accounts
lock and key inc. began operations on january 1, 2016. Its post closing trial balance at december 31, 2016 and 2017 is shown below along with some other information
income statment for year ended decemeber 31, 2017
other information regarding lock and key inc and its activities during 2017
assume all accounts have normal balances
cash dividents were declared and paid during the year
eqipment was sold for cash equal to its book
using the information , prepare a statement of cash flows (applying indirect method) for year ended 31,2017
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Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December 3...
Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Lock & Key Inc. Income Statement For Year Ended December 31, 2017 (000s) Revenues: Sales Cost of goods sold $3,260 2,880 380 Gross Profit Expenses Other expenses Depreciation expense $740 Total expenses 980 Loss $600 Lock & Key Inc. Post-Closing Trial Balance (000s) December 31 Account Cash 2016 $1,460 $1,190 1,370 2,210...
Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016...
Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Paddleboard Inc. Income Statement For Year Ended December 31, 2017 (000s) Revenues: Sales $3,874 Cost of goods sold 1,626 Gross Profit 2,248 Expenses: Other expenses $790 Depreciation expense 170 Total operating expenses 960 Profit from operations 1,288 Income tax expense 288 Profit $1,000 Paddleboard Inc. Post-Closing Trial Balance (000s) December 31 Account 2017...
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T-accounts and trial balances E ntips:/connect.m wehea Selected transactions from the journal of Marin Inc. during...
T-accounts and trial balances
E ntips:/connect.m wehea Selected transactions from the journal of Marin Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. Cash 8,700 Common Stock Cash Service Revenue 8,700 10 1,300 1,300 12 Equipment 6,000 Cash Notes Payable Accounts Receivable 680 5,320 25 2,880 Service Revenue Cash Accounts Receivable 2,880 31 450 450 We were unable to transcribe this imagePrepare a trial balance at August 31,2017. MARIN INC. Trial Balance For...
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The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable $ 10,200 Accumulated depreciation 50,800 Cost of goods sold 126,000 Income tax expense 9,000 Cash 63,500 Sales 201,000 Equipment 126,000 Selling, general, and administrative expenses 33,000 Common stock (9,400 shares) 92,000 Accounts payable 14,100 Retained earnings, 1/1/16 28,950 Interest expense 5,700 Merchandise inventory 38,800 Long-term debt 39,000 Dividends declared and paid during 2016 13,650 Except as otherwise indicated, assume that all balance sheet items...
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LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement...
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Carlberg Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are...
Carlberg Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. CARLBERG...
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Question 6 Comparative statements of financial position for Campbell Inc. appear below: CAMPBELL INC. Comparative Statements...
Question 6 Comparative statements of financial position for Campbell Inc. appear below: CAMPBELL INC. Comparative Statements of Financial Position ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Assets Dec. 31, 2016 Dec. 31, 2015 Cash $ 29,000 $10,000 Accounts receivable 28,000 19,000 Prepaid expenses 9,000 12,000 Merchandise inventory 37,000 27,000 Long-term investments 35,000 53,000 Equipment 75,000 48,000 Accumulated depreciation—equipment (26,000) (22,000) Total assets $187,000 $174,000 Liabilities and Shareholders' Equity Accounts payable ...
Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Lock & Key Inc. Income Statement For Year Ended December 31, 2017 (000s) Revenues: Sales Cost of goods sold $3,260 2,880 380 Gross Profit Expenses Other expenses Depreciation expense $740 Total expenses 980 Loss $600 Lock & Key Inc. Post-Closing Trial Balance (000s) December 31 Account Cash 2016 $1,460 $1,190 1,370 2,210...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Sunny Technologies Inc. Income Statement For Year Ended December 31, 2017 Revenues: Sales Cost of goods sold Gross Profit Expenses and other Other expenses Depreciation expense Total operating expenses $627,400 483,400 144,000 $155,400 25,800 181,200 (37,200) 21,000 Operating Profit (Loss) Loss on sales of plant assets Profit (Loss) $(58,200) Sunny Technologies Inc. Post-Closing...
T-accounts and trial balances
E ntips:/connect.m wehea Selected transactions from the journal of Marin Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. Cash 8,700 Common Stock Cash Service Revenue 8,700 10 1,300 1,300 12 Equipment 6,000 Cash Notes Payable Accounts Receivable 680 5,320 25 2,880 Service Revenue Cash Accounts Receivable 2,880 31 450 450 We were unable to transcribe this imagePrepare a trial balance at August 31,2017. MARIN INC. Trial Balance For...
LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold $927,600 555,200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 229,800 Total operating expenses 255,000 Profit from operations Income taxes $117,400 17,600 Profit $ 99,800 LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2017 2016 Cash $ 81,180 $ 54,200 Accounts receivable 41,400 37,400 Merchandise inventory 287,220 246,400...
LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold $937,600 565.200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 249.800 Total operating expenses 275,000 Profit from operations Income taxes 27,600 Profit LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2017 2016 Cash $ 81,280 $ 56.200 Accounts receivable 51.400 39.400 Merchandise inventory 272.120 200.400 163.400 140.200 Equipment...
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