Roxy & Harley Corporation | |||
Unadjusted Balances | |||
12/31/2016 | |||
Debit | Credit |
101 | Cash | $ 850,000 | |
102 | Cash Equivalents | $ 76,000 | |
301 | Common Stock ($10 par) | $ 1,470,000 | |
103 | Accounts Receivable | $ 1,650,000 | |
131 | Goodwill | $ 350,000 | |
125 | Investments | $ 1,351,735 | |
602 | Bad debts expenses | $ 0 | |
122 | Building | $ 1,750,000 | |
613 | Telephone Expense | $ 40,398 | |
617 | Research & Development | $ 580,000 | |
601 | Office Expenses | $ 430,000 | |
107 | Other Current Assets | $ 51,063 | |
121 | Equipment | $ 974,000 | |
618 | Insurance Expense | $ 170,000 | |
620 | Payroll taxes Expense | $ 336,975 | |
204 | Payroll taxes payable | $ 36000 | |
608 | Office Wages Expense | $ 800,000 | |
132 | Other Intangible Assets | $ 500,000 | |
310 | Dividends | $ 100,000 | |
123 | Land | $ 620,000 | |
106 | Prepaid expenses | $ 245,186 | |
614 | Utilities Expenses | $ 156,000 | |
615 | Wages Expense | $ 1,924,000 | |
616 | Travel & Entertainment Expense | $ 440,000 | |
105 | Inventory | $ 2,750,000 | |
315 | Treasury Stock | $ 500,000 | |
404 | Sales Discounts | $ 539,000 | |
420 | Investment Income | $ 56,580 | |
421 | Gain/Loss on Disposal | ||
205 | Interest Payable | $ 25,100 | |
619 | Income Tax Expense | ||
210 | Income Tax payable | ||
104 | Allowance for Doubtful Accounts | $ 50,000 | |
612 | Dues and subscriptions Expense | $ 45,920 | |
695 | Interest Expense | $ 95,000 | |
501 | Cost of Goods Sold | $ 10,200,000 | |
607 | Legal Fees | $ 410,000 | |
124 | Accumulated Depreciation | $ 915,000 | |
609 | Accounting Consultants | $ 200,000 | |
610 | Property Taxes | $ 215,662 | |
611 | Maintenance Expense | $ 85,000 | |
221 | Long Term Liabilities | $ 1,377,000 | |
207 | Unearned Revenue | $ 375,000 | |
401 | Product Sales Revenue | $ 18,561,346 | |
402 | Service Revenue | $ 3,085,356 | |
302 | Paid-in Capital Common Stock | $ 315,000 | |
201 | Accounts Payable | $ 2,289,850 | |
604 | Advertising Expense | $ 337,000 | |
605 | Depreciation Expense | ||
320 | Retained Earnings | $ 739,400 | |
603 | Equipment Repair Expense | $ 300,000 | |
206 | Dividends Payable | $ 100,000 | |
403 | Sales Returns | $ 325,000 | |
202 | Wages Payable | $ 160,000 | |
699 | Miscellaneous Expense | $ 157,693 | |
Totals | $ 29,555,632 | $ 29,555,632 | |
625 | Compensated Absence Expense | ||
212 | Compensated Absence Payable |
1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Roxy and Harley uses a perpetual inventory system.
2. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $190 per day. A total of 1,000 earned vacation days will be carried over to 2017. It is probable that the employees will take the vacation days.
3. Income tax expense is 30% of income before income tax.
4. The Research and Development account includes current year costs of $380,000 and R& D Equipment with a cost of $200,000 and an estimated useful life of 10 years.
5. You discover that a product sale was made and recorded in December for $100,000; the product had not yet been shipped. The cost of the product was $58,000.
6. The Prepaid Expense account balance includes the $300,000 cost of a two year insurance policy purchased on April 1, 2016.
