Homework Answers
| EYELASH EXTENSION COMPANY | |
| Statement of Changes in Equity | |
| For Year Ended June 30, 2017 | |
| Jan Suzette, capital, June 30, 2016 | 489000 |
| Add: Profit (197200-48800-20350-7000-21800) | 99250 |
| Total | 588250 |
| Less: Withdrawals | 285800 |
| Jan Suzette, capital, June 30, 2017 | 302450 |
| EYELASH EXTENSION COMPANY | ||
| Partial Balance Sheet | ||
| June 30, 2017 | ||
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable (180200 + 17000) | 197300 | |
| Warranty liability | 48800 | |
| Property taxes payable | 20350 | |
| Interest payable | 7000 | |
| Unearned revenue | 21800 | |
| Total current liabilities | 295250 | |
| Non-current liabilities: | ||
| Notes payable, due 2019 | 488000 | |
| Total liabilities | 783250 | |
Workings:
| No. | Account Title | Debit | Credit |
| a. | Warranty expense | 48800 | |
| Warranty liability | 48800 | ||
| b. | Property taxes expense | 20350 | |
| Property taxes payable | 20350 | ||
| ($22,200 x 11/12) | |||
| c. | Interest expense | 7000 | |
| Interest payable | 7000 | ||
| ($10500 x 2/3) | |||
| d. | Office Furniture | 17000 | |
| Accounts payable | 17900 | ||
| e. | Sales revenue | 21800 | |
| Unearned revenue | 21800 |
Add Answer to:
Thank you so much for answering ?!! Eyelash Extension Company's lablilbtes as reported on the sune...
Eyelash Extension Company's liabilities as reported on the June 30, 2017, balance sheet are shown below,...
Eyelash Extension Company's liabilities as reported on the June 30, 2017, balance sheet are shown below, along with its statement of changes in equity Accounts payable Notes payable, due 2019 $ 180,100 487,000 Total liabilities $ 667,100 Eyelash Extension Company Statement of Changes in Equity For Year Ended June 30, 2017 Jan Suzette, capital, June 30, 2016 Add: Profit $ 488,000 197,100 Total Less: Withdrawals 685,100 285,700 Jan Suzette, capital, June 30, 2017 $ 399,400 Jan is selling the business....
Question3 On June 1,2017, Metlock, Inc. was started with an initial investment in the company of...
Question3 On June 1,2017, Metlock, Inc. was started with an initial investment in the company of $22,410 cash. Here are the assets, liabilities, and common stock of the company at June 30,2017, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 5,060 Notes payable 4,250 7,960 Supplies expense 2,300 12.920 750 1,100 700 200 1,860 Accounts payable 400 26,460 22,410 Maintenance and repairs...
Assume that you are the owner operator of College Park Veterinary Clinic. At the end of...
Assume that you are the owner operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2017 the following financial data for the company are available: 123,600 26,000 236,100 15.500 . 141,000 Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Llabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2016 Contributed Capital Dividends 285,000 199,00 24,00 35,000...
Can anyone please help fill in the remaining blanks. Thank you so much. Required information Exercise...
Can anyone please help fill in the remaining blanks. Thank you
so much.
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 50,000 57,000 95,500 6,600 209,100 121,000 (12,000) $318,100 Assets Cash $103,900 Accounts receivable, net 74,000 Inventory 69,800 Prepaid expenses 5,000 Total current...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 106,900 $ 45,000 Accounts receivable, net 66,500 52,000 Inventory 64,800 88,000 Prepaid expenses 4,500 5,600 Total current assets 242,700 190,600 Equipment 125,000 116,000 Accum. depreciation—Equipment (27,500 ) (9,500 ) Total assets $ 340,200 $ 297,100 Liabilities and Equity Accounts payable $ 26,000 $ 31,500 Wages payable 6,100 15,200 Income taxes payable 3,500 4,000 Total current liabilities...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown,...
Bradburn Corporation was formed 5 years ago through a public
subscription of common stock. Daniel Brown, who owns 15% of the
common stock, was one of the organizers of Bradburn and is its
current president. The company has been successful, but it
currently is experiencing a shortage of funds. On June 10, 2018,
Daniel Brown approached the Topeka National Bank, asking for a
24-month extension on two $35,000 notes, which are due on June 30,
2018, and September 30, 2018....
