3) Happy, Inc., has the following selected account titles and balances in its generalledger on December 31, 2018: Prepare a balance sheet in account form.$Accounts PayablePlant Building neSinking FundBetained EarningsNote Payable (short-term)SalesMerchandise InventoryEquipmentPension FundPaid-in Capital in Excess of Par$13,000 Cash10,0001,20,000 Goodwill4,00014,000 Accounts Receivable18,0001,13,000Treasury Stock (at cost)(30,000)32,000 Land (plant)84,00085,000 Machinery22,00017,000 Copyright9,00048,000 Bonds50,00024,000 Common Stock1,20,00060,000 Note Payable (long-term)12,000

Note:Sinking Fund - The classification of sinking fund as current or non-current depends on its…

Answered: 3) Happy, Inc., has the following…

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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Sweet home Inc., includes the following selected accounts in its general ledger at December 31, screenshot attacahed thanks fas fakope
Norman Rae Ltd., a service business, provided a list of the general ledger accounts and their balances as at December 31, 2018: Accounts payable Bank Loan, due Dec. 31, 2025 $500 10,000 Accounts receivable 14,XXX Cash 10,000 Common shares 28,000 Dividends declared and paid 6,000 Land 30,000 Supplies 2,800 Rent expense 7,500 Retained earnings, Jan. 1 15,000 Salaries expense 11,200 Service revenue 28,XXX No common shares were issued during the year. Required: Prepare a Statement of Financial Pósition for Norman Rae Ltd. Hint: You need to calculate the amount of retained earnings at the end of the year. Replace XXX with the last three digits of your student number. E.g. A student, whose student number is TO03577222 will use Accounts Receivable amount of $ 14,222 and Service revenue amount of $28,222. Note: Double underline feature is not available. Single underline the values as necessary instead.
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
Below are the titles of a number of debit and credit accounts as they might appear on the statement of financial position of Hayduke ASA as of October 31, 2022. Select the Current Asset, Current Liability, Borderline, and Not a Current Item from among these debit and credit accounts. Debit Interest Accrued on Government Securities Notes Receivable Petty Cash Fund Government Securities Treasury Shares Current Asset Current Liability Borderline Not a Current Item Credit Share Capital-Preference 6% First Mortgage Bonds, due in 2029 Preference Dividend, payable Nov. 1,2022 Allowance for Doubtful Accounts Customers' Advances (on contracts to be completed next year)
compute for the following...
Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture…
Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the…
1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
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
The following information is extracted from Sosana Hotel’s management report for themonth of January 2022.RMBeginning cash balance 8,200Budgeted revenue 13,000Purchase of inventory by cash 4,500Cash repayment of bank loan 5,800Additional information, 70% of Sosana Hotel’s revenue is received in cash and theremaining 30% on credit. All credit sales are expected to be collected in the followingmonth. Assume that there were no credit sales and credit purchases in December 2021.Based on the given information, prepare a cash budget for the month ended 31st January2022 to calculate ending cash balance
Renegade Landscaping's general ledger includes the following account balances on December 31, 2018 Accounts Payable Interest Payable Salaries Payable Notes Payable, Current Portion Notes Payable, Long-Term Portion $19,560 a) Calculate current liabilities. Required Do not enter dollar signs or commas in the input boxes. Total Current Liabilities: $ $11,570 $520 b) Calculate long-term liabilities. Total Long-Term Liabilities: $ $14,220 $19,560
Accounts Payable$ 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.

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