On the Balance sheet, how to you calculate for Accumulated Depreciation? Bill Thomas, Oriole &...
On the Balance sheet, how to you calculate for Accumulated Depreciation?
Bill Thomas, Oriole & Hill’s controller, has received all
the budgets prepared by the various operating units and is ready to
compile the pro-forma financial statements for the first quarter.
The company’s balance sheet of December 31 is as follows:
| Cash | $ 56,400 | ||
| Accounts Receivable (net) | 54,990 | ||
| Finished Goods Inventory | 46,060 | ||
| Raw Materials Inventory | 7,106 | ||
| Property, Plant & Equipment | 282,000 | ||
| Accumulated Depreciation | (70,500 | ) | |
| Total Assets | $376,056 | ||
| Accounts Payable | $ 16,920 | ||
| Income Tax Payable | 70,744 | ||
| Common Stock | 94,000 | ||
| Retained Earnings | 194,392 | ||
| Total Liabilities & Owners Equity | $376,056 |
| Selected Estimates | Quarter | ||
| Budgeted revenue | $1,325,400 | ||
| Selling and administrative expense | 250,416 | ||
| Interest expense | 3,177 | ||
| Cash | 28,929 | ||
| Cost of Goods Sold | 943,168 | ||
| Accounts receivable (net) | 128,310 | ||
| Direct materials | 5,226 | ||
| Finished goods | 55,474 | ||
| Acounts payable | 31,208 | ||
| Notes payable | 38,540 |
Additional Information:
| ● | Bates & Hill plans to declare and pay dividends totaling $46,060 in January. | |
| ● | Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $67,680. | |
| ● | Bates & Hill plans to purchase equipment in March at a cost of $56,400. | |
| ● | Depreciation for manufacturing overhead $28,200 per month and for selling and administrative $9,400 per month. |
The company expects a 28% income tax rate, and all quarterly taxes
are paid in the first month of the following quarter.
Homework Answers
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On the Balance sheet, how to you calculate for Accumulated Depreciation? Bill Thomas, Oriole &...
*Exercise 5-30 Bill Thomas, Marigold & Hill's controller, has received all the budgets prepared by the...
*Exercise 5-30 Bill Thomas, Marigold & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $ 24,000 23,400 19,600 3,024 120,000...
*Exercise 5-30 Bill Thomas, Sunland & Hill's controller, has received all the budgets prepared by the...
*Exercise 5-30 Bill Thomas, Sunland & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $ 33,600 32,760 27,440 4,234 168,000...
Joseph Moore, Bramble & Thomas's controller, has received all the budgets prepared by the various operating...
Joseph Moore, Bramble & Thomas's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation $ 32,700 22,500 98,000 49,280 300,000 (75,000) $427,480 Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
48,000
Accounts receivable
438,750
Raw materials inventory
87,900
Finished goods inventory
383,760
Total current assets
958,410
Equipment, gross
616,000
Accumulated depreciation
(158,000
)
Equipment, net
458,000
Total assets
$
1,416,410
Liabilities and Equity
Accounts payable
$
187,200
Short-term notes payable
20,000
Total current liabilities
207,200
Long-term note payable
508,000
Total liabilities
715,200
Common stock
343,000...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below....
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 24,790 105,790 KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,770 Less: Accumulated depreciation 10,800 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Faulty 29,970 $135,760 $26,810 46,390 73,200 $36,940 25,620 Common stock Retained earnings Total stockholders' equity...
Construct a balance sheet from the following information. Accrued interest payable Accumulated depreciation Trade accounts payable...
Construct a balance sheet from the following information. Accrued interest payable Accumulated depreciation Trade accounts payable Retained earnings Accrued wages Work in process Finished goods Plant and equipment Cash and marketable securities S 4,000 30,000 10,000 86,000 11.000 5,000 30.000 100,000 10,000 Land Accounts receivable Allowance for doubtful accounts 10,000 32,000 2.000 Bank note (due in six months) Long-term debt 15,000 15,000 Raw materials 7.000 10,000 Investments Taxes due 1,000 20,000 Additional paid-in capital $1 par value common stock 20,000...
Kurian Industries' balance sheet at December 31, 2015, is presented below. KURIAN INDUSTRIES Balance Sheet December...
