Accounting question Assets Current - Long term Liabilities Curre.docx
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Accounting question Assets Current = Long term Liabilities Current + Long term Capital Stock Retained +Revenues Stockholders Equity + Retained Earnings Expenses +Gains/ Losses Dividends Cash Inventory Building Accounts Payable Unearned Revenue Loan payable Earnings from last Cost of goods sold Utilities Wages $ 17,000 $ 2,700 $ 46,000 $ 2,000 $ 900 $ 37,000 $ 20,000 $ 5,800 Balance from last accounting period $ (5,000) $ 50,000 $ 45,000 A $ 4,200 $ 4,200 Purchased $4,200 of inventory on credit $ (950) B Paid 950 to employees for work during accounting period $ 3,200 $ (1,400) $ 3,200 $ (1,400) C D $ (260) Received bill for $260 for utilities $ (50) $ (50) E F G $ 14,200 $ 96,000 $ 6,460 $ 900 $ 20,000 $ 5,800 $ 3,200 $ (1,400) $ (260) $ (950) $ $ (50) $ 115,700 = H + $ 26,340 Liabilities $ 115,700 Revenues COGS $ 3,200 $ 1,400 (Not listed as negative since we always know expenses are subtracted) Beginning cash $ 17,000 Gross Profit I Assets Operating Utilities $ 260 Cash L Cash from sales P Other $ 950 Inventory $ 5,500 Payment to employees $ (950) Net Income $ 590 Building M $ 2,250 Total $ 115,700 Investing Statement of Equity Capital Sto Last Period $ 20,000 Retained Earnings Liabilities Cash paid for building J Accounts Payable $ 6,460 Q Sale of stock Unearned Revenue $ 900 Net Income K Loan Payable $ 82,000 Financing Dividends $ (50) Total $ 89,360 End of period $ 20,000 $ 6,340 Stockholders Equity Dividends $ (50) Capital Stock $ 20,000 $ (50) Retained Earnings N Ending Cash $ 14,200 Total Equity $ 26,340 Liabilities and Equity 0 .
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Event Cash Flow Assets Claims Income Statement OAIAFA Cash.pdf
Event Cash Flow Assets Claims Income Statement OA/IA/FA Cash + Supplies stock +
Fixed asset = Note payable + Bank loan short term + Accounts payable + Common Stock +
Retained Earnings Revenue - Expense = Net Income a FA 75,000 + + = + + + 75,000
+ - = b OA (5,000) + 5,000 + = + + + + - = c IA (10,000) + + 80,000 =
70,000 + + + + - = d OA 27,000 + + = + 27,000 + + + - = e FA
(3,500) + + = + + + + (3,500) - = f OA 17,000 + + = + + + + 17,000 - =
17,000 g OA (4,000) + + = + + + + - 4,000 = (4,000) h OA + 1,000 + = + +
1,000 + + - = + + = + + + + - = + + = + + + + - = + + = + + + + - =
+ + = + + + + - = + + = + + + + - = 96,500 + 6,000 + 80,000 =
70,000 + 27,000 + 1,000 + 75,000 + (3,500) 17,000 - 4,000 = 13,000
Solution
Event Cash Flow Assets Claims Income Statement OA/IA/FA Cash + Supplies stock +
Fixed asset = Note payable + Bank loan short term + Accounts payable + Common Stock +
Retained Earnings Revenue - Expense = Net Income a FA 75,000 + + = + + + 75,000
+ - = b OA (5,000) + 5,000 + = + + + + - = c IA (10,000) + + 80,000 =
70,000 + + + + - = d OA 27,000 + + = + 27,000 + + + - = e FA
(3,500) + + = + + + + (3,500) - = f OA 17,000 + + = + + + + 17,000 - =
17,000 g OA (4,000) + + = + + + + - 4,000 = (4,000) h OA + 1,000 + = + +
1,000 + + - = + + = + + + + - = + + = + + + + - = + + = + + + + - =
+ + = + + + + - = + + = + + + + - = 96,500 + 6,000 + 80,000 =
70,000 + 27,000 + 1,000 + 75,000 + (3,500) 17,000 - 4,000 = 13,000.
