Homework Answers
Situation A:
Assets, beginning = Liabilities, beginning + Equity,
beginning
$45,000 = $32,000 + Equity, beginning
Equity, beginning = $13,000
Assets, ending = Liabilities, ending + Equity, ending
$50,000 = $22,000 + Equity, ending
Equity, ending = $28,000
Change in equity = Equity, ending - Equity, beginning
Change in equity = $28,000 - $13,000
Change in equity = $15,000
Change in equity = Sales revenue - Expenses - Dividends
$15,000 = Sales revenue - $12,000 - $2,000
Sales revenue = $29,000
Situation B:
Assets, beginning = Liabilities, beginning + Equity,
beginning
$32,000 = $15,000 + Equity, beginning
Equity, beginning = $17,000
Change in equity = Sales revenue - Expenses - Dividends
Change in equity = $30,000 - $22,000 - $3,000
Change in equity = $5,000
Change in equity = Equity, ending - Equity, beginning
$5,000 = Equity, ending - $17,000
Equity, ending = $22,000
Assets, ending = Liabilities, ending + Equity, ending
$30,000 = Liabilities, ending + $22,000
Liabilities, ending = $8,000
Situation C:
Assets, beginning = Liabilities, beginning + Equity,
beginning
$53,000 = $49,000 + Equity, beginning
Equity, beginning = $4,000
Assets, ending = Liabilities, ending + Equity, ending
$41,000 = $20,000 + Equity, ending
Equity, ending = $21,000
Change in equity = Equity, ending - Equity, beginning
Change in equity = $21,000 - $4,000
Change in equity = $17,000
Change in equity = Sales revenue - Expenses - Dividends
$17,000 = $31,000 - $12,000 - Dividends
Dividends = $2,000
Situation D:
Change in equity = Sales revenue - Expenses - Dividends
Change in equity = $27,000 - $19,000 - $8,000
Change in equity = $0
Assets, ending = Liabilities, ending + Equity, ending
$52,000 = $24,000 + Equity, ending
Equity, ending = $28,000
Change in equity = Equity, ending - Equity, beginning
$0 = $28,000 - Equity, beginning
Equity, beginning = $28,000
Assets, beginning = Liabilities, beginning + Equity,
beginning
Assets, beginning = $19,000 + $28,000
Assets, beginning = $47,000
Add Answer to:
Omitted Financial Statement Data For the following four unrelated situations, A through D, calculate the unknown...
tatement Data For the following four unrelated situations, A through D, E1-12B. Omitted Financial S late...
tatement Data For the following four unrelated situations, A through D, E1-12B. Omitted Financial S late the unknown amounts appearing in each column: Beginning $38,000 $22,000 $38,000 29,000 28,000 15,000 19,000 Ending 40,000 36,000 44,00050,000 2 20,000 24,000 2 Assets During Year Sales revenue 2 ? 26,000 31,000 27,000 9,000 4,000 22,000 3,000 12,000
Determination of Omitted Financial Statement Data For the four unrelated situations, A-D, below, calculate the unknown...
Determination of Omitted Financial Statement
Data
For the four unrelated situations, A-D, below, calculate the
unknown amounts indicated by the letters appearing in each
column:
D Determination of Omitted Financial Statement Data For the four unrelated situations, A-D, below, calculate the unknown amounts indicated by the letters appearing in each column: A B с Beginning Assets $40,000 $12,000 $28,000 (d) Liabilities 18,600 5,200 10,000 9,000 Ending Assets 30,000 36,000 41,000 37,000 Liabilities 17,300 (b) 13,000 15,000 During the year Common...
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each...
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column $33,000 18,600 $13,500 5,000 $28,800 19,000 $(d) 8,500 Beginning Assets Liabilities Ending Assets Liabilities During Year Sales Revenue Expenses Dividends 30,000 17.300 26,000 (b) 34,000 15,000 40,000 19,000 (a) 8,500 3,000 23,500 21,000 1,550 28,000 11,000 (c) 24,000 17,000 3,000 (a)$ (b)$ (c)$ (d)$
For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and...
For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and (b). (1) (2) Beginning: Assets $42,000 $61,000 Liabilities 18,000 24,000 Ending: Assets 48,000 68,000 Liabilities 15,000 (b) During the year: Stock issued (a) 4,000 Revenues 28,000 45,000 Dividends paid 5,000 3,000 Expenses 16,000 37,000
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data fo...
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015 Lucas Corporation Balance Sheet December 31, 20X1 and 2014 2015 2014 Liabilities Assets 2015 2014 Current Current: Cash and equivalents.... $19,000 3,000 Accounts payable Accrued liabilities..... $ 35,000 $ 26,000 Accounts receivable...... 22,000 23,000 7,000 10,000 9,000 Inventories.... Income tax payable.... 34,000 31,000 10,000 Prepaid expenses.. Total current assets.... 45,000 1,000 Total current liabilities 52,000 3.000 44,000 76,000 60,000 Long-term note payable... 10,000...
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Transaction Analysis and Adjustments For each of the following unrelated situations, determine the financial statement effect...
