Prepare in proper form a classified Statement of Financial Position as at December 31, 2019
On October 31st, 2019, the company declared $30,000 cash dividends. The dividends were paid on February 12, 2020.
On February 15th, 2019, the company declared a 20% common stock dividends when market share price was $30. The shares were distributed on November 15th, 2019 when market share price was $32.
On December 31, 2019, the company declared a two-for-one stock split on common shares.
Client/Customer List was purchased on December 31, 2019. It is expected to have an economic life of 3 years.
The furniture was purchased on Jan 1, 2017. It has a useful life of 10 years, with no expected residual value. Company uses the straight-line depreciation method. No depreciation was recorded for year 2019.
Prepare in proper form a classified Statement of Financial Position as at December 31, 2019 On...
Prepare in proper form a classified Statement of
Financial Position as at December 31, 2019
On October 31st, 2019, the company declared $30,000 cash
dividends. The dividends were paid on February 12, 2020.
On February 15th, 2019, the company declared a 20% common stock
dividends when market share price was $30. The shares were
distributed on November 15th, 2019 when market share price was
$32.
On December 31, 2019, the company declared a two-for-one stock
split on common shares.
Client/Customer...
Prepare in proper form a Statement of Changes in Shareholders’
Equity for the year ended December 31, 2019
On October 31st, 2019, the company declared $30,000 cash
dividends. The dividends were paid on February 12, 2020.
On February 15th, 2019, the company declared a 20% common stock
dividends when market share price was $30. The shares were
distributed on November 15th, 2019 when market share price was
$32.
On December 31, 2019, the company declared a two-for-one stock
split on...
Prepare Statement of Earnings for year ended December 31,
2019
On October 31st, 2019, the company declared $30,000 cash
dividends. The dividends were paid on February 12, 2020.
On February 15th, 2019, the company declared a 20% common stock
dividends when market share price was $30. The shares were
distributed on November 15th, 2019 when market share price was
$32.
On December 31, 2019, the company declared a two-for-one stock
split on common shares.
Client/Customer List was purchased on December...
31-Dec-19 Account name Debit Credit 16,000 50,000 14,000 12,000 14,000 5,000 4,000 187,000 15,000 20,000 10,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Furniture Accumulated Other Comprehensive Income Advertising Expense Allowance for Doubtful accounts Bad debt expense Cash Client List Common Shares (unlimited number of shares authorized, 1,000 issued) Contributed Surplus Depreciation Expense-Furniture Furniture Goodwill Income tax expense Income tax payable Note Payable (instalments of $10,000/year) Preferred Shares (non-cumulative $2,100,000 of shares authorized, 2,000 issued) Prepaid Rent Rent Expense Retained...
• Income Statement for the year ending December 31, 2019
• Statement of Retained Earnings for the year ending December
31, 2019
• Statement of Stockholders Equity for the year ending
December 31, 2019
• Balance Sheet at December 31, 2019
• Statement of Cash Flows for the year ending December 31,
2018
Note: For Earnings per Share (EPS) calculations, use 10,000
shares of common stock as the weighted average number of shares
outstanding.
Credit Debit 64. 200 2000 5,000...
Gary's TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 4,500 10,000...
Gary’s TV had the following accounts and amounts in its
financial statements on December 31, 2019. Assume that all balance
sheet items reflect account balances at December 31, 2019, and that
all income statement items reflect activities that occurred during
the year then ended.
Interest expense
$
4,500
Paid-in capital
10,000
Accumulated depreciation
3,000
Notes payable (long-term)
35,000
Rent expense
9,000
Merchandise inventory
106,000
Accounts receivable
28,000
Depreciation expense
1,500
Land
19,000
Retained earnings
122,000
Cash
20,000
Cost of goods...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
The Carpet Company’s 2019 and 2020 balance sheets included the following items: December 31 2020 2019 Debits Cash $10,500 $ 4,000 Accounts receivable 8,000 9,000 Merchandise inventory 21,000 18,000 Equipment 18,000 15,000 Totals $57,500 $46,000 Credits Accumulated depreciation, equipment $ 4,000 $ 3,000 Accounts payable 7,000 5,000 Taxes payable 1,000 2,000 Dividends payable 1,500 0 Common stock, $10 par value 27,000 25,000 Contributed capital in excess of par, common stock 6,000 5,000 Retained earnings 11,000 6,000 ...
Use the following for the year ended December 31, 2019 a. Income Statement with proper heading for the year ended December 31, 2019 b. Retained Earnings Statement with proper heading for the year ended December 31, 2019. c. Classified Balance Sheet with proper heading at December 31, 2019 The accounts in the ledger of Tigers Delivery Service, Inc. contain the following normal account balances on December 31, 2019. The accounts are listed below in no particular order. Accounts Payable $8,200...