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264,000239,000 S721.000 $698,000 Less accumulated depreciation... Accounts payable Income taxes payable .. Bonds payable $ 58,000...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advances to Employees Allowance for Doubtful...
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital...
The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine...
The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2019 $45,000 175,000 240,000 230,000 70,000 $760,000 1300000 450,000 $850,000 1610000 LIABILITIES AND SHAREHOLDERS' EQUITY $110,000 65,000 30,000 5,000 400 000 2020 $50,000 160,000 275,000 55,000 $760,000 1550000 $950,000 1710000 Accounts payable Notes payable Accrued Expenses Income Taxes...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data fo...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015 Lucas Corporation Balance Sheet December 31, 20X1 and 2014 2015 2014 Liabilities Assets 2015 2014 Current Current: Cash and equivalents.... $19,000 3,000 Accounts payable Accrued liabilities..... $ 35,000 $ 26,000 Accounts receivable...... 22,000 23,000 7,000 10,000 9,000 Inventories.... Income tax payable.... 34,000 31,000 10,000 Prepaid expenses.. Total current assets.... 45,000 1,000 Total current liabilities 52,000 3.000 44,000 76,000 60,000 Long-term note payable... 10,000...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
Additional Information: 1. Net Income for 2019 was $ 43,200 2. The depreciation expense for 2019 is $4,400....
Additional Information:
1. Net Income for 2019 was
$ 43,200
2. The depreciation
expense for 2019 is $4,400.
3. Cash dividends of
$18,200 were declared and paid.
4. Bonds Payable amounting
to $20,000 were redeemed for cash of $20,000.
5. An Equipment costing $
30,500 was purchased by issuing $ 30,500 Common Stock.
6. An Equipment costing
$15,000 and had accumulated depreciation of $ 2,700 was sold for
13,500 cash.
7. Building costing
$37,800 was purchased for cash
8. The land was sold for $
13,000 cash.
Prepare...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015 Lucas Corporation Balance Sheet December 31, 20X1 and 2014 2015 2014 Liabilities Assets 2015 2014 Current Current: Cash and equivalents.... $19,000 3,000 Accounts payable Accrued liabilities..... $ 35,000 $ 26,000 Accounts receivable...... 22,000 23,000 7,000 10,000 9,000 Inventories.... Income tax payable.... 34,000 31,000 10,000 Prepaid expenses.. Total current assets.... 45,000 1,000 Total current liabilities 52,000 3.000 44,000 76,000 60,000 Long-term note payable... 10,000...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
Additional Information:
1. Net Income for 2019 was
$ 43,200
2. The depreciation
expense for 2019 is $4,400.
3. Cash dividends of
$18,200 were declared and paid.
4. Bonds Payable amounting
to $20,000 were redeemed for cash of $20,000.
5. An Equipment costing $
30,500 was purchased by issuing $ 30,500 Common Stock.
6. An Equipment costing
$15,000 and had accumulated depreciation of $ 2,700 was sold for
13,500 cash.
7. Building costing
$37,800 was purchased for cash
8. The land was sold for $
13,000 cash.
Prepare...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
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