Homework Answers
| Balance sheet | ||
| Dec 31 2020 | ||
| Cash | $5,880 | |
| Accounts Receivable (76800*40%) | 30720 | |
| Finished Goods inventory (2500*18) | 45000 | |
| Total Current Assets | $81,600 | |
| Property plant & equipment | ||
| Equipment (40000+9000) | 49000 | |
| Less: Acc Depreciation (10000+4000) | 14000 | 35000 |
| Total Assets | $116,600 | |
| Liabilities & stockholder equity | ||
| Income Tax payable | 5000 | |
| Accounts payable (17000*50%)+7200 | 15700 | |
| Total current liabilities | 20700 | |
| Notes payable (25000-8000) | 17000 | |
| Stockholdery equity | ||
| Common stock | 40000 | |
| Reatined Earnings (25000-8000+20100) | 38900 | 78900 |
| 116600 | ||
| Calculation of Net Income | ||
| Sales | 256000 | |
| Less: cost of good sold (8000*18) | 144000 | |
| Less: S& A exp | 75000 | |
| Less: Int exp | 3500 | |
| Income before taxes | 33500 | |
| Income Tax expense (40%*I) | 13400 | |
| Net income | 20100 | |
| If any doubt please comemnt |
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KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable...
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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. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 25,070 106,070 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,130 10,660 29,470 Total assets $135,540 Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $27,270 46,490 73,760 Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below....
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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 26,520 107,520 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 $40,720 Less: Accumulated depreciation 10,550 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $39,850 Retained earnings 25,090 Total stockholders' equity Total liabilities and stockholders' equity...
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...
Kurian Industries' balance sheet at December 31, 2015, is presented below. KURIAN INDUSTRIES Balance Sheet December...
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Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 66,000 35,000...
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Question: Fill in the blank Thank you! Problem 10-42A (Part Level Submission) Kurian Industries' balance sheet...
Question: Fill in the blank
Thank you!
Problem 10-42A (Part Level Submission) Kurian Industries' balance sheet at December 31, 2015, is presented below. KURIAN INDUSTRIES Balance Sheet December 31, 2015 Assets Current assets Cash $7,410 Accounts receivable 82,100 Finished goods inventory (1,600 units) 29,900 Total current assets 119,410 Equipment Less: Accumulated depreciation $39,600 28,900 10,700 Total assets $148,310 Liabilities and Shareholders' Equity Liabilities Notes payable Accounts payable Total liabilities Shareholders' equity $24,800 44,800 69,600 Common stock $49,800 28,910 Retained earnings...
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Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid Insurance Equipment 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,700 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 10,500 99,600 Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200 4,950 5,400 Totals $144,880 $144,880 Required: TO Required: Prepare a classified balance sheet for Sparrow at December 31, 2019. Sparrow Company...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current...
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Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 25,070 106,070 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,130 10,660 29,470 Total assets $135,540 Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $27,270 46,490 73,760 Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets $7,500 73,500 26,210 107,210 29,840 $137,050 Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, plant, and Equipment Equipment $40,260 Less: Accumulated depreciation 10,420 Total assets Liabilities and Stockholders' Equity abities Notes payable Accounts payable Total abilities Stockholders' Equity Common stock $37,190 Retained earnings 27,910 Total stockholders' equity Total liabilities and stockholders'...
Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. $7,500 73,500 26,520 107,520 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 $40,720 Less: Accumulated depreciation 10,550 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $39,850 Retained earnings 25,090 Total stockholders' equity Total liabilities and stockholders' equity...
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...
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Question: Fill in the blank
Thank you!
Problem 10-42A (Part Level Submission) Kurian Industries' balance sheet at December 31, 2015, is presented below. KURIAN INDUSTRIES Balance Sheet December 31, 2015 Assets Current assets Cash $7,410 Accounts receivable 82,100 Finished goods inventory (1,600 units) 29,900 Total current assets 119,410 Equipment Less: Accumulated depreciation $39,600 28,900 10,700 Total assets $148,310 Liabilities and Shareholders' Equity Liabilities Notes payable Accounts payable Total liabilities Shareholders' equity $24,800 44,800 69,600 Common stock $49,800 28,910 Retained earnings...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid Insurance Equipment 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,700 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 10,500 99,600 Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200 4,950 5,400 Totals $144,880 $144,880 Required: TO Required: Prepare a classified balance sheet for Sparrow at December 31, 2019. Sparrow Company...
CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Total Current Assets $ $ Long-Term Investments Intangible Assets V: Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 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...
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