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 closingentries 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. 306Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 The completed financial statement columns of the spreadsheet for Cullumber Company are shown as followAccountNo.101112130157158201212301306400622711722726732CashAccounts ReceivableWorksheetFor the Year Ended December 31, 2022Account TitlesCullumber CompanyPrepaid InsuranceEquipmentAccumulated Depreciation-Equip.Accounts PayableSalaries and Wages PayableOwner's CapitalOwner's DrawingsService RevenueTotalsMaintenance and Repairs ExpenseDepreciation ExpenseInsurance ExpenseSalaries and Wages ExpenseUtilities ExpenseNet IncomeIncome StatementDr.1,6002,9001,70030,4001,40038,00022,50060,500Cr.60,500Balance SheetDr.8,70010,6002,70023,60012,40060,500 58,00060,500 58,000Cr.4,6008,8002,40019,70035,50022,50058,000

Financial statement are a set of ducuments that show your company's financial status at a specific…

Answered: Account Cullumber Company Worksheet For…

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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X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020 How much is the Interest Revenue to be reported on X's statement of comprehensive income in 2021?
Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow: Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (25%) Net income 1stQ $ 22,000 5,200 3,200 $ 13,600 3,400 $ 10, 200 Cost of goods sold (FIFO) 2ndQ $ 24,000 6,200 3,400 $ 14,400 3,600 $ 10,800 2019 3rdQ $ 26,000 7,000 3,800 $ 15,200 3,800 $ 11,400 2019 4thQ $ 28,000 8,200 4, 200 $15,600 3,900 $ 11,700 If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows: 1stQ 2ndQ 3rdQ $ 5,000 $ 5,800 $ 6,400 2020 1stQ $ 30,000 4thQ $ 7,200 9,700 4,400 $ 15,900 3,975 $ 11,925 2020 1stQ $ 8,600 Sales for the second quarter of 2020 are $32,000, cost of goods sold under the FIFO method is $10,200, and operating…
19. A listing of the estimated balances in the company's ledger accounts as of December 31, 2023 is given below (as well as in your Excel template): Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) Assets $ 83,365 1,122,900 10,000 9,125 724,000 $1,949,390 Total assets Liabilities and Shareholders' Equity Accounts payable $ 231,563 Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 717,828 $1,949,390 Required: 1. Prepare a monthly master budget for ToyWorks for the year ended December 31, 2024, including the following schedules (Use the Excel template provided!): Sales Budget & Schedule of Cash Receipts Production Budget & Manufacturing Overhead Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Selling and Administrative Expense Budget Ending Finished Goods Inventory Budget Cash Budget 2. Prepare budgeted financial statements at December 31, 2024, using absorption costing.
Income Statement and Retained Earnings The Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance: Sales (net) $124,000 Operating expenses $26,300 Interest expense 4,600 Common stock, $5 par 16,500 Cost of goods sold 53,000 Retained earnings, 1/1/2019 41,700 The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of $1.04 per share vas declared and paid. 2. Land was sold at a pretax gain of $5,900. 3. Division X (a major component of the company) vas sold at a pretax gain of $4,670. It had incurred a $9,470 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a $5,310 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders' equity is $89,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. Round earnings…
The current ratio including transaction c. is The debt ratio including transaction c is screenshots attached thank you
Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…
The balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: $ 107,800 $ 118,100 94,500 84,500 2,500 Cash 80,000 100,000 5,000 Accounts receivable Inventory Prepaid rent Long-term assets: 505,000 695,000 (278,000) $1,221,600 Land 505,000 810,000 (433,000) $1,174,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $ 104,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 6,300 9,000 89, 500 12,600 5,500 105,000 210,000 Common stock Retained earnings Total liabilities and stockholders' eguity 725,000 225,500 $1,174,800 725,000 179,000 $1,221,600 Additional Information for 2021: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $105,000 In notes payable. 5. The company declares and pays…
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
Subject:Accounting
Prepare a well-written analysis of each financial statement using appropriate business/accounting vocabulary.
At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2, 189 that were applicable to payrolls for the year then ended. Exercise 7 - 9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30, 2023, the accountant again neglected to accrue the payroll tax liability, which was $2,660 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30 2023
Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 W ASUS f4 f5 f6 f7 f9 f10 f11 团 %24 4 & 7. 9. Y U I G H JK 因 6 图近图

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Account Cullumber Company Worksheet For the Year Ended December 31, 2022 Income Statement