Accounts Cash $6,200,000 Accounts Payable $1,310,000 Prepaid Insurance $250,000 Supplies $200,000 Building $8,000,000 Accum. Dep. Building...
Accounts
Cash $6,200,000
Accounts Payable $1,310,000
Prepaid Insurance $250,000
Supplies $200,000
Building $8,000,000
Accum. Dep. Building $6,400,000
Revenue $5,000,000
COGS $1,830,000
Utility Expense $500,000
Interest Expense $440,000
Depreciation Expense $800,000
inventory $580,000
Accounts Receivable $700,000
Supply Expense $160,000
Salary Expense $720,000
Short term Investments $400,000
Common Stock $4,200,000
Retained Earnings $3,240,000
Dividends $320,000
Income Tax Payable $1,200,000
Telephone Expense $250,000
Required: All of the above accounts have their ending balances except for retained earnings which has it's beginning balance. 1. Create an Income Statement, Balance Sheet and Statement of Retained Earnings 2.Calculate the following ratios: Current Ratio,Profit Margin, Return on Assets and Debt to equity and Interest coverage ratio
Homework Answers
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Accounts
Cash $6,200,000
Accounts Payable $1,310,000
Prepaid Insurance $250,000
Supplies $200,000
Building $8,000,000
Accum. Dep. Building...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Cash $29200 Accounts receivable 10600 140000 Supplies Inventory Land Building Less: Accum. Depreciation Trademark Less: Accum....
Cash $29200 Accounts receivable 10600 140000 Supplies Inventory Land Building Less: Accum. Depreciation Trademark Less: Accum. Depreciation $179800 CRANE'S FURNITURE OUTLET LTD. Statement of Financial Position December 31, 2022 $7700 Accounts payable 20600 Salaries payable 1100 Mortgage payable 174000 Total liabilities 98000 Shareholders' equity Common shares 86200 Retained earnings Total shareholders' equity 29200 $416800 Total liabilities and shareholders' equity $107000 20800 $137000 100000 237000 $39300 10100 Total assets $416800 The dollar amount of share capital is O $416800. $237000. O...
Accounts Debit Credit Cash $20,569 Prepaid Rent 6,000 Supplies 4,000 Building 15,000 Accounts Payable $2,000 Deferred...
Accounts Debit Credit Cash $20,569 Prepaid Rent 6,000 Supplies 4,000 Building 15,000 Accounts Payable $2,000 Deferred Revenue 10,000 Common Stock 6,000 Retained Earnings 12,000 Revenue 20,569 Rent Expense 1,000 Salaries Expense 3,000 Utility Expense 1,000 Totals $50,569 $50,569 . Additional Information: Beginning Balance of Common Stock on 1/1/20xx $6,000 Beginning Balance of Retained Earnings on 1/1/20xx $12.000 • No new stock or dividends paid during the accounting period. • Hint: Please remember the formula for retained earnings when preparing the...
Cash Supplies Prepaid Insurance Land Equipment Accumulated Depreciation Equipment Accounts Payable Uneamed Service Revenue Mortgage Payable...
Cash Supplies Prepaid Insurance Land Equipment Accumulated Depreciation Equipment Accounts Payable Uneamed Service Revenue Mortgage Payable Common Stock Retained Earnings, Sept. 1, 2020 Dividends Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expenses Property Tax Expense Interest Expense Trial Balance Debit Credit 39,360 20.560 31.900 86.920 126.920 38,160 16.560 3.160 53.920 116.620 2.000 14,000 283,420 108.540 32,460 9,400 18.860 18.460 6,460 513.840 511,840 Adjusted Trial Balance Debit Credit 39,360 4,071 4,075 86.920 126,920 40.530 16,560...
Castaway Co. Balance Sheet Assets: 20X1 100,000 20X2 100,000 Cash 48,000 30,000 Accounts Receivable Inventory Prepaid...
