Homework Answers
| Liabilities | Amount | Assets | Amount |
| Paid in capital(balance) | $100000 | Cash | $26000 |
| Retained earnings | 14400 | Accounts receivable | 8000 |
| Long term payable | 70000 | Equipment | 80000 |
| Accounts payable | 14400 | Land | 56000 |
| Inventory | 28800 | ||
| Total | $198800 | Total | $198800 |
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2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,00...
2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable...
2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable $ 116,000 Land 206,000 Notes Payable 266,000 Equipment 166,000 Cash 86,000 Accounts Receivable 106,000 Buildings 246,000 Capital Stock 346,000 Retained Earnings 76,000 On January 2, Year 2, Montauk Oil collected $56,000 of its accounts receivable and paid $26,000 of its accounts payable. In a trial balance prepared at January 3, Year 2, the total of the debit column is: Multiple Choice $1,624,000. $382,000. $784,000....
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
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...
Clear Water Co. reports the following balance sheet accounts asof December 31.Buildings $ 57,500,...
Clear Water Co. reports the following balance sheet accounts as of December 31.Buildings $ 57,500, Accounts receivable 3,300, Land 24,000, Merchandise inventory 9,600, Accounts payable 6,300, Cash 10,600, Notes payable (due in 7 years) 56,000 , Office supplies 3,600, Common stock 23,000, Retained earnings 19,000, Wages payable 4,300.
Clear Water Co. reports the following balance sheet accounts as of December 31. Buildings $...
Clear Water Co. reports the following balance sheet accounts as of December 31. Buildings $ 37,500 Accounts receivable 2,500 Land 16,000 Merchandise inventory 8,000 Accounts payable 5,500 Cash 9,000 Notes payable (due in 7 years) 40,000 Office supplies 2,000 Common stock 15,000 Retained earnings 11,000 Wages payable 3,500 Required: Prepare a classified balance sheet.
Question 2 Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Paya...
Question 2 Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Payable $24,000 Dividends 7,000 Treasury Stock, Common (22,000 shares) 98,000 Preferred Stock ($10 par) 80,000 Land 220,000 Cash 220,000 Equipment 120,000 Accounts Receivable 90,000 Common Stock ($1 par) 365,000 Sales 820,000 Prepaid Rent 70,000 Bonds Payable (due 2030) 120,000 Premium on Bonds Payable 8,000 Cost of Goods Sold 720,000 Interest Expense 20,000 Unearned Revenue 20,000 Allowance for Doubtful Accounts 15,000 Operating Expenses 97,000...
Clear Water Co. reports the following balance sheet accounts as of December 31. Buildings Accounts receivable...
Clear Water Co. reports the following balance sheet accounts as of December 31 .Buildings$ 60,000Accounts receivable3,400Land25,000Merchandise inventory9,800Accounts payable6,400Cash10,800Notes payable (due in 7 years)58,000office supplies3,800Common stock24,000Retained earnings20,000Wages payable4,400
SA 2: The following are account balances of Phineas Company on 12/31/18. Accounts payable $2,000 Accounts...
SA 2: The following are account balances of Phineas Company on 12/31/18. Accounts payable $2,000 Accounts receivable 7,000 Buildings and equipment 54,000 Contributed capital 20,00 Bonds payable 15,300 Cash 8 800 Retained earnings 17.000 Accumulated depreciation (24,000) Inventory 5,500 Patents 3,000 Prepare a classified balance sheet for Phineas Company on December 31, 2018 HTML
Kolander Company has the following accounts and balances at the end of the year: What is...
Kolander Company has the following accounts and balances at the
end of the year:
What is the amount of Retained Earnings at the end of the
year?
Long-Term Notes Payable Accounts Receivable Accounts Payable Building Cash and Cash Equivalents Common Stock Interest Payable Land Short-term Investments Income Taxes Payable Equipment Supplies $50,000 $28,000 $39,000 $56,000 $80,000 $123,000 $5,500 $40,000 $8,000 $14,000 $60,500 $9,000
Question 1 Sunny Company has the following account balances after adjusting entries at December 31, 2012:...
Question 1 Sunny Company has the following account balances after adjusting entries at December 31, 2012: $24,000 7,000 Accounts Payable Dividends Treasury Stock, Common (22,000 shares) Preferred Stock ($10 par) Land Cash Equipment Accounts Receivable Common Stock ($1 par) Sales Prepaid Rent Bonds Payable (due 2030) Premium on Bonds Payable Cost of Goods Sold Interest Expense Unearned Revenue Allowance for Doubtful Accounts Operating Expenses Accumulated Depreciation- Equipment Paid-in Capital in Excess of Par Value, Common Retained Earnings 98,000 80,000 220,000...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 Land 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 $ 50,000 30,000 2,000 22,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus...
Question 2 Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Payable $24,000 Dividends 7,000 Treasury Stock, Common (22,000 shares) 98,000 Preferred Stock ($10 par) 80,000 Land 220,000 Cash 220,000 Equipment 120,000 Accounts Receivable 90,000 Common Stock ($1 par) 365,000 Sales 820,000 Prepaid Rent 70,000 Bonds Payable (due 2030) 120,000 Premium on Bonds Payable 8,000 Cost of Goods Sold 720,000 Interest Expense 20,000 Unearned Revenue 20,000 Allowance for Doubtful Accounts 15,000 Operating Expenses 97,000...
Clear Water Co. reports the following balance sheet accounts as of December 31 .Buildings$ 60,000Accounts receivable3,400Land25,000Merchandise inventory9,800Accounts payable6,400Cash10,800Notes payable (due in 7 years)58,000office supplies3,800Common stock24,000Retained earnings20,000Wages payable4,400
SA 2: The following are account balances of Phineas Company on 12/31/18. Accounts payable $2,000 Accounts receivable 7,000 Buildings and equipment 54,000 Contributed capital 20,00 Bonds payable 15,300 Cash 8 800 Retained earnings 17.000 Accumulated depreciation (24,000) Inventory 5,500 Patents 3,000 Prepare a classified balance sheet for Phineas Company on December 31, 2018 HTML
Kolander Company has the following accounts and balances at the
end of the year:
What is the amount of Retained Earnings at the end of the
year?
Long-Term Notes Payable Accounts Receivable Accounts Payable Building Cash and Cash Equivalents Common Stock Interest Payable Land Short-term Investments Income Taxes Payable Equipment Supplies $50,000 $28,000 $39,000 $56,000 $80,000 $123,000 $5,500 $40,000 $8,000 $14,000 $60,500 $9,000
Question 1 Sunny Company has the following account balances after adjusting entries at December 31, 2012: $24,000 7,000 Accounts Payable Dividends Treasury Stock, Common (22,000 shares) Preferred Stock ($10 par) Land Cash Equipment Accounts Receivable Common Stock ($1 par) Sales Prepaid Rent Bonds Payable (due 2030) Premium on Bonds Payable Cost of Goods Sold Interest Expense Unearned Revenue Allowance for Doubtful Accounts Operating Expenses Accumulated Depreciation- Equipment Paid-in Capital in Excess of Par Value, Common Retained Earnings 98,000 80,000 220,000...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 Land 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 $ 50,000 30,000 2,000 22,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus...
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