Please show workHomework Answers
1
Increase in retained earning is Net income- dividends
$5000-$200=$4800
retained earning increased by $4800
2
Answer is Land
Land is a non Depreciable asset hence no depreciation expense on land
3
Answer is Fixed Asset has a normal debit balance
Debit all assets and Credit all liabilities
Add Answer to:
Please show work We were unable to transcribe this imageJohn buys fixed assets in 2017. What...
Prepare a classified balance sheet ignoring monetary amounts. We were unable to transcribe this imageLess: Accumulated...
Prepare a classified balance sheet ignoring monetary
amounts.
We were unable to transcribe this imageLess: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright Patent Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Notes payable Wages payable Accounts payable Rent payable Taxes payable Total current liabilities Long-term liabilities Bonds payable Notes payable Total current liabilities Shareholders' equity Preferred stock Common stock Retained earnings Total liabilities and shareholders' equity Name of Company Balance Sheet At [date] Assets...
We were unable to transcribe this imageDUNBAR CORPORATION TRIAL BALANCE AS AT JUNE 30, 2017 Credit...
We were unable to transcribe this imageDUNBAR CORPORATION TRIAL BALANCE AS AT JUNE 30, 2017 Credit Debit 8,900 28,000 1,200 100,000 Cash Accounts receivable Prepaid insurance Equipment Accumulated amortization Accounts payable Note payable Unearned revenues Common shares Retained earnings Sales & service revenue Salaries Rent Supplies expense Amortization expense Insurance expense Interest expense TOTAL 6,000 12,000 20,000 18.000 10,000 6.700 240,000 120,000 24,000 29,500 1,100 $312.700 $312.700 Required Prepare any adjusting entries required. Problem 2 The Dunbar Zoo operates a...
please show correct numbers We were unable to transcribe this imageW Answer is not complete. WEISMULLER...
please show correct numbers
We were unable to transcribe this imageW Answer is not complete. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Investment in equity securities Accounts receivable 164,000 Allowance for uncollectible accounts (18,000) Net accounts receivable Inventory Prepaid expenses 101,000 144,000 146,000 287,000 90,000 768,000 $ Total current assets Property, plant, and equipment: Equipment Accumulated depreciation Net property, plant, and equipment Other assets: Prepaid expenses 324,000 (112,000) 212,000 62,000 $...
Depreciation On July 1, 2017, Dexter Corp. buys a computer system for $144,800 in cash. Assume...
Depreciation
On July 1, 2017, Dexter Corp. buys a computer system for
$144,800 in cash. Assume that the computer is expected to have a
four-year life and an estimated salvage value of $20,000 at the end
of that time.
Required:
1. Identify and analyze the transaction to
record the purchase of the computer on July 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select "No Entry"
and...
The comparative balance sheet for Fair Isle Travel Services, Inc., for December 31, 2017 and 2016...
The comparative balance sheet for Fair Isle Travel Services,
Inc., for December 31, 2017 and 2016
The following information is taken from the records of Fair Isle
Travel Services, Inc.:
Assets 2017 2016 $ Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets 40,000 $ 19,000 82,000 84,000 59,000 16,000 10,000 14,000 191,000 $ 133,000 $ Land Equipment Less: Accumulated depreciation $ 100,000 $ 115,000 77,000 61,000 (16,000) (10,000) $ 352,000 $ 299,000 Total assets We were unable...
We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at...
We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. New equipment is acquired for $58,600 cash. d. Received cash for the sale of equipment that had cost $49.600. yielding a $2,100 gain. e Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales...
Simple-Balance Sheet no answers-Template - Excel ayout Formulas Data Add-ins EE Help - Team Review View...
Simple-Balance Sheet no answers-Template - Excel ayout Formulas Data Add-ins EE Help - Team Review View Wrap Text Merge & Center Search Number Share o $ - % 8.8 Alignment Conditional Format as Cell Formatting Table Styles Styles WES 2Y Sort & Number Find - Filter Select Eating Ideas M Company B Company B makes purple polka dot Widgets. Complete the Balance sheet to the left using relevant information from the following - the Company's bank account balance was $11,874...
We were unable to transcribe this imageCRANE COMPANY Income Statements For the Years Ended December 31...
We were unable to transcribe this imageCRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $893,000 $782,000 Cost of goods sold 648,000 575,000 Gross profit 245,000 207,000 Operating expenses 195,000 161,000 Net income $50,000 $46,000 Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $88,000. 3. Total assets at the beginning of 2021 were $636,000. 4. No common stock transactions occurred during 2021...
We were unable to transcribe this imageRavenna Company is a merchandiser that uses the indirect method...
We were unable to transcribe this imageRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance $ 77,400 63,400 85,100 225,900 228.000 92,550 68,200 Cash and cash equivalents Accounts receivable Inventory Total current assets 77,500 238,250 217,000 Property, plant, and equipment Less accumulated depreciation 76,000 54,250 Net property, plant, and equipment 152,000 162,750 Total assets...
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
Prepare a classified balance sheet ignoring monetary
amounts.