Transaction Analysis and Adjustments For each of the following unrelated situations, determine the financial statement effect using the Transaction Analysis Template: a. Equipment purchased at the beginning of the month for $12,000 on account has an estimated useful life of 5 years. One-month's depreciation on the equipment is unrecorded. b. An estimated utilities expense of $545 has been incurred in the current month, but the utility bill has not been received. c. On the first day of the current month,...
Use the following information for the next TWO questions: CPQ Corporation's most recent comparative Balance Sheet...
Use the following information for the next TWO questions: CPQ Corporation's most recent comparative Balance Sheet is as follows: Assets Cash Accounts receivable, net Prepaid expenses Sol How o Equipment 7 O Accumulated depreciation Total assets 12/31/17 $62,000 22,000 8,000 200,000 (40,000) $252,000 12/31/16 $75,000 25,000 10,000 190,000 (32,000) $268,000 Liabilities and Stockholders' Equity o Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity $18,000 50,000 150,000 34,000 $252,000 $16,000 94,000 138,000 20,000 $268,000 No...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
P1.5A (LO 4,5) Writing Financial Statement Financial statement information about four differ ent companies is as...
P1.5A (LO 4,5) Writing Financial Statement Financial statement information about four differ ent companies is as follows. Psi Omega Alpha Company Beta Company Company Company $ 80,000 41,000 (a) $ 90,000 (d) 40,000 (g) 80,000 49.000 $150,000 () 90,000 January 1, 2020 Assets Liabilities Owner's equity December 31, 2020 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses (b) 60,000 50,000 112,000 72,000 (e) 170,000 (h) 82.000 (k) 100,000 151,000 (c) 15,000 350,000...
tatement Data For the following four unrelated situations, A through D, E1-12B. Omitted Financial S late the unknown amounts appearing in each column: Beginning $38,000 $22,000 $38,000 29,000 28,000 15,000 19,000 Ending 40,000 36,000 44,00050,000 2 20,000 24,000 2 Assets During Year Sales revenue 2 ? 26,000 31,000 27,000 9,000 4,000 22,000 3,000 12,000
Determination of Omitted Financial Statement
Data
For the four unrelated situations, A-D, below, calculate the
unknown amounts indicated by the letters appearing in each
column:
D Determination of Omitted Financial Statement Data For the four unrelated situations, A-D, below, calculate the unknown amounts indicated by the letters appearing in each column: A B с Beginning Assets $40,000 $12,000 $28,000 (d) Liabilities 18,600 5,200 10,000 9,000 Ending Assets 30,000 36,000 41,000 37,000 Liabilities 17,300 (b) 13,000 15,000 During the year Common...
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column $33,000 18,600 $13,500 5,000 $28,800 19,000 $(d) 8,500 Beginning Assets Liabilities Ending Assets Liabilities During Year Sales Revenue Expenses Dividends 30,000 17.300 26,000 (b) 34,000 15,000 40,000 19,000 (a) 8,500 3,000 23,500 21,000 1,550 28,000 11,000 (c) 24,000 17,000 3,000 (a)$ (b)$ (c)$ (d)$
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015 Lucas Corporation Balance Sheet December 31, 20X1 and 2014 2015 2014 Liabilities Assets 2015 2014 Current Current: Cash and equivalents.... $19,000 3,000 Accounts payable Accrued liabilities..... $ 35,000 $ 26,000 Accounts receivable...... 22,000 23,000 7,000 10,000 9,000 Inventories.... Income tax payable.... 34,000 31,000 10,000 Prepaid expenses.. Total current assets.... 45,000 1,000 Total current liabilities 52,000 3.000 44,000 76,000 60,000 Long-term note payable... 10,000...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Transaction Analysis and Adjustments For each of the following unrelated situations, determine the financial statement effect using the Transaction Analysis Template: a. Equipment purchased at the beginning of the month for $12,000 on account has an estimated useful life of 5 years. One-month's depreciation on the equipment is unrecorded. b. An estimated utilities expense of $545 has been incurred in the current month, but the utility bill has not been received. c. On the first day of the current month,...
Use the following information for the next TWO questions: CPQ Corporation's most recent comparative Balance Sheet is as follows: Assets Cash Accounts receivable, net Prepaid expenses Sol How o Equipment 7 O Accumulated depreciation Total assets 12/31/17 $62,000 22,000 8,000 200,000 (40,000) $252,000 12/31/16 $75,000 25,000 10,000 190,000 (32,000) $268,000 Liabilities and Stockholders' Equity o Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity $18,000 50,000 150,000 34,000 $252,000 $16,000 94,000 138,000 20,000 $268,000 No...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
P1.5A (LO 4,5) Writing Financial Statement Financial statement information about four differ ent companies is as follows. Psi Omega Alpha Company Beta Company Company Company $ 80,000 41,000 (a) $ 90,000 (d) 40,000 (g) 80,000 49.000 $150,000 () 90,000 January 1, 2020 Assets Liabilities Owner's equity December 31, 2020 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses (b) 60,000 50,000 112,000 72,000 (e) 170,000 (h) 82.000 (k) 100,000 151,000 (c) 15,000 350,000...
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 21 minutes ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 24 minutes ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 26 minutes ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 53 minutes ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 48 minutes ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 50 minutes ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 53 minutes ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 1 hour ago