The following is the trial balance of Tully Ltd as on 31 December 2020:
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The following is the trial balance of Tully Ltd as on 31 December 2020:
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common...
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $12,200 for the year and Retained Earnings is $7,240 on January 1. (List items that...
The following is a partial trial balance for the Green Star Corporation as of December 31,...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Debits Credits 1,550,000 38,000 58,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 770,000 200,000 83,000 48,000 138,000 There were 110,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income...
The following is a partial trial balance for the Green Star Corporation as of December 31,...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,150,000 Interest revenue 50,000 Gain on sale of investments 70,000 Cost of goods sold 890,000 Selling expenses 260,000 General and administrative expenses 95,000 Interest expense 60,000 Income tax expense 150,000 There were 100,000 shares of common stock outstanding throughout 2021. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for...
The December 31, 2021, post-closing trial balance ($ In thousands) for Libby Corporation is presented below:...
The December 31, 2021, post-closing trial balance ($ In thousands) for Libby Corporation is presented below: Credits Debits 29, eee 68, eee 43,00 7,600 3.34 points 5,500 165, eee 58, 205, eee (8 01:04:33 63, eee 152,eee Cash Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents (unamortized balance) Accounts payable Notes payable, due 2022 Interest payable Bonds payable, due 2031 Common stock (no par), 32, eee shares authorized,...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account TitleDebitsCreditsSales revenue1,650,000Interest revenue40,000Gain on sale of investments60,000Cost of goods sold790,000Selling expenses210,000General and administrative expenses85,000Interest expense50,000Income tax expense140,000 There were 100,000 shares of common stock outstanding throughout 2021. Required:Prepare a single-step income statement for 2021, including EPS disclosures.Prepare a multiple-step income statement for 2021, including EPS disclosures.
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: 5...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: 5 Credit Debit 11,000 155,000 5,500 30,000 350,000 2:04:19 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 130,000 35,000 35,000 4,50 12,000 225,000 61,000 10,500 450,000 205,000 125,000 20,000 35,000 2,500...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,700,000 87,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 26,000 1,260,000 270,000 370,000 185,000 86,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1....
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 3, 200,000 97,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 31,000 1,360,000 370,000 470,000 235,000 96,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required:...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands)...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account TitleDebitsCreditsSales revenue2,500,000Interest revenue83,000Loss on sale of investments24,000Cost of goods sold1,220,000Loss on inventory write-down (obsolescence)230,000Selling expense330,000General and administrative expense165,000Interest expense82,000 There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required:Prepare a single-step income statement for 2021, including EPS disclosures.Prepare a multiple-step income statement for 2021, including EPS disclosures.
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $12,200 for the year and Retained Earnings is $7,240 on January 1. (List items that...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Debits Credits 1,550,000 38,000 58,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 770,000 200,000 83,000 48,000 138,000 There were 110,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income...
The December 31, 2021, post-closing trial balance ($ In thousands) for Libby Corporation is presented below: Credits Debits 29, eee 68, eee 43,00 7,600 3.34 points 5,500 165, eee 58, 205, eee (8 01:04:33 63, eee 152,eee Cash Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents (unamortized balance) Accounts payable Notes payable, due 2022 Interest payable Bonds payable, due 2031 Common stock (no par), 32, eee shares authorized,...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: 5 Credit Debit 11,000 155,000 5,500 30,000 350,000 2:04:19 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 130,000 35,000 35,000 4,50 12,000 225,000 61,000 10,500 450,000 205,000 125,000 20,000 35,000 2,500...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,700,000 87,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 26,000 1,260,000 270,000 370,000 185,000 86,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1....
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 3, 200,000 97,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 31,000 1,360,000 370,000 470,000 235,000 96,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required:...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
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