Question 1 - Chp 4 Homework 14th Ed_
pdf
keyboard_arrow_up
School
Los Medanos College *
*We aren’t endorsed by this school
Course
186
Subject
Accounting
Date
Jun 27, 2024
Type
Pages
6
Uploaded by HighnessDangerArmadillo8076
View Policies
Show Attempt History
(a1)
The completed ±nancial statement columns of the spreadsheet for Bray Company are shown as follows:
Bray Company
Worksheet
For the Year Ended December 31, 2022
Income Statement
Balance Sheet
Account
No.
Account Titles
Dr.
Cr.
Dr.
Cr.
101
Cash
8,800
112
Accounts Receivable
10,800
130
Prepaid Insurance
2,800
157
Equipment
24,000
158
Accumulated Depreciation—Equip.
4,200
201
Accounts Payable
9,000
212
Salaries and Wages Payable
2,400
301
Owner’s Capital
19,500
306
Owner’s Drawings
11,000
400
Service Revenue
60,000
622
Maintenance and Repairs Expense
1,700
711
Depreciation Expense
2,800
722
Insurance Expense
1,800
726
Salaries and Wages Expense
30,000
732
Utilities Expense
1,400
Totals
37,700
60,000
57,400
35,100
Net Income
22,300
22,300
60,000
60,000
57,400
57,400
Your answer is correct.
Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g.
(45).)
BRAY COMPANY
Income Statement
For the Year Ended December 31, 2022
Revenues
Service Revenue
$
Expenses
60000
(a2)
(a3)
Salaries and Wages Expense
$
Depreciation Expense
Insurance Expense
Maintenance and Repairs Expense
Utilities Expense
Total Expenses
Net Income / (Loss)
$ eTextbook and Media
List of Accounts
Attempts: 1 of 10 used
Your answer is correct.
Prepare an owner’s equity statement. (List items that increase owner's equity ±rst.)
BRAY COMPANY
Owner’s Equity Statement
For the Year Ended December 31, 2022
Owner’s Capital, January 1
$
Add
: Net Income / (Loss)
Less
: Drawings
Owner’s Capital, December 31
$
eTextbook and Media
List of Accounts
Attempts: 2 of 10 used
Your answer is correct.
Prepare a classi±ed balance sheet. (List Current Assets in order of liquidity.)
30000
2800
1800
1700
1400
37700
22300
19500
22300
41800
11000
30800
(b)
BRAY
COMPANY
Balance Sheet
December 31, 2022
Assets
Current Assets
Cash
$ Accounts Receivable
Prepaid Insurance
Total Current Assets
$ Property, Plant and Equipment
Equipment
Less
: Accumulated Depreciation-Equipment
Total Assets
$ Liabilities and Owner’s Equity
Current Liabilities
Accounts Payable
$ Salaries and Wages Payable
Total Current Liabilities
$ Owner’s Equity
Owner's Capital
Total Liabilities and Owner’s Equity
$ eTextbook and Media
List of Accounts
Attempts: 2 of 10 used
Your answer is correct.
Prepare the closing entries. L. Bray did not make any additional investments during the year. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Service Revenue
Income Summary
8800
10800
2800
22
24000
4200
19
42
9000
2400
11
30
42
60000
60000
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
(c)
(To close revenue account)
Dec. 31
Income Summary
Maintenance and Repairs Expense
Depreciation Expense
Insurance Expense
Salaries and Wages Expense
Utilities Expense
(To close expense accounts)
Dec. 31
Income Summary
Owner's Capital
(To close net income / (loss))
Dec. 31
Owner's Capital
Owner's Drawings
(To close drawings)
eTextbook and Media
List of Accounts
Attempts: 1 of 10 used
Your answer is correct.
Enter the balances from the adjusted trial balance and post the closing entries and calculate the balances of the accounts.
(Post
entries in the order of journal entries presented in the previous part.)
Owner’s Capital
No. 301
12/31
1/1 Bal.
