66) Consider the following account balances of ABC at the end of the year:Accounts Payable$4,400Salaries Expense12,800Cash1,700Common Stock2,400Service Revenue8,300Supplies4,300Retained Earnings1,100Utilities Expense5,000How many of these accounts would appear in ABC's year-end balance sheet?A) Three.B) Two.C) Five.D) Four.

In the company balance sheet all assets, liabilities and owner's equity are presented. All items of…

Answered: 66) Consider the following account…

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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Listed below are the following August 31, 2021 accounts and information for the Moses Bosco Company. Use this data to calculate total assets . Accounts payable $ 1,100 Dividends $ 3,000 Accounts receivable 5,400 Insurance expense 1,200 Buildings 63,000 Supplies 1,400 Cash 18,600 Notes payable 3,300 Service revenue 25,700 Rent expense 3,400 Common stock 52,000 Salaries and wages expense 12,000 Retained earnings (beginning) 25,900
The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities. Stockholders equity Connon stock, $5 per value. Retained earnings Total stockholders equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net incone before taxes Income taxes (30%) Net income $24,000 230,000 370,000 9,000 633,000 860,000 $1,493,000 $ 290,000 320,000 610,000 $150,000. 733,000 883,000 $1,493,000 $ 2,290,000 1,220,000 1,070,000 580,000 490,000 32,000 458,000 137,400 $ 320,600
The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $47,481 $39,900 Long-term debt 44,650 47,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers. Amount of Change Increase/Decrease Percentage Accounts payable $fill in the blank 1 IncreaseDecrease fill in the blank 3 % Long-term debt $fill in the blank 4 IncreaseDecrease fill in the blank 6 %
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6,400; Revenue = $13,800; Dividends = $1,450; Beginning Retained Earnings = $4,450; Ending Retained Earnings = $8,400.The amount of liabilities reported on the end-of-period balance sheet was:
The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300. The amount of liabilities reported on the end-of-period balance sheet was A. $11,200. B. $10,400. C. $13,800. D. $9,200.
presented below is an alphabetical list of of account balances take from the looks of an entity at the end of the current period, dec 31: accounts payable 125,000 accrued expenses 47,000 cash surrender value on life insurance 29,000 dividends, ordinary shares 100,000 dividends, preference shares 150,000 mortgage payable (including 200,000 due in six months) 1,200,000 note payable (not due within 12 months)1,500,000 premium on notes payable 25,000 profit and loss summary - credit balance 500,000 retained earning January 1 550,000 share capital- ordinary, 100 par 1,000,000 share capital - preference, 200 par 450,000 share premium - ordinary 250,000 unamortized issue cost on note payable 25,000 unearned rent income 33,000 what is the retained earnings balance on December 31?
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…

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