Chap-1: Accounting in Action
We take references from The book of Accounting Principals which is written by (Weygandt Kimmel Kieso)
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Event Cash Flow Assets Claims Income Statement OA/IA/FA Cash + Supplies stock +
Fixed asset = Note payable + Bank loan short term + Accounts payable + Common Stock +
Retained Earnings Revenue - Expense = Net Income a FA 75,000 + + = + + + 75,000
+ - = b OA (5,000) + 5,000 + = + + + + - = c IA (10,000) + + 80,000 =
70,000 + + + + - = d OA 27,000 + + = + 27,000 + + + - = e FA
(3,500) + + = + + + + (3,500) - = f OA 17,000 + + = + + + + 17,000 - =
17,000 g OA (4,000) + + = + + + + - 4,000 = (4,000) h OA + 1,000 + = + +
1,000 + + - = + + = + + + + - = + + = + + + + - = + + = + + + + - =
+ + = + + + + - = + + = + + + + - = 96,500 + 6,000 + 80,000 =
70,000 + 27,000 + 1,000 + 75,000 + (3,500) 17,000 - 4,000 = 13,000
Solution
Event Cash Flow Assets Claims Income Statement OA/IA/FA Cash + Supplies stock +
Fixed asset = Note payable + Bank loan short term + Accounts payable + Common Stock +
Retained Earnings Revenue - Expense = Net Income a FA 75,000 + + = + + + 75,000
+ - = b OA (5,000) + 5,000 + = + + + + - = c IA (10,000) + + 80,000 =
70,000 + + + + - = d OA 27,000 + + = + 27,000 + + + - = e FA
(3,500) + + = + + + + (3,500) - = f OA 17,000 + + = + + + + 17,000 - =
17,000 g OA (4,000) + + = + + + + - 4,000 = (4,000) h OA + 1,000 + = + +
1,000 + + - = + + = + + + + - = + + = + + + + - = + + = + + + + - =
+ + = + + + + - = + + = + + + + - = 96,500 + 6,000 + 80,000 =
70,000 + 27,000 + 1,000 + 75,000 + (3,500) 17,000 - 4,000 = 13,000.
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I apologize this 1 question has numerous parts. I didnt want to s.pdf
I apologize: this 1 question has numerous parts. I didn\'t want to split it up in to separate
questions and confuse others. Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balanoe sheet amounts at December 31, 2014, were
inventory, S53,900; total assets, $199,400; common stock, 588,000; and retained earnings,
344,392.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015
Sales Cost of goods sold S453,600 298,850 Gross profit Operating expenses Interest expense
158,750 98,800 4,600 Income before taxes Income taxes 53,350 21,492 Net income S 31,858
CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term
investments Accounts receivable, net Notes receivable (trade) S 18,000 9,200 32,200 000 38,150
2,800 151,300 Liabilities and Equity Accounts payable Accrued Income taxes payable Long-
term note payable, secured S 17,500 4,800 4,700 wages payable 5, Prepaid expenses Plant assets,
net by mortgage on plant assets Common stod Retained earnings 83,400 88,000 76,250 Total
assets S254,650 Total liabilities and equity S254,650 These are short-term notes receivable
arising from customer (trade) sales. Required: Compute the following: (1) current ratio, (2) acid-
test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days\' sales in inventory, (8)
debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10)
return on total assets, and (11) return on common stockholders\' equity Do not round
intermediate calculations.) Choose Numerator: | Choose Denominator: | = Current Ratio Current
ratio 2015 to 1
Solution
Answer to Part 1.
Current Ratio = Current Assets / Current Liabilities
Current Assets = Cash + Short Term Investments + Accounts Receivable, net + Notes
Receivable (Trade) + Merchandise Inventory + Prepaid Expenses
Current Assets = $16,000 + $9,200 + $32,200 + $5,000 + $38,150 + $2,800
Current Assets = $103,350
Current Liabilities = Accounts Payable + Accrued Wages Payable + Income Taxes Payable
Current Liabilities = $17,500 + $4,800 + $4,700
Current Liabilities = $27,000
Current Ratio = 103,350 / 27,000
Current Ratio = 3.83 to 1
Answer to Part 2.
Acid-Test Ratio = Quick Assets / Current Liabilities
Quick Assets = Current Assets – Merchandise Inventory – Prepaid Expenses
Quick Assets = $103,350 - $38,150 - $2,800
Quick Assets = $62,400
Acid-Test Ratio = 62,400 /27,000
Acid-Test Ratio = 2.31 to 1
Answer to Part 3.
Days Collected Sales = Current Receivable / Net Sales * 365
Current Receivable = $32,200 + $5,000 = $37,200
Days Collected Sales = 37,200 / 453,600 * 100
Days Collected Sales = 29.93 days
Answer to Part 4.
Inventory Turnover Ratio = Cost of goods sold / Average Inventory
Average Inventory = (38,150 + 53,900) / 2
Average Inventory = $46,025
Inventory Turnover Ratio = 296,850 / 46,025
Inventory Turnover Ratio = 6.45 times
Answer to Part 5.
Days’ Sales in Inventory = Average Inventory / Cost of Goods Sol.
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Exercise 5-5Uhura Company has decided to expand its operations. Th.pdf
Exercise 5-5
Uhura Company has decided to expand its operations. The bookkeeper recently completed the
balance sheet presented below in order to obtain additional funds for expansion.