Castaway Co. Balance Sheet Assets: 20X1 100,000 20X2 100,000 Cash 48,000 30,000 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Dep BV of Equipment Land 65,000 6,000 125,000 25,000 100,000 50,000 369,000 $ 50,000 12,000 300,000 35,000 265,000 20,000 477,000 $ Total Assets Liabilities: Accounts Payable 40,000 45,000 Insurance Payable O 250,000 5,000 200,000 Notes Payable Total Liabilities 290,000 250,000 OE: Stock 69,000 200,000 Retained Earnings 10,000 27,000 Total OE 79,000 227,000 Total Liabilities + OE 369,000 477,000 Castaway Co. Income...
How to do the adjusting entries. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated...
How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Debits Credits S 53,200 15,400 7,000 4,000 48,000 136,000 $ 8,000 6,700 13,800 150,000 72,500 2.800 38,960 12,360 Salaries Expense Depreciation Expense Insurance Expense 2,700 5,000 Property Tax Expense Totals 294,960 $294.960 The following is a summary of the transactions for the year: a. December 12 c. December 18 d. December 28...
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts...
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts Receivab le Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Interest Payable Salaries & Wages Payable Owner's Capital Retained earnings Service Revenue Unearned service revenue 5,000 30,000 10,000 150,000 50,000 15,000 50,000 60,000 230,000 20,000 Cost of Goods Sold 100,000 30,000 Selling Expenses Interest Expense Admin Expenses 15,000 Interest revenues 10,000 Loss on sale of fixed assets 5,000 Total 440,000...
Cash $ 5,000 Accounts receivable 3,270 Supplies 5,060 1,500 9,400 $ 1,080 845 7,000 6,000 Prepaid...
Cash $ 5,000 Accounts receivable 3,270 Supplies 5,060 1,500 9,400 $ 1,080 845 7,000 6,000 Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-Term notes payable Common stock Retained carnings Dividends Service fees camed Rent expense Salaries expense Supplies expense Insurance expense Depreciation expense - Equipment 7,505 2,900 62,400 15,000 33,400 4,700 3,250 720 630 Interest expense Totals $ 84,830 $ 84,830 Required: Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet. Also, calculate profit...
Create a statement of Retained earnings The following is a list of accounts of the Dienstag...
Create a statement of Retained
earnings
The following is a list of accounts of the Dienstag Company for the current year end (December 31, 2020. All of the accounts have normal balances. You are being asked to prepare an Income Statement, a statement of Retained Earnings and a classified Balance Sheet. Accounts Payable $48,000 Administrative Salary Expense $400,000 Accounts Receivable 32,000 64,000 Beginning Inventory Freight -In 56,000 48,000 Accumulated Depreciation - Building Freight-out Expense Allowance for Uncollectible Accounts 64,000 0,000...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term)...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term) 3,230 3,100 1,800 3,600 35,100 1,400 5,100 7,100 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 22,000 14,330 2,200 1,800 800 1,200 400 200 A Ques 22. Billings Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. BE: (Click the icon to view the account balances.) Compute Billings...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Cash $29200 Accounts receivable 10600 140000 Supplies Inventory Land Building Less: Accum. Depreciation Trademark Less: Accum. Depreciation $179800 CRANE'S FURNITURE OUTLET LTD. Statement of Financial Position December 31, 2022 $7700 Accounts payable 20600 Salaries payable 1100 Mortgage payable 174000 Total liabilities 98000 Shareholders' equity Common shares 86200 Retained earnings Total shareholders' equity 29200 $416800 Total liabilities and shareholders' equity $107000 20800 $137000 100000 237000 $39300 10100 Total assets $416800 The dollar amount of share capital is O $416800. $237000. O...
