Accountancy
As a recently hired accountant for a small business, SMC, Inc., you are provided with last year’s balance sheet, income statement, and post-closing trial balance to familiarize yourself with the business.
SMC, Inc.
Balance sheet
December 31, 2019
Assets $34,500
Cash $25,000
Accounts receivable $10,000
Supplies $200
Total assets $69,700
Liabilities and stockholders equity
Liabilities:
Accounts payable $12,000
Salaries payable $1,000
Income taxes payable $3,675
Total liabilities $16,675
Stockholders equity:
Capital stock (10,000 shares outstanding) $25,000
Retained earnings $28,025
Total stockholders equity $53,025
Total liabilities and stockholders equity $69,700
SMC, Inc.
Income statement
For the year ended December 31, 2019
Sales revenue $110,000
Rent revenue $1,000
Total revenue $111,000
Less cost of goods sold $60,000
Gross profit $51,000
Less operating expense:
Supplies expense $400
Salaries expense $22,000
Miscellaneous expense $4,100 $26,500
Income before taxes $24,500
Less Income taxes $3,675
Net income $20,825
Earnings per share ($20,825/10,000 shares) $2.08
SMC, Inc.
Post-closing trial balance
Cash $34,500
Accounts receivable $25,000
Inventory $10,000
Supplies $200
Accounts payable $12,000
Salaries payable $1,000
Income taxes payable $3,675
Common stock $25,000
Retained earnings $28,025
Totals $69,700. $69,700
You are also given the following Information that summarizes the business activity for the current year, 2020.
A. Issued 10,000 additional shares of common stock for $60,000 cash on January 1st.
B. Borrowed $25,000 on March 1, 2020, from Downtown Bank as a long-term loan. The interest rate on the loan is 4% and interest for the year is payable on January 1, 2021.
C. Paid $12,000 cash on April 1 to lease a building for one year.
D. Received $6,000 on May 1 from a tenant for one years rent.
E. Paid $4,200 on June 1 for a one year Insurance policy.
F. Purchased $3,500 of supplies for cash on June 15th
G. Purchased inventory for $125,000 on account on July 1.
H. August 1, sold inventory for $185,000 on account; cost of the merchandise sold was $120,000.
I. Collected $145,000 cash from customers accounts receivable on August 20th.
J. September 1, paid $95,000 cash for inventories purchased earlier during the year.
K. September 20th paid $34,000 for sales reps salaries, including $1,000 owed at the beginning of 2020.
L. Dividends for $9,500 were paid on October 20th.
M. The income taxes payable for the year of 2019 were paid on November 15th.
N. For adjusting entries, all prepaid expense are initially recorded as assets, and all unearned revenues are initially recorded as liabilities (this is just informational)
O. At year-end, $1,050 worth of supplies are on hand.
P. At year- end, an additional $9,500 of sales salaries are owed, but have not yet been paid.
Q. Prepare and adjusting entry to recognize the taxes owed for 2020. The corporate tax rate is 21% of the income before income taxes.
You are asked to do the following:
Post closing trial balance
Ratio
Homework Answers
Request Answer!
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
*Specifically looking for help with t-accounts and question 4, thank you!!* As a recently hired accountant...
*Specifically looking for help with t-accounts and
question 4, thank you!!*
As a recently hired accountant for a small business, SMC, Inc.,
you are provided with last year’s balance sheet, income statement,
and post-closing trial balance to familiarize yourself with the
business.
You are also given the following information that summarizes the
business activity for the current year,2018
a.
Issued 10,000 additional shares of common stock for $25,000
cash on January 1st.
b.
Borrowed $10,000 on March 1, 2018, from...
As a recently hired accountant for a small business, SMC, Inc., you are provided with last...
As a recently hired
accountant for a small business, SMC, Inc., you are provided with
last year’s balance sheet, income statement, and post-closing trial
balance to familiarize yourself with the business.
View:
Course Project Financial Reporting I - Spring 2020.pdf
You are also given the
following information that summarizes the business activity for the
current year,2019
a.
Issued 10,000 additional shares of common stock for $25,000
cash on January 1st.
b.
Borrowed $10,000 on March 1,
2019, from Downtown Bank...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31,...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial...
Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Kelly Corporation Trial Balance December 31, 2020 Debit Credit $ $ $ 1.200 1.000 48,000 $ 4.000 $ 950 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense...
can i pleasw have help on the comparative balance sheet Comparative Balance Sheet December 31, 2020...
can i pleasw have help on the comparative balance sheet
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 S $ $ S $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ $ $ $...
PR 1-2B Financial statements Obj. 5 The assets and liabilities of Wilderness Travel Service on April...
PR 1-2B Financial statements Obj. 5 The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows: Accounts payable $ 25,000 Rent expense $ 75,000 Accounts receivable 210,000 Supplies 9,000 Cash 156,000 Supplies expense 12,000 Common stock 35,000 Taxes expense 10,000 Fees earned 875,000 Utilities expense 38,000 Miscellaneous expense 15,000 Wages expense 525,000 Common stock was $25,000 and retained earnings was $155,000 as of May 1, 20Y6. During...
P23.4 (LO 2, 4) (SCF-Direct Method) Michaels Company had available at the end of 2020 the...
