Prepare a balance sheet, with accounts in their proper sequence; from the following information, what is the Owner's Equity? Land $100,000 Accounts Payable $25,000 Owners Equity ??? Accounts Receivable $50,000 Cash $10,000 Inventory $20,000 ------------------------------------
You have just completed estimating your organization's pro-forma financial statements for the coming year. The amount of external funding indicated is hopelessly large, in your opinion. What types of changes can you consider that will reduce this value?
TAYLOR TOOL COMPANY Income Statement For the Year Ended December 31 2006 2005 Net sales $1,818,500 $1,750,500 Cost of goods sold 1,011,500 996,000 Gross profit 807,000 754,500 Selling and administrative expense 506,000 479,000 Income from operations 301,000 275,500 Other expenses and losses Interest expense 18,000 14,0
How would people respond to the statement, "You can't learn how to get along with people from reading a book?"
Stockholders' Equity On January 1, 2006, Fast Company had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital excess of par, common 500,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Paid-in capital excess of par, pr
Pierre Imports' balance sheet is shown below. The company has credit terms from its suppliers of net 30. However, the company has fallen behind and currently payables represent 50 days purchases. The company wants to increase bank borrowings in order to become current in meeting its trade obligations (that is, to have 30 d
On January 1, 2004, Ace acquires 15 percent of Zach's outstanding common stock for $52,000 and classifies the investment as an available-for-sale security. On January 1, 2005, Ace buys an additional 10 percent of Zach for $43,800. This second purchase gives Ace the ability to influence Zach's decision making significantly.
Work sheet data for Cajon Company is presented. No common stock was issued during April. Prepare an income statement, a retained earnings statement, and a classified balance sheet. (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepar
Explain a financial statement.
An auditor finishes the audit of a company's financial statements and discovers a material misstatement that was due to recording revenue on a transaction to a regular customer twice. The client acknowledged the error and readily corrected the control deficiency before the financial statements were issued.Which of the following statements is correct regarding the auditor's assessment of internal control over financial reporting and report on the financial statements?
An auditor finishes the audit of a company's financial statements and discovers a material misstatement that was due to recording revenue on a transaction to a regular customer twice. The client acknowledged the error and readily corrected the control deficiency before the financial statements were issued. Which of the followin
Statement of Cash Flows Southwestern Rentals, Inc., rents equipment to customers ranging from homeowners to large construction companies. The financial information shown below was gathered from its accounting records for 2006. Assume any increase or decrease in the balances from 1/1/06 to 12/31/06 resulted from either receiving
Comprehensive Financial Statement Preparation The following information was obtained from the records of Wilcox, Inc., as of December 31,2006. Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,500 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,550 Salaries expense . . . . . . . .
The Colo Company: Multiple-Step Income Statement, Statement of Owner's Equity and Classified Balance Sheet
The Colo Company Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April and its ledgers show April 30 balances. During your firs
The following information has been taken from the financial statements of the Gaines Company. Gaines Company has only issued common stock Net Income $ 60,000 Total Assets January 1 20X9 $500,000 Total Liabilities. December 31, 20X9 $175.000 Net Sales $900.000 Interest Expense $ 20,000 Curren
Common Stock, $10 par value $300,000 Paid-in Capital in excess of par-common 200.000 Retained Earnings 225,000 Preferred Stock, $50 par value 150,000 Paid-in Capital in excess of par-preferred 30,000 What is the total stockholders equity? Beemer Corporation organized on January 1, 20X3. Beemer has authorization f
McKenny Corporation, whose year end is December 31, lost some of its accounting records in a recent fire on June 25, 20X6. The following information has been salvaged from the rubble. The preferred stock account has a balance of $225,000 and the par of each share is $50. The common stock has a par of $10 per share and the av
2. The adjusted trial balance for China Tea Company at December 31, 2006 is presented below: Debit Credit Cash 10,500 Accounts receivable
Doug Maltbee formed a lawn service business as a summer job. To start the business on May 1, he deposited $1,000 in a new bank account in the name of the proprietorship. The $1,000 consisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equipment, purchased supplies, and hired fellow students to mow
There is NO OTHER information provided for the assignment. You are supposed to make up the 4 statements for an imaginary business. Therefore, please feel free to make up any numbers other than for those provided. Need pro forma financials - 4 STATEMENTS 1) Pro forma sales - 3 years - based on 1 sale each year supple
E15-18 (Dividends and Stockholders' Equity Section) Anne Cleves Company reported the following amounts in the stockholders' equity of its December 31, 2006, balance sheet.
E15-18 (Dividends and Stockholders' Equity Section) Anne Cleves Company reported the following amounts in the stockholders' equity of its December 31, 2006, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (100,0
Based on the provided financial report / income statement, please answer the two questions: 1. What were the company's net revenues for the last three reporting periods? 2. What was the change in dollars in the company's net income from its most recent reporting period to the previous reporting period?
FASB Statement of Concepts No. 2 indicates several qualitative characteristics of useful accounting information. Following is a list of some of these qualities, as well as a list of statements and phrases describing the qualities a) Benefits > costs b) Decisions usefulness c) Relevance d) Reliability e) Predictive value, f
Refer to Target Corporation's financial statements (http://www.targetcorp.com/targetcorp_group/investor-relations/investor-relations.jhtml) . Target Corporation is currently seeking additional capital to expand its operations. Two companies have shown interest in providing additional capital. - Company #1 is interested
Identify the following statements are True (T) or False (F). Provide brief explanation when necessary 1. Tests have shown that there is almost perfect negative correlation between successive price changes. 2. The semi-strong form of the efficient-market hypothesis states that prices reflect all publicly available information
1. Explain why the following statements are true or false. a. Derivative transactions are designed to increase risk and are used most exclusively by speculators who are looking to capture high returns. b. Hedge funds generally charge higher fees than mutual funds. c. Hedge funds have traditionally been highly regulated. d.
Here are the abbreviated financial statements for Dragon Peanuts. Income Statement, 2003 Sales $2,000 Cost 1,500 Net income $500 Balance Sheet, Year end 2002 2003 2002 2003 Assets $2,500 $3,000
If you could only choose one statement to look at in determining whether to buy a company's stock or not...
If you could only choose one statement to look at in determining whether to buy a company's stock or not; which one would you pick and why?
On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding.The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 15,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders
For DELL Inc. Financial Statements Income Statement: Is the format more like a single-step or multistep format? Determine gross profit, income from operations, and net income for the last two years; comment on the increases or decreases in these amounts. Balance Sheet: Show that Assets = Liabilities + Stockholders' Equ
1) When an entry for depreciation is made what effect does it have on the financial statements? 2) What key book is the financial statement prepared from? 3) Do the unadjusted trial balance columns of a worksheet contain the account balances that appear on the financial statements? 4) What is the main or primary differe