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    The Financial Statements

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    income statement, balance sheet, & statement of cash flows

    Nina'a accounting service began operation on January 1, 2007. The company experienced the following events for its first year of operations. Events Affecting 2007: 1.) Provided 120,000 of accounting services on account 2.) Collected 90,000 cash from accounts receivable 3.) Paid salaries of 24,000 for the year 4.) Adjust

    Income statement and balance sheet

    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

    Financial Statement Relationships

    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

    Preparing an Income Statement for Hoopes Company

    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 . . . . . . . . . . . . . . . . . . . . . . . . . .

    Fraud Controls at Andragon

    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,

    Balance sheet accounts result from installment sale accounting

    Just what balance sheet accounts result from installment sale accounting? What income statement accounts result from installment sale accounting? On the balance sheet accounts, what is always the mathematical relationship between two of them? Where do you think the deferred gross profit on installment sales should be

    Prepare an income statement, statement of retained earnings

    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

    Balance Sheet & Income Statements

    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.

    Steps to preparation of a balance sheet

    #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

    Balancing an Account: Office Equipment

    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.)

    Asset Side of the Balance Sheet

    Where on the asset side of the balance sheet are trading securities, available-for-sale, and held-to-maturity securities reported? Explain.

    Financial Statement Analysis/ ROI

    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

    Sources of capital; financial statements

    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

    Contingencies and Financial Statements

    Do the current accounting rules regarding the booking of and disclosures about contingencies provide enough information for people using financial statement?

    Balance Sheet

    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.

    compute the requested ratios and figures

    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

    Financial Accounting

    Which accounts are affected by purchasing noncurrent assets? Which accounts are affected by the utilization of (depreciation) noncurrent assets? How are the income statement, balance sheet, and statement of cash flows affected by purchasing noncurrent assets? How are the income statement, balance sheet, and statement of cas

    Analysis of Balance Sheet

    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

    Analysis/Comparison of Financial Statements

    1) What does the numbers tell us? 2) What does the company needs to do about it? Vermeer's business plan Income statement 1998 1999 Revenues 36,541 74,079 Gross profit 27,731 56,156 Ope

    Balance Sheet and Cash Flow Statement

    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 ------------------------------------

    Consolidated Financial Statements - expenditures

    • Case 16-1 Consolidated Financial Statements: Various Issues Because of irreconcilable differences of opinion, a dissenting group within the management and board of directors of the Algo Company resigned and formed the Bevo Corporation to purchase a manufacturing division of the Algo Company. After negotiation of the agre