Homework Answers
Book value of the equipment at December 31, 2020 = Equipment - Accumulated depreciation, equipment
= $210,000 - $28,000
= $182,000
The answer is Option b.
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24. The following items are taken from the financial statements of the Postal Service for the...
24. The following items are taken from the financial statements of the Postal Service for the...
24. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,000 Note payable, due 6/30/21 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/20) 60,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense...
23. The following items are taken from the financial statements of the Postal Service for the...
23. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,000 Note payable, due 6/30/21 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/20) 60,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense...
23. The following items are taken from the financial statements of the Postal Service for the...
23. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,000 Note payable, due 6/30/21 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/20) 60,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense...
please solve this problem and explain step by step as to how you got the answer....
please solve this problem and explain step by step as to how
you got the answer.
AaBoCCL тавьсс на врс АавbccL Нар Аавьс 1 No Spac... Heading 1 Heading 2 Title Subtitle U abe x, x' Aay.A. 1 Normal Font F Paragraph Styles 24. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash...
please solve this problem and explain step by step as to how you got the answer...
please solve this problem and explain step by step as to how
you got the answer
IUX, X Aay.A. EZ 9... 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Font 23. Paragraph Styles The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $. 18.000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense...
Question 1 (20%) The following items are taken from the financial statements of Trump Company for...
Question 1 (20%) The following items are taken from the financial statements of Trump Company for 2017 Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Common stock Depreciation expense Dividends Equipment Insurance expense Notes payable (due 2020) Prepaid insurance Rent expense Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Service revenue Supplies Supplies expense $ 10,000 11,000 38,000 21,000 14,000 90,000 12,000 15,000 210,000 3,000 70,000 6,000 17,000 12,000 34,000 3,000 130,000 4,000 6,000 Instructions: (a)...
The following items are taken from the financial statements of the Pronghorn Service for the year...
The following items are taken
from the financial statements of the Pronghorn Service for the year
ending December 31, 2018: Accounts payable $ 17700 Accounts
receivable 11000 Accumulated depreciation – equipment 27900
Advertising expense 21400 Cash 14900 Common stock 41400 Dividends
14100 Depreciation expense 12300 Insurance expense 3100 Note
payable, due 6/30/19 70200 Prepaid insurance (12-month policy) 6200
Rent expense 17000 Retained earnings (1/1/18) 60550 Salaries and
wages expense 32700 Service revenue 134200 Supplies 3900 Supplies
expense 6100 Equipment 209250...
the following items are taken from the 2021 financial records.. prepare an income statement (in good...
the
following items are taken from the 2021 financial records.. prepare
an income statement (in good form).
The following items and amounts are taken from the 2021 financial records of Labrador Co.: Labrador Co. Income Statement For the Year Ended December 31, 2021 Supplies expense........ Equipment Salaries expense...... Utilities expense. Dividends Accounts payable..... Accounts receivable.... $32,000 Salaries payable... 72,000 Common stock. 150,000 Cash....... 8,200 Retained earnings, Jan. 1, 2021... 1,000 Insurance expense 6,000 Repair expense 26,800 Service revenue $5,000 50,000...
The following items are taken from the financial statements of Hannah Co. for the year ending...
The following items are taken from the financial statements of Hannah Co. for the year ending December 31, 2019 Accounts Payable 20,000 Accounts Receivable 9,000 Accumulated Depreciation 28,000 Cash 15,000 Common Stock 44,000 Cost of Goods Sold 40,000 Depreciation Expense 12,000 Dividends 14,000 Equipment 150,000 Insurance Expense 3,000 4,000 Inventory Note Payable, due 5/30/20 10,000 Prepaid Insurance 6,000 Retained Earnings 1/1/19 60,000 Salaries Expense 52,000 Sales Revenue 143,000 1) What is the gross profit ratio? 2) Is the company profitable?...
These items are taken from the financial statements of Drew Corporation at December 31, 2022. ...
These items are taken from the financial statements of Drew Corporation at December 31, 2022. Retained earnings (beginning of year) $33,000 Utilities expense 2,000 Equipment 56,000 Accounts payable 15,300 Cash 15,900 Salaries and wages payable 3,000 Common stock 13,000 Dividends 14,000 Service revenue 78,000 Prepaid insurance 3,500 Maintenance and repairs expense 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 Salaries and wages expense ...
24. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,000 Note payable, due 6/30/21 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/20) 60,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense...
23. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,000 Note payable, due 6/30/21 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/20) 60,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense...
23. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 210,000 Insurance expense 3,000 Note payable, due 6/30/21 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/20) 60,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense...
please solve this problem and explain step by step as to how
you got the answer.
AaBoCCL тавьсс на врс АавbccL Нар Аавьс 1 No Spac... Heading 1 Heading 2 Title Subtitle U abe x, x' Aay.A. 1 Normal Font F Paragraph Styles 24. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash...
please solve this problem and explain step by step as to how
you got the answer
IUX, X Aay.A. EZ 9... 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Font 23. Paragraph Styles The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2020: Accounts payable $. 18.000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Common stock 42,000 Dividends 14,000 Depreciation expense...
Question 1 (20%) The following items are taken from the financial statements of Trump Company for 2017 Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Common stock Depreciation expense Dividends Equipment Insurance expense Notes payable (due 2020) Prepaid insurance Rent expense Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Service revenue Supplies Supplies expense $ 10,000 11,000 38,000 21,000 14,000 90,000 12,000 15,000 210,000 3,000 70,000 6,000 17,000 12,000 34,000 3,000 130,000 4,000 6,000 Instructions: (a)...
The following items are taken
from the financial statements of the Pronghorn Service for the year
ending December 31, 2018: Accounts payable $ 17700 Accounts
receivable 11000 Accumulated depreciation – equipment 27900
Advertising expense 21400 Cash 14900 Common stock 41400 Dividends
14100 Depreciation expense 12300 Insurance expense 3100 Note
payable, due 6/30/19 70200 Prepaid insurance (12-month policy) 6200
Rent expense 17000 Retained earnings (1/1/18) 60550 Salaries and
wages expense 32700 Service revenue 134200 Supplies 3900 Supplies
expense 6100 Equipment 209250...
the
following items are taken from the 2021 financial records.. prepare
an income statement (in good form).
The following items and amounts are taken from the 2021 financial records of Labrador Co.: Labrador Co. Income Statement For the Year Ended December 31, 2021 Supplies expense........ Equipment Salaries expense...... Utilities expense. Dividends Accounts payable..... Accounts receivable.... $32,000 Salaries payable... 72,000 Common stock. 150,000 Cash....... 8,200 Retained earnings, Jan. 1, 2021... 1,000 Insurance expense 6,000 Repair expense 26,800 Service revenue $5,000 50,000...
The following items are taken from the financial statements of Hannah Co. for the year ending December 31, 2019 Accounts Payable 20,000 Accounts Receivable 9,000 Accumulated Depreciation 28,000 Cash 15,000 Common Stock 44,000 Cost of Goods Sold 40,000 Depreciation Expense 12,000 Dividends 14,000 Equipment 150,000 Insurance Expense 3,000 4,000 Inventory Note Payable, due 5/30/20 10,000 Prepaid Insurance 6,000 Retained Earnings 1/1/19 60,000 Salaries Expense 52,000 Sales Revenue 143,000 1) What is the gross profit ratio? 2) Is the company profitable?...
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