This file contains examples, as well as an analysis of balance sheet transactions (journal entries) and how they are to properly entered in a balance sheet. Practice Exercise 3-12 Analysis of Journal Entries Analyze and record the transactions as journal entries a. Buildings 90,000 Cash 35,000 Mortgage Pa
Identify whether each of the following items would appear on the income statement (IS), statement of change in stockholder's equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than one statement: if so, identify all applicable statements. If an item would not appear on any financial s
Please help me to evaluate the financial statement of any publicly traded company and apply the Dupont equation appropriately.
Hobart Company incurred the following transactions during 2003. Show the financial statement effects of the transactions by completing the financial statement schedule provided.
1. Financial Statement The Hobart Company incurred the following transactions during 2003: a. Acquired $50,000 of cash capital from owners b. Paid $10,000 to acquire manufacturing equipment c. Paid $5,000 cash for materials used in production d. Paid $2,000 for wages of production workers e. Paid $8,000 in general
Part 1 The annual income statements for Cortez, Inc., as reported when they were initially published in 2003, 2004, and 2005 follow: 2003 2004 2005 Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . $370,000 $425,000 $412,500 Operating expenses . . . . . . . . . . . . . . . . . . .232,500 260,000
Can some one please review the attached schedule and make any format changes. Also, can someone please tell me if I calculated the percentage of sales correctly. YTD Income Statement Overall Analytical ABC COMPANY Q2: 6/23/2007 (In Thousands) YTD PY Variance YTD 6/23/2007 2007 % of Sales YTD
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,
1. An income statement for 2005 2. A statement of retained earnings for 2005 (using net income from part 1) 3. A balance sheet at 12/31/05 using the ending retained earnings from part 2. See attached file for full problem description.
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
Prepare a classified balance sheet in Excel, along with computing the current ratio and debt ratio. The accounts of Doppler Travel Agency at December 31, 19X6, are listed in alphabetical order. All adjustments have been journalized and posted, but the closing entries have not yet been made.
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,
Prepare an income statement, statement of retained earnings, balance sheet and statement of cash flow using the following transactions for a new company.
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
At the beginning of the year, the Office Equipment account of Gulf Coast Airlines had a debit balance of $126,900. During the year, debit entries of $23,400 and credit entries of $38,200 were posted to the account. What was the balance of this account at the end of the year? (Indicate debit or credit balance.)
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.