Homework Answers
Soution:
| ELWES COMPANY | ||
| Balancesheet | ||
| December 31,2021 | ||
| Assets | ||
| Current assets | ||
| Cash | 2,800 | |
| Short term investments | 1,000 | |
| Accounts receivable | 1,500 | |
| Total current assets | 5,300 | |
| Investments | ||
| Long term investments | 5,700 | |
| Property, plant and equipment | ||
| Equipment | 8,800 | |
| Less: Accumulated Depreciation | 4,000 | 4,800 |
| Intangible assets | 2,300 | |
| Total assets | 18,100 | |
| Liabilities and stockholders equity | ||
| Current liabilities | ||
| Accounts payable | 3,800 | |
| Long term liabilities | ||
| Notes payable | 5,000 | |
| Total liabilities | 8,800 | |
| Stockholders equity | ||
| Common stock | 5,000 | |
| Retained earnings | 4,300 | 9,300 |
| Total liabilities and stockholders' equity | 18,100 |
Add Answer to:
The following information is available for Elwes Company for the year ended December 31, 2021: Accounts...
Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts...
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
Required information [The following information applies to the questions displayed below. The December 31, 2021, adjusted...
Required information [The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,800 4,589 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Sto Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 250,000...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits $ Debits 43,000 92,000 117,000 $ 28,000 80,000 156,000 390,000 118,000 111,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 43,000 30,000 50,000 83,000 38,000 340,000...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31,
2021, for the Vosburgh Electronics Corporation.
Account Title
Debits
Credits
Cash
83,000
Short-term investments
198,000
Accounts receivable
139,000
Long-term investments
43,000
Inventory
223,000
Receivables from employees
48,000
Prepaid expenses (for 2022)
24,000
Land
288,000
Building
1,630,000
Equipment
645,000
Patent (net)
160,000
Franchise (net)
48,000
Notes receivable
290,000
Interest receivable
20,000
Accumulated depreciation—building
628,000
Accumulated depreciation—equipment
218,000
Accounts payable
197,000
Dividends payable (payable on 1/16/2022)
18,000
Interest payable
24,000
Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 71,000 186,000 127,000 37,000...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Debits 75,000 190,000 131,000 39,000 219,000 44,000 20,000 284,000 1,590,000 641,000 156,000 44,000 270,000 16,000 Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation- building Accumulated depreciation- equipment Accounts payable Dividends payable (payable on 1/16/2022) Int est payable Income Taxes payable...
Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019....
Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019. Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019 $26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 25,000 56,000 81,000 $ 10,000 44,000 120,000 300,000 100,000 75,000 25,000 12,000 32,000 65,000 20,000...
ving uing balances of accounts at December 31, 2021, for $ Account Title Cash Accounts receivable...
ving uing balances of accounts at December 31, 2021, for $ Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 40,000 86,000 111,000 25,000 74,000 150,000 375,000 115,000 105,000 40,000 27,000 47,000 80,000 35,000 325,000 5,000 350,000 40,000 $1,015,000 $1,215,000 Additional Information:...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 37,000 80,000 105,000 $ 22,000 68,000 144,000 360,000 112,000 99,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 37,000 24,000 44,000 77,000 32,000 310,000...
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
Required information [The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,800 4,589 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Sto Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 250,000...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits $ Debits 43,000 92,000 117,000 $ 28,000 80,000 156,000 390,000 118,000 111,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 43,000 30,000 50,000 83,000 38,000 340,000...
The following is the ending balances of accounts at December 31,
2021, for the Vosburgh Electronics Corporation.
Account Title
Debits
Credits
Cash
83,000
Short-term investments
198,000
Accounts receivable
139,000
Long-term investments
43,000
Inventory
223,000
Receivables from employees
48,000
Prepaid expenses (for 2022)
24,000
Land
288,000
Building
1,630,000
Equipment
645,000
Patent (net)
160,000
Franchise (net)
48,000
Notes receivable
290,000
Interest receivable
20,000
Accumulated depreciation—building
628,000
Accumulated depreciation—equipment
218,000
Accounts payable
197,000
Dividends payable (payable on 1/16/2022)
18,000
Interest payable
24,000
Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 71,000 186,000 127,000 37,000...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Debits 75,000 190,000 131,000 39,000 219,000 44,000 20,000 284,000 1,590,000 641,000 156,000 44,000 270,000 16,000 Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation- building Accumulated depreciation- equipment Accounts payable Dividends payable (payable on 1/16/2022) Int est payable Income Taxes payable...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 25,000 56,000 81,000 $ 10,000 44,000 120,000 300,000 100,000 75,000 25,000 12,000 32,000 65,000 20,000...
ving uing balances of accounts at December 31, 2021, for $ Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 40,000 86,000 111,000 25,000 74,000 150,000 375,000 115,000 105,000 40,000 27,000 47,000 80,000 35,000 325,000 5,000 350,000 40,000 $1,015,000 $1,215,000 Additional Information:...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 37,000 80,000 105,000 $ 22,000 68,000 144,000 360,000 112,000 99,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 37,000 24,000 44,000 77,000 32,000 310,000...
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