Sweet Company, a specialty chocolate store, prepares a master budget on a quarterly basis. The company has assembled the following data to assist in preparing its master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances: Debits Credits Cash $ 50,000 Accounts...
1-Suppose a firm issues a 1,000 Convertible Preference Shares for with a par value of $100 each. Each preference share is convertible into 5 Ordinary Shares with a par value of $5. The credit entry to “Share Premium – Conversion Equity” on the date of issue was for $200,000. Assume that the maturity date of the Convertible Shares has now...
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities: Net income $ 40,600 Adjustments to convert net income to cash basis: Depreciation $ 20,500 Increase in accounts receivable (60,100 ) Increase in inventory (26,300 ) Decrease in prepaid expenses 9,700 Increase in accounts payable...
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities: Net income $ 41,500 Adjustments to convert net income to cash basis: Depreciation $ 20,600 Increase in accounts receivable (60,200 ) Increase in inventory (26,000 ) Decrease in prepaid expenses 10,400 Increase in accounts payable...
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities: Net income $ 41,500 Adjustments to convert net income to cash basis: Depreciation $ 21,300 Increase in accounts receivable (61,300 ) Increase in inventory (25,900 ) Decrease in prepaid expenses 9,600 Increase in accounts payable...
Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $3,400,000 of goodwill was impaired. b. Governmental and legal costs of $4,800,000 were incurred on September 30 in obtaining a patent with an estimated economic life of...
"Reported in the statement of stockholders' equy Supplies Expense Ullties Expense Warranty pense Loss Urreakzed. Holding Loss-Net income Name 3 accounts with NORMAL BALANCE on the Debit side Name 3 Accounts with NORMAL BALANCE on the Credit side Use two accounts in a journal entry to illustrate with explanations. rses/54828/discussion topics/441567?module item id=3118303 Representative Chart of Accounts Representative Chart of...
General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab - Your choice will determine the reported values on the financial statement tabs. Balance...
Accounts Payable $500 Accounts Receivable $1000 Accumulated Depreciation, Equipment $500 Cash $600 Common Stock $1200 Depreciation Expense, Equipment $0 Equipment $2300 Insurance Expense $0 Inventory $2000 Prepaid Insurance $600 Retained Earnings $2800 Service Fee Revenues $3500 Supplies $700 Supplies Expense $0 Wages Expense $1300 Wages Payable $0 Please 1) Give the account name 2) Include a description 3) and if...
Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 58,900 Accounts receivable $ 41,500 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 211,000 Cash and short-term investments 70,750 Common stock 250,000 Equipment (net) (5-year remaining life) 430,000 Inventory 139,000 Land...