We were unable to transcribe this imageLess: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright Patent Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Notes payable Wages payable Accounts payable Rent payable Taxes payable Total current liabilities Long-term liabilities Bonds payable Notes payable Total current liabilities Shareholders' equity Preferred stock Common stock Retained earnings Total liabilities and shareholders' equity Name of Company Balance Sheet At [date] Assets...
We were unable to transcribe this imageDUNBAR CORPORATION TRIAL BALANCE AS AT JUNE 30, 2017 Credit Debit 8,900 28,000 1,200 100,000 Cash Accounts receivable Prepaid insurance Equipment Accumulated amortization Accounts payable Note payable Unearned revenues Common shares Retained earnings Sales & service revenue Salaries Rent Supplies expense Amortization expense Insurance expense Interest expense TOTAL 6,000 12,000 20,000 18.000 10,000 6.700 240,000 120,000 24,000 29,500 1,100 $312.700 $312.700 Required Prepare any adjusting entries required. Problem 2 The Dunbar Zoo operates a...
please show correct numbers
We were unable to transcribe this imageW Answer is not complete. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Investment in equity securities Accounts receivable 164,000 Allowance for uncollectible accounts (18,000) Net accounts receivable Inventory Prepaid expenses 101,000 144,000 146,000 287,000 90,000 768,000 $ Total current assets Property, plant, and equipment: Equipment Accumulated depreciation Net property, plant, and equipment Other assets: Prepaid expenses 324,000 (112,000) 212,000 62,000 $...
Depreciation
On July 1, 2017, Dexter Corp. buys a computer system for
$144,800 in cash. Assume that the computer is expected to have a
four-year life and an estimated salvage value of $20,000 at the end
of that time.
Required:
1. Identify and analyze the transaction to
record the purchase of the computer on July 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select "No Entry"
and...
The comparative balance sheet for Fair Isle Travel Services,
Inc., for December 31, 2017 and 2016
The following information is taken from the records of Fair Isle
Travel Services, Inc.:
Assets 2017 2016 $ Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets 40,000 $ 19,000 82,000 84,000 59,000 16,000 10,000 14,000 191,000 $ 133,000 $ Land Equipment Less: Accumulated depreciation $ 100,000 $ 115,000 77,000 61,000 (16,000) (10,000) $ 352,000 $ 299,000 Total assets We were unable...
We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. New equipment is acquired for $58,600 cash. d. Received cash for the sale of equipment that had cost $49.600. yielding a $2,100 gain. e Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales...
Simple-Balance Sheet no answers-Template - Excel ayout Formulas Data Add-ins EE Help - Team Review View Wrap Text Merge & Center Search Number Share o $ - % 8.8 Alignment Conditional Format as Cell Formatting Table Styles Styles WES 2Y Sort & Number Find - Filter Select Eating Ideas M Company B Company B makes purple polka dot Widgets. Complete the Balance sheet to the left using relevant information from the following - the Company's bank account balance was $11,874...
We were unable to transcribe this imageCRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $893,000 $782,000 Cost of goods sold 648,000 575,000 Gross profit 245,000 207,000 Operating expenses 195,000 161,000 Net income $50,000 $46,000 Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $88,000. 3. Total assets at the beginning of 2021 were $636,000. 4. No common stock transactions occurred during 2021...
We were unable to transcribe this imageRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance $ 77,400 63,400 85,100 225,900 228.000 92,550 68,200 Cash and cash equivalents Accounts receivable Inventory Total current assets 77,500 238,250 217,000 Property, plant, and equipment Less accumulated depreciation 76,000 54,250 Net property, plant, and equipment 152,000 162,750 Total assets...
Most questions answered within 3 hours.
-
Water flowing uniformly in a rectangular open channel has
manning value of 0.017, bottom slope of...
asked 30 minutes ago -
Nature Conservancy's leader abruptly steps
down.
One morning in October 2007, Steven. J. McCormick the president...
asked 35 minutes ago -
I asked a question similar to this one, which was answered
perfectly. Another practice problem is...
asked 44 minutes ago -
Rachel is studying cholesterol synthesis in mice. Some mice
had a mutation in their sterol regulatory...
asked 41 minutes ago -
Railco sells to its customers on account with terms of 2% / 5
/net 15. Ronco...
asked 48 minutes ago -
Refer to the following lease amortization schedule. The 10
payments are made annually starting with the...
asked 1 hour ago -
Explain how God fits into Aquinas' theory of happiness.
asked 1 hour ago -
1.1 With aid of diagrams and suitable examples discuss
the economic effects of price controls.
1.2...
asked 1 hour ago -
When the nuclide polonium-214 undergoes alpha
decay:
The name of the product nuclide is .
The...
asked 1 hour ago -
Q. The market demand function is D(Pd) = 160 - 2Pd and the
market supply function...
asked 1 hour ago -
An unknown alcohol is analyzed by freezing point depression. The
unknown is either methanol (CH3OH), ethanol...
asked 1 hour ago -
As a person inhales, air moves down the windpipe (bronchus),
through a constriction where the air...
asked 1 hour ago