Alison and Chuck Renny began operations of their furniture r.pdf

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Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify). Transactions during 2021 (summarized in thousands of dollars) follow: A)Borrowed $21 cash on July 1, 2021, signing a six-month note payable. B)Purchased equipment for $18 cash on July 2. C)Issued additional shares of common stock on July 3 for $5. D)Purchased additional equipment on August 4, $3 cash. E)Purchased, on account, supplies on September 5 for future use, $10. F)On December 6, recorded revenues in the amount of $65, including $9 on credit and $56 received in cash. G)Paid salaries and wages expenses on December 7, $35. H)Collected accounts receivable on December 8, $8. I)Paid accounts payable on December 9, $11. J)Received a $3 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: K)Amortization for 2021, $3. L)Supplies of $4 were counted on December 31, 2021. M)Depreciation for 2021, $2. N)Accrued interest on notes payable of $1. O)Salaries and wages earned but not yet paid, $3. P)Income tax for 2021 was $4 and will be paid in 2022. Required: Record journal entries for transactions (a) through (j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) Please don't provide a definition of what Journal entry is. Please prepare Journal Entries for the question A-P. Account Titles Debit Credit Cash $ 5 Accounts Receivable 4 Supplies 2 Equipment 6 Accumulated Depreciation $ 0 Software 12 Accumulated Amortization 3 Accounts Payable 7 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Tax Payable 0 Deferred Revenue 0 Common Stock 15 Retained Earnings 4 Service Revenue 0 Supplies Expense 0 Depreciation Expense 0 Salaries and Wages Expense 0 Amortization Expense 0 Interest Expense 0 Income Tax Expense 0 Totals $ 29 $ 29.

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Salaries and Wages Payable 0
Interest Payable 0
Income Tax Payable 0
Deferred Revenue 0
Common Stock 15
Retained Earnings 4
Service Revenue 0
Supplies Expense 0
Depreciation Expense 0
Salaries and Wages Expense 0
Amortization Expense 0
Interest Expense 0
Income Tax Expense 0
Totals $ 29 $ 29

Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Ben and Kelly Perry began operations of their Roof repair company (Perry Roofing, Inc.) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows: Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to simplify) 8,000 Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Income Tax Expense Totals 29,000 29,000 Transactions during 2021 follow: Borrowed $18,000 cash on July 1, 2021, signing a one-year, 10 percent note payable. Purchased equipment for $20,000 cash on July 1, 2021. Sold 10,000 additional shares of capital stock for cash at $1.1 market value per share at the beginning of the year. Earned $110,000 in revenues for 2021, including $30,000 on credit and the rest in cash. Incurred General and Administrative expenses of $16,000 for 2021, including $5,000 on credit and the rest paid with cash. Purchased $12,000 of supplies: $4,000 was paid in cash with the rest on account. Collected accounts receivable, $18,000. Paid accounts payable, $9,000. Paid 50,000 cash for wage expense. Received a $2,000 deposit on work to start January 15, 2022. Declared and paid a cash dividend, $5,000. Data for adjusting entries: Supplies of $5,000 were counted on December 31, 2021. Depreciation for 2021, $2,500. Interest accrued on notes payable (to be computed). Wages earned since the December 24 payroll but not yet paid, $800. Income tax expense was $9,000, payable in 2022. Required (all in an Excel file with separate spreadsheets): Set up T-accounts for the accounts on the trial balance and enter beginning balances. 1) Prepare journal entries for transactions ( a ) through ( k ) and 2) Post them to the T-accounts. 1) Journalize the adjusting entries ( l ) through ( p ) and 2) Post them to the T-accounts. Prepare a trial balance, with columns of both unadjusted and adjusted. Prepare: an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to 8,000 simplify) Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Inc.

