11. The following is a list of accounts, in alphabetical order, for Speedy Service Inc. at July 31, 2024: Accounts payable Accounts receivable Accumulated depreciation equipment Bank loan payable, due 2026 Cash Common shares Depreciation expense Dividends declared Equipment Income tax expense Insurance expense Interest expense Prepaid insurance Rent expense Repairs and maintenance expense Retained earnings Salaries expense Salaries payable Service revenue Trading investments $9,500 14,000 21,400 39,000 8,000 38,000 9,700 800 99,000 3,000 1,800 3,600 200 9,000 10,450 20,850 25,000 800 75,000 20,000 Prepare a Trial Balance. What is the total Credits. 12. Given the above information for Speedy Service Inc. in #11, prepare and income statement, statement of changes in equity, and a balance sheet. What are the Total Assets? 13. Given the above information for Speedy Service Inc. in #11, prepare and income statement, statement of changes in equity, and a balance sheet. What is its Income?

11. The following is a list of accounts, in alphabetical order, for Speedy Service Inc. at July 31, 2024: Accounts payable Accounts receivable Accumulated depreciation equipment Bank loan payable, due 2026 Cash Common shares Depreciation expense Dividends declared Equipment Income tax expense Insurance expense Interest expense Prepaid insurance Rent expense Repairs and maintenance expense Retained earnings Salaries expense Salaries payable Service revenue Trading investments $9,500 14,000 21,400 39,000 8,000 38,000 9,700 800 99,000 3,000 1,800 3,600 200 9,000 10,450 20,850 25,000 800 75,000 20,000 Prepare a Trial Balance. What is the total Credits. 12. Given the above information for Speedy Service Inc. in #11, prepare and income statement, statement of changes in equity, and a balance sheet. What are the Total Assets? 13. Given the above information for Speedy Service Inc. in #11, prepare and income statement, statement of changes in equity, and a balance sheet. What is its Income?

Name: 11. The following is a list of accounts, in alphabetical order, for S
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Description: 11. The following is a list of accounts, in alphabetical order, for Speedy Service Inc. at July 31, 2024:Accounts payable$ 9,500Accounts receivable14,00021,40039,0008,00038,000Accumulated depreciation-equipmentBank loan payable, due 2026CashCommon s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject- accounting
The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial Position
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How do I create and start a balance sheet for this data?
Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016 prepare income statement and Balance Sheet OMR OMR ('000) 3,250 ('000) 2,500 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve Fixed Deposit Savings Deposit Current Accounts 3 17,750 1,500 38,750 100 Money at call and short notice 3. 2,400 4,000 15,500 1,000 Investments 250 Interest accrued 700 General Expenses 16 50 Borrowed from other banks 4 4,800 Dividend 11 Non-Banking assets Interest and Discount 3 250 1,200 Cash in hand 750 3,250 Premises 10 6,500 Unclaimed Dividends 5 50 Cash at Central Bank 6 7,050 Loans, Overdrafts 35,000 Cash at Other Banks 5,200 Payment to Employees (6 400 Bills Discounted and Deposits from other banks 3 1,000 Purchased 141 2,500 Rent, taxes 16 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts
a.Prepare the Current Assests section of the balance sheet b. Prepare the Current Liabiloties Section of the Balance sheet
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
PART I- FMT Company had the following balance sheets and income statements accounts over the last three years (in thousands). 2018 2019 2020 Receivables 1,963 2,870 4,051 Payables 1,862 2,944 3,613 Long-term debt 500 1,000 950 Sales 11,863 14,952 16,349 Inventories 2,031 2,613 3,287 Bank loan 250 900 1,050 Accruals 301 516 587 Cash 561 387 202 Net fixed assets 2,581 4,364 2,793 4,430 Selling, general, and administrative expenses 2,276 2,471 Shareholder's equity 4,223 4,940 5,704 Interest 73 188 200 Cost of goods sold 8,537 11,124 12,016 Таxes 390 452 576 Total assets Current assets Current liabilities ? Total liabilities and shareholder's equity ? ? Gross Profit ? Profit before taxes ? ? Net Income Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statement using the format given in the lecture slides.
Use the following information for the year end Dec. 31, 2025.
The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet
Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000
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