Following is summary income statement data for GEl- Net patent balanc.docx

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Following is summary income statement data for GEl. Net patent balance on December 31 of the current year is $8 , 000 . a. Prepare comparative balance sheets as of December 31 of the prior year and December 31 of the current year. - Note: Do not use negative signs with your answers. b. Prepare a statement of cash flows using the indirect method to present cash flows from operating activities. - Note: Include a negative sign (-) for any amount that would be subtracted in the statement of cash flows. Note payable settled with common stock $ Indirect Method- Preparing a Statement of Cash Flows and Comparative Balance Sheets from Financial Data Linda Ray, the president of GEl Corporation, requires a statement of cash flows for its annual report ending December 31 . The following balance sheet data are from GEl. 1. The December 31 year-end Cash balance decreased by $25 , 000 from $43 , 000 to $18 , 000 . 2. The net balance in Accounts Receivable decreased by $10 , 000 during the year from $60 , 000 to $50 , 000 . The company had no short-term investments. 3. Inventory increased $9 , 000 from $71 , 000 to $80 , 000 . 4. Accounts Payable increased $3 , 000 during the year from $29 , 000 to $32 , 000 . Income Tax Payable increased $4 , 000 during the year from $4 , 000 to $8 , 000 . Salaries Payable decreased by $5 , 000 during the year from $9 , 000 to $4 , 000 . There were no other current liabilities. 5. During December, the company settled a $10 , 000 note payable (fully liquidating the outstanding balance) by issuing shares of its own common stock with equal value. $25 , 000 . 7. Sale and issuance of GEI common stock for $20 , 000 cash. The December 31 , prior year, balance of Common Stock was $50 , 000 . 8. Issuance of a long-term mortgage note, $30 , 000 cash. 9. Accumulated Depreciation is $52 , 000 on December 31 of the current year. 10. Retained Earnings on December 31 of the prior year is $67 , 000 . 11. Sold fixed assets; the following entry was made: Following is summary income statement data for GEl. .

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FOR MORE CLASSES VISIT www.acc421genius.com Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue

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The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold 6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 , No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Postentries in the order of joumal entries presented in the previous part.) Preferred Stock Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary stock Total Stockholders' Equity.

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The following information is for Henenlotter Inc. for the year ended December 31, 2012. Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012. CASH RECEIVED FROM: Customers ? Interest on investments 600 Sale of land (not in use) 1,000 Sale of Henenlotter Inc. common stock 750 Sale of Janis Corp. stock 500 Issuance of debt securities (bonds) 2,000 CASH PAID FOR: Interest on debt 300 Income tax 80 Debt principal reduction 1,500 Purchase of equipment 4,100 Purchase of inventory 1,000 Dividends paid on Henenlotter common stock 200 Operating expenses 400 OTHER DATA Revenue 600 Accounts Receivable (Jan. 1, 2012) 1,200 Accounts Receivable (Dec. 31, 2012) 900 Accounts written off during the year 200 Prepare a Statement of Cash Flows for the year. Use the direct method for the operating activities section. 1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is: A. Reliability. B. Comparability. C. Completeness. D. Verifiability. E. All of the above 2. Which of the following best demonstrates the full disclosure principle? A. The multi-step income statement. B. The auditors' report. C. The company's tax return. D. Notes to financial statements. E. None of the above. 3. Disclosure notes to a company's financial statements: A. Are relatively unimportant facts that don't belong in the basic financial statements. B. Document the source of financial statement facts, like literary footnotes. C. Are an integral part of a company's financial statements. D. Are irrelevant facts that are immaterial in amount. E. None of the above. 4. An important argument in support of historical cost information is: A. Relevance. B. Predictive quality for future cash flows. C. Materiality. D. Verifiability. E. All of the above 5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is: A. Timeliness. B. Materiality. C. Relevance. D. Cost effectiveness. E. All of the above. 6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is: A. Comparability. B. Faithful representation. C. Cost effectiveness. D. Materiality. E. Two of the above are correct. 7. Recognizing expected losses immediately, but deferring expected gains, is an example of: A. Materiality. B. Conservatism. C. Cost effectiveness. D. Timeliness. E. All o ...

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Tax return-problem 7: C corporation Instructions: Please complete the required federal corporation income tax return forms for Express Catering, Inc. for the 2012 tax year based upon the facts presented below. Also, if required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations and do not prepare any AMT related forms. Express Catering, Inc. (EC) is organized in New York as a corporation and is taxed as a “C” corporation with a calendar year-end. EC operates a delicatessen/bakery in New York City, NY that specializes in mobile food catering for events and gatherings within the tri-state area. EC’s address, employer identification number (EIN), and date of incorporation are as follows: Express Catering, Inc. 257 West 55th Avenue New York City, NY 10027 EIN- 13-9823459 Date Incorporated- March 17, 2007 EC has been at the same address and has not changed its same since inception. EC has only common shares issued (no preferred stock). There are currently 10,000 shares of EC common stock issued and outstanding. EC is owned by four shareholders from the same family: Raphael Giordano (father) and his three children Silvia, Andrea, and Marco. Their personal information is provided below: Raphael Giordano 160 West 57th Avenue New York City, NY 10027 SSN-356-87-4322 Shares owned 5,500 Silvia Giordano Costa 250 South Main Hoboken, New Jersey 07030 SSN-284-58-4583 Shares owned 1,500 Andrea Giordano 65 East 55th Avenue New York City, NY 10027 SSN-423-84-2343 Shares owned 1,500 Marco Giordano 160 West 57th Avenue New York City, NY 10027 SSN-487-27-4797 Shares owned 1,500 EC uses the accrual method of accounting and follows GAAP. EC is not a subsidiary nor is it in an affiliated group with any other entity. EC is not audited by a CPA firm and has never had a restatement of its income statement. In addition, EC reported the following information for the current year: · EC did not pay dividends in excess of its current and accumulated earnings and profits. · None of the stock of EC is owned by non U.S. persons · EC has never issued publicly offered debt instruments. · EC is not required to file a Form UTP · EC made several payments in the current year that required the filing of federal Form(s) 1099. These Forms 1099 were filed timely by EC. · During the year, none of the shareholders of EC changed. · EC has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax-deferred transaction. · EC did not receive any assets in Section 351 transfers during the year. · All of the questions on Schedule B, Form 1120 are no for the year. Additional information: EC has been expanding rapidly its catering business. This expansion has required a significant amount of new equipment purchases. EC sold some of its liquid investments in order to avoid having to take on debt to fund these purchases. Further, EC invested heav ...

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