The following items are taken from the annual financial statements of Opco Company at December 31,...
Homework Answers
| A. Statement Showing calculation of Net Income | |
| Service Revenue | $100000 |
| Less: Expenses | |
| Fuel Expense | 15000 |
| Rent Expense | 20000 |
| Advertising Expense | 5000 |
| Salaries and Wages Expense | 20000 |
| Total Expenses | 60000 |
| Net Income | $40000 |
| B. Statement of Retained Earnings | |
| Retained Earnings December 1, 2021 | 0 |
| Add: Net Income | 40000 |
| Less: Dividend | 10000 |
| Retained Earnings December 31, 2022 | $30000 |
| C. Earnings per Share = Net Income / Number of shares outstanding | |
| Earnings per share = 40000/6000 | |
| Earning per share =$6.67 | |
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The
following items are taken from the annual financial statements of
Opco Company at December 31,...
1. The following items are taken from the financial statements of Cullumber Company at December 31,...
1. The following items are taken from the financial statements of Cullumber Company at December 31, 2022. Land $196,500 Accounts receivable 21,300 Supplies 10,100 Cash 12,000 Equipment 83,100 Buildings 261,400 Land improvements 46,250 Notes receivable (due in 2023) 5,100 Accumulated depreciation—land improvements 13,100 Common stock 73,500 Retained earnings (December 31, 2022) 502,000 Accumulated depreciation—buildings 34,200 Accounts payable 9,300 Mortgage payable 90,150 Accumulated depreciation—equipment 18,700 Interest payable 3,800 Income taxes payable 15,200 Patents 47,100 Investments in stock (long-term) 72,200 Debt investments...
Question 1 (20%) The following items are taken from the financial statements of Trump Company for...
Question 1 (20%) The following items are taken from the financial statements of Trump Company for 2017 Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Common stock Depreciation expense Dividends Equipment Insurance expense Notes payable (due 2020) Prepaid insurance Rent expense Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Service revenue Supplies Supplies expense $ 10,000 11,000 38,000 21,000 14,000 90,000 12,000 15,000 210,000 3,000 70,000 6,000 17,000 12,000 34,000 3,000 130,000 4,000 6,000 Instructions: (a)...
These items are taken from the financial statements of Drew Corporation at December 31, 2022. ...
These items are taken from the financial statements of Drew Corporation at December 31, 2022. Retained earnings (beginning of year) $33,000 Utilities expense 2,000 Equipment 56,000 Accounts payable 15,300 Cash 15,900 Salaries and wages payable 3,000 Common stock 13,000 Dividends 14,000 Service revenue 78,000 Prepaid insurance 3,500 Maintenance and repairs expense 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 Salaries and wages expense ...
The following items are taken from the financial statements of Hannah Co. for the year ending...
The following items are taken from the financial statements of Hannah Co. for the year ending December 31, 2019 Accounts Payable 20,000 Accounts Receivable 9,000 Accumulated Depreciation 28,000 Cash 15,000 Common Stock 44,000 Cost of Goods Sold 40,000 Depreciation Expense 12,000 Dividends 14,000 Equipment 150,000 Insurance Expense 3,000 4,000 Inventory Note Payable, due 5/30/20 10,000 Prepaid Insurance 6,000 Retained Earnings 1/1/19 60,000 Salaries Expense 52,000 Sales Revenue 143,000 1) What is the gross profit ratio? 2) Is the company profitable?...
These items are taken from the financial statements of Ivanhoe Company for 2022. Retained earnings (beginning...
These items are taken from the financial statements of Ivanhoe Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $33,800 2,160 66,300 20,560 13,750 6,640 21,800 12,000 3,600 5,600 1,900 71,700 7,140 1,640 3,270 15,160 2,530 40.700 21.250 Prepare a retained earnings statement...
These items are taken from the financial statements of Crane Company at December 31, 2022. $133,308...
These items are taken from the financial statements of Crane Company at December 31, 2022. $133,308 15,876 4,032 14,918 103,824 77,112 983 6,678 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue Interest 75,600 57,456 11,970 117,936 23,587 4,536 18,522 CRANE COMPANY Balance Sheet December 31, 2022 Assets Current Assets cash 14918 Debt Investments Accounts Receivable...
Solve for the rest please. These items are taken from the financial statements of Cullumber Company...
Solve for the rest please.
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480...
The following items are taken from the financial statements of Crane Company at December 31, 2022....
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600...
need retained earnings statement These items are taken from the financial statements of Blossom Company for...
need retained earnings statement
These items are taken from the financial statements of Blossom Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,720 2,120 62,400 15,700 11,510 6,450 23,600 12,000 3,800 5,500 1,900 69,300 6,950 1,680 3,350 14,640 2,450 38,480 19,010 Prepare...
These items are taken from the financial statements of Ivanhoe Company at December 31, 2022 Buildings...
These items are taken from the financial statements of Ivanhoe Company at December 31, 2022 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $90,988 10,836 2,752 10,182 70,864 52,632 671 4,558 2236 51,600 34,400 39,216 8.170 80,496 16,099 3,096 12642 Prepare a classified balance sheet. Assume that $11.696 of the note payable will be...
Question 1 (20%) The following items are taken from the financial statements of Trump Company for 2017 Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Common stock Depreciation expense Dividends Equipment Insurance expense Notes payable (due 2020) Prepaid insurance Rent expense Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Service revenue Supplies Supplies expense $ 10,000 11,000 38,000 21,000 14,000 90,000 12,000 15,000 210,000 3,000 70,000 6,000 17,000 12,000 34,000 3,000 130,000 4,000 6,000 Instructions: (a)...
The following items are taken from the financial statements of Hannah Co. for the year ending December 31, 2019 Accounts Payable 20,000 Accounts Receivable 9,000 Accumulated Depreciation 28,000 Cash 15,000 Common Stock 44,000 Cost of Goods Sold 40,000 Depreciation Expense 12,000 Dividends 14,000 Equipment 150,000 Insurance Expense 3,000 4,000 Inventory Note Payable, due 5/30/20 10,000 Prepaid Insurance 6,000 Retained Earnings 1/1/19 60,000 Salaries Expense 52,000 Sales Revenue 143,000 1) What is the gross profit ratio? 2) Is the company profitable?...
These items are taken from the financial statements of Ivanhoe Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $33,800 2,160 66,300 20,560 13,750 6,640 21,800 12,000 3,600 5,600 1,900 71,700 7,140 1,640 3,270 15,160 2,530 40.700 21.250 Prepare a retained earnings statement...
These items are taken from the financial statements of Crane Company at December 31, 2022. $133,308 15,876 4,032 14,918 103,824 77,112 983 6,678 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue Interest 75,600 57,456 11,970 117,936 23,587 4,536 18,522 CRANE COMPANY Balance Sheet December 31, 2022 Assets Current Assets cash 14918 Debt Investments Accounts Receivable...
Solve for the rest please.
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480...
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600...
need retained earnings statement
These items are taken from the financial statements of Blossom Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,720 2,120 62,400 15,700 11,510 6,450 23,600 12,000 3,800 5,500 1,900 69,300 6,950 1,680 3,350 14,640 2,450 38,480 19,010 Prepare...
These items are taken from the financial statements of Ivanhoe Company at December 31, 2022 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $90,988 10,836 2,752 10,182 70,864 52,632 671 4,558 2236 51,600 34,400 39,216 8.170 80,496 16,099 3,096 12642 Prepare a classified balance sheet. Assume that $11.696 of the note payable will be...
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