UHURA COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2014
Current assets
Cash $230,000
Accounts receivable (net) 340,000
Inventory (lower-of-average-cost-or-market) 401,000
Equity investments (trading)-at cost (fair value $120,000) 140,000
Property, plant, and equipment
Buildings (net) 570,000
Equipment (net) 160,000
Land held for future use 175,000
Intangible assets
Goodwill 80,000
Cash surrender value of life insurance 90,000
Prepaid expenses 12,000
Current liabilities
Accounts payable 135,000
Notes payable (due next year) 125,000
Pension obligation 82,000
Rent payable 49,000
Premium on bonds payable 53,000
Long-term liabilities
Bonds payable 500,000
Stockholders’ equity
Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 290,000
Additional paid-in capital 160,000
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated
depreciation balance for the buildings is $160,000 and for the equipment, $105,000. The
allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a
long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment
in order of Buildings and Equipment. Enter account name only and do not provide the
descriptive information provided in the question.)
Uhura Company
Balance Sheet
December 31, 2014
Assets
$
$
:
$
$
:
:
$
Liabilities and Stockholders\' Equity
$
$
$
:
$
Solution
The revised balance sheet is as below
Heads
Amount
Amount
Current assets:
Cash
$230,000
Accounts receivable (Gross) (340,000 + 17,000 =)
$357,000
Less: Allowance for doubtful accounts
$17,000
$340,000
Inventory
$401,000
Equity investments
$140,000
Total current assets (a)
1,111,000
Property, plant, and equipment:
Building (Gross) (570,000 + 160,000 =)
$730,000
Less: Accumulated depreciation
$160,000
$570,000
Equipment (Gross) (160,000 + 105,000 =)
$265,000
Less: Accumulated depreciation
$105,000
$160,000
Land
$175,000
Goodwill
$80,000
Cash surrender value
$90,000
Prepaid expenses
$12,000
Total property, plant, and equipment (b)
$1,087,000
Total assets (a + b)
$2,198,000
Current liabilities:
Accounts payable
$135,000
Notes payable
$125,000
Rent payable
$49,000
Premium on bonds payable
$53,000
Total current liabilities (c)
$362,000
Long-term liabilities:
Pension obligation
$82,000
Bonds payable
$500,000
Total long-term liabilities (d)
$582,000
Stockholders’ equity:
Common stock
$290,000
Additional paid-in capital
$160,000
Retained earnings {(a + b) – c – d – common stock – additional paid-in capital}
$804,000
Total stockholders’ equity (e)
$1,254,000
Total liabilities and stockholders’ equity (c + d + e)
$2,198,000
Heads
Amount
Amount
Current assets:
Cash
$230,000
Accounts receivable (Gross) (340,000 + 17,000 =)
$357,000
Less: Allowance for doubtf.
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
e) Cash flow from Assets for 2017cash flow from assets = cash flow.pdf
e) Cash flow from Assets for 2017
cash flow from assets = cash flow generated from operations + change in working capital + cash
flow from fixed assets
cash flow from operations
Note: Net income = sales (40000) - costs(30000)-depreciation(2000)- interest (400)
Chnage in working capital = change in current assets - change in current liabilities
= 800-200
= $600
Cash flow from fixed assets = change in fixed assets = $3000
Cash flow from assets = 9000 + 600+3000
= $12,600
f) Cash flow to creditors
New debt raised = $4000
Long term debt in 2017 = $3000
cash flow to creditrs = 4000-3000
= $1,000
g) Cash flow to equity holders in 2017 = dividends paid + share repurchased
= 5404 + 1000
= $6,404
h)Net income$7,600Depreciation$2,000increase in current assets-$800increase in current
liabilities$200Cash from operations$9,000
Solution
e) Cash flow from Assets for 2017
cash flow from assets = cash flow generated from operations + change in working capital + cash
flow from fixed assets
cash flow from operations
Note: Net income = sales (40000) - costs(30000)-depreciation(2000)- interest (400)
Chnage in working capital = change in current assets - change in current liabilities
= 800-200
= $600
Cash flow from fixed assets = change in fixed assets = $3000
Cash flow from assets = 9000 + 600+3000
= $12,600
f) Cash flow to creditors
New debt raised = $4000
Long term debt in 2017 = $3000
cash flow to creditrs = 4000-3000
= $1,000
g) Cash flow to equity holders in 2017 = dividends paid + share repurchased
= 5404 + 1000
= $6,404
h)Net income$7,600Depreciation$2,000increase in current assets-$800increase in current
liabilities$200Cash from operations$9,000.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
Below are the transactions and adjustments that occurred during the .pdf
Below are the transactions and adjustments that occurred during the first year of operations at
Kissick Co
a. Issued 190,000 shares of $5-par-value common stock for $950,000 in cash.
b. Borrowed $500,000 from Oglesby National Bank and signed a 10% note due in three years.
