Homework Answers
Explanation
Point (1) in addition information, mortgage payable is payable in December 31 so in long mortgage payable every reduced by 20000 and This 20000 is classified as current liabilities and we assumed that last year mortgage payable is paid in current year and this year payable to be paid in next year
Point (2) in addition information, given Net income given 50000 This is transferred to Owner's equity (stockholders equity) after deducting divided of 9000(given in point 4) so Net amount transferred to stockholders equity is 41000
Point (3) in addition information, saying that investors purchased additional common stock of 30000 it means the entity newly issued common stock of $30000
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LIABILITIES/STOCKHOLDERS' EQUITY PROBLEM The following information was taken from the accounting records of Perpetuity Corporation for...
The following items are taken from the financial statements of Crane Company at December 31, 2022....
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600...
On January 1, 2020, Crane Corporation had the following stockholders’ equity accounts. Common Stock (no par...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION...
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A portion of Lapore Corporation’s Balance Sheet appears below: Liabilities and Stockholders' Equity Year 2 Year...
A portion of Lapore Corporation’s Balance Sheet appears below: Liabilities and Stockholders' Equity Year 2 Year 1 Current liabilities: Accounts payable $ 209,000 $ 200,000 Accrued liabilities 27,000 30,000 Notes payable, short term 94,000 90,000 Total current liabilities 330,000 320,000 Bonds payable 280,000 280,000 Total liabilities 610,000 600,000 Stockholders' equity: Common stock, $4 par value 360,000 360,000 Additional paid-in capital 70,000 70,000 Retained earnings 589,000 570,000 Total stockholders' equity 1,019,000 1,000,000 Total liabilities & stockholders' equity $ 1,629,000 $ 1,600,000...
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers...
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers as of December 31. All accounts have normal balances. Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 Assets Current Assets: Accounts Receivable - X Cash Inventory Office Supplies Total Current Assets HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders'...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Income Taxes Payable Salaries and Wages Payable Total...
Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Income Taxes Payable Salaries and Wages Payable Total Long-term Liabilities Total Current Liabilities Total Current Liabilities Long-Term Liab ties Mortgage Payable Total Long-term Labies Total Liabilities G eminem daughter - Google Se: x + yplus.com/courses/37115/assignments/3933142 You are provided with the following information for Bramble Corp., effective as of its port $ 904 970 670 1,430 1,380 1,130 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense...
Problem 15-06 Oriole Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock...
Problem 15-06
Oriole Company has the following stockholders’ equity accounts at
December 31, 2020.
Common Stock ($100 par value, authorized 7,600 shares)
$459,100
Retained Earnings
266,700
Prepare entries in journal form to record the following
transactions, which took place during 2021. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the account titles and enter 0 for the
amounts.)
(1)
290 shares of outstanding stock were...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 146,750 $ 159,000 Accounts receivable 76,000 89,500 Inventory 90,000 75,500 Prepaid rent 3,000 1,500 Long-term assets: Land 455,000 455,000 Equipment 750,000 645,000 Accumulated depreciation (415,000 ) (258,000 ) Total assets $ 1,105,750 $ 1,167,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 $ 80,500 Interest payable 6,750...
Landsbury Inc. Balance Sheet December 31, 2016 Assets Liabilities and Stockholders’ Equity Cash $20,000 Accounts payable...
Landsbury Inc. Balance Sheet December 31, 2016 Assets Liabilities and Stockholders’ Equity Cash $20,000 Accounts payable $30,000 Accounts receivable 21,200 Notes payable (long-term) 41,000 Investments 32,000 Common stock 100,000 Plant assets (net) 81,000 Retained earnings 23,200 Land 40,000 $194,200 $194,200 Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for-sale. 2. A tract of land was purchased for $18,000 cash. 3....
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers as of December 31. All accounts have normal balances. Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 Assets Current Assets: Accounts Receivable - X Cash Inventory Office Supplies Total Current Assets HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders'...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Income Taxes Payable Salaries and Wages Payable Total Long-term Liabilities Total Current Liabilities Total Current Liabilities Long-Term Liab ties Mortgage Payable Total Long-term Labies Total Liabilities G eminem daughter - Google Se: x + yplus.com/courses/37115/assignments/3933142 You are provided with the following information for Bramble Corp., effective as of its port $ 904 970 670 1,430 1,380 1,130 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense...
Problem 15-06
Oriole Company has the following stockholders’ equity accounts at
December 31, 2020.
Common Stock ($100 par value, authorized 7,600 shares)
$459,100
Retained Earnings
266,700
Prepare entries in journal form to record the following
transactions, which took place during 2021. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the account titles and enter 0 for the
amounts.)
(1)
290 shares of outstanding stock were...
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