Homework Answers
Answers:
| 1 | b. $994,950 |
| 2 | c. $796,950 |
| 3 | d. $99,000 |
| 4 | a. $24,750 |
| 5 | c.$165,000 |
Calculations:
| Cash | Equipment | |||||||
| Beg. Bal. | $33,000 | Jan 5 | $37,950 | Beg. Bal. | $57,750 | |||
| Jan 1 | $99,000 | Jan 3 | $62,700 | |||||
| Jan 3 | $44,550 | Jan 6 Bal. | $120,450 | |||||
| Jan 5 | $26,400 | |||||||
| Jan 6 Bal. | $165,000 | Accounts payable | ||||||
| Jan 5 | $37,950 | Beg. Bal. | $74,250 | |||||
| Accounts receivable | Jan 3 | $62,700 | ||||||
| Beg. Bal. | $51,150 | Jan 5 | $26,400 | Jan 6 Bal. | $99,000 | |||
| Jan 6 Bal. | $24,750 | |||||||
| Notes payable | ||||||||
| Land | Jan 1 | $99,000 | ||||||
| Beg. Bal. | $313,500 | Jan 6 Bal. | $99,000 | |||||
| Jan 6 Bal. | $313,500 | |||||||
| Capital Stock | ||||||||
| Buildings | Beg. Ba. | $752,400 | ||||||
| Beg. Bal. | $371,250 | Jan 3 | $44,550 | |||||
| Jan 6 Bal. | $371,250 | Jan 6 Bal. | $796,950 | |||||
From the above T-accounts,
| 1 | Cash | $165,000 |
| Accounts receivable | $24,750 | |
| Land | $313,500 | |
| Buildings | $371,250 | |
| Equipment | $120,450 | |
| Total Assets o Jan 6 | $994,950 | |
| 2 | Capital stock | $870,800 |
| Owners' equity on Jan 6 | $870,800 | |
| 3 | Accounts payable on Jan 6 | $99,000 |
| 4 | Accounts receivable on Jan 6 | $24,750 |
| 5 | Cash balance on Jan 6 | $165,000 |
.
Add Answer to:
Part 5: Presented below is the balance sheet for Sabino Family Dentistry on January 1 of...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities 17,775 Accounts payable $ 46,875 16,425 Notes payable 19,125 56,925 Assets 2017 Current assets Cash $ 12,000 Accounts receivable 12,750 Inventory 50,250 2018 $ $ 55,575 24,750 Total $ 75,000 $ 91,125 Total $ 66,000 $ 30,000 $ 80,325 $ 27,000 Long-term debt Owners' equity Common stock and paid-in...
Income Statement, Statement of Stockholders Equity, and Balance Sheet Napolean Corporation started business on January 1.2016....
Income Statement, Statement of Stockholders Equity, and Balance Sheet Napolean Corporation started business on January 1.2016. The following information was compiled by Napolean's accountant on December 31, 2016: Fir Sales Revenue $27,000 Equipment, net $20,250 Expenses Dividends Cash Accounts Receivable3,375 Common Stock 27,000 Inventory 6,200 Building, net 4,050 Accounts Payable 5,400 2.025 Notes Payable 44,550 4,000 4,050 Retained Earnings Required You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above...
A company's January 1, 2019 balance sheet reported total assets of $153,000 and total liabilities of...
A company's January 1, 2019 balance sheet reported total assets of $153,000 and total liabilities of $61,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $11,500 cash (no interest was paid); (B) collected a $10,500 accounts receivable; (C) paid a $5,300 accounts payable; and (D) purchased a truck for $5,300 cash and by signing a $21,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the...
A company's January 1, 2019 balance sheet reported total assets of $153,000 and total liabilities of...
A company's January 1, 2019 balance sheet reported total assets of $153,000 and total liabilities of $61,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $11,500 cash (no interest was paid); (B) collected a $10,500 accounts receivable; (C) paid a $5,300 accounts payable; and (D) purchased a truck for $5,300 cash and by signing a $21,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the...
Complete the table below for the liabilities and owners' equity part of the balance sheet Barron...
Complete the table below for the liabilities and owners' equity
part of the balance sheet
Barron Pizza, Inc. Balance Sheet as of December 31, 2012, 2013, and 2014 (S in thousands) LIABILITIES 2014 2013 2012 Current liabilities Accounts payable s $ 74.480 $ 66,107 Short-term debt $ 271 $ $ 300 Total current liabilities $ 80,948 $ 74,712 $ Long-term debt $ 60,984 $C $ 184,975 Other liabilities $ 28,817 $ 20,182 Total liabilities $ 187,832 $ 243,549 $ OWNERS'...
1 2 3 4 5 6 All Acme Company Balance Sheet As of January 5, 2020...
1 2 3 4 5 6 All Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 9,900 Accounts Payable 2,700 Accounts Receivable 4,500 Debt 3,500 Inventory 3,800 Other Liabilities 1,000 Property Plant & Equipment 16,800 Total Liabilities 7,200 Other Assets 1,600 Paid-In Capital 8,000 Retained Earnings 21,400 Total Equity 29,400 Total Assets 36,600 Total Liabilities & Equity 36,600 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Sell...
C1010: Accountng PART C. Comparing balance sheet (7 marks) ABC company and XVZ company conduct the same type of business. Both are recently formed entitles, the balance sheets of the two c...