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in t...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash $118,000 Retained Earnings $520,000 70,600 Accounts Receivable Dividends 320,200 358,600 4,321,100 Inventory Estimated Returns Inventory Office Supplies 2,499,400 5,000 11,100 Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment 702,900 193,300 Prepaid Insurance 8,600 Office Equipment 259,600 37,700 Miscellaneous Selling Expense 16,500 176,400 Accumulated Depreciation-...
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the...
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Com parative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows. SARASOTA COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 ($000 OMITTED) Sales revenue $3,830 Expenses Cost of goods sold $1,190 Salaries and benefits 740 Heat,...
Eyelash Extension Company's liabilities as reported on the June 30, 2017, balance sheet are shown below, along with its statement of changes in equity Accounts payable Notes payable, due 2019 $ 180,100 487,000 Total liabilities $ 667,100 Eyelash Extension Company Statement of Changes in Equity For Year Ended June 30, 2017 Jan Suzette, capital, June 30, 2016 Add: Profit $ 488,000 197,100 Total Less: Withdrawals 685,100 285,700 Jan Suzette, capital, June 30, 2017 $ 399,400 Jan is selling the business....
Question3 On June 1,2017, Metlock, Inc. was started with an initial investment in the company of $22,410 cash. Here are the assets, liabilities, and common stock of the company at June 30,2017, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 5,060 Notes payable 4,250 7,960 Supplies expense 2,300 12.920 750 1,100 700 200 1,860 Accounts payable 400 26,460 22,410 Maintenance and repairs...
Assume that you are the owner operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2017 the following financial data for the company are available: 123,600 26,000 236,100 15.500 . 141,000 Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Llabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2016 Contributed Capital Dividends 285,000 199,00 24,00 35,000...
Can anyone please help fill in the remaining blanks. Thank you
so much.
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 50,000 57,000 95,500 6,600 209,100 121,000 (12,000) $318,100 Assets Cash $103,900 Accounts receivable, net 74,000 Inventory 69,800 Prepaid expenses 5,000 Total current...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Bradburn Corporation was formed 5 years ago through a public
subscription of common stock. Daniel Brown, who owns 15% of the
common stock, was one of the organizers of Bradburn and is its
current president. The company has been successful, but it
currently is experiencing a shortage of funds. On June 10, 2018,
Daniel Brown approached the Topeka National Bank, asking for a
24-month extension on two $35,000 notes, which are due on June 30,
2018, and September 30, 2018....
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash $118,000 Retained Earnings $520,000 70,600 Accounts Receivable Dividends 320,200 358,600 4,321,100 Inventory Estimated Returns Inventory Office Supplies 2,499,400 5,000 11,100 Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment 702,900 193,300 Prepaid Insurance 8,600 Office Equipment 259,600 37,700 Miscellaneous Selling Expense 16,500 176,400 Accumulated Depreciation-...
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Com parative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows. SARASOTA COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 ($000 OMITTED) Sales revenue $3,830 Expenses Cost of goods sold $1,190 Salaries and benefits 740 Heat,...
Most questions answered within 3 hours.
-
1.) Major league baseball salaries averaged $1.5 million with a
standard deviation of $1 million in...
asked 6 minutes ago -
A hedge fund is holding a three-year,
$10 million face value 6 percent annual coupon bond...
asked 18 minutes ago -
The focal length of a makeup (concave) mirror is 0.48 m. What
magnification does this mirror...
asked 22 minutes ago -
TRUE/FALSE
Long-lived assets that are tangible in nature, used in the
operations of the business, and...
asked 23 minutes ago -
A dragon biologist is setting up an experimental population of
1000 individuals. In dragons, pointy crests...
asked 34 minutes ago -
A uniform thin rod of length 0.851 m is hung from a horizontal
nail passing through...
asked 43 minutes ago -
A 747 has a cruising speed of 235 m/s at a height of 10,700
meters. The...
asked 52 minutes ago -
Part 3: Arrows
Write a python program that prompts the user for a number of
columns,...
asked 59 minutes ago -
Need help answering these questions!!
1. What economic concept do you find most interesting in
Macroeconomics?...
asked 1 hour ago -
1. Nimbus, Inc. produces and sells brooms. This table shows the
relationship between the number of...
asked 1 hour ago -
A gas occupies 200. mL in a piston. If the pressure of the
piston were decreased...
asked 1 hour ago -
A fossil is found to have a 14C level of 71.0% compared to
living organisms. How...
asked 1 hour ago