Homework Answers
| Element | Financial Statement | Remarks | |
| (1) | Sales revenue | Income statement | Sales revenue shows the amount of revenue that arise from selling product. |
| (2) | Supplies | Statement of financial position | Cash accounts receivable, Supplies, inventory, land, plant, and equipment are the best examples of assets. |
| (3) | Dividends | Statement of change in equity | Dividends are deducted from the retained earnings. Retained earnings is reported under the shareholder's equity. |
| (4) | Cash flow from operating activities | Statement of cash flows | Cash receipts from customers, Cash payment for inventory purchases, and other expenses are the best examples of operating activities. |
| (5) | Total liabilities | Statement of financial position | Accounts payable, accrued expense, notes payable and bonds payable are the best examples of liabilities. |
| (6) | Cash flow from financing activities | Statement of cash flows | Cash receipts by issuing the bonds payable and common stock, dividends paid are the best examples of financing activities. |
| (7) | Salaries expense | Income statement | Salaries expenses show the amount of paid or accrued payable to employees. |
| (8) | Common shares issued during the year | Statement of change in equity | Additional shares issued should be added to the common stock under the statement of change in equity. |
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BE1-7 Indicate which statement-income statement (IS), statement of financial position (SFP), statement of changes in equity...
BE1-10 Go Ahead Limited began the year with common shares of $100,000 and retained earnings of...
BE1-10 Go Ahead Limited began the year with common shares of $100,000 and retained earnings of $350,000. During Calculate endin the year, it issued an additional $25,000 of common shares, reported a profit of $75,000, and paid dividends of $5,000. balances. (a) Calculate the ending balances of (1) common shares. (2) retained carnings, and (3) total shareholders' equity. (SO 4) (b) Explain how your answer would change if the company had reported a loss of $75,000 rather than a profit....
The items below are taken from a financial statement at December 31, 2019. Indicate on which...
The items below are taken from a financial statement at December 31, 2019. Indicate on which statement – income statement (IS), Balance Sheet/Statement of Financial Position (BS), Statement of Changes in Equity (SCE) or Statement of cash flows (SCF) – you would find each of the below accounts or items. Note: please choose one answer for each item (i.e. some may appear on more than one statement). Account IS, BS, SCE, SCF 1 Accounts payable 2 Cash 3 Dividends 4...
Indicate whether each of the following items will be reported on the statement of financial position...
Indicate whether each of the following items will be reported on
the statement of financial position (SFP), statement of income
(SI), both the statement of financial position and statement of
income (B), or neither statement (N)—for example, it might appear
only on the statement of cash flows.
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or...
Consider the following typical accounts and statement items and indicate on which statement(s)—income statement, statement of...
Consider the following typical accounts and statement items and indicate on which statement(s)—income statement, statement of financial position, statement of changes in equity, and/or statement of cash flows—you would find each of the accounts or items. 1. Sales 2. Cash 3. Cash provided by operating activities 4. Service revenue 5. Common shares 6. Dividends declared 7. Net income 8. Accounts receivable 9. Inventory 10. Income tax expense 11. Interest expense 12. Cash used by investing activities 13. Equipment 14. Retained...
income statement statement of changes in equity statement of financial position These accounts and balances are...
income statement
statement of changes in equity
statement of financial position
These accounts and balances are taken from the financial statements of Sarasota Corporation for the year ended December 31, 2022 Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable Insurance expense Salaries expense Income tax expense Accumulated depreciation-equipment $25,000 1,300 81,000 19,200 4.700 12,400 3,000...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
Indicate whether each of the following items will be reported on the statement of financial position...
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or neither statement (N)—for example, it might appear only on the statement of cash flows. a. Notes receivable b. Interest revenue from a short-term investment c. Common shares d. Accounts payable e. Depreciation expense on a building f. Interest expense g. Cash from the issuance of shares h....
The comparative statement of financial position for Crane Retailers Ltd. follows: CRANE RETAILERS LTD. Statement of...
The comparative statement of financial position for Crane Retailers Ltd. follows: CRANE RETAILERS LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 0 $ 20,000 Accounts receivable 70,000 47,000 Inventory 217,000 166.000 Furniture 130,000 162,000 Accumulated depreciation (34,000) (42000) Total assets $ 383,000 $353,000 Liabilities and Shareholders' Equity Bank overdraft $ 6,000 $ 0 Accounts payable 62,000 42,000 Bank loan payable (noncurrent) 95.000 108,000 $ 6,000 $ Liabilities and Shareholders'Equity Bank overdraft Accounts payable Bank loan payable...
Indicate in which financial statement each item would most likely appear, by selecting Income statement (1),...
Indicate in which financial statement each item would most likely appear, by selecting Income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. B a. Wages payable b. Fuel expense c. Net decrease (or increase) in cash d. Utilities expense e. Cash from operating activities f. Cash flows from financing activities Salaries payable h. Taxes payable CF 1
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550...
BE1-10 Go Ahead Limited began the year with common shares of $100,000 and retained earnings of $350,000. During Calculate endin the year, it issued an additional $25,000 of common shares, reported a profit of $75,000, and paid dividends of $5,000. balances. (a) Calculate the ending balances of (1) common shares. (2) retained carnings, and (3) total shareholders' equity. (SO 4) (b) Explain how your answer would change if the company had reported a loss of $75,000 rather than a profit....
Indicate whether each of the following items will be reported on
the statement of financial position (SFP), statement of income
(SI), both the statement of financial position and statement of
income (B), or neither statement (N)—for example, it might appear
only on the statement of cash flows.
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or...
income statement
statement of changes in equity
statement of financial position
These accounts and balances are taken from the financial statements of Sarasota Corporation for the year ended December 31, 2022 Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable Insurance expense Salaries expense Income tax expense Accumulated depreciation-equipment $25,000 1,300 81,000 19,200 4.700 12,400 3,000...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
The comparative statement of financial position for Crane Retailers Ltd. follows: CRANE RETAILERS LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 0 $ 20,000 Accounts receivable 70,000 47,000 Inventory 217,000 166.000 Furniture 130,000 162,000 Accumulated depreciation (34,000) (42000) Total assets $ 383,000 $353,000 Liabilities and Shareholders' Equity Bank overdraft $ 6,000 $ 0 Accounts payable 62,000 42,000 Bank loan payable (noncurrent) 95.000 108,000 $ 6,000 $ Liabilities and Shareholders'Equity Bank overdraft Accounts payable Bank loan payable...
Indicate in which financial statement each item would most likely appear, by selecting Income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. B a. Wages payable b. Fuel expense c. Net decrease (or increase) in cash d. Utilities expense e. Cash from operating activities f. Cash flows from financing activities Salaries payable h. Taxes payable CF 1
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550...
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