Kurian Industries' balance sheet at December 31, 2015, is presented below. KURIAN INDUSTRIES Balance Sheet December 31, 2015 Assets Current assets Cash $7,500 Accounts receivable 82,300 Finished goods inventory (2,500 units) 29,600 Total current assets 119,400 Equipment $39,700 Less: Accumulated depreciation 10,400 29,300 Total assets $148,700 Liabilities and Shareholders' Equity Liabilities Notes payable $25,500 Accounts payable 45,100 Total liabilities 70,600 Shareholders’ equity Common stock $49,700 Retained earnings 28,400 Total shareholders’ equity...
Please use the beginning balance sheet and Budgeting Assumptions to complete the cash budget and budgeted...
Please use the beginning balance sheet and Budgeting Assumptions
to complete the cash budget and budgeted income statement. Thank
you!
Balance Sheet March 31, 2018 Assets Current Assets Cash 52,000.00 Accounts Receivable 9,000.00 Raw Materials Inventory (1,100 pounds) Finished Goods Inventory (2,000 units) 2,750.00 14,300.00 Total Current Assets 78,050.00 Plant and Equipment Equipment 930,000.00 Accumulated Depreciation Plant and Equipment, Net (63,000.00) 867,000.00 Total Assets 945,050.00 Liabilities and Stockholders' Equity Liabilities Accounts Payable 7,500.00 Bonds Payable 100,000.00 Stockholders' Equity Common Stock...
Read the requirements Requirement 2. Prepare Huber Company's budgeted balance sheet as of March 31, 2019....
Read the requirements Requirement 2. Prepare Huber Company's budgeted balance sheet as of March 31, 2019. Huber Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Cash 10000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Stockholders' Equity Common Stock 50000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Questo any has th 1 Data Table e icon to...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 20...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 65, 000 437,760 90,200 308,028 900,988 630,000 (165,000) 465,000 $1,365,988 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and...
*Exercise 5-30 Bill Thomas, Marigold & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $ 24,000 23,400 19,600 3,024 120,000...
*Exercise 5-30 Bill Thomas, Sunland & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $ 33,600 32,760 27,440 4,234 168,000...
Joseph Moore, Bramble & Thomas's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation $ 32,700 22,500 98,000 49,280 300,000 (75,000) $427,480 Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
48,000
Accounts receivable
438,750
Raw materials inventory
87,900
Finished goods inventory
383,760
Total current assets
958,410
Equipment, gross
616,000
Accumulated depreciation
(158,000
)
Equipment, net
458,000
Total assets
$
1,416,410
Liabilities and Equity
Accounts payable
$
187,200
Short-term notes payable
20,000
Total current liabilities
207,200
Long-term note payable
508,000
Total liabilities
715,200
Common stock
343,000...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 24,790 105,790 KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,770 Less: Accumulated depreciation 10,800 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Faulty 29,970 $135,760 $26,810 46,390 73,200 $36,940 25,620 Common stock Retained earnings Total stockholders' equity...
Construct a balance sheet from the following information. Accrued interest payable Accumulated depreciation Trade accounts payable Retained earnings Accrued wages Work in process Finished goods Plant and equipment Cash and marketable securities S 4,000 30,000 10,000 86,000 11.000 5,000 30.000 100,000 10,000 Land Accounts receivable Allowance for doubtful accounts 10,000 32,000 2.000 Bank note (due in six months) Long-term debt 15,000 15,000 Raw materials 7.000 10,000 Investments Taxes due 1,000 20,000 Additional paid-in capital $1 par value common stock 20,000...
Please use the beginning balance sheet and Budgeting Assumptions
to complete the cash budget and budgeted income statement. Thank
you!
Balance Sheet March 31, 2018 Assets Current Assets Cash 52,000.00 Accounts Receivable 9,000.00 Raw Materials Inventory (1,100 pounds) Finished Goods Inventory (2,000 units) 2,750.00 14,300.00 Total Current Assets 78,050.00 Plant and Equipment Equipment 930,000.00 Accumulated Depreciation Plant and Equipment, Net (63,000.00) 867,000.00 Total Assets 945,050.00 Liabilities and Stockholders' Equity Liabilities Accounts Payable 7,500.00 Bonds Payable 100,000.00 Stockholders' Equity Common Stock...
Read the requirements Requirement 2. Prepare Huber Company's budgeted balance sheet as of March 31, 2019. Huber Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Cash 10000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Stockholders' Equity Common Stock 50000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Questo any has th 1 Data Table e icon to...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 65, 000 437,760 90,200 308,028 900,988 630,000 (165,000) 465,000 $1,365,988 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and...
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