Homework Answers
| Req 1 | Calculation of Net income | |||
| Camping Revenue | 283,000 | |||
| Less: | ||||
| Income Tax Expense | (10,000) | |||
| Operating Expense | (245,000) | |||
| Net Income | 28,000 | |||
| REQ 2 | ||||
| Statement of Changes in Equity | ||||
| Common Stock | Retained Earning | Total | ||
| Beginning Balance | 30,000 | 18,000 | 48,000 | |
| Add: Net Income | 28,000 | 28,000 | ||
| Add: Common stock issued | 15,000 | 15,000 | ||
| Less: Dividends | (12,000) | (12,000) | ||
| Ending Balance | 45,000 | 34,000 | 79,000 | |
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Camping revenue Cash Equipment Accounts payable Bank loan payable Income tax expense Dividends declared Operating expenses...
en! (NR). Il a revenue (R) or expense (E) account or an account that is not...
en! (NR). Il a revenue (R) or expense (E) account or an account that is not come statement for the year. utement E1-12 The following information is for kon Inc. for the year ended December 31, 2018 ent of changes Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 58,000 Office expense Dividends declared Rent expense Service revenue Utilities expense Salaries expense Income tax expense $20,000 10.000 1,600 5,000 12.400 61,000 2.400 30,000 3,000 Ome ents...
TF10-09 1128 MB learn.wileyplus.com WP Oriole, Inc. is a public camping ground near Ocean National Park....
TF10-09 1128 MB learn.wileyplus.com WP Oriole, Inc. is a public camping ground near Ocean National Park. It has the following financial information as at December 31, 2018: Account Dashboard Courses Camping revenue Cash Equipment Accounts payable Bank loan payable Income tax expense Dividends declared Operating expenses Supplies Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 $281.000 21.000 130,000 16,000 60,000 10,000 12.000 241,000 2.500 27,500 14,000 18,000 Calendar Inbox Get HELP SOS Determine net income...
2018 $ 25 240 2017 5 10 240 Dividends payable Bank loan payable current portion Bank...
2018 $ 25 240 2017 5 10 240 Dividends payable Bank loan payable current portion Bank loan payable non-current portion Common shares Retained earnings 340 490 770 Additional information: ofw e nt that cost $500. The bank loan was decreased by repayments 1. The bank loan was increased by additional borrowings of $100 to partially finance th 2. Common shares were issued during the year. Noe were required. 3. Dividends were paid during the year 4. Net income for the...
hese financial statement items are for Crane Corporation at year end, July 31, 2018: Operating expenses...
hese financial statement items are for Crane Corporation at year
end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $ 62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare...
Record closing entry for REVENUE, Expenses and Dividends Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts...
Record closing entry for
REVENUE, Expenses and Dividends
Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, S1 par value Additional Paid-in Capital Retained Earnings Totals S 44,200 47,500 9,000 79,000 S 10,500 16,100 15,000 95,000 43.100 $179,700 $179,700 During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of S1 par value common stock for $44,000. January 9 Provide services to customers on account, $18,300. January 10 Purchase additional supplies on account, $6,400....
P2-4A These items are taken from the financial statements of Mbong Corporation for the year ended...
P2-4A These items are taken from the financial statements of Mbong Corporation for the year ended December 31, Prepare financial 2018: statements discuss relationships Retained carnings, January 1 $221,000 (LD1) Cash 11.900 Salaries payable 3,000 Utilities expense 2,000 66,000 Equipment 15.000 Accounts payable 72.000 Buildings 34,200 Common shares 5.000 Dividends declared 213.900 Service revenue Prepaid insurance Repair and maintenance expense 200 $ 2,000 Land 2,800 Depreciation expense 156,000 Accounts receivable 6,200 Insurance expense 14,200 Salaries expense 2,200 Accumulated depreciation-equipment 129,800...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
Oriole Limited reports the following statement of financial position accounts, in alphabetical order: Accounts payable $13,850...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
en! (NR). Il a revenue (R) or expense (E) account or an account that is not come statement for the year. utement E1-12 The following information is for kon Inc. for the year ended December 31, 2018 ent of changes Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 58,000 Office expense Dividends declared Rent expense Service revenue Utilities expense Salaries expense Income tax expense $20,000 10.000 1,600 5,000 12.400 61,000 2.400 30,000 3,000 Ome ents...
TF10-09 1128 MB learn.wileyplus.com WP Oriole, Inc. is a public camping ground near Ocean National Park. It has the following financial information as at December 31, 2018: Account Dashboard Courses Camping revenue Cash Equipment Accounts payable Bank loan payable Income tax expense Dividends declared Operating expenses Supplies Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 $281.000 21.000 130,000 16,000 60,000 10,000 12.000 241,000 2.500 27,500 14,000 18,000 Calendar Inbox Get HELP SOS Determine net income...
2018 $ 25 240 2017 5 10 240 Dividends payable Bank loan payable current portion Bank loan payable non-current portion Common shares Retained earnings 340 490 770 Additional information: ofw e nt that cost $500. The bank loan was decreased by repayments 1. The bank loan was increased by additional borrowings of $100 to partially finance th 2. Common shares were issued during the year. Noe were required. 3. Dividends were paid during the year 4. Net income for the...
hese financial statement items are for Crane Corporation at year
end, July 31, 2018:
Operating expenses
$32,500
Interest payable
$ 2,000
Salaries expense
46,200
Supplies expense
1,700
Unearned revenue
12,000
Dividends declared
12,500
Utilities expense
2,400
Depreciation expense
2,800
Equipment
61,700
Retained earnings, Aug. 1, 2017
20,440
Accounts payable
4,720
Rent expense
11,000
Service revenue
115,100
Income tax expense
5,800
Rent revenue
19,500
Supplies
1,600
Common shares
24,500
Held for trading investments
22,500
Cash
5,560
Bank loan payable (due Dec....
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $ 62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare...
Record closing entry for
REVENUE, Expenses and Dividends
Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, S1 par value Additional Paid-in Capital Retained Earnings Totals S 44,200 47,500 9,000 79,000 S 10,500 16,100 15,000 95,000 43.100 $179,700 $179,700 During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of S1 par value common stock for $44,000. January 9 Provide services to customers on account, $18,300. January 10 Purchase additional supplies on account, $6,400....
P2-4A These items are taken from the financial statements of Mbong Corporation for the year ended December 31, Prepare financial 2018: statements discuss relationships Retained carnings, January 1 $221,000 (LD1) Cash 11.900 Salaries payable 3,000 Utilities expense 2,000 66,000 Equipment 15.000 Accounts payable 72.000 Buildings 34,200 Common shares 5.000 Dividends declared 213.900 Service revenue Prepaid insurance Repair and maintenance expense 200 $ 2,000 Land 2,800 Depreciation expense 156,000 Accounts receivable 6,200 Insurance expense 14,200 Salaries expense 2,200 Accumulated depreciation-equipment 129,800...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
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