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Landsbury Inc.
Balance Sheet
December 31, 2016
Assets
Liabilities and Stockholders’ Equity
Cash
$20,000
Accounts payable
$30,000
Accounts receivable
21,200
Notes payable (long-term)
41,000
Investments
32,000
Common stock
100,000
Plant assets (net)
81,000
Retained earnings
23,200
Land
40,000
$194,200
$194,200
Lansbury Inc. sold part of its debt
investment portfolio for $15,000. This transaction resulted in a
gain of $3,400 for the firm. The company classifies its investments
as available-for-sale.
2.
A tract of land was purchased for $18,000
cash.
3....
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Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2016 Cash $22,220 Accounts payable $32,220 Accounts receivable 23,420 Notes payable (long-term) 43,220 Investments 34,220 Common stock 102,220 Plant assets (net) Retained earnings 81,000 25,420 42,220 $203,080 Land $203,080 During 2017, the following occurred. gain of $3,686 for the firm. The company classifies its investments as 1. Bramble Inc. sold part of its investment portfolio for $15,286. This transaction resulted in available-for-sale. A...
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Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
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Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
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This problem (#4) is 3 pages. I will certainly upvote. Thanks
for being organized.
Problem 4 Page 6 Chapter 05 Group work - STU.xlsx Lansbury Inc. had the following balance sheet at December 31, 2019 fend of the prior year). Assets Cash Landsbury Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity 20,000 Accounts payable 21,200 Notes payable (long-term) 32,000 Bonds payable 81.000 Common stock 40,000 Retained earnings 194,200 $ $ $ $ $ $ 30,000 41,000 Accounts receivable...
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Sage Hill Inc had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016 Cash $9.300 Accounts payable Accounts receivable 12.300 Bonds payable Investments 13,500 Common stock Plant assets (net) 36,900 Retained earnings Land 16,500 $88,500 $15,200 9,500 36,300 27.500 $88.500 During 2017, the following occurred. 1. Net income was $26,600. 2. Depreciation expense was $8,400. 3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $4,200 loss. 4. Sage Hill...
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Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land CHEYENNE INC. BALANCE SHEET DECEMBER 31, 2019 $20,990 Accounts payable 22,190 Notes payable (long-term) 32,990 Common stock 81,000 Retained earnings 40,990 $198,160 $30,990 41,990 100,990 24,190 $198,160 During 2020, the following occurred. 1. 2. 3. Cheyenne Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company...
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Problem 5-7 Bramble Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 $ 22,390 Accounts payable 23,590 Bonds payable 32,000 Common stock 83,390 Retained earnings 42,390 $203,760 $ 32,390 43,390 102,390 25,590 $203,760 During 2020, the following occurred. 1. 2. 3. 4. 5. 6. 7. Bramble liquidated its available-for-sale debt investment portfolio at a loss of $7,390. A tract of land was purchased for...
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The comparative balance sheet for Fair Isle Travel Services,
Inc., for December 31, 2017 and 2016
The following information is taken from the records of Fair Isle
Travel Services, Inc.:
Assets 2017 2016 $ Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets 40,000 $ 19,000 82,000 84,000 59,000 16,000 10,000 14,000 191,000 $ 133,000 $ Land Equipment Less: Accumulated depreciation $ 100,000 $ 115,000 77,000 61,000 (16,000) (10,000) $ 352,000 $ 299,000 Total assets We were unable...
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The comparative balance sheet for Majestic Travel Services, Inc., for December 31, 2017 and 2016, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Majestic Travel Services, Inc. (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Majestic Travel Services, Inc., for 2017 Increase in wages payable Increase in interest payable 15,000 1,000 2,000 (10,400) Increase in income taxes payable...
Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2016 Cash $22,220 Accounts payable $32,220 Accounts receivable 23,420 Notes payable (long-term) 43,220 Investments 34,220 Common stock 102,220 Plant assets (net) Retained earnings 81,000 25,420 42,220 $203,080 Land $203,080 During 2017, the following occurred. gain of $3,686 for the firm. The company classifies its investments as 1. Bramble Inc. sold part of its investment portfolio for $15,286. This transaction resulted in available-for-sale. A...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
This problem (#4) is 3 pages. I will certainly upvote. Thanks
for being organized.
Problem 4 Page 6 Chapter 05 Group work - STU.xlsx Lansbury Inc. had the following balance sheet at December 31, 2019 fend of the prior year). Assets Cash Landsbury Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity 20,000 Accounts payable 21,200 Notes payable (long-term) 32,000 Bonds payable 81.000 Common stock 40,000 Retained earnings 194,200 $ $ $ $ $ $ 30,000 41,000 Accounts receivable...
Sage Hill Inc had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016 Cash $9.300 Accounts payable Accounts receivable 12.300 Bonds payable Investments 13,500 Common stock Plant assets (net) 36,900 Retained earnings Land 16,500 $88,500 $15,200 9,500 36,300 27.500 $88.500 During 2017, the following occurred. 1. Net income was $26,600. 2. Depreciation expense was $8,400. 3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $4,200 loss. 4. Sage Hill...
Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land CHEYENNE INC. BALANCE SHEET DECEMBER 31, 2019 $20,990 Accounts payable 22,190 Notes payable (long-term) 32,990 Common stock 81,000 Retained earnings 40,990 $198,160 $30,990 41,990 100,990 24,190 $198,160 During 2020, the following occurred. 1. 2. 3. Cheyenne Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company...
Problem 5-7 Bramble Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 $ 22,390 Accounts payable 23,590 Bonds payable 32,000 Common stock 83,390 Retained earnings 42,390 $203,760 $ 32,390 43,390 102,390 25,590 $203,760 During 2020, the following occurred. 1. 2. 3. 4. 5. 6. 7. Bramble liquidated its available-for-sale debt investment portfolio at a loss of $7,390. A tract of land was purchased for...
The comparative balance sheet for Fair Isle Travel Services,
Inc., for December 31, 2017 and 2016
The following information is taken from the records of Fair Isle
Travel Services, Inc.:
Assets 2017 2016 $ Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets 40,000 $ 19,000 82,000 84,000 59,000 16,000 10,000 14,000 191,000 $ 133,000 $ Land Equipment Less: Accumulated depreciation $ 100,000 $ 115,000 77,000 61,000 (16,000) (10,000) $ 352,000 $ 299,000 Total assets We were unable...
The comparative balance sheet for Majestic Travel Services, Inc., for December 31, 2017 and 2016, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Majestic Travel Services, Inc. (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Majestic Travel Services, Inc., for 2017 Increase in wages payable Increase in interest payable 15,000 1,000 2,000 (10,400) Increase in income taxes payable...