Accounts Debit Credit Cash $20,569 Prepaid Rent 6,000 Supplies 4,000 Building 15,000 Accounts Payable $2,000 Deferred Revenue 10,000 Common Stock 6,000 Retained Earnings 12,000 Revenue 20,569 Rent Expense 1,000 Salaries Expense 3,000 Utility Expense 1,000 Totals $50,569 $50,569 . Additional Information: Beginning Balance of Common Stock on 1/1/20xx $6,000 Beginning Balance of Retained Earnings on 1/1/20xx $12.000 • No new stock or dividends paid during the accounting period. • Hint: Please remember the formula for retained earnings when preparing the...
Cash Supplies Prepaid Insurance Land Equipment Accumulated Depreciation Equipment Accounts Payable Uneamed Service Revenue Mortgage Payable Common Stock Retained Earnings, Sept. 1, 2020 Dividends Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expenses Property Tax Expense Interest Expense Trial Balance Debit Credit 39,360 20.560 31.900 86.920 126.920 38,160 16.560 3.160 53.920 116.620 2.000 14,000 283,420 108.540 32,460 9,400 18.860 18.460 6,460 513.840 511,840 Adjusted Trial Balance Debit Credit 39,360 4,071 4,075 86.920 126,920 40.530 16,560...
Castaway Co. Balance Sheet Assets: 20X1 100,000 20X2 100,000 Cash 48,000 30,000 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Dep BV of Equipment Land 65,000 6,000 125,000 25,000 100,000 50,000 369,000 $ 50,000 12,000 300,000 35,000 265,000 20,000 477,000 $ Total Assets Liabilities: Accounts Payable 40,000 45,000 Insurance Payable O 250,000 5,000 200,000 Notes Payable Total Liabilities 290,000 250,000 OE: Stock 69,000 200,000 Retained Earnings 10,000 27,000 Total OE 79,000 227,000 Total Liabilities + OE 369,000 477,000 Castaway Co. Income...
How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Debits Credits S 53,200 15,400 7,000 4,000 48,000 136,000 $ 8,000 6,700 13,800 150,000 72,500 2.800 38,960 12,360 Salaries Expense Depreciation Expense Insurance Expense 2,700 5,000 Property Tax Expense Totals 294,960 $294.960 The following is a summary of the transactions for the year: a. December 12 c. December 18 d. December 28...
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts Receivab le Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Interest Payable Salaries & Wages Payable Owner's Capital Retained earnings Service Revenue Unearned service revenue 5,000 30,000 10,000 150,000 50,000 15,000 50,000 60,000 230,000 20,000 Cost of Goods Sold 100,000 30,000 Selling Expenses Interest Expense Admin Expenses 15,000 Interest revenues 10,000 Loss on sale of fixed assets 5,000 Total 440,000...
Cash $ 5,000 Accounts receivable 3,270 Supplies 5,060 1,500 9,400 $ 1,080 845 7,000 6,000 Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-Term notes payable Common stock Retained carnings Dividends Service fees camed Rent expense Salaries expense Supplies expense Insurance expense Depreciation expense - Equipment 7,505 2,900 62,400 15,000 33,400 4,700 3,250 720 630 Interest expense Totals $ 84,830 $ 84,830 Required: Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet. Also, calculate profit...
Create a statement of Retained
earnings
The following is a list of accounts of the Dienstag Company for the current year end (December 31, 2020. All of the accounts have normal balances. You are being asked to prepare an Income Statement, a statement of Retained Earnings and a classified Balance Sheet. Accounts Payable $48,000 Administrative Salary Expense $400,000 Accounts Receivable 32,000 64,000 Beginning Inventory Freight -In 56,000 48,000 Accumulated Depreciation - Building Freight-out Expense Allowance for Uncollectible Accounts 64,000 0,000...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term) 3,230 3,100 1,800 3,600 35,100 1,400 5,100 7,100 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 22,000 14,330 2,200 1,800 800 1,200 400 200 A Ques 22. Billings Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. BE: (Click the icon to view the account balances.) Compute Billings...
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