c. Incurred and paid $380,000 in salaries for the year.
d. Purchased $730,000 of merchandise inventory on account during the year.
e. Sold inventory costing $590,000 for a total of $910,000, all on credit.
f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year.
g. Purchased $180,000 of store equipment, paying $55,000 in cash and agreeing to pay the
difference within 90 days.
h. Paid the entire $125,000 owed for store equipment and $620,000 of the amount due to
suppliers for credit purchases previously recorded.
i. Incurred and paid utilities expense of $35,000 during the year.
j. Collected $825,000 in cash from customers during the year for credit sales previously
recorded.
k. At year-end, accrued $50,000 of interest on the note due to Oglesby National Bank.
l. At year-end, accrued $20,000 of past-due December rent on the sales facilities. Required a.
Prepare an income statement (ignoring income taxes) for Kissick Co.\'s first year of operations
and a balance sheet as of the end of the year. account affected by the transactions.) KISSICK CO
Income Statement
Solution
Answers
ASSETS
LIABILITIES
STOCKHOLDER EQUITY
INCOME STATEMENT (Retained earnings)
Transaction
Cash
Accounts receivables
Merchandise Inventory
Equipment
Notes Payable
Accounts Payable
Common Stock
Net Income
Revenue
Expenses
a
$ 950,000.00
$ 950,000.00
$ -
b
$ 500,000.00
$ 500,000.00
$ -
c
$ (380,000.00)
$ (380,000.00)
$ 380,000.00
d
$ 730,000.00
$ 730,000.00
$ -
e
$ 910,000.00
$ 910,000.00
$ 910,000.00
$ (590,000.00)
$ (590,000.00)
$ 590,000.00
f
$ (220,000.00)
$ (220,000.00)
$ 220,000.00
g
$ (55,000.00)
$ 55,000.00
$ -
$ 125,000.00
$ 125,000.00
$ -
h
$ (745,000.00)
$ (745,000.00)
$ -
i
$ (41,000.00)
$ (41,000.00)
$ 41,000.00
j
$ 825,000.00
$ (825,000.00)
$ -
k
$ 50,000.00
$ (50,000.00)
$ 50,000.00
l
$ 20,000.00
$ (20,000.00)
$ 20,000.00
Total
$ 834,000.00
$ 85,000.00
$ 140,000.00
$ 180,000.00
$ 550,000.00
$ 130,000.00
$ 950,000.00
$ (391,000.00)
$ 910,000.00
$ 1,301,000.00
Transaction no.
e
Sales Revenues
$ 910,000.00
e
Cost of Goods Sold
$ 590,000.00
Gross Profits
$ 320,000.00
Operating Expenses:
c
Salaries expense
$ 380,000.00
f + l
Rent Expenses
$ 240,000.00
i
Utilities expense
$ 41,000.00
Total operating expenses
$ 661,000.00
Operating Income
$ (341,000.00)
Other revenues & expenses
j
Interest expense
$ 50,000.00
Net Income (Loss)
$ (391,000.00)
ASSETS
Current Assets:
Cash
$ 834,000.00
Accounts receivables
$ 85,000.00
Merchandise Inventory
$ 140,000.00
Total current assets
$ 1,059,000.00
Equipment
$ 180,000.00
Total Assets
$ 1,239,000.00
LIABILITIES
Accounts Payable
$ 110,000.00
Interest Payable
$ 50,000.00
Rent (Expense) Payable
$ 20,000.00
Total current Liabilities
$ 180,0.
Davenport university acct 510 chapter 4 part 10
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Create a Balance Sheet to record the following transactions for Tayl.pdf
Create a Balance Sheet to record the following transactions for Taylor Company for the month of
March.
