1,200,000 donna malasades withdrawal 190,000 sales revenue earned 1,755,200 sales discount 15,000 sales...
Q2. The following information is available for Kesley Corporation for the year ended December 31, 2016:...
Q2. The following information is available for Kesley Corporation for the year ended December 31, 2016: Sales $700000; Other revenues and Gains $9000; operating expenses $20000; cost of goods sold S300000; other expenses and losses $4000; preferred stock dividend $10000. The company tax rate 25% and it had 25000 shares outstanding during the entire year. Required: c. Prepare a Income Statement (Marking Scheme: Computation- 8 Marks, Correct Marks 2 Marks) d. Calculate earnings per share (Marking Scheme Computation 4 Marks,...
The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc....
The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. Accounts Payable $ 49,000 Accounts Receivable 26,800 Cash (balance on January 1, 2016) 103,900 Cash (balance on December 31, 2016) 90,000 Common Stock 156,500 Dividends 0 Equipment 140,700 Income Tax Expense 10,500 Interest Expense 29,900 Inventory 17,600 Notes Payable 27,600 Prepaid Rent 7,400 Office Expense 14,700 Retained Earnings (beginning) 8,300 Salaries and Wages Expense 36,100 Service Revenue 145,800 Utilities Expense 25,500 Salaries and Wages...
Consider the unadjusted trial balance of London, Inc. at December 31, 2016, and the related month-end...
Consider the unadjusted trial balance of London, Inc. at December 31, 2016, and the related month-end adjustment data a (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of London, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. More Info - X...
Selected information from the comparative financial statements of Francona Company for the years ended December 31,...
Selected information from the comparative financial statements of Francona Company for the years ended December 31, 2016 and December 31, 2017 appear below: 2017 2016 Cash $370,000 $135,000 Accounts receivable (net) 175,000 200,000 Inventory 130,000 170,000 Property, plant and equipment 425,000 295,000 Total assets 1,100,000 800,000 Current liabilities 140,000 110,000 Long-term debt 410,000 300,000 Owner’s equity 550,000 390,000 Total liabilities and owner’s equity 1,100,000 800,000 Net sales 900,000 700,000 Cost of goods sold 600,000 530,000 Interest expense 40,000 25,000 Income tax expense 60,000 29,000 Net income 120,000 85,000 Net cash provided by operating activities 220,000 135,000 Answer the following questions relating the Francona Company to the year ended December 31, 2017....
The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below:...
The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below: Statement of financial position as at 31 December 2016 (with comparative figures) 2016 2015 Non-current assets Property, plant and equipment 35,750 281,000 Investment properties 7,000 7,500 Intangibles assets 6,000 6,200 49,250 294,200 Current assets Inventories 3,980 4,545 Trade receivables 7,410 9,075 Short-term investments 500 Cash and bank 7,555 13,650 26,105 20,610 14,810 375,355 Total assets Equity and reserves Share capital 54,500...
The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 2016,...
The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 2016, are as follows. Common Stock Jan. 1 Balance 5,265,000 Apr. 14 Issued 33,000 shares 1,287,000 Dec. 31 Balance 6,552,000 Paid-in Capital in Excess of Par Jan. 1 Balance 1,080,000 Apr. 14 Issued 33,000 shares 330,000 Dec. 31 Balance 1,410,000 Treasury Stock Aug. 7 Purchased 12,500 shares 550,000 Retained Earnings Mar. 31 Dividend 74,900 Jan. 1 Balance 12,496,100 June 30 Dividend 74,900 Sept. 30 Dividend...
Harper Company has the following information for the year ended December 31, 2018. (Click the icon to view the information.) Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions. Begin by preparing a schedule of cost of goods manufactured. Harper Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 (in millions) Beginning Work-in-Process Inventory Direct Materials Used...
The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts: Payments: 88680 8320 Balance b/f 2040 Bar Purchases Wages Rent Entrance fees 840 Subscriptions: 2015 2016 2017 500 3720 6100 2560 1940 Heating and lighting General expenses New Equipment Balance c/f 700 Bar Sales Sales of investments 104540 9000 15000 129720 15500 129720 1. Additional information: 1 January 2016 31 December 2016 Bar inventory Owing for bar purchases Rent due 5440...
Q2. The following information is available for Kesley Corporation for the year ended December 31, 2016: Sales $700000; Other revenues and Gains $9000; operating expenses $20000; cost of goods sold S300000; other expenses and losses $4000; preferred stock dividend $10000. The company tax rate 25% and it had 25000 shares outstanding during the entire year. Required: c. Prepare a Income Statement (Marking Scheme: Computation- 8 Marks, Correct Marks 2 Marks) d. Calculate earnings per share (Marking Scheme Computation 4 Marks,...
Consider the unadjusted trial balance of London, Inc. at December 31, 2016, and the related month-end adjustment data a (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of London, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. More Info - X...
The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below: Statement of financial position as at 31 December 2016 (with comparative figures) 2016 2015 Non-current assets Property, plant and equipment 35,750 281,000 Investment properties 7,000 7,500 Intangibles assets 6,000 6,200 49,250 294,200 Current assets Inventories 3,980 4,545 Trade receivables 7,410 9,075 Short-term investments 500 Cash and bank 7,555 13,650 26,105 20,610 14,810 375,355 Total assets Equity and reserves Share capital 54,500...
Most questions answered within 3 hours.
-
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 33 minutes ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 1 hour ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 2 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 2 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 3 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 3 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 3 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 3 hours ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 3 hours ago -
The mode of philosophical argumentation and thought. How do
philosophers think and write? What is important...
asked 3 hours ago -
At the beginning of the unit, you were asked whether you thought
it was appropriate or...
asked 3 hours ago -
Calculate the grams of carbon in 9.32 x 10+23 molecules of
benzene (C6H6).
asked 3 hours ago