Homework Answers
Solution:
| e | Net Income | 22,700 |
| d | Income before income tax | 28,600 |
| c | Salaries expense | 59,900 |
| b | Retained earnigns closing | 29,500 |
| a | Common stock | 35,400 |
| f | Issue common shares | 29,500 |
| g | Balance total equity | 64,900 |
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Here are incomplete financial statements for Carla Vista, Inc.: Calculate the...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
Question 3 View Policies Show Attempt History Current Attempt in Progress Carla Vista Lakes Park is...
Question 3 View Policies Show Attempt History Current Attempt in Progress Carla Vista Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $170,000 Dividends Sales revenue (from general store) Accounts payable $12,600 70,000 156,600 7,700 56,000 7,000 30,000 Notes payable 15,400 Expenses during 2022 11,900 Supplies 159,600 Common stock Retained earnings (1/1/2022) Cash Equipment Your answer is incorrect. Determine...
The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For...
The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For the Years Ended December 31 2017 2016 Net sales $1,898,540 $1,758,500 Cost of goods sold 1,066,540 1,014,000 Gross profit 832,000 744,500 Selling and administrative expenses 508,000 324,000 487,000 257,500 Income from operations Other expenses and losses Interest expense 23,700 21,700 Income before income taxes Income tax expense 300,300 93,700 $ 206,600 235,800 74,700 $ 161,100 Net income CARLA VISTA CO. Balance Sheets December 31...
please help The following items are taken from the financial statements of Carla Vista Co. at...
please help
The following items are taken from the financial statements of Carla Vista Co. 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 $195,000 21.800 10,200 11,950 82,800 263,200 45,850 5,500 12.200 77.500 509,000 33.800 9.100 81,300 18.900 3.400 15.600 46.800 Patents Investments in stock...
Carla Vista Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It...
Carla Vista Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $170,000 Dividends $12,600 Sales revenue (from general store) 30,000 Notes payable 70,000 Accounts payable 15,400 Expenses during 2022 156,600 Cash 11,900 Supplies 7,700 Equipment 159,600 Common stock 56,000 Retained earnings (1/1/2022) 7,000 Determine Carla Vista Lakes Park’s net income for 2022. CARLA VISTA LAKES PARK Retained Earnings Statement...
These items are taken from the financial statements of Carla Vista Ltd. at December 31, 2018:...
These items are taken from the financial statements of Carla
Vista Ltd. at December 31, 2018: Accounts payable $22,050 Interest
expense $5,300 Accounts receivable 18,780 Interest payable 3,800
Accumulated depreciation—buildings 53,600 Land 185,970 Accumulated
depreciation—equipment 20,470 Long-term investments 30,970 Service
revenue 187,040 Mortgage payable 102,000 Buildings 137,800
Operating expenses 159,680 Cash 28,040 Prepaid insurance 1,400
Common shares 138,000 Retained earnings, January 1 118,520
Equipment 70,100 Supplies 1,840 Income tax expense 5,600
at $32,500 of the mortgage payable will be paid...
View Policies Current Attempt in Progress These financial statement items are for Carla Vista Co. at...
View Policies Current Attempt in Progress These financial statement items are for Carla Vista Co. at year-end, July 31, 2022 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $3,800 59,200 16,900 17,860 3,600 67,800 9,800 3,000 16,000 34,140 11,000 7,400 4,000 4,000 35,700 Prepare an income statement for the year....
The following items and amounts were taken from Carla Vista Co.’s 2022 income statement and balance...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co....
Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co. Income Statements For the Years Ended December 31 2020 Net sales $1,897,540 Cost of goods sold 1,065,540 Gross profit 832,000 Selling and administrative expenses 507,000 Income from operations 325,000 Other expenses and losses Interest expense 24,000 Income before income taxes 301,000 Income tax expense 94,000 Net income $207,000 2019 $1,757,500 1,013,000 744,500 486,000 258,500 22,000 236,500 75,000 $161,500 2020 2019 Carla Vista Co. Balance...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
The financial statements of Carla Vista Inc. are presented here: CARLA VISTA INC. Income Statement Year Ended December 31, 2021 Service revenue $2,171,500 Expenses Operating expenses $1,885,500 Interest expense 95,000 1,980,500 Income before income tax 191,000 Income tax expense 40,000 Net income $151,000 CARLA VISTA INC. Statement of Financial Position December 31, 2021 Assets Current assets Cash $62,100 Trading investments 51,000 Accounts receivable 263,800 Supplies 25,000 Property, plant, and equipment Total assets $401,900 591,300 $993,200 $136,500 Liabilities and Shareholders' Equity...
Question 3 View Policies Show Attempt History Current Attempt in Progress Carla Vista Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $170,000 Dividends Sales revenue (from general store) Accounts payable $12,600 70,000 156,600 7,700 56,000 7,000 30,000 Notes payable 15,400 Expenses during 2022 11,900 Supplies 159,600 Common stock Retained earnings (1/1/2022) Cash Equipment Your answer is incorrect. Determine...
The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For the Years Ended December 31 2017 2016 Net sales $1,898,540 $1,758,500 Cost of goods sold 1,066,540 1,014,000 Gross profit 832,000 744,500 Selling and administrative expenses 508,000 324,000 487,000 257,500 Income from operations Other expenses and losses Interest expense 23,700 21,700 Income before income taxes Income tax expense 300,300 93,700 $ 206,600 235,800 74,700 $ 161,100 Net income CARLA VISTA CO. Balance Sheets December 31...
please help
The following items are taken from the financial statements of Carla Vista Co. 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 $195,000 21.800 10,200 11,950 82,800 263,200 45,850 5,500 12.200 77.500 509,000 33.800 9.100 81,300 18.900 3.400 15.600 46.800 Patents Investments in stock...
These items are taken from the financial statements of Carla
Vista Ltd. at December 31, 2018: Accounts payable $22,050 Interest
expense $5,300 Accounts receivable 18,780 Interest payable 3,800
Accumulated depreciation—buildings 53,600 Land 185,970 Accumulated
depreciation—equipment 20,470 Long-term investments 30,970 Service
revenue 187,040 Mortgage payable 102,000 Buildings 137,800
Operating expenses 159,680 Cash 28,040 Prepaid insurance 1,400
Common shares 138,000 Retained earnings, January 1 118,520
Equipment 70,100 Supplies 1,840 Income tax expense 5,600
at $32,500 of the mortgage payable will be paid...
View Policies Current Attempt in Progress These financial statement items are for Carla Vista Co. at year-end, July 31, 2022 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $3,800 59,200 16,900 17,860 3,600 67,800 9,800 3,000 16,000 34,140 11,000 7,400 4,000 4,000 35,700 Prepare an income statement for the year....
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
Problem 13-02A (Video) The comparative statements of Carla Vista Co. are presented here: Carla Vista Co. Income Statements For the Years Ended December 31 2020 Net sales $1,897,540 Cost of goods sold 1,065,540 Gross profit 832,000 Selling and administrative expenses 507,000 Income from operations 325,000 Other expenses and losses Interest expense 24,000 Income before income taxes 301,000 Income tax expense 94,000 Net income $207,000 2019 $1,757,500 1,013,000 744,500 486,000 258,500 22,000 236,500 75,000 $161,500 2020 2019 Carla Vista Co. Balance...
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