CMBA 603-SName ___________________________Test 1 – part 2 (prob

WilheminaRossi174

CMBA 603-S Name ___________________________ Test 1 – part 2 (problems) Fall 2021 Problems – Work the following either by completing the answers on this document or else by using Excel. Be sure to show your work! This is an open-book, open-notes test. You may not use the internet or consult with other people, but you may use our textbook and notes from this class. Both parts of the test are due at midnight, Monday, September 27. Upload your files to Canvas. Classifications: Part I For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance – debit or credit and (c) whether it would be closed (as part of the year-end closing entries). (a) Type of Account (b) Debit or Credit? (c) Close?yes or no 1. dividends payable __________________ ______ ______ 2. purchase discounts lost (periodic) ____ 3. accumulated depreciation __________________ ______ ______ 4. common stock __________________ ______ ______ 5. cost of goods sold __________________ ______ ______ 6. dividends (declared) __________________ ______ ______ 7. interest earned __________________ ______ ______ 8. depreciation for the current year __________________ ______ ______ 9. accounts receivable __________________ ______ ______ 10. retained earnings _________________ ______ ______ 11. prepaid (unexpired) insurance __________________ ______ ______ 12. sales returns __________________ ______ ______ 13. gain on sale of land __________________ ______ ______ 14. investments __________________ ______ ______ 15. unearned rent revenue __________________ ______ ______ Classifications: Part II State the impact on net income in the current month under the accrual method (increase, decrease, or no effect) Impact on Net Income 1. recorded interest on a note receivable; the interest and note will be received next month __________________ 2. collected a deposit on a sale of goods that will be delivered next month __________________ 3. paid cash dividends that were declared last month __________________ 4. purchased inventory for cash (perpetual system) __________________ 5. sold land for more than its cost __________________ 6. recorded this month’s depreciation __________________ 7. updated unearned rent revenue by moving the current month’s rent to the appropriate account __________________ 8. purchased a building by signing a mortgage payable and also giving a cash downpayment __________________ 9. accrued utilities for the month (to be paid next month) __________________ 10. recorded the expiration of this month’s portion of prepaid insurance __________________ 11. signed a purchase order for goods to be received next year __________________ 12. issued bonds payable __________________ Problem 1 Recording Transactions Able Co. began operations in December 2021 with the following transactions occurring in that month. Note that there are no beginning balances in the accounts because this is the first mont ...

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

SUKHI5

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. .

MBA 502A—Financial Accounting Accounting Cycle Project (K.docx

andreecapon

MBA 502A—Financial Accounting Accounting Cycle Project (KidKare, Inc. 2012S) You have been asked to do the bookkeeping for KidKare Inc. for the last few days of December while their regular bookkeeper is ill. KidKare Inc. began operations on July 1, 2011. It provides childcare services Monday through Friday, except for holidays. End of month adjusting entries have been made for July through November. No entries have been made since Friday, December 23rd. KidKare has a December 31st fiscal year end, but prepares monthly interim financial statements. Laken Henry, manager and principle shareholder, provides you with the following: Trial Balance as of December 23, 2011 Ref. # Account Title Debit Credit 101 Cash $ 12,094 110 Accounts Receivable 240 112 Allowance for Uncollectible Accounts $ 122 120 Supplies on Hand 1,025 135 Prepaid Insurance 420 145 Other Prepaids 150 150 Office Equipment 3,120 155 Accumulated Depreciation—Office Equipment 325 160 Play Equipment 9,200 165 Accumulated Depreciation—Play Equipment 375 170 Van 25,000 175 Accumulated Depreciation—Van 1,600 190 KidKare Trademark 210 201 Accounts Payable 280 240 Income Taxes Payable 200 260 Notes Payable, 6% due through 2014 15,687 310 Common Stock, $1 par value (20,000 shares) 20,000 315 Additional Paid-in Capital 10,000 410 Childcare Revenue 60,600 425 Interest Revenue 61 515 Salaries & Wages Expense 42,500 525 Rent Expense 5,400 530 Utilities Expense 940 532 Insurance Expense 300 535 Supplies Expense 5,040 540 Bad Debt Expense 202 550 Depreciation Expense 2,300 560 Miscellaneous Expense 132 570 Interest Expense 427 580 Income Tax Expense 550 Totals $109,250 $109,250 An examination of the Chart of Accounts revealed the following additional accounts: 140 Prepaid Rent 210 Revenue Received in Advance 215 Utilities Payable 220 Salaries & Wages Payable 235 Interest Payable 245 Dividends Payable 250 Other Short-term Obligations 340 Retained Earnings 380 Dividends 390 Income Summary 430 Miscellaneous Revenue Information after December 24th: a. On December 26, KidKare received $2,400 ($40 per day per child for 12 children for 5 days) from parents for child care services for the week of December 26 - 30. b. On December 27, KidKare ordered 10 folding chairs for $28 each from Seats-Here Company to be delivered and paid for on January 2nd. c. On December 28, KidKare paid $270 for the purchase of food snacks (supplies) for the children. d. On December 28, KidKare’s Board of Directors declared a $.05 per share dividend on the 20,000 shares outstanding. The dividend will be paid on January 11, 2012. e. On December 30, KidKare received a $200 check from the parents of one of the children for care the week of January 2th through 6th. f. On December 30, KidKare paid $900 rent for the building for the month of January 2012. g. On December 30, KidKare received the electricity bill of $230 for December. The bill was ...

AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx

ikirkton

AWeek Five Exercise Assignment Financial Ratios 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid expenses 800 800 800 Accounts payable 200 200 200 Notes payable: short-term 3,100 3,100 3,100 Accrued payables 300 300 300 Long-term liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? 2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc: 20X5 20X4 Net credit sales $832,000 $760,000 Cost of goods sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Average Accounts receivable 180,000 140,000 Average Inventory 70,000 50,000 Accounts payable, Dec. 31 115,000 108,000 a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. 3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7: Net sales $1,500,000 Interest expense $120,000 Income tax expense $80,000 Preferred dividends $25,000 Net income $130,000 Average assets $1,100,000 Average common stockholders' equity $400,000 a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places. b. Does the firm have positive or negative financial leverage? Briefly explain. 4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $76,000 $80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. 5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $ 76,000 $ 80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work. 6. Ratio computation. The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparat ...

Acc 421 Inspiring Innovation--tutorialrank.com

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Acc 421 Effective Communication-snaptutorial.com

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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

ProblemIssuance of stock organization costs. Snowbound Corporat.docx

briancrawford30935

Problem Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year: 7/1: Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued. 7/7: Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work. 8/11: Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued. 12/14: Issued 30,000 shares to the MJB Company for land valued at $900,000. Instructions Prepare journal entries to record each transaction. Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.

httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx

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http ACC 557 – Homework 1: Chapters 1, 2, and 3 Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard . Exercises E 1-11 . Two items are omitted from each of the following summaries of balance sheet and income s tatement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts. E 2-9 . Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions a) Post the transactions to T-accounts. b) Prepare a trial balance at August 31, 2015. E 2-11 . Presented below is the ledger for Higgs Co. Instructions a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015. E 3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest totaling $500 is accrued on the notes payable for the quarter. 4. Supplies on hand total $900. 5. Insurance expires at the rate of $200 per month. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. E 3-11 . A partial adjusted trial balance of Gehring Company at January 31, 2015, shows the following. Instructions Answer the following questions, assuming the year begins January 1. a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? c) If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014? Problems P1-2A. On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred. 1. Paid $2,900 cash for accounts payable due. 2. Collected $1,300 of accounts receivable. 3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. 4. Recogni.

1) AccountingA. processes data into reports and communicates t.docx

oswald1horne84988

1) Accounting: A. processes data into reports and communicates the data to decision makers. B. is often called the language of business. C. measures business activities. D. is all of the above. 2) Assets include cash, land, and accounts payable. True False 3) A prepaid expense is an asset. True False 4) The primary objective of financial reporting is to provide information A. on the cash flows of the company. B. to the federal government. C. useful for making investment and credit decisions. D. about the profitability of the enterprise. 5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation. True False 6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have A. increased by $ 56,000. B. decreased by $ 56,000. C. increased by $ 118,000. D. decreased by $ 118,000 7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015. Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000. How much retained earnings should Thompson report at December 31, 2016? A. $ 425,000 B. $ 340,000 C. $ 525,000 D. $ 440,000 8) Purchasing a laptop computer on account will A. increase total assets. B. have no effect on stockholders' equity. C. increase total liabilities. D. All of the listed choices are correct. 9) Performing a service on account will A. increase total assets. B. increase stockholders' equity. C. increase total liabilities. D. accomplish both a and b. 10) Receiving cash from a customer on account will A. decrease liabilities. B. have no effect on total assets. C. increase stockholders' equity. D. increase total assets. 11) Which of the following is not an asset account? A. Salary Expense B. Common Stock C. Service Revenue D. None of the listed accounts is an asset. 12) The journal entry to record the purchase of supplies on account A. debits Supplies Expense and credits Supplies. B. credits Supplies and debits Cash. C. credits Supplies and debits Accounts Payable. D. debits Supplies and credits Accounts Payable. 13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months (January long dash June). Bambi recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include A. a debit to Prepaid Rent for $ 1,250. B. a credit to Prepaid Rent for $ 250. C. a debit to Prepaid Rent for $ 250. D. a credit to Prepaid Rent for $ 1,250. 14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,5.