7. Depreciation & Amortization expense for the year is $275,000
8. Interest expense accrued on its long-term liabilities is $82,620.
9. A dividend of $147,000 was declared on December 16, to be paid on January 15, 2017
10. It is estimated that 6% of accounts receivable will be uncollectable.
INSTRUCTIONS:
A. Correct the trial balance by putting the accounts in the typical account number order
B. Record the adjusting journal entries
C. Compute the adjusted trial balance amounts
D. Prepare in good form: a. Income Statement b. Balance Sheet c. Retained Earnings Statement
E. Compute the following ratios: Current Ratio, Profit Margin on Sales, Debt to Assets, Earnings per Share, and Book Value per share F. Record Closing Entries
$300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31
$300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Bruce and Emmett use a perpetual inventory system. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $150 per day. A total of 500 earned vacation days will be carried over to 2020. It is probable that the employees...
12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is as follows: 1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Bruce and Emmett use a perpetual inventory system. 2. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $150 per day. A total of 500 earned...
1. Marigold Corp. estimates its annual warranty expense as 3% of annual net sales. The following data relate to the calendar year 2021: Net sales $1506000 Warranty liability account Balance, Dec. 31, 2020 $13000 debit before adjustment Balance, Dec. 31, 2021 32180 credit after adjustment Which one of the following entries was made to record the 2021 estimated warranty expense? a Warranty Expense 32180 Warranty Liability 32180 b Warranty Expense 37635 Retained Earnings (prior-period adjustment) 7545 Warranty Liability 45180 c...
Blue Ltd. had sales revenue of £658,800 in 2022. Other items recorded during the year were: Cost of goods sold Selling expenses Income tax Increase in value of employees Administrative expenses £402,600 146,400 30,500 18.300 12,200 Prepare an income statement for Blue for 2022. Blue has 100,000 shares outstanding. (Round earnings per share to 2 decimal places, eg. 1.48.) BLUE LTD Income Statement £ £ £ £ The following are changes in all account balances of Bonita Furniture during the...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000 Inventory …………………… $40,000 Accounts receivable ………….. $40,000 Land ………………………... $100,000 Bonds payable, long-term …… $250,000 Goodwill ……………………. $10,000 Buildings ……………………….. $160,000 Retained earnings ………… $115,000 Cash ……………………………. $50,000 Sales revenue ……………... $500,000 Common stock ………………… $100,000 Supplies inventory ………… $5,000 Cost of goods sold ……………. $200,000 Supplies expense …………. $20,000 Equipment ……………………... $80,000 Wages expense …………… $100,000 What is Daniels Company’s net income for...
Instructions Turtle Company has prepared the following adjusted trial balance for the year onded December 31, 2019: Turtle Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DERIT CREDIT 1 Cash 1.700.00 2 Accounts Receivable 2,200.00 Inventory 1,800.00 5,400.00 1.700.00 Equipment 5 Accumulated Depreciation Accounts Payable Salaries Payable 2,200.00 300.00 Insurucuons 660.00 3,200.00 3 Income Taxes Payable Common Stock (400 shares) 50 Retained Earnings 11 Dividends 1,700.00 200.00 12 Sales Revenue 8,500.00 13 Cost of Goods Sold 3,900.00 14 Selling...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3. Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable long-term) 2,800.00 6 Equipment 15,000.00 7. Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Common Stock 5,000.00 13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17...
December 31, 2010 Acct No. Account Title Debit Credit 29, 210 100 116, 000 43,000 2,500 89,000 7,500 394, 000 60,000 35,000 16,000 4,500 500 4,000 5,000 40,000 1001 Cash 1002 Cash - Payroll Account 1003 Cash - Money Market 1005 Receivables 1006 Allowance for doubtful accounts 1010 Merchandise inventories Prepaid expenses and other current 1015 assets 1110 Property and equipment 1111 Accumulated depreciation 2001 Accounts payable 2010 Accrued payroll and employee benefits 2012 Payroll taxes payable 2015 Interest payable...
CPA-CIA in progress provided the following account balances on December 31, 2023 which had been adjusted except for income tax expense: Cash 800,000 Accounts receivable 2,800,000 Inventory 3,000,000 Property, plant and equipment at carrying amount 10,500,000 Accounts payable 1,800,000 Income tax payable 2,400,000 Bonds payable – due December 31, 2024. 1,300,000 Share capital 2,500,000 Share premium 3,000,000 Retained earnings, January 1. 1,000,000 Net sales and other revenue 20,000,000 Costs and expenses 12,000,000 Income tax expense 2,900,000 The accounts receivable included...