P23.4 (LO 2, 4) (SCF-Direct Method) Michaels Company had available at the end of 2020 the following information. 2019 Michaels Company Comparative Balance Sheets As of December 31, 2020 and 2019 2020 Cash $ 10,000 Accounts receivable 20,500 Short-term investments 22,000 Inventory 42,000 Prepaid rent 3,000 Prepaid insurance 2,100 Supplies 1,000 Land 125,000 Buildings 350,000 Accumulated depreciation-buildings (105,000) Equipment 525,000 Accumulated depreciation-equipment (130,000) Patents 45,000 Total assets $910,600 Accounts payable $ 22,000 Income taxes payable 5,000 Salaries and wages payable...
Cash Buidings Accounts Payable Utilities Expense Rent Expense Supplies expense $ 33,000 $ 64,000 $ 11,000...
Cash Buidings Accounts Payable Utilities Expense Rent Expense Supplies expense $ 33,000 $ 64,000 $ 11,000 $3,000 $ 18,000 $ 4,000 Service Revenue $ 120,000 Salaries Expense $ 24,000 Equipment $ 86,000 Supplies $6,000 Notes payable $ 42,000 Accounts Receivables $ 21,000 In addition, the company had common stock of $55,000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings of $23,000 at the beginning of the year and...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
*Specifically looking for help with t-accounts and
question 4, thank you!!*
As a recently hired accountant for a small business, SMC, Inc.,
you are provided with last year’s balance sheet, income statement,
and post-closing trial balance to familiarize yourself with the
business.
You are also given the following information that summarizes the
business activity for the current year,2018
a.
Issued 10,000 additional shares of common stock for $25,000
cash on January 1st.
b.
Borrowed $10,000 on March 1, 2018, from...
As a recently hired
accountant for a small business, SMC, Inc., you are provided with
last year’s balance sheet, income statement, and post-closing trial
balance to familiarize yourself with the business.
View:
Course Project Financial Reporting I - Spring 2020.pdf
You are also given the
following information that summarizes the business activity for the
current year,2019
a.
Issued 10,000 additional shares of common stock for $25,000
cash on January 1st.
b.
Borrowed $10,000 on March 1,
2019, from Downtown Bank...
Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Kelly Corporation Trial Balance December 31, 2020 Debit Credit $ $ $ 1.200 1.000 48,000 $ 4.000 $ 950 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense...
can i pleasw have help on the comparative balance sheet
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 S $ $ S $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ $ $ $...
PR 1-2B Financial statements Obj. 5 The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows: Accounts payable $ 25,000 Rent expense $ 75,000 Accounts receivable 210,000 Supplies 9,000 Cash 156,000 Supplies expense 12,000 Common stock 35,000 Taxes expense 10,000 Fees earned 875,000 Utilities expense 38,000 Miscellaneous expense 15,000 Wages expense 525,000 Common stock was $25,000 and retained earnings was $155,000 as of May 1, 20Y6. During...
P23.4 (LO 2, 4) (SCF-Direct Method) Michaels Company had available at the end of 2020 the following information. 2019 Michaels Company Comparative Balance Sheets As of December 31, 2020 and 2019 2020 Cash $ 10,000 Accounts receivable 20,500 Short-term investments 22,000 Inventory 42,000 Prepaid rent 3,000 Prepaid insurance 2,100 Supplies 1,000 Land 125,000 Buildings 350,000 Accumulated depreciation-buildings (105,000) Equipment 525,000 Accumulated depreciation-equipment (130,000) Patents 45,000 Total assets $910,600 Accounts payable $ 22,000 Income taxes payable 5,000 Salaries and wages payable...
Cash Buidings Accounts Payable Utilities Expense Rent Expense Supplies expense $ 33,000 $ 64,000 $ 11,000 $3,000 $ 18,000 $ 4,000 Service Revenue $ 120,000 Salaries Expense $ 24,000 Equipment $ 86,000 Supplies $6,000 Notes payable $ 42,000 Accounts Receivables $ 21,000 In addition, the company had common stock of $55,000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings of $23,000 at the beginning of the year and...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Most questions answered within 3 hours.
-
HELP WITH SAS
Run the following DATA step to create a SAS data set called
ABC_CORP....
asked 4 minutes ago -
A researcher wishes to study the cumulative effects of several
combinations of HIV drugs. There are...
asked 24 minutes ago -
How
to make a simple game of whack a mole in pygame
asked 7 minutes ago -
Write a c/c++ program to read a list of students from a file and
create a...
asked 16 minutes ago -
Identify two different methods for collecting data in
qualitative research. What are the benefits and challenges...
asked 17 minutes ago -
I am suppose to have my array before the main class but I am
getting the...
asked 19 minutes ago -
Your task is to design the page table for the 32bit Pentium
microprocessor. Answer the following...
asked 25 minutes ago -
The Paradise Shoes Company has estimated its weekly TVC function
from data collected over the past...
asked 24 minutes ago -
Although Epicurus advocates pursuing pleasure for the
good life, discuss a few reasons why he does...
asked 41 minutes ago -
Problem 1: Present entries to record the selected transactions
described below:
(a)
Issued $2,790,000 of 5-year,...
asked 48 minutes ago -
Using technology to support HR activities increases:
a.
the efficiency of the administrative HR functions.
b....
asked 48 minutes ago -
1. List the features used to classify leaf
types.
2. List some characteristics that are shared...
asked 53 minutes ago