1—Balance sheet computations.(Balance Sheet) Presented below is .docx

LyndonPelletier761

1 —Balance sheet computations. (Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest Expense 317,000 Inventory 895,000 Gain 120,000 Notes Payable (long-term) 1,350,000 Equipment 900,000 Bonds Payable 1,500,000 Accumulated Depreciation–Equipment 90,000 Franchises 240,000 Common Stock ($5 par) 1,500,000 Treasury Stock 287,000 Patents 293,000 Retained Earnings 117,000 Paid-in Capital in Excess of Par 120,000 Totals $18,473,000 $18,473,000 Instructions Compute each of the following: 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4. Total liabilities 5. Total stockholders’ equity 2 —Statement of cash flows. A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash Accounts receivable $ 68,100 $ 21,600 Inventory 82,800 33,000 Land 170,200 83,800 Equipment 71,400 74,000 Accumulated depreciation–equipment 280,500 212,400 Total (74,000) (42,000) $597,000 $545,000 Liabilities and Stockholders’ Equity Accounts payable $ 34,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 164,000 164,000 Retained earnings 249,000 134,000 Total $597,000 $545,000 Additional information: 1. Net income for 2017 was $155,000; there were no gains or losses. 2. Cash dividends of $400,000 were declared and paid. 3. Bonds payable of $50,000 were retired. Instructions: Compute each of the following: 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities 3 —Statement of cash flows ratios. Financial statements for Hilton Company are presented below: Hilton Company Balance Sheet December 31, 2017 Assets Liabilities & Stockholders’ Equity Cash $ 40,000 Accounts payable $ 20,000 Accounts receivable 35,000 Bonds payable 50,000 Buildings and equipment 150,000 Common stock 65,000 Accumulated depreciation— Retained earnings 60,000 buildings and equipment (50,000) $195,000 Patents 20,000 $195,000 Hilton Company Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities Net income $50,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(16,000) Increase in account.

22 Sept ACCT 201.pdf

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ACC 421 GENIUS Become Exceptional--acc421genius.com

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ACC 421 GENIUS Education for Service--acc421genius.com

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The following information applies to the questions displayed below.].docx

barbaran11

The following information applies to the questions displayed below.] The following information is available to reconcile Clark Company ’ s book balance of cash with its bank statement cash balance as of July 31, 2011. a. On July 31, the company ’ s Cash account has a $24,754 debit balance, but its July bank statement shows a $27,407 cash balance. b. Check No. 3031 for $1,650 and Check No. 3040 for $817 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $601 and Check No. 3069 for $2,418, both written in July, are not among the canceled checks on the July 31 statement. c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210. d. A credit memorandum enclosed with the July bank statement indicates the bank collected $7,500 cash on a non-interest-bearing note for Clark, deducted a $38 collection fee, and credited the remainder to its account. Clark had not recorded this event before receiving the statement. e. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Jim Shaw. Clark has not yet recorded this check as NSF. f. Enclosed with the July statement is a $11 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received. g. Clark ’ s July 31 daily cash receipts of $8,652 were placed in the bank ’ s night depository on that date, but do not appear on the July 31 bank statement. 1. value: 5.00 points Required: 1. Prepare the bank reconciliation for this company as of July 31, 2011. (Input all amounts as positive values. Omit the "$" sign in your response.) CLARK COMPANY Bank Reconciliation July 31, 2011 Bank statement balance $ Book balance $ Add: Add: Deduct: Deduct: $ $ Adjusted bank balance $ Adjusted book balance $ references ebook & resources 2. value: 10.00 points 2. Prepare the journal entries necessary to bring the company ’ s book balance of cash into conformity with the reconciled cash balance as of July 31, 2011. (Omit the "$" sign in your response.) Date General Journal Debit Credit July 31 [The following information applies to the questions displayed below.] At December 31, 2011, Ethan Company reports the following results for its calendar-year. Cash sales $ 1,958,730 Credit sales 3,378,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 1,023,534 debit Allowance for doubtful accounts 15,990 debit 3. value: 5.00 points Required: 1. Prepare the adjusting entry for this compa.

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Alison and Chuck Renny began operations of their furniture r.pdf

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