NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000...
please solve this for me, thanks PR 14-5A Bond discount, entries for bonds payable transactions, interest method of amortizing bond discount On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bonds at a market (effective) interest rate of 9%, receiving cash of $26,646,292. Interest on the bonds is payable semiannually on December 31 and June 30. The...
The Wyndham Wholesale Company began operations on 8/1/16. The following transactions occur during the month of August. Aug 1. Owners invest $100,000 cash in exchange for 10,000 shares of $1 par-common stock. Aug 1. Equipment is purchased for $20,000 in exchange for a 6 month, 6% note. Interest is not to be paid until the end of the life of...
Nov 21, 2019 - Cash Flows for a company that has the following data: sheets for Vespa December 31 Accumulated depreciate Total Liabilities and Stockholders' Equity Bonds payable Common stock (51 par) Retained earning Total $597.000 Additional information 1. Net income for 2017 was $93,000 2. Cash dividends of $35,000 were declared and paid. 3. Bonds payable amounting to $50,000...
A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Balance Beginning Balance $ 56 810 735 601 $ 115 741 678 1,534 1,637 702 935 $ 2,469 675 803 $ 2,404 Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant,...
The Wyndham Wholesale Company began operations on 8/1/16. The following transactions occur during the month of August. Aug 1. Owners invest $100,000 cash in exchange for 10,000 shares of $1 par-common stock. Aug 1. Equipment is purchased for $20,000 in exchange for a 6 month, 6% note. Interest is not to be paid until the end of the life of...
Additional Information: 1. Net Income for 2019 was $ 43,200 2. The depreciation expense for 2019 is $4,400. 3. Cash dividends of $18,200 were declared and paid. 4. Bonds Payable amounting to $20,000 were redeemed for cash of $20,000. 5. An Equipment costing $ 30,500 was purchased by issuing $ 30,500 Common Stock. 6. An Equipment costing $15,000 and had accumulated depreciation of $ 2,700 was...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Liabilities and Stockholders Equity Accounts Cash Accounts receivable Inventory Prepaid expenses Long-tere investments Property, plant, and equipment Accumulated depreciation 28 D Accounts payable s24I Accrued liabilities $58DIncome taxes payable s19I Bonds payable 21D Common stock 395 I Retained earnings 82 I s 62...
Shut Industries, Inc. Inued $16.800.000 of 8 debentures on May 1, 2020 and received th ing $14906015. The bands ay interest Sem ua May 1 and November 1. The maturity date on these bonds is November 1, 2025. The firm uses the effective interest method of amorting discounts and premium. The bonds were sold to yield an effective interest rate...