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Balance Sheet

The night manager of Majestic Limousine Service...

The night manager of Majestic Limousine Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2002. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format

Balance sheet question

Please describe what the balance sheet is. a. How is it constructed/what kinds of items are included? b. Why is it important? c. How does it relate to the other two financial statements?

Accounting questions

81. Santo Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 30,000 subscriptions in January at $15 each. What entry is made in January to record the sale of the subscriptions? a. Subscriptions Receivable 450,000 Subscription Revenue 450,000 b. Cash 450,000 Unearned S

Juarez Mountain Lodge: Prepare a Balance Sheet, compute Retained Earnings

16. Listed below in random order are the items to be included in the balance sheet of Juarez Mountain Lodge at December 31, 2002: Equipment $39,200 Buildings $450,000 Land 425,000 Capital Stock 135,000 Accounts Payable 54,800 Cash 21,400 Accounts Receivable 10,600 Furnishings 58,700 Salaries Payable 33,

Operating Profit; Cash Flow Statements

*Please see attachment for company's 30 June 2003 and 2004 Balance Sheet and other additional information. Required (a) Calculate the operating profit for the year ended 30 June 2004. (b) Prepare a reconciliation of the operating profit for the year ended 30 June 2004 to the net cash flow from operating activities. (c) P

Balance Sheet; Cash Budget; Overdraft Limit

**See attachment for company's September 2004 Balance Sheet and other additional information. Required: (a) Prepare Rengaw Ltd's Balance Sheet immediately after the attached transations were completed, and before any further transations had taken place. (b) Prepare a cash budget in columnar form for each of the four mon

Journal Entries, Income statement, balance sheet

Enclosed is the following jpg or pdf (same file) Ive been working on this for an hour but i cant get it to balance!! Using the information provided, prepare journal entries, a balance sheet and an income statement using the accrual basis of accounting please state all assumptions thanks!

Prepare an Income Statement and Balance Sheet from attatchement

Prepare an Income Statement using the multi-step format. Prepare a Balance Sheet using the Classified Balance Sheet format. All accounts have normal balances, the year-end is Dec. 31, 2004 Correct Trial Blance Sheet (Attatchment) The corporation has 680,000 shares issued and outstanding at Dec 31, 2004. On May 1, 2004

Balance sheets and Trial Balance Sheet Preparation

#1. Can you please show me how to do this...The night manager of Majestic Limousines Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2002. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet con

Finance and accounting multiple choice questions

I) Information regarding a proposed investment in a project is given. estimated life of project: 5 years cost of machine: $90 000 estimated proceeds of disposal of machine after5 years: $10,000 additional working capital required throughout the project: $30 000 additional annual revenue (net): $15 000 Wha

Financial Accounting: Ceramics, Inc; corrections to balance sheet

Ceramics, Inc. reported the following balance sheet for the year 2001. Balance Sheet For the Year Ending December 31, 2001 Assets: Cash $2000 Accounts Payable 500 Inventory 900 Equipment 1000 Land 1500 Total Assets $6000 Liabilities: Accounts Receivable $3000 Accrued Li

Accounting problems: Prepare balance sheets for the business as of the end of 1999 and the end of 2000. Prepare a calculation to show how much net income was earned by the business during 2000. Calculate the 2000 return on equity for the business.

Problem #2: The accounting records of Diapers Daycare Company show the following assets and liabilities as of the end of 1999 and 2000 in the table below. Late in December 2000 (just before the amounts in the second column were calculated), Pamela Uhe, the owner, purchased a small office building and moved the business from r

Balance sheet

Enter the following column headings across the top of a sheet of paper: Transaction/ Owners' Net Situation Assets Liabilities Equity Income Enter the transaction / situation number in the first column and show the effect, if any, of the transaction entry or Adjusting entry on the appropriate balan