a. Borrowed $4,500 from Local Bank and Trust
b. Investors contributed $10,000 in cash for shares of stock
c. Bought inventory costing $2,000 on credit
d. Sold inventory that originally cost $400 for $600 on credit
e. Purchased a new piece of equipment for $500 cash
f. Collected $600 in cash from sale of inventory in (d) above
g. Paid for inventory purchased in (c) above, which was originally purchased on credit
h. Paid $1,200 in cash for an insurance policy that covers the next year
i. Employees salary was $3,000 during the month of February, but have not yet been paid
j. Paid employees $2,900 for wages earned and recorded during February
Solution
Accounting equation
Assets
Liabilities +
Shareholder\'s equity
Cash +
Accounts Receivables +
Equipment+
Inventory
Prepaid Insurance
Accounts Payable
Loan
Outstanding Salary
Common stock
Retained Earnings
a
$ 4,500.00
$ 4500
New Balance
$ 4,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ -
$ -
b
$ 10,000.00
$ 10,000.00
New Balance
$ 14,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ 10,000.00
$ -
c
$ 2,000.00
$ 2,000.00
New Balance
$ 14,500.00
$ -
$ -
$ 2,000.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ -
d
$ 600.00
$ (400.00)
$ 200.00
New Balance
$ 14,500.00
$ 600.00
$ -
$ 1,600.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
e
$ (500.00)
$ 500.00
New Balance
$ 14,000.00
$ 600.00
$ 500.00
$ 1,600.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
f
$ 600.00
$ (600.00)
New Balance
$ 14,600.00
$ -
$ 500.00
$ 1,600.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
g
$ (2,000.00)
$ (2,000.00)
New Balance
$ 12,600.00
$ -
$ 500.00
$ 1,600.00
$ -
$ -
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
h
$ (1,200.00)
$ 1,200.00
New Balance
$ 11,400.00
$ -
$ 500.00
$ 1,600.00
$ 1,200.00
$ -
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
i
$ 3,000.00
$ (3,000.00)
New Balance
$ 11,400.00
$ -
$ 500.00
$ 1,600.00
$ 1,200.00
$ -
$ 4,500.00
$ 3,000.00
$ 10,000.00
$ (2,800.00)
j
$ (2,900.00)
$ (2,900.00)
New Balance
$ 8,500.00
$ -
$ 500.00
$ 1,600.00
$ 1,200.00
$ -
$ 4,500.00
$ 100.00
$ 10,000.00
$ (2,800.00)
Taylor Company
Balance sheet
March
Assets
Cash
$ 8,500.00
Prepaid Insurance
$ 1,200.00
Inventory
$ 1,600.00
Equipment
$ 500.00
Total Assets
$ 11,800.00
Liabilities and shareholder\'s equity
Loan from bank
$ 4,500.00
Wages payable
$ 100.00
Common Stock
$ 10,000.00
Retained earnings
$ (2,800.00)
Total Liabilities and shareholder\'s equity
$ 11,800.00
Accounting equation
Assets
Liabilities +
Shareholder\'s equity
Cash +
Accounts Receivables +
Equipment+
Inventory
Prepaid Insurance
Accounts Payable
Loan
Outstanding Salary
Common stock
Retained Earnings
a
$ 4,500.00
$ 4500
New Balance
$ 4,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ -
$ -
b
$ 10,000.00
$ 10,000.00
New Balance
$ 14,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ 10,000.00
$ -
c
$ 2,000.00
$ 2,000.00
New Balance
$ 14,500.00
$ -
$ -
$ 2,000.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$.
An entity's liabilities come from three primary sources- creditors- in.docx
An entity's liabilities come from three primary sources: creditors, investors, and profits retained in the business. True False According to the accounting profession, the purpose of financial reporting is to provide information about a company that investors, lenders, and other creditors can use when deciding whether to provide resources to the entity. True False
.
An auditor's decision concerning whether or not to -dual date- the aud.docx
An auditor's decision concerning whether or not to "dual date" the audit report is based upon the auditor's willingness to:
Select one:
A. perform additional audit test, and claim audit are performed for events subsequent to the financial statement date and prior to the special event date.
B. inquire the manager about events after financial statement date
C. permit inclusion of a footnote captioned: event (unaudited) subsequent to the date of the auditor's report.
D. accept responsibility for all events between year-end and the audit report date.
.
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I apologize this 1 question has numerous parts. I didnt want to s.pdf
I apologize: this 1 question has numerous parts. I didn\'t want to split it up in to separate
questions and confuse others. Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balanoe sheet amounts at December 31, 2014, were
inventory, S53,900; total assets, $199,400; common stock, 588,000; and retained earnings,
344,392.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015
Sales Cost of goods sold S453,600 298,850 Gross profit Operating expenses Interest expense
158,750 98,800 4,600 Income before taxes Income taxes 53,350 21,492 Net income S 31,858
CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term
investments Accounts receivable, net Notes receivable (trade) S 18,000 9,200 32,200 000 38,150
2,800 151,300 Liabilities and Equity Accounts payable Accrued Income taxes payable Long-
term note payable, secured S 17,500 4,800 4,700 wages payable 5, Prepaid expenses Plant assets,
net by mortgage on plant assets Common stod Retained earnings 83,400 88,000 76,250 Total
assets S254,650 Total liabilities and equity S254,650 These are short-term notes receivable
arising from customer (trade) sales. Required: Compute the following: (1) current ratio, (2) acid-
test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days\' sales in inventory, (8)
debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10)
return on total assets, and (11) return on common stockholders\' equity Do not round
intermediate calculations.) Choose Numerator: | Choose Denominator: | = Current Ratio Current
ratio 2015 to 1
Solution
Answer to Part 1.
