The following transactions apply to ABC co. for 2007. A.) Issued stock to investors for 15,000 cash. B.) Purchased land for 12,000 cash. C.) Performed services on account for 17,000. D.) Collected 11,200 on accounts receivable. E.) Paid operating expenses of 6,500. 1.) Draw T accounts and post transactions to the appropr
Balance sheet preparation From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006. Accounts payable.................................... $62,500 Accounts receivable............................... $123, 000 Buildings .............................................. $ 418, 500 Owner' eq
Create a handout with details from the research to be used for management discussion and planning. This handout for management should specifically address AFC's goal to double its sales over the next three years. Your individual deliverable will include a one-page handout in Word and three financial statements in Excel as fol
Scott Perkins started Perkins Company on January 1, 2005. The company experienced the following events during its first year of operation. 1. Earned $1,500 of cash revenue for performing services 2. Borrowed $2,400 cash from the bank 3. Adjusted the accounting records to recognize accrued interest expense on the bank note,
The following trial balance of Rosen Corp. at December 31, 2004 has been properly adjusted except for the income tax expense adjustment. Rosen Corp. Trial Balance December 31, 2004 Dr. Cr. Cash
1. What was the amount of cash on January 1, 2002? 2. How much did the change in accounts receivable during 2002 contribution to the change in cash? 3. What were the total current assets at the end of 2001? 4. What was the amount of the gain on the sale of the range? 5. What were the total purchase of equipment during 2002?
ABC Industries reported the following stockholders' equity section of its balance sheet at December 31, 2005. December 31, 2005 2004 Stockholders' equity 8.5% cumulative preferred stock, $25 par value $ 450,000 $ 375,000 Co
The accounts of Doppler Travel Agency at December 31, 19X6, are listed in alphabetical order. Accounts payable $ 5,100 Accounts receivable 6,600 Accumulated depreciation - building 37,800 Accumulated depreciation - furniture 11,600 Advertising expense 2,200 Building 104,400 Cash 6,500 Commission revenue
The following are selected transactions of Talley Company. Talley prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Jones Company, $20,000, terms 2/10, n/30. Feb. 1 Issued a 9%, 2-month, $20,000 note to Jones in payment of account. Mar. 31 Accrued interest for 2 months on Jones note.
Please help with the following problem: A) current assets b) investments c) property, plant, and equipment d) Intangible assets e) other assets f) current liabilities g) non-current liabilities h) capital stock i) additional paid in capital j) retained earnings And these are the items to be classified: 1. pref
The following events apply to The Pizza Factory for the 2008 fiscal year: 1. The company started when it acquired $18,000 cash from the issue of common stock. 2. Purchased a new pizza oven that cost $15,000 cash. 3. Earned $26,000 in cash revenue 4. Paid $13,000 cash for salaries expense 5. Paid $6,000 cash for operating
Use the following information to prepare a multistep income statement and a balance sheet for Daniels Company 2006. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Operating Expenses $90,000 Accounts Payable $60,000 Land $77,000 D
See attached file for full problem description. Merchandise inventory 132,000 Notes payable (long term) 150,000 Sales 450,000 Buildings and equipment 252,000 Selling, general 36,000 Accounts receivable 60,000 Common stock 105,000 Income tax expense 42,000 cash 96,000 Retained earnings 1/1/07 64,500 Accrued
Interest expense $18,000 Paid-in capital $40,000 Accumulated depreciation $12,000 Notes payable (long term) $140,000 Rent expense $36,000 Merchandise inventory $420,000 Accounts receivable $96,000 Depreciation expense $6,000 Land $64,000 Retained earnings $450,000 Cash $72,000 Cost of goods sold $880,000 Equipment $3
Hoopes Company is preparing financial statements for the calendar year 2006. The following totals for each account have been verified as correct: Office Supplies on Hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 600 Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . .
Can you help me get started with this project? After analyzing Andragon's financial statements and logging several months on the job, you began to notice that the company's average cash balance is unusually low in respect to its sales and productivity. As such, you began to suspect fraud. After several weeks of investigation,
A. Company is established with a cash investment of $100,000. b. Equipment of $60,000 is purchased, financed in part with long term debt of $30,000. c. Inventory is purchased for $60,000. d. Cash sales of $140,000 are generated. e. Cost of goods sold total $50,000. f. Salary expense is $40,000. g. Occupancy expense i
Emily and Tom have decided borrow funds to purchase the additional plant capacity. In a memo advise Emily and Tom about what the effects of borrowing will have on their balance sheet and profit and loss statement for book purposes and tax purposes.
#1 I need step-by-step help on solving this problem. I got the first answer. Cash $90,000-$12,400 (life ins policy)=$77,600. The $77,600+$1,500 (overdraft) = $79,100. correct? I moved on to #2 and all I know is that (b) is from accounts payable. I didn't understand #2 really well. It seems that in (a) the debit balances
The balance sheet, income statement, and statement of retained earnings for Maxim Enterprises for the year ended April 30, 2007.
You are provided with the following information for Maxim Enterprises, effective as of its April 30, 2007, year-end. Accounts payable $834 Accounts receivable 810 Building, net of accumulated depreciation 1,537 Cash 770 Common stock 900 Cost of goods sold 990 Current
What method would be most appropriate for calculating the return on investment? Why? What would be the ROI for the current year? Fiscal Year, Jan. 1 to Dec. 31 (000 omitted) Total assets, Jan. 1 $400,000 Total assets, Dec. 31 5
During 2006, Bailey Corporation incurred the following transactions: Jan 1: Issued 25,000 shares of $2 par value common stock at $10 per share. June 15: Reacquired 2,000 shares of common stock sold on Jan. 1 for $11 per share. Aug. 10: Sold 1,000 shares of its treasury stock purchased on June 15 for $11.50 per share.
How would the following be disclosed on W&H Company's financial statements? The balance sheet was dated December 31, 2006, and the financial statements were issued February 14, 2007. 1. The IRS has claimed that W&H Company owes $450,000 of additional taxes for the first quarter of 2006; the claim was made in a suit filed on
Compute the amount of investment income (loss) reported by Essex from its investment in Tolliver for 2002 and the balance in the investment account on December 31, 2002, assuming the equity method is used in accounting for the investment. See attached file for full problem description. P2-32 Complex Differential Essex C
How can management assertions affect a company's financial statements?
I am not sure if I am using the right formula and have the right answer for these study questions. Can you please show me the formula for thee type of problems . 1. If current assets equal $25,000, liabilities equal $40,000, and owners equity equals $55,000, the noncurrent assets equal _____?. 2. If the current ratio is 2.
Using the following data, compute the requested ratios and figures. Balance Sheet Cash = $ 100 A/P = $ 80 Fixed Assets = 50 Long Term Debt = 120 A / R = 50 Supplies = 100
6) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. 1.A department unit that provides services, assistance, and advice to departments directly involved in the basic objectives of the organization is a 2-3.Managerial accounting reports use two types of informat
Complete each of the following statements by writing the appropriate words (Accounting Terms) or amounts in the Answers column.
4) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amounts in the Answers column. 0. The percent of current assets to total assets is an example of (type of analysis) 1. The net income was $25 per common share for 2007. At the beginning of 2008, the number of shares outstan
On January 1, 2004, Polk Corporation and Strass Corporation had condensed balance sheets as follows: Polk Strass Current Assets 70,000 20,000 Non current Assets