Can you confirm my answers, please? 11. What did Tara’s Construction Company record as Total Current...
Can you confirm my answers, please?
11. What did Tara’s Construction Company record as Total Current Assets on December 31, 2018 balance sheet?
Answer: 1,676,100
12. What did Tara’s Construction Company record as Total Current Liabilities on December 31, 2018 balance sheet?
Answer: 793,200
13. What did Tara’s Construction Company record as Total Assets on December 31, 2018 balance sheet?
Answer: 6,605,900
14. What was Total Shareholder’s Equity on Tara’s Construction Company’ December 31, 2018 balance sheet?
Answer: 3,223,100
15. Tara’s Construction Company reported net income for 2018 of $871,860 and the company paid dividends of $0.40 per share in 2018. Given this information (along with the data provided above), compute what Tara’s Construction Company reported as retained earnings on its December 31, 2017 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2017 and December 31, 2018).
Answer: 828,256
Homework Answers
11. Total current Assets 1,431,300
12. Total current Liabilities 793,200
13. Total Assets 6,361,100
14. Total shareholder's equity 3,223,100
15. Retained Earnings on 31 Dec 2017 828,256
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Can you confirm my answers, please?
11. What did Tara’s Construction Company record as Total Current...
Financial data for Tara's Construction Company are given below. All figures are in dollars. Use this...
Financial data for Tara's Construction Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2018 and use your constructed statement to answer the following 5 questions fie, 11 through 15). NOTE: Not every item in the list below belongs sheet. However, other than what is listed and/or can be derived, there are no other accounts on Tara's balance sheet- use cash as a...
Can you confirm my answers please? 16. The year-end 2018 balance sheet for Brad's Copy, Inc....
Can you confirm my answers please?
16. The year-end 2018 balance sheet for Brad's Copy, Inc. lists common stock (S1.25 par value) at $7,626,000 capital surplus at $86,543,126 and retained earnings at $218,546,280. On the 2017 year-end balance sheet, retained earnings are listed as $214,368,950. The firm's net income in 2018 was S12,659,120. No stock was issued or repurchased in 2018. What were dividends per share paid by the firm in 2018? 1.39 17. The Lunder Company has total assets...
Hi, can you confirm my answers, please? 5. Bennings, Inc. paid out total dividends equal to...
Hi, can you confirm my answers, please? 5. Bennings, Inc. paid out total dividends equal to $11,241,200 in 2018. If Jennings reported Retained earnings of $320,868,600 for 2017 and Retained earnings of $350,290,000 for 2018, what was Jennings reported net income in 2018? Answer: 40,662,600 6. In 2018, Variman, Incorporated had Gross Accounts receivable of $6,456,100 and management estimated the Allowance for Doubtful accounts to be $320,600. Compute the ratio of Allowance of Doubtful accounts to Net Accounts receivable for...
#29 is the one I'm struggling the most with, explanations and answers would be helpful for...
#29 is the one I'm struggling the most with, explanations and
answers would be helpful for the others but please #29
USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 25 - 29 Financial data for Amazures, Inc. is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2019 and use your constructed statement to answer the following 5 questions (ie., 11 through 15). NOTE: Not every...
1. At the end of 2018, ABC Company did not make the adjusting entry to record...
1. At the end of 2018, ABC Company did not make the adjusting entry to record depreciation of building. Indicate the effect of this error on 2018 Net Income, Assets, Liabilities, and Owner’s Equity (on December 31, 2018) respectively. Use O for overstate, U for understate, NE for no effect. State your answer in the same order as the items underlined in the question: 2. On 3/31/2018, ABC company borrowed $1,000,000 from the bank with an annual interest rate of...
Please show how you got the retained earnings The current assets and current liabilities sections of...
Please show how you got the retained earnings
The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following errors in the corporation's accounting have been discovered: 1....
On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a...
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
$2,560,000 were sent, and cash collected was $2,300,000. In 2019,
costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
of...
KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current...
KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 52,390 $ 37,924 $ 51,748 Long-term investments 0 500 3,950 Plant assets, net 100,000 96,000 60,000 Total assets $ 152,390 $ 134,424 $ 115,698 Liabilities and Equity Current liabilities $ 22,800 $ 19,960 $ 20,300 Common stock 72,000 72,000 60,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 48,590 33,464 29,398 Total liabilities and equity $ 152,390 $ 134,424 $ 115,698 3....
The current assets and current liabilities sections of the balance sheet of Sheffield Company appear as...
The current assets and current liabilities sections of the
balance sheet of Sheffield Company appear as follows.
The current assets and current liabilities sections of the balance sheet of Shetfield Company appear as fcllows. LD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash 43,100 Accounts payable 63,430 Accounts receivable $91,400 Nates payable Less: Allowance for doubtful accounts 9,290 3,110 155,030 9,460 5300,700 $126,940 Prepaid expenses The following errors in tha corporation's accounting have been discovered: 1. January 2018 cash disbursements...
can u please correct the wrong answers E1-4 Completing a Balance Sheet and Inferring Net Income...
can u please correct the wrong answers
E1-4 Completing a Balance Sheet and Inferring Net Income (LO2, LO3] Ken Young and Kim Sherwood organized Reader Direct as a corporation, each contributed $66150 cash to start the business and received 5,400 shares. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined cash on hand and in the bank. $55,200, amounts due from customers from sales of...
Financial data for Tara's Construction Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2018 and use your constructed statement to answer the following 5 questions fie, 11 through 15). NOTE: Not every item in the list below belongs sheet. However, other than what is listed and/or can be derived, there are no other accounts on Tara's balance sheet- use cash as a...
Can you confirm my answers please?
16. The year-end 2018 balance sheet for Brad's Copy, Inc. lists common stock (S1.25 par value) at $7,626,000 capital surplus at $86,543,126 and retained earnings at $218,546,280. On the 2017 year-end balance sheet, retained earnings are listed as $214,368,950. The firm's net income in 2018 was S12,659,120. No stock was issued or repurchased in 2018. What were dividends per share paid by the firm in 2018? 1.39 17. The Lunder Company has total assets...
#29 is the one I'm struggling the most with, explanations and
answers would be helpful for the others but please #29
USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 25 - 29 Financial data for Amazures, Inc. is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2019 and use your constructed statement to answer the following 5 questions (ie., 11 through 15). NOTE: Not every...
Please show how you got the retained earnings
The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following errors in the corporation's accounting have been discovered: 1....
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
$2,560,000 were sent, and cash collected was $2,300,000. In 2019,
costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
of...
The current assets and current liabilities sections of the
balance sheet of Sheffield Company appear as follows.
The current assets and current liabilities sections of the balance sheet of Shetfield Company appear as fcllows. LD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash 43,100 Accounts payable 63,430 Accounts receivable $91,400 Nates payable Less: Allowance for doubtful accounts 9,290 3,110 155,030 9,460 5300,700 $126,940 Prepaid expenses The following errors in tha corporation's accounting have been discovered: 1. January 2018 cash disbursements...
can u please correct the wrong answers
E1-4 Completing a Balance Sheet and Inferring Net Income (LO2, LO3] Ken Young and Kim Sherwood organized Reader Direct as a corporation, each contributed $66150 cash to start the business and received 5,400 shares. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined cash on hand and in the bank. $55,200, amounts due from customers from sales of...
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