Current Ratio = Current Assets / Current Liabilities
Current Assets = Cash + Short Term Investments + Accounts Receivable, net + Notes
Receivable (Trade) + Merchandise Inventory + Prepaid Expenses
Current Assets = $16,000 + $9,200 + $32,200 + $5,000 + $38,150 + $2,800
Current Assets = $103,350
Current Liabilities = Accounts Payable + Accrued Wages Payable + Income Taxes Payable
Current Liabilities = $17,500 + $4,800 + $4,700
Current Liabilities = $27,000
Current Ratio = 103,350 / 27,000
Current Ratio = 3.83 to 1
Answer to Part 2.
Acid-Test Ratio = Quick Assets / Current Liabilities
Quick Assets = Current Assets – Merchandise Inventory – Prepaid Expenses
Quick Assets = $103,350 - $38,150 - $2,800
Quick Assets = $62,400
Acid-Test Ratio = 62,400 /27,000
Acid-Test Ratio = 2.31 to 1
Answer to Part 3.
Days Collected Sales = Current Receivable / Net Sales * 365
Current Receivable = $32,200 + $5,000 = $37,200
Days Collected Sales = 37,200 / 453,600 * 100
Days Collected Sales = 29.93 days
Answer to Part 4.
Inventory Turnover Ratio = Cost of goods sold / Average Inventory
Average Inventory = (38,150 + 53,900) / 2
Average Inventory = $46,025
Inventory Turnover Ratio = 296,850 / 46,025
Inventory Turnover Ratio = 6.45 times
Answer to Part 5.
Days’ Sales in Inventory = Average Inventory / Cost of Goods Sol.
Principal accounting - Ch04 completing the accounting cycle
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Principal accounting
Chapter 04
completing the accounting cycle
Analyzing project cash flow/absor marantika/ardan cahya w/kyo larely j p/risw...
Kumpulan Soal Analyzing Project Cash Flow
Exercise 5-5Uhura Company has decided to expand its operations. Th.pdf
Exercise 5-5
Uhura Company has decided to expand its operations. The bookkeeper recently completed the
balance sheet presented below in order to obtain additional funds for expansion.
UHURA COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2014
Current assets
Cash $230,000
Accounts receivable (net) 340,000
Inventory (lower-of-average-cost-or-market) 401,000
Equity investments (trading)-at cost (fair value $120,000) 140,000
Property, plant, and equipment
Buildings (net) 570,000
Equipment (net) 160,000
Land held for future use 175,000
Intangible assets
Goodwill 80,000
Cash surrender value of life insurance 90,000
Prepaid expenses 12,000
Current liabilities
Accounts payable 135,000
Notes payable (due next year) 125,000
Pension obligation 82,000
Rent payable 49,000
Premium on bonds payable 53,000
Long-term liabilities
Bonds payable 500,000
Stockholders’ equity
Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 290,000
Additional paid-in capital 160,000
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated
depreciation balance for the buildings is $160,000 and for the equipment, $105,000. The
allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a
long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment
in order of Buildings and Equipment. Enter account name only and do not provide the
descriptive information provided in the question.)
Uhura Company
Balance Sheet
December 31, 2014
Assets
$
$
:
$
$
:
:
$
Liabilities and Stockholders\' Equity
$
$
$
:
$
Solution
The revised balance sheet is as below
Heads
Amount
Amount
Current assets:
Cash
$230,000
Accounts receivable (Gross) (340,000 + 17,000 =)
$357,000
Less: Allowance for doubtful accounts
$17,000
$340,000
Inventory
$401,000
Equity investments
$140,000
Total current assets (a)
1,111,000
Property, plant, and equipment:
Building (Gross) (570,000 + 160,000 =)
$730,000
Less: Accumulated depreciation
$160,000
$570,000
Equipment (Gross) (160,000 + 105,000 =)
$265,000
Less: Accumulated depreciation
$105,000
$160,000
Land
$175,000
Goodwill
$80,000
Cash surrender value
$90,000
Prepaid expenses
$12,000
Total property, plant, and equipment (b)
$1,087,000
Total assets (a + b)
$2,198,000
Current liabilities:
Accounts payable
$135,000
Notes payable
$125,000
Rent payable
$49,000
Premium on bonds payable
$53,000
Total current liabilities (c)
$362,000
Long-term liabilities:
Pension obligation
$82,000
Bonds payable
$500,000
Total long-term liabilities (d)
$582,000
Stockholders’ equity:
Common stock
$290,000
Additional paid-in capital
$160,000
Retained earnings {(a + b) – c – d – common stock – additional paid-in capital}
$804,000
Total stockholders’ equity (e)
$1,254,000
Total liabilities and stockholders’ equity (c + d + e)
$2,198,000
Heads
Amount
Amount
Current assets:
Cash
$230,000
Accounts receivable (Gross) (340,000 + 17,000 =)
$357,000
Less: Allowance for doubtf.