12/31
12/31 Bal.
Owner’s Drawings
No. 306
12/31 Bal.
12/31
Income Summary
No. 350
12/31
12/31
37700
1700
2800
1800
30000
1400
22300
22300
11000
11000
11000
19500
22300
30800
11000
11000
37700
60000
(d)
12/31
Service Revenue
No. 400
12/31
12/31 Bal.
Maintenance and Repairs Expense
No. 622
12/31 Bal.
12/31
Depreciation Expense
No. 711
12/31 Bal.
12/31
Insurance Expense
No. 722
12/31 Bal.
12/31
Salaries and Wages Expense
No. 726
12/31 Bal.
12/31
Utilities Expense
No. 732
12/31 Bal.
12/31
eTextbook and Media
List of Accounts
Attempts: 2 of 10 used
Your answer is correct.
Prepare a post-closing trial balance.
BRAY COMPANY
Post-Closing Trial Balance
December 31, 2022
Debit
Credit
Cash
$
$
Accounts Payable
Prepaid Insurance
Equipment
22300
60000
60000
60000
60000
1700
1700
2800
2800
1800
1800
30000
30000
1400
1400
8800
9000
2800
24000
Accumulated Depreciation-Equipment
Accounts Receivable
Salaries and Wages Payable
Owner's Capital
Totals
$
$
eTextbook and Media
List of Accounts
Attempts: 3 of 10 used
4200
10800
2400
30800
46400
46400
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Documents
Related Questions
The completed financial statement columns of the spreadsheet for Crane Company are shown as follows:
Crane CompanyWorksheetFor the Year Ended December 31, 2022
Income Statement
Balance Sheet
AccountNo.
Account Titles
Dr.
Cr.
Dr.
Cr.
101
Cash
8,800
112
Accounts Receivable
10,800
130
Prepaid Insurance
3,000
157
Equipment
24,500
158
Accumulated Depreciation—Equip.
4,600
201
Accounts Payable
9,200
212
Salaries and Wages Payable
2,600
301
Owner’s Capital
20,000
306
Owner’s Drawings
12,100
400
Service Revenue
60,500
622
Maintenance and Repairs Expense
1,600
711
Depreciation Expense
3,100
722
Insurance Expense
1,800
726
Salaries and Wages Expense
29,800…
arrow_forward
The completed financial statement columns of the spreadsheet for Oriole Company are shown as follows: The completed financial statement columns of the worksheet for Oriole Company are shown as follows:
Oriole Company Worksheet
For the Year Ended December 31, 2022
Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr.
No. 101 Cash 9,100 112
Accounts Receivable 11,000
130 Prepaid Insurance 2,800
157 Equipment 24,300
158 Accumulated Depreciation-Equip. 4,500
201 Accounts Payable 9,200
212 Salaries and Wages Payable 2,500
301 Owner's Capital 19,500
306 Owner's Drawings 11,000
400 Service Revenue 60,500
622 Maintenance and Repairs Expense 1,700
711 Depreciation Expense 2,900
722 Insurance Expense 2,000
726 Salaries and Wages Expense 29,900
732 Utilities Expense 1,500
Totals 38,000 60,500 58,200 35,700
22,500 22,500
Net Income 60,500 60,500 58,200 58,200
arrow_forward
View Policies
Show Attempt History
Current Attempt in Progress
The following is selected information related to Culumber Company at December 31, 2022. Cullumber reports fancia information
monthly
$4.113 Salaries and Wages Expente
Accounts Payable
$22621
Cash
8,911
Notes Payable
34275
Advertising Expense
8.226
Renst Expense
14395
Service Revenue
73,148
Actounts Receivable
18508
39.759
Owne's Drawing
10.282
tquipment
(a)
Your aswer is incorrect
Determine the totalassets of Culumber Company at December 31.2022
Total asets
arrow_forward
Write & Insert Fields
Preview Results
Finish
The following are extracts from the financial records of COF (Pty) Ltd for the year ended
30 June 2021:
Extract from the statement of profit or loss and other comprehensive income
for the year ended 30 June 2021
30 June 2021
R
Revenue from sale of goods
920 000
Cost of sales
Profit on sale of non-current assets
Commission income
490 000
31 000
23 000
Audit fees
84 000
Depreciation
Interest expense (finance cost)
Income tax expense
72 000
20 000
87 000
Profit for the year (after tax)
Extract from the statement of financial position as at 30 June 2021
BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE
+ REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43
123 000
30 June 2021
30 June 2020
302 000
690 000
292 000
Inventories
Trade receivables
Trade payables
Taxation payable
Prepaid expenses
Accrued expenses
Required:
720 000
400 000
385 000
75 000
60 000
2 000
8 000
84 000
88 000
Prepare only the "Cash generated by operations"…
arrow_forward
The completed financial statement columns of the spreadsheet for Cullumber Company are shown as followEnter the balances from the adjusted trial balance and post the closing
entries and calculate the balances of the accounts.(Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Owner's Drawings No. 306
Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622
arrow_forward
Prepare the Statement of Financial Position
arrow_forward
* CengageNOWv2 | Online teachin X
* CengageNOWv2 | Online teachin X
now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre...
еBook
Show Me How
Changes in Current Operating Assets and Liabilities-Indirect Method
Victor Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$23,400
$22,600
Inventory
78,800
79,500
Accounts payable
20,700
20,400
Dividends payable
18,000
17,000
Adjust net income of $77,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
Check My Work
70°F Sunny
arrow_forward
View Policies
Current Attempt in Progress
The following balances were taken from the books of Metlock Corp. on December 31, 2020.
Interest revenue
$87,450
Accumulated depreciation-equipment
$41,450
Cash
52,450
Accumulated depreciation-buildings
29.450
Sales revenue
1,381,450
Notes receivable
156,450
Accounts receivable
151,450
Selling expenses
195,450
Prepaid insurance
21,450
Accounts payable
171,450
Sales returns and allowances
151.450
Bonds payable
101.450
Allowance for doubtful accounts
8,450
Administrative and general expenses
98,450
Sales discounts
46,450
Accrued liabilities
33,450
Land
101,450
Interest expense
61.450
Equipment
201,450
Notes payable
101.450
Buildings
141,450
Loss from earthquake damage
151,450
Cost of goods sold
622,450
Common stock
501,450
Retained earnings
22,450
Assume the total effective tax rate on all items is 20%.
Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per
share to 2 decimal…
arrow_forward
Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year.
Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d
Mellark's Baked Goods
Balance Sheet as of December 31, 2021
Assets
Current assets:
Total current assets
$
$
Data table
Accounts payable
Accounts receivable
Accruals
Accumulated depreciation
Buildings
Cash
Common stock (at par)
Cost of goods sold
Depreciation expense
Equipment
Furniture and fixtures
General expense
Inventories
Land
Long-term debts
Machinery
Marketable securities
Notes payable
Paid-in capital in excess of par
Preferred stock
Retained earnings
Sales revenue
Vehicles
$219
447
51
260
225
217
92
2,503
50
148
166
320
380
95
421
416
76
479
360
96
218
3,567
26
-
X
arrow_forward
The following three accounts appear in the general ledger of Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
161,200
July 31
Purchase of equipment
68,100
229,300
Sept. 2
Cost of equipment constructed
54,600
283,900
Nov. 10
Cost of equipment sold
49,100
234,800
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,700
Nov. 10
Accumulated depreciation on equipment sold
31,200
39,500
Dec. 31
Depreciation for year
24,200
63,700
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1
Balance
104,200
Aug. 23
Dividends (cash)
15,800
88,400
Dec. 31
Net income
66,700
155,100
From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The…
arrow_forward
need help preparing an statement table
The following information relates to Oriole Co. for the year 2020.
