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The Financial Statements

What should the company report on its balance sheet at December 31, 2005?

At the close of its first year of operations, on December 31, 2005, the Walker Company had accounts receivable of $250,000, which was net of the related allowance for doubtful accounts. During 2005, the company had charged to bad debt expense of $40,000 and wrote off, as uncollectible, accounts receivable of $10,000. Require

Prepare Retained Earnings Statement

All revenue and expense accounts have been closed at the end of the calendar year for Spehr Company. The Income Summary account has total debits of $500,000 and total credits of $650,000. As of the same date, Retained Earnings has a balance of $115,000, and Dividends has a balance of $60,000. Instructions (a) Prepare a reta

Financial accounting problem7-8

(See attached file for full problem descriptions) --- Problem #7 The life of the construction contract is 4 years. The firm used the percentage-of-completion method. Under this method, cash collected and revenues recognized are shown below. Total cost of the project was $ 800,000. What portion of the total cost was incurre

income statement and balance sheet related to pensions in 2004

(See attached file for full problem description) --- Simson, Inc. obtained the following information from the insurance company that administers the company's employee defined benefit pension plan: For the Year Ended December 31, 2004 2005 Plan assets (at fair value) $2,000,000 $2,800,000 Accumulated benefi

Student query: Balance Sheet

(Preparation of a Balance Sheet) Presented below is the trial balance of John Nalezny Corporation at December 31, 2004. Debits Credits Cash $ 197,000 Sales $ 8,100,000 Trading Securities (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Long-term Investments in Bonds 299,000 Long-term I

Need a simple Income statement and a balance sheet.

Hello What I need is a simple Income statement and a balance sheet in excel for a business plan. Please make up the 2 financial sheets balanced and ready for me to view and understand. You may add numbers and make up fictional debits and credits, etc as you go. Just as long as it balances. The purpose is for me to be able to s

Jamestown Company

1. Fill in the balance sheet for the Jamestown Company presented below based on the following data (assume a 365-days year): Sales = $3,650,000 Total Asset Turnover = 4X Current Ratio = 3:1 Quick Ratio = 2:1 Current Liabilities to net worth = 30% Average collection period = 20 days Total debt to total assets = .4

Balance Sheet Effects

Two companies, Energen and Hastings Corporation, began operations with identical balance sheets. A year later, both required additonal manufacturnig capacity at cost of $50,000. Energen obtained a 5-year, $50,000 loan at an 8 percent interest rate from its bank. Hastings, on the otherhand, decided to lease the required $50,000 c

Complete master budget

You have been asked to prepare a complete master budget for your store for June, July, and August. You are responsible for its actual full preparation. All accounting is done centrally, so you have no expert help on the premises. In addition, tomorrow the branch manager and the assistant controller will be here to examine your

Financial Statement

As a financial consultant, you have to interact with the accounts departments of manufacturing and merchandising companies, Outdoor Equipment Company (OEC) and Mountain Supplies, Inc. (MSI), both into selling tents, OEC purchases its tents from a manufacturer for $90 each and sells them for $120. It purchased 10,000 tents in 20X

Practice Problem

Prepare basic financial statements. Description of activity Using the following beginning balance sheet and income statement, facilitate the creation of an ending balance sheet. Beginning Balance Sheet Income Statement Cash $100 Acct Pay $150 Sales

Pro forma Balance Sheet

This problem requires creating a pro-forma balance sheet to come up with the answers. I have placed the answers from the back of the book in the spreadsheet, but I don't know how to come up with them (i.e. create the sheet). Stevens Textile's 2004 financial statements are shown below. Stevens Textile's: Balance shee

Gerry Hatrick Ltd manufactures

Gerry Hatrick Ltd manufactures and sells video cameras. The unit selling price and production costs are as follows: $ Selling price 800 Direct materials 100 Direct labour 90 Variable overheads 50 Fixed overheads 160 The fixed production overheads assume a monthly production of 2000 units. The following monthly costs are

Which of the following statements is (are) true?

Which of the following statements is (are) true? A) Two projects that are mutually exclusive are said to be independent. B) All else equal, an increase in the tax rate decreases the present value of the CCA tax shield. C) If the amount of net working capital recovered at the end of the project is equal to the amount in

I need help with this problem. I started doing it but I got stuck. I was able to do part of the 2005 income statement but I couldn't finish my balance sheet since I am not sure where to put the 50 percent equity stake in the company. So how do restructure those statements. So can you please show me how to do these problems

Here is the problem Outdoor Equipment company(OEC) and Mountain Supplies, Inc. (MSI) both sell tents. OEC purchases from a manufacturer for $97 each and then sells them for$180. It purchased 10,000 tents in 20X4. MSI produces its own tents. In 20X4 MSI produced 10,000 tents. Costs were as follows: Direct materials puchased

Account Problem Set

(See attached file for full problem description) --- Consider the unadjusted trial balance of Alpha Beta Internet Connections at October 31, 20x2, and the related month-end adjustment data. Alpha Beta Internet Connections Trial balance October 31, 20x2 Cash 5300 Accounts receivable 7000 Prepaid rent 4000 S

Figuring out Cash Balance

Stuck on this problem know that assets - liabilities and that starting cash is $120,000 and 50% of sales from last year would be $300,000 not sure if I came up with the right answer. Gardner incorporated is very excited because sales for his furniture company are expected to double from $600,000 to $1,200,000 next year. Gard

Computing ratios

I am have a difficult time figuring out the ratios for the financial statement of Becker, Becker and Becker. Can you help me with computing these ratios? (See attached file for full problem description) The balance sheet and income statement for Becker, Becker & Becker are presented below: Balance Sheet Assets

2nd opinions

You have $5,000 to invest. A friend ask you to invest in her company. Here are the, inc. financial statements, which are summarized at the end of the first years as follows: income statement: dec. 31,2004 Revenues: $80,000 Expenses: 60,000 Net income: 20,000 balance sheet: dec. 31,2004

13:1- Balance Sheet Classification of Various Liabilities

1. (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Dep

Need some assistance with a balance sheet

I'm an trying to prepare a balance sheet for this transaction and I need help with this. I have started to work on this problem on my own, but the answers that I came up with don't match and the account don't balance out. So I need a 2nd opinion on what I need to do for this transaction and to create a balance sheet for me so I

Balance Sheet: Effect of error

On June 15, 2003 Greer Corporation accepted delivery of merchandise which it purchased on account. As of June 30 Greer had not recorded the transaction or included the merchandise in its inventory. The effect of this error on its balance sheet for June 30, 2003 would be a. assets and stockholders' equity were overstated but

Accounting what do numbers mean?

1. Identify accounts by category and financial statement(s). Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the item can usually be found. Use the following abbreviations: Category

Financial Statements for Panaka Company

I can't seem to get this to balance properly and I don't know what I'm leaving out. Please HELP! I don't have much instruction from my teacher and I feel like I'm teaching this stuff to myself. Although I'm catching on to it a little better, there are still some things that I get confused on. Thanks! (See attached file for fu