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
e) Cash flow from Assets for 2017cash flow from assets = cash flow.pdf
e) Cash flow from Assets for 2017
cash flow from assets = cash flow generated from operations + change in working capital + cash
flow from fixed assets
cash flow from operations
Note: Net income = sales (40000) - costs(30000)-depreciation(2000)- interest (400)
Chnage in working capital = change in current assets - change in current liabilities
= 800-200
= $600
Cash flow from fixed assets = change in fixed assets = $3000
Cash flow from assets = 9000 + 600+3000
= $12,600
f) Cash flow to creditors
New debt raised = $4000
Long term debt in 2017 = $3000
cash flow to creditrs = 4000-3000
= $1,000
g) Cash flow to equity holders in 2017 = dividends paid + share repurchased
= 5404 + 1000
= $6,404
h)Net income$7,600Depreciation$2,000increase in current assets-$800increase in current
liabilities$200Cash from operations$9,000
Solution
e) Cash flow from Assets for 2017
cash flow from assets = cash flow generated from operations + change in working capital + cash
flow from fixed assets
cash flow from operations
Note: Net income = sales (40000) - costs(30000)-depreciation(2000)- interest (400)
Chnage in working capital = change in current assets - change in current liabilities
= 800-200
= $600
Cash flow from fixed assets = change in fixed assets = $3000
Cash flow from assets = 9000 + 600+3000
= $12,600
f) Cash flow to creditors
New debt raised = $4000
Long term debt in 2017 = $3000
cash flow to creditrs = 4000-3000
= $1,000
g) Cash flow to equity holders in 2017 = dividends paid + share repurchased
= 5404 + 1000
= $6,404
h)Net income$7,600Depreciation$2,000increase in current assets-$800increase in current
liabilities$200Cash from operations$9,000.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
Below are the transactions and adjustments that occurred during the .pdf
Below are the transactions and adjustments that occurred during the first year of operations at
Kissick Co
a. Issued 190,000 shares of $5-par-value common stock for $950,000 in cash.
b. Borrowed $500,000 from Oglesby National Bank and signed a 10% note due in three years.
c. Incurred and paid $380,000 in salaries for the year.
d. Purchased $730,000 of merchandise inventory on account during the year.
e. Sold inventory costing $590,000 for a total of $910,000, all on credit.
f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year.
g. Purchased $180,000 of store equipment, paying $55,000 in cash and agreeing to pay the
difference within 90 days.
h. Paid the entire $125,000 owed for store equipment and $620,000 of the amount due to
suppliers for credit purchases previously recorded.
i. Incurred and paid utilities expense of $35,000 during the year.
j. Collected $825,000 in cash from customers during the year for credit sales previously
recorded.
k. At year-end, accrued $50,000 of interest on the note due to Oglesby National Bank.
l. At year-end, accrued $20,000 of past-due December rent on the sales facilities. Required a.
Prepare an income statement (ignoring income taxes) for Kissick Co.\'s first year of operations
and a balance sheet as of the end of the year. account affected by the transactions.) KISSICK CO
Income Statement
Solution
Answers
ASSETS
LIABILITIES
STOCKHOLDER EQUITY
INCOME STATEMENT (Retained earnings)
Transaction
Cash
Accounts receivables
Merchandise Inventory
Equipment
Notes Payable
Accounts Payable
Common Stock
Net Income
Revenue
Expenses
a
$ 950,000.00
$ 950,000.00
$ -
b
$ 500,000.00
$ 500,000.00
$ -
c
$ (380,000.00)
$ (380,000.00)
$ 380,000.00
d
$ 730,000.00
$ 730,000.00
$ -
e
$ 910,000.00
$ 910,000.00
$ 910,000.00
$ (590,000.00)
$ (590,000.00)
$ 590,000.00
f
$ (220,000.00)
$ (220,000.00)
$ 220,000.00
g
$ (55,000.00)
$ 55,000.00
$ -
$ 125,000.00
$ 125,000.00
$ -
h
$ (745,000.00)
$ (745,000.00)
$ -
i
$ (41,000.00)
$ (41,000.00)
$ 41,000.00
j
$ 825,000.00
$ (825,000.00)
$ -
k
$ 50,000.00
$ (50,000.00)
$ 50,000.00
l
$ 20,000.00
$ (20,000.00)
$ 20,000.00
Total
$ 834,000.00
$ 85,000.00
$ 140,000.00
$ 180,000.00
$ 550,000.00
$ 130,000.00
$ 950,000.00
$ (391,000.00)
$ 910,000.00
$ 1,301,000.00
Transaction no.
e
Sales Revenues
$ 910,000.00
e
Cost of Goods Sold
$ 590,000.00
Gross Profits
$ 320,000.00
Operating Expenses:
c
Salaries expense
$ 380,000.00
f + l
Rent Expenses
$ 240,000.00
i
Utilities expense
$ 41,000.00
Total operating expenses
$ 661,000.00
Operating Income
$ (341,000.00)
Other revenues & expenses
j
Interest expense
$ 50,000.00
Net Income (Loss)
$ (391,000.00)
ASSETS
Current Assets:
Cash
$ 834,000.00
Accounts receivables
$ 85,000.00
Merchandise Inventory
$ 140,000.00
Total current assets
$ 1,059,000.00
Equipment
$ 180,000.00
Total Assets
$ 1,239,000.00
LIABILITIES
Accounts Payable
$ 110,000.00
Interest Payable
$ 50,000.00
Rent (Expense) Payable
$ 20,000.00
Total current Liabilities
$ 180,0.