C1010: Accountng PART C. Comparing balance sheet (7 marks) ABC company and XVZ company conduct the same type of business. Both are recently formed entitles, the balance sheets of the two companies as at 30 June 2020 are as follows: ABC Company Balance sheet Asat 30 June 2020 Assets Current assets Cash at bank 2 400 Accounts recelvable 4 800 Total current assets 7 200 Noncurrent Assets Office equipment land 6 000 18 000 building Total non-current assets 30 000...
Question 3 - Balance Sheet You are presented with the following statement of financial position which...
Question 3 - Balance Sheet You are presented with the following statement of financial position which is in an incorrect draft. Assuming the accounts and amounts are correct, prepare the statement of financial position again, making the necessary corrections. $ $ 9,000 11,000 26,000 46,000 15,000 20,000 18,000 53,000 99,000 Current assets Cash at bank Accounts payable Plant and machinery Non-current assets Inventory Asset revaluation increment Motor vehicles Total assets Current liabilities Accounts receivable Prepayments Non-current liabilities Bank overdraft Land...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. 5 nts...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. 5 nts Assets 2017 2018 eBook JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 13,275 Accounts payable $ 52,560 29,925 Notes payable 19,260 82,575 eferences Current assets Cash Accounts receivable Inventory $ 60,750 $ 10,620 21,420 24,075 67,860 Total $ 99,900 $ 125,775 Total $ 71,820 $ 84,825 Long-term debt $ 36,000 $ 27,000 Owners' equity...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 13,700 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 13,700 Accounts Payable 2,000 Accounts Receivable 3,200 Debt 3,600 Inventory 5,100 Other Liabilities 900 Property Plant & Equipment 15,400 Total Liabilities 6,500 Other Assets 800 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity 31,700 Total Assets 38,200 Total Liabilities & Equity 38,200 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Receive payment of $12,000 owed by a customer...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities 17,775 Accounts payable $ 46,875 16,425 Notes payable 19,125 56,925 Assets 2017 Current assets Cash $ 12,000 Accounts receivable 12,750 Inventory 50,250 2018 $ $ 55,575 24,750 Total $ 75,000 $ 91,125 Total $ 66,000 $ 30,000 $ 80,325 $ 27,000 Long-term debt Owners' equity Common stock and paid-in...
Income Statement, Statement of Stockholders Equity, and Balance Sheet Napolean Corporation started business on January 1.2016. The following information was compiled by Napolean's accountant on December 31, 2016: Fir Sales Revenue $27,000 Equipment, net $20,250 Expenses Dividends Cash Accounts Receivable3,375 Common Stock 27,000 Inventory 6,200 Building, net 4,050 Accounts Payable 5,400 2.025 Notes Payable 44,550 4,000 4,050 Retained Earnings Required You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above...
Complete the table below for the liabilities and owners' equity
part of the balance sheet
Barron Pizza, Inc. Balance Sheet as of December 31, 2012, 2013, and 2014 (S in thousands) LIABILITIES 2014 2013 2012 Current liabilities Accounts payable s $ 74.480 $ 66,107 Short-term debt $ 271 $ $ 300 Total current liabilities $ 80,948 $ 74,712 $ Long-term debt $ 60,984 $C $ 184,975 Other liabilities $ 28,817 $ 20,182 Total liabilities $ 187,832 $ 243,549 $ OWNERS'...
C1010: Accountng PART C. Comparing balance sheet (7 marks) ABC company and XVZ company conduct the same type of business. Both are recently formed entitles, the balance sheets of the two companies as at 30 June 2020 are as follows: ABC Company Balance sheet Asat 30 June 2020 Assets Current assets Cash at bank 2 400 Accounts recelvable 4 800 Total current assets 7 200 Noncurrent Assets Office equipment land 6 000 18 000 building Total non-current assets 30 000...
Question 3 - Balance Sheet You are presented with the following statement of financial position which is in an incorrect draft. Assuming the accounts and amounts are correct, prepare the statement of financial position again, making the necessary corrections. $ $ 9,000 11,000 26,000 46,000 15,000 20,000 18,000 53,000 99,000 Current assets Cash at bank Accounts payable Plant and machinery Non-current assets Inventory Asset revaluation increment Motor vehicles Total assets Current liabilities Accounts receivable Prepayments Non-current liabilities Bank overdraft Land...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. 5 nts Assets 2017 2018 eBook JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 13,275 Accounts payable $ 52,560 29,925 Notes payable 19,260 82,575 eferences Current assets Cash Accounts receivable Inventory $ 60,750 $ 10,620 21,420 24,075 67,860 Total $ 99,900 $ 125,775 Total $ 71,820 $ 84,825 Long-term debt $ 36,000 $ 27,000 Owners' equity...
Most questions answered within 3 hours.
-
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 7 minutes ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 59 minutes ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 2 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 3 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 4 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 4 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 4 hours ago -
75 g of 2-propanol (C3H8O) and 25 g of pentane are mixed in a
200 mL...
asked 4 hours ago -
The 2800-turn coil in a dc motor has an area per turn of 1.1 ×
10-2...
asked 5 hours ago -
Draw a combinational logic circuit diagram with a symbol inside
the box for two I/P of...
asked 5 hours ago -
The cliché we use quite a lot in finance is: there is a need to
maximize...
asked 5 hours ago -
In class we discussed the addition of HCl to alpha pinene. Would
you expect one or...
asked 5 hours ago