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Cullumber Corporation had January 1 and December 31 balances as follows. Inventory Accounts payable 1/1/20 12/31/20...
Swifty Corp. uses the direct method to prepare its statement of cash flows. Swifty trial balances...
Swifty Corp. uses the direct method to prepare its statement of cash flows. Swifty trial balances at December 31, 2020 and 2019. are as follows. Debits Cash Accounts receivable Inventory Property.plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense December 31 2020 2019 $34,700 $31.900 32.800 29,900 31,200 46,800 99,300 94,400 4.500 5.000 249,900 380,000 142,500 173,600 135,600 151,500 4,400 2,600 20,300 61,700 $755,200 $977,400 Credits Allowance for...
Bonita Corp. uses the direct method to prepare its statement of cash flows. Bonita trial balances...
Bonita Corp. uses the direct method to prepare its statement of cash flows. Bonita trial balances at December 31, 2017 and 2016, are as follows. December 31 Debits 2017 2016 Cash Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense $34,700 32,800 31,200 99,300 4,500 249,900 142,500 135,600 4,400 20,300 $755,200 $31,900 29,900 46,800 94,400 5,000 380,000 173,600 151,500 2,600 61,700 $977,400 Credits Allowance...
Crane Corporation had January 1 and December 31 balances as follows. Inventory Accounts payable 1/1/20 $88,000...
Crane Corporation had January 1 and December 31 balances as follows. Inventory Accounts payable 1/1/20 $88,000 50,000 12/31/20 $104,000 59,000 For 2020, cost of goods sold was $479,000. Compute Crane's 2020 cash payments to suppliers. Cash payments to suppliers
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information....
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
Presented below are selected ledger accounts of Crane Corporation as of December 31, 2020. Cash $40,000...
Presented below are selected ledger accounts of Crane
Corporation as of December 31, 2020.
Cash
$40,000
Administrative expenses
80,000
Selling expenses
64,000
Net sales
432,000
Cost of goods sold
168,000
Cash dividends declared (2020)
16,000
Cash dividends paid (2020)
12,000
Discontinued operations (loss before income taxes)
32,000
Depreciation expense, not recorded in 2019
24,000
Retained earnings, December 31, 2019
72,000
Effective tax rate 20%
Compute net income for 2020.
Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts...
Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $13,400 21,800 17,800 14,300 Cullumber's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $77,800 The column totals in Cullumber's cash receipts journal are Cash Dr. $60,600; Sales Discounts Dr. $2,700; Accounts Receivable Cr. $45,900; Sales Revenue Cr. $5,900; and Other Accounts Cr....
On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $...
On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $ 13,600 Fees Income $ 182,000 Accounts Receivable 6,000 Supplies 4,400 Accumulated Depreciation 8,400 Prepaid Rent 62,000 Cash 84,000 Rent Expense 9,200 Depreciation Expense 8,400 Supplies Expense 8,400 Equipment 72,000 Teresa Davis, Capital 120,000 Teresa Davis, Drawing 54,000 Utilities Expense 15,600 All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31. *Fee income to income summary, expenses to income...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...
The following account balances are provided for Green Goblin Corporation at December 31 2018: Title Accounts...
The following account balances are provided for Green Goblin Corporation at December 31 2018: Title Accounts payable Accounts receivable Bank loan due June 1, 2020 Cash Commissions payable Salaries and wages payable Common stock (no par) Equipment (net) Interest payable Interest receivable Investments Prepaid expenses Retained eamings Supplies Unearmed revenue Balance 65,000 90,000 154,000 45,000 12,000 16,000 200,000 318,750 1200 450 33,000 28,000 71,700 25,000 32,000 All January 2019 transactions follow: 1. Provided services on account for a total of...
Presented below are selected account balances for Blue Co. as of December 31, 2020. Inventory 12/31/20...
Presented below are selected account balances for Blue Co. as of December 31, 2020. Inventory 12/31/20 $60,260 Cost of Goods Sold $223,793 Common Stock 73,760 Selling Expenses 15,746 Retained Earnings 45,260 Administrative Expenses 38,647 Dividends 17,810 Income Tax Expense 29,630 Sales Returns and Allowances 12,207 Sales Discounts 15,210 Sales Revenue 416,460 Prepare closing entries for Blue Co. on December 31, 2020
Swifty Corp. uses the direct method to prepare its statement of cash flows. Swifty trial balances at December 31, 2020 and 2019. are as follows. Debits Cash Accounts receivable Inventory Property.plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense December 31 2020 2019 $34,700 $31.900 32.800 29,900 31,200 46,800 99,300 94,400 4.500 5.000 249,900 380,000 142,500 173,600 135,600 151,500 4,400 2,600 20,300 61,700 $755,200 $977,400 Credits Allowance for...
Bonita Corp. uses the direct method to prepare its statement of cash flows. Bonita trial balances at December 31, 2017 and 2016, are as follows. December 31 Debits 2017 2016 Cash Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense $34,700 32,800 31,200 99,300 4,500 249,900 142,500 135,600 4,400 20,300 $755,200 $31,900 29,900 46,800 94,400 5,000 380,000 173,600 151,500 2,600 61,700 $977,400 Credits Allowance...
Crane Corporation had January 1 and December 31 balances as follows. Inventory Accounts payable 1/1/20 $88,000 50,000 12/31/20 $104,000 59,000 For 2020, cost of goods sold was $479,000. Compute Crane's 2020 cash payments to suppliers. Cash payments to suppliers
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
Presented below are selected ledger accounts of Crane
Corporation as of December 31, 2020.
Cash
$40,000
Administrative expenses
80,000
Selling expenses
64,000
Net sales
432,000
Cost of goods sold
168,000
Cash dividends declared (2020)
16,000
Cash dividends paid (2020)
12,000
Discontinued operations (loss before income taxes)
32,000
Depreciation expense, not recorded in 2019
24,000
Retained earnings, December 31, 2019
72,000
Effective tax rate 20%
Compute net income for 2020.
Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $13,400 21,800 17,800 14,300 Cullumber's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $77,800 The column totals in Cullumber's cash receipts journal are Cash Dr. $60,600; Sales Discounts Dr. $2,700; Accounts Receivable Cr. $45,900; Sales Revenue Cr. $5,900; and Other Accounts Cr....
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...
The following account balances are provided for Green Goblin Corporation at December 31 2018: Title Accounts payable Accounts receivable Bank loan due June 1, 2020 Cash Commissions payable Salaries and wages payable Common stock (no par) Equipment (net) Interest payable Interest receivable Investments Prepaid expenses Retained eamings Supplies Unearmed revenue Balance 65,000 90,000 154,000 45,000 12,000 16,000 200,000 318,750 1200 450 33,000 28,000 71,700 25,000 32,000 All January 2019 transactions follow: 1. Provided services on account for a total of...
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