Homework Answers
| a | ||
| Stockholders' Equity, Dec 31, 2019 | 153000 | =482000-329000 |
| Less: Investment | -90000 | |
| Add: Drawings | 16000 | |
| Net income for 2019 | 79000 | |
| b | ||
| Stockholders' Equity, Dec 31, 2020 | 163000 | =542000-379000 |
| Less: Stockholders' Equity, Dec 31, 2019 | 153000 | |
| Increase in Stockholders' Equity | 10000 | |
| Additional investment | 49000 | |
| Less: Increase in Stockholders' Equity | 10000 | |
| Net loss for 2020 | 39000 | or (39000) |
| c | ||
| Stockholders' Equity, Dec 31, 2021 | 193000 | =672000-479000 |
| Less: Stockholders' Equity, Dec 31, 2020 | 163000 | |
| Increase in Stockholders' Equity | 30000 | |
| Increase in Stockholders' Equity | 30000 | |
| Less: Additional investment | -25000 | |
| Add: Drawings | 28000 | |
| Net income for 2021 | 33000 |
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Crane Company had the following assets and liabilities on the dates indicated. December 31 2019 2020...
Toth Company had the following assets and liabilities on the dates indicated. December 31 Total Assets...
Toth Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $400,000 $260,000 2020 $480,000 $300,000 2021 $590,000 $400,000 Toth began business on January 1, 2019, with an investment of $100,000 from stockholders. From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Toth paid $15,000 in dividends for the year. Net income (loss) for 2019 55000 (b) 2020, assuming...
Larkspur, Inc. had the following assets and liabilities on the dates indicated. December 31 Total Assets...
Larkspur, Inc. had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2018 $468,000 $324,000 2019 $548,000 $374,000 2020 $678,000 $474,000 Larkspur, began business on January 1, 2018, with an investment of $92,000 from stockholders. From an analysis of the change in stockholders’ equity during the year, compute the net income (or loss) for: (a) 2018, assuming Larkspur, paid $15,000 in dividends for the year. Net income (loss) for 2018 $___________ (b) 2019, assuming...
please help 19 19 View Policies Current Attempt in Progress Splish Brothers Inc, had the following...
please help
19 19 View Policies Current Attempt in Progress Splish Brothers Inc, had the following assets and liabilities on the dates indicated December 31 Total Liabilities Total Assets $457,000 2019 $216,000 $266,000 2020 $537.000 2021 $667,000 $366,000 Solish Brothers began business on January 1, 2019, with an investment of $97.000 from stockholdere From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Splish Brothers paid $20,000 in...
Assets - Liabilities + Stockholders' Equity Retained Earnings Accounts + Receivable Supplies Equipment Accounts Payable Common...
Assets - Liabilities + Stockholders' Equity Retained Earnings Accounts + Receivable Supplies Equipment Accounts Payable Common Stock +$15,000 Revenues Expenses Dividend + $5,000 +$3,000 +$750 $4,500 + $9.400 Service Revenue Cash +$15,000 -2.000 -750 +4,900 - 1,500 -2,000 -850 +450 -3,900 -1,500 -$2,000 Rent Expense -$850 -3,900 -500 Salaries/Wages Expense Utilities Expense (b) Determine how much stockholders' equity increased for the month. Increase in stockholders' equity (c) Compute the amount of net income for the month Net income Toth Company...
E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with...
E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $370,000 $210,000 290,000 2022 440,000 2023 525,000 355,000 Instructions Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a. 2021, assuming Shane Cooke's drawings were $50,000 for the year. b....
December 31, 2020, 2019, 2018 (in millions) Current assets Other assets Total assets Current liabilities Long-term...
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Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable...
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The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019...
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At the beginning of the year, Crane Ltd. had total assets of $710,000 and total liabilities...
At the beginning of the year, Crane Ltd. had total assets of $710,000 and total liabilities of $400,000. During the year, Crane’s total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $130,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year?
December 31 2020 2021 2019 10,560 $ 54,186 9 Assets 10 Current Assets: Cash and cash...
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Toth Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $400,000 $260,000 2020 $480,000 $300,000 2021 $590,000 $400,000 Toth began business on January 1, 2019, with an investment of $100,000 from stockholders. From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Toth paid $15,000 in dividends for the year. Net income (loss) for 2019 55000 (b) 2020, assuming...
please help
19 19 View Policies Current Attempt in Progress Splish Brothers Inc, had the following assets and liabilities on the dates indicated December 31 Total Liabilities Total Assets $457,000 2019 $216,000 $266,000 2020 $537.000 2021 $667,000 $366,000 Solish Brothers began business on January 1, 2019, with an investment of $97.000 from stockholdere From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Splish Brothers paid $20,000 in...
Assets - Liabilities + Stockholders' Equity Retained Earnings Accounts + Receivable Supplies Equipment Accounts Payable Common Stock +$15,000 Revenues Expenses Dividend + $5,000 +$3,000 +$750 $4,500 + $9.400 Service Revenue Cash +$15,000 -2.000 -750 +4,900 - 1,500 -2,000 -850 +450 -3,900 -1,500 -$2,000 Rent Expense -$850 -3,900 -500 Salaries/Wages Expense Utilities Expense (b) Determine how much stockholders' equity increased for the month. Increase in stockholders' equity (c) Compute the amount of net income for the month Net income Toth Company...
E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $370,000 $210,000 290,000 2022 440,000 2023 525,000 355,000 Instructions Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a. 2021, assuming Shane Cooke's drawings were $50,000 for the year. b....
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Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable 64,510 Owner's capital 18,231 Total liabilities and owner's equity $114,996 Supplies Equipment Owner's drawings Total assets $29,450 (9,116) 94,662 $114,996 Prepare a correct balance sheet. (List Assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Assets Liabilities and Owner's Equity
The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019 ssets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 70,000 65,000 40,000 90,000 237,000 168,000 27,000 134,000 134,000 263,000 186,000 $891,000 $710,000 51,000 109,000 27,000 $169,000 $104,000 53,000 39,000 250,000...
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