Question 1 of 3 - Chp 4 Homework 14th Ed_

The completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 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 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 306 Owner's Drawings 12,100 60,500 400 Service Revenue 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 29,800 Salaries and Wages Expense Utilities Expense 726 1,400 732 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 60,500 60,500 59,200 59,200

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…

Prepare a vertical analysis scheduleHere is the operating data for Yalis Cleaning, Inc.:2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150PurposeThe purpose of this problem is to demonstrate an understanding of preparing a vertical analysis schedule.InstructionsAfter analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenueas the base amount. Round percentages to two decimal places.GuidanceFor formatting guidance, see the vertical analysis examples that are provided in Chapter 13 of the textbook.

The completed fi nancial statement columns of the worksheet for Bray Company are shown as follows. BRAY COMPANY Worksheet For the Year Ended December 31, 2017 Account Income Statement Balance Sheet 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 Instructions (a) Prepare an income statement, an owner’s equity statement, and a classifi ed balance sheet. (b) Prepare the closing entries. L. Bray did not make any additional investments during the year. (c) Post the closing…

You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…

Locate Gap Inc.’s 2020 Annual Report (for fiscal year  2/2/20-1/30/21)   There are 10 sections of questions.  You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report.  Read through the questions carefully and answer in the space provided.    What are the following amounts at 1/30/21:   Total Assets : Total Liabilities: Total Owner’s Equity : At 1/30/21:   What is the percentage of debt used to finance Gap? What is the percentage of owner’s equity used to finance Gap?   What is the significance of these two percentages?

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…

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"…

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

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Prepare the Statement of Financial Position

prepare a complete corrected classified balance sheet

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An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Current Attempt in Progress In alphabetical order below are current asset items for Skysong Company's balance sheet at December 31, 2025. Accounts receivable $184,000 Cash 56,800 Finished goods 83,600 Prepaid expenses 35,200 Raw materials 76,600 Work in process 79,800 Prepare the current assets section. (List Current Assets in order of liquidity.) SKYSONG COMPANY Balance Sheet (Partial) $ ASSETS $ $

Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $33,234 Accounts receivable 67,995 Accrued liabilities 6,510 Cash 22,738 Intangible assets 35,347 Inventory 83,390 Long-term investments 101,069 Long-term liabilities 79,156 Notes payable (short-term) 27,161 Property, plant, and equipment 689,074 Prepaid expenses 2,037 Temporary investments 30,842 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? a.3.1 b.0.8 c.1.8 d.15.4

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…

Chap 14. Q.2

Bookmarks ube com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%2... Classes N Netflix Dashboard Profiles Tab Sales Cost of goods sold Gross profit 5 Required information [The following information applies to the questions displayed below.] @ 2 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income W Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. S Assets Cash Accounts receivable Inventory Prepaid expenses # DONP 3 Window Help E D FORTEN COMPANY Income Statement For Current Year Ended December 31 80 F3 $ VATS 4 FORTEN COMPANY Comparative Balance…

please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)       Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):   2024 2023 Sales revenue $ 4,900,000 $ 4,000,000 Cost of goods sold 2,960,000 2,100,000 Administrative expense 900,000 775,000 Selling expense 460,000 402,000 Interest revenue 160,000 150,000 Interest expense 220,000 220,000 Loss on sale of assets of discontinued component 88,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $88,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:…

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

With this information create Journal Entries, T Accounts/Trial Balance, and Financial Statements Balance Sheet for end of 2019                      Assets                  Cash       77,250           Accounts Receivable (net of allowance of 7200)   237,884           Inventory   45,500    (1000 units at $45.50 each)Prepaid Insurance   1,600           Supplies       1,625              Total Current Assets   363,859                             Property, Plant and Equipment, Net   177,500           Land       32,000                                Total Assets   573,359                             Liabilities              Accounts Payable   94,552           Unearned Revenue   45,200           Interest Payable   2,100           Salaries Payable   6,600              Total Current Liabilities   148,452                             Long Term Debt   246,100                             Total Liabilities   394,552                             Capital Stock   100,000                   Retained…

Financial Statements Steven Company has provided the following information for the most recent quarter, January 1 through March 31 of 2020.  Prepare a multiple-step Income Statement and the Asset section of a classified Balance Sheet, including the correct headings. Specific Account Balance Specific Account Balance Accounts Payable 45 Interest Revenue 26 Accounts Receivable 204 Interest Payable 6 Accumulated Depreciation (Buildings) 45 Inventory 112 Accumulated Depreciation (Equipment) 11 Land 218 Allowance for Doubtful Accounts 22 Loss on Sale of PPE 14 Bad Debt Expense 18 Notes Payable (maturity of less than 1 yr) 60 Bank Fees Expense 2 Notes Payable (maturity of more than 1 yr) 83 Buildings 255 Retained Earnings (beginning) 180 Cash 188 Salaries Expense 25 Common Stock 306 Salaries Payable 47 Cost of Goods Sold 560 Sales Discounts 8 Depreciation Expense 20…

Hcs/380 Calculate the 2022 return on assets ratio