Owner’s capital, January 1, 2020
$53,827
Advertising expense
$ 2,019
Owner’s drawings during 2020
6,728
Rent expense
11,663
Service revenue
71,321
Utilities expense
3,476
Salaries and wages expense
33,081
arrow_forward
a. Fill in the cells for “Totals,” “Net Income,” and “Final Total” below.
Verizon Company
Worksheet
For the Year Ended December 31, 2020
Income Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Cash
9,000
Accounts Receivable
10,700
Prepaid Insurance
2,600
Equipment
23,800
Accumulated Depreciation—Equip.
4,300
Accounts Payable
8,800
Salaries and Wages Payable
2,300
Owner’s Capital
19,800
Owner’s Drawings
11,400
Service Revenue
60,000
Maintenance and Repairs Expense
1,600
Depreciation Expense
3,100
Insurance Expense
1,700
Salaries and Wages Expense
29,900
Utilities Expense
1,400
Totals…
arrow_forward
Can you please help solve this
arrow_forward
Your email will be recorded when you submit this form
*Required
Consider the following selected financial information for Aishti company.
Aishti Company
Income Statement
For the Year Ended December 31, 2020
Aishti Company
Balance Sheet
For the Year Ended December 31, 2019 & 2020
2020
2019
Assets
Cash
$2,415
$5,040
Revenues
$94,500
Accounts Receivable
$5,355
$6,195
Inventories
$10,290
$10,080
Less: Depreciation expense
$6,825
Plant & Equipment
Less: Acc. Depreciation
Total Assets
$22,575
($15,960) (S9,135)
S35,070
$32,970
Less: Other operating expenses
74,550
S34,755
Less: Interest Expense
3,990
Liabilities & O/E
Accounts Payable
Income Tax Payable
Long-Term Debt
Common Stock
Retained Earnings
Total Liabilities and O/E
$3,885
$1,26
$9,555
$11,550
$8,820
S35,070
$5,775
$2,94
S8,715
$14,175
S3,150
S34,755
Income
income taxes
$9,135
Income tax expense
$3,197
Net income
$5,938
1. Using the indirect method of cash flow statement, what is the net cash
provided by opera
jactivities for the…
arrow_forward
With the given statements please find the percentage change with formulas in excell
arrow_forward
Using the information below I am looking for assistance to filling in the blanks in the attached photos. The following are the financial statements of Nosker Company.
NOSKER COMPANYComparative Balance SheetsDecember 31
Assets
2020
2019
Cash
$35,500
$20,800
Accounts receivable
32,500
19,800
Inventory
26,150
20,850
Equipment
59,600
77,650
Accumulated depreciation—equipment
(29,650
)
(23,150
)
Total
$124,100
$115,950
Liabilities and Stockholders’ Equity
Accounts payable
$28,200
$ 16,750
Income taxes payable
7,350
8,150
Bonds payable
27,400
33,900
Common stock
18,650
14,950
Retained earnings
42,500
42,200
Total
$124,100
$115,950
NOSKER COMPANYIncome StatementFor the Year Ended December 31, 2020
Sales revenue
$241,150
Cost of goods sold
175,100…
arrow_forward
Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the
accounting records of Red, Incorporated, are provided below:
Assets
RED, INCORPORATED
Comparative Balance Sheets
December 31, 2024 and 2023 ($ in millions)
Cash
Accounts receivable
Prepaid insurance
Inventory
Buildings and equipment
Less: Accumulated depreciation
2023
2024
$ 44.1
143.0
$ 164.6
94.0
5.4
298.0
436.0
(144.0)
2.4
172.0
370.0
(259.0)
$ 544.0
Liabilities
Accounts payable
Accrued liabilities
Notes payable
Bonds payable
Shareholders' Equity
Common stock
Retained earnings
$ 782.5
$ 95.0
8.5
$ 106.5
100.0
130.0
15.5
0.0
0.0
400.0
49.0
$ 782.5
$ 544.0
400.0
22.0
arrow_forward
Day 7 (7)
Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.
METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)
2021
2020
Assets
Cash
$
390
$
170
Accounts receivable
370
200
Inventory
520
355
Land
525
500
Building
900
900
Less: Accumulated depreciation
(250
)
(225)
Equipment
2,550
2,210
Less: Accumulated depreciation
(346
)
(320
)
Patent
1,100
1,300
$
5,759
$
5,090
Liabilities
Accounts payable
$
620
$
470
Accrued liabilities
160
130
Lease liability—land
130
0
Shareholders' Equity
Common stock
3,120
3,000
Paid-in capital—excess of par
750…
arrow_forward
Current Attempt in Progress
The following selected accounts from Swifty Corporation's general ledger are presented below for the year ended December 31,
2021:
Accounts payable
$115,640
Equipment
$1,963,520
Accounts receivable
174,640
Income tax expense
155,760
Accumulated depreciation-equipment
676,140
Insurance expense
151,040
Cash
14,160
Inventory
441,320
Common shares
354.000
Prepaid expenses
53,100
Cost of goods sold
2,271,500
Retained earnings
797,680
Depreciation expense
328,040
Salaries expense
1,086,780
Sales
4,696,400
(a)
Prepare a single-step statement of income.
SWIFTY CORPORATION
Statement of Income (Single-step)
arrow_forward
Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Please show all dollar amount to thousands of dollars.
arrow_forward
answer must be in table format or i will give down vote
arrow_forward
Please, I need all work clear, in an apropiate table, showing all calculations, thank you
Only typed solution
arrow_forward
Prepare a classified balance sheet list current assets in order of liquidity. Need in 10 minutes please .
arrow_forward
Accounting Subject step by step solutions
arrow_forward
The following information was extracted from the financial statements working papersfile for year ended 31 December 2020 for Dave Song’s Cleaning Services
List of balances at 31 December 2020
Debits
Credits
Capital: D Song
660 000
Drawings
160 000
Land and buildings at cost
582 000
Vehicle at cost
224 000
Accumulated depreciation: Vehicle (1 January2020)
46 000
Bank
360 000
Inventories: Consumables
104 000
Trade receivables
261 200
Allowance for credit losses
13 060
10% Long term loan
320 000
Trade payables
260 000
Fees earned
1 036 600
Rent expense
160 000
Telephone
10 708
Other distribution expenses
454 752
Interest on long term loan
19 000
2 335 660
2 335 660
Additional information not yet taken into account:1. Included in rent expenses is an amount of R68 000 in respect of rent for 2021 whichwas paid and recorded in December 2020.2. The telephone account for December 2020 of R1 540 was received but not yet…
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
Related Questions
- The completed financial statement columns of the spreadsheet for Crane Company are shown as follows: Crane CompanyWorksheetFor the Year Ended December 31, 2022 Income Statement Balance Sheet AccountNo. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation—Equip. 4,600 201 Accounts Payable 9,200 212 Salaries and Wages Payable 2,600 301 Owner’s Capital 20,000 306 Owner’s Drawings 12,100 400 Service Revenue 60,500 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,100 722 Insurance Expense 1,800 726 Salaries and Wages Expense 29,800…arrow_forwardThe completed financial statement columns of the spreadsheet for Oriole Company are shown as follows: The completed financial statement columns of the worksheet for Oriole Company are shown as follows: Oriole Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 9,100 112 Accounts Receivable 11,000 130 Prepaid Insurance 2,800 157 Equipment 24,300 158 Accumulated Depreciation-Equip. 4,500 201 Accounts Payable 9,200 212 Salaries and Wages Payable 2,500 301 Owner's Capital 19,500 306 Owner's Drawings 11,000 400 Service Revenue 60,500 622 Maintenance and Repairs Expense 1,700 711 Depreciation Expense 2,900 722 Insurance Expense 2,000 726 Salaries and Wages Expense 29,900 732 Utilities Expense 1,500 Totals 38,000 60,500 58,200 35,700 22,500 22,500 Net Income 60,500 60,500 58,200 58,200arrow_forwardView Policies Show Attempt History Current Attempt in Progress The following is selected information related to Culumber Company at December 31, 2022. Cullumber reports fancia information monthly $4.113 Salaries and Wages Expente Accounts Payable $22621 Cash 8,911 Notes Payable 34275 Advertising Expense 8.226 Renst Expense 14395 Service Revenue 73,148 Actounts Receivable 18508 39.759 Owne's Drawing 10.282 tquipment (a) Your aswer is incorrect Determine the totalassets of Culumber Company at December 31.2022 Total asetsarrow_forward
- Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…arrow_forwardThe completed financial statement columns of the spreadsheet for Cullumber Company are shown as followEnter the balances from the adjusted trial balance and post the closing entries and calculate the balances of the accounts.(Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622arrow_forwardPrepare the Statement of Financial Positionarrow_forward
- * CengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin X now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... еBook Show Me How Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $23,400 $22,600 Inventory 78,800 79,500 Accounts payable 20,700 20,400 Dividends payable 18,000 17,000 Adjust net income of $77,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. Check My Work 70°F Sunnyarrow_forwardView Policies Current Attempt in Progress The following balances were taken from the books of Metlock Corp. on December 31, 2020. Interest revenue $87,450 Accumulated depreciation-equipment $41,450 Cash 52,450 Accumulated depreciation-buildings 29.450 Sales revenue 1,381,450 Notes receivable 156,450 Accounts receivable 151,450 Selling expenses 195,450 Prepaid insurance 21,450 Accounts payable 171,450 Sales returns and allowances 151.450 Bonds payable 101.450 Allowance for doubtful accounts 8,450 Administrative and general expenses 98,450 Sales discounts 46,450 Accrued liabilities 33,450 Land 101,450 Interest expense 61.450 Equipment 201,450 Notes payable 101.450 Buildings 141,450 Loss from earthquake damage 151,450 Cost of goods sold 622,450 Common stock 501,450 Retained earnings 22,450 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal…arrow_forwardBalance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year. Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d Mellark's Baked Goods Balance Sheet as of December 31, 2021 Assets Current assets: Total current assets $ $ Data table Accounts payable Accounts receivable Accruals Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense Inventories Land Long-term debts Machinery Marketable securities Notes payable Paid-in capital in excess of par Preferred stock Retained earnings Sales revenue Vehicles $219 447 51 260 225 217 92 2,503 50 148 166 320 380 95 421 416 76 479 360 96 218 3,567 26 - Xarrow_forward
- The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 161,200 July 31 Purchase of equipment 68,100 229,300 Sept. 2 Cost of equipment constructed 54,600 283,900 Nov. 10 Cost of equipment sold 49,100 234,800 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 70,700 Nov. 10 Accumulated depreciation on equipment sold 31,200 39,500 Dec. 31 Depreciation for year 24,200 63,700 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 104,200 Aug. 23 Dividends (cash) 15,800 88,400 Dec. 31 Net income 66,700 155,100 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The…arrow_forwardneed help preparing an statement table The following information relates to Oriole Co. for the year 2020. Owner’s capital, January 1, 2020 $53,827 Advertising expense $ 2,019 Owner’s drawings during 2020 6,728 Rent expense 11,663 Service revenue 71,321 Utilities expense 3,476 Salaries and wages expense 33,081arrow_forwarda. Fill in the cells for “Totals,” “Net Income,” and “Final Total” below. Verizon Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Cash 9,000 Accounts Receivable 10,700 Prepaid Insurance 2,600 Equipment 23,800 Accumulated Depreciation—Equip. 4,300 Accounts Payable 8,800 Salaries and Wages Payable 2,300 Owner’s Capital 19,800 Owner’s Drawings 11,400 Service Revenue 60,000 Maintenance and Repairs Expense 1,600 Depreciation Expense 3,100 Insurance Expense 1,700 Salaries and Wages Expense 29,900 Utilities Expense 1,400 Totals…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education