Davenport university acct 510 chapter 4 part 10
Get professional solution for assignment help,homework help,easy writing help,and This is Writing for all Universities in USA,UK,and Australia.
Create a Balance Sheet to record the following transactions for Tayl.pdf
Create a Balance Sheet to record the following transactions for Taylor Company for the month of
March.
a. Borrowed $4,500 from Local Bank and Trust
b. Investors contributed $10,000 in cash for shares of stock
c. Bought inventory costing $2,000 on credit
d. Sold inventory that originally cost $400 for $600 on credit
e. Purchased a new piece of equipment for $500 cash
f. Collected $600 in cash from sale of inventory in (d) above
g. Paid for inventory purchased in (c) above, which was originally purchased on credit
h. Paid $1,200 in cash for an insurance policy that covers the next year
i. Employees salary was $3,000 during the month of February, but have not yet been paid
j. Paid employees $2,900 for wages earned and recorded during February
Solution
Accounting equation
Assets
Liabilities +
Shareholder\'s equity
Cash +
Accounts Receivables +
Equipment+
Inventory
Prepaid Insurance
Accounts Payable
Loan
Outstanding Salary
Common stock
Retained Earnings
a
$ 4,500.00
$ 4500
New Balance
$ 4,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ -
$ -
b
$ 10,000.00
$ 10,000.00
New Balance
$ 14,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ 10,000.00
$ -
c
$ 2,000.00
$ 2,000.00
New Balance
$ 14,500.00
$ -
$ -
$ 2,000.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ -
d
$ 600.00
$ (400.00)
$ 200.00
New Balance
$ 14,500.00
$ 600.00
$ -
$ 1,600.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
e
$ (500.00)
$ 500.00
New Balance
$ 14,000.00
$ 600.00
$ 500.00
$ 1,600.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
f
$ 600.00
$ (600.00)
New Balance
$ 14,600.00
$ -
$ 500.00
$ 1,600.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
g
$ (2,000.00)
$ (2,000.00)
New Balance
$ 12,600.00
$ -
$ 500.00
$ 1,600.00
$ -
$ -
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
h
$ (1,200.00)
$ 1,200.00
New Balance
$ 11,400.00
$ -
$ 500.00
$ 1,600.00
$ 1,200.00
$ -
$ 4,500.00
$ -
$ 10,000.00
$ 200.00
i
$ 3,000.00
$ (3,000.00)
New Balance
$ 11,400.00
$ -
$ 500.00
$ 1,600.00
$ 1,200.00
$ -
$ 4,500.00
$ 3,000.00
$ 10,000.00
$ (2,800.00)
j
$ (2,900.00)
$ (2,900.00)
New Balance
$ 8,500.00
$ -
$ 500.00
$ 1,600.00
$ 1,200.00
$ -
$ 4,500.00
$ 100.00
$ 10,000.00
$ (2,800.00)
Taylor Company
Balance sheet
March
Assets
Cash
$ 8,500.00
Prepaid Insurance
$ 1,200.00
Inventory
$ 1,600.00
Equipment
$ 500.00
Total Assets
$ 11,800.00
Liabilities and shareholder\'s equity
Loan from bank
$ 4,500.00
Wages payable
$ 100.00
Common Stock
$ 10,000.00
Retained earnings
$ (2,800.00)
Total Liabilities and shareholder\'s equity
$ 11,800.00
Accounting equation
Assets
Liabilities +
Shareholder\'s equity
Cash +
Accounts Receivables +
Equipment+
Inventory
Prepaid Insurance
Accounts Payable
Loan
Outstanding Salary
Common stock
Retained Earnings
a
$ 4,500.00
$ 4500
New Balance
$ 4,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ -
$ -
b
$ 10,000.00
$ 10,000.00
New Balance
$ 14,500.00
$ -
$ -
$ -
$ -
$ -
$ 4,500.00
$ -
$ 10,000.00
$ -
c
$ 2,000.00
$ 2,000.00
New Balance
$ 14,500.00
$ -
$ -
$ 2,000.00
$ -
$ 2,000.00
$ 4,500.00
$ -
$.
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