Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020:Accounts PayableAccounts ReceivableAccumulated depreciation, EquipmentAccumulated depreciation, WarehouseCashCash Dividends$ 24,96038,40010, 24020,4807,60018,800104,00077,60039,800109,60032,800108,40038,40026,920263, 200120, 800Common SharesEquipmentIncome Tax ExpenseLandNotes Payable, due in 2023Operating ExpensesPreferred SharesRetained EarningsRevenueWarehouseThe company uses an income summary account in the closing process.1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end.View transaction listJournal entry worksheet24Record to close the revenue account to the income summary.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31, 2020Record entryClear entryView general journal2. Calculate the post-closing balance in Retalned Earnings at December 31, 2020. (Amounts to be deducted should be indicated by aminus sign.)Post-Closing Balance in Retained Earnings:Retained eamings, December 31, 2019Retained eamings, December 31, 2020

No. Account Titles and Explanation Debit Credit 1 Revenue $263,200 Income Summary $263,200…

Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10,240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120,800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process.

Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10,240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120,800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

12 -ok 7 int Required Information [The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. Net sales Cost of goods sold Gross profit Expenses: THE ATHLETIC ATTIC Income Statements For the Years Ended December 31 Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets; Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable 2825 $ 10,680,000 6,980,000 3,700,000 1,620,000 200,000 42,000 424,000 2,286,000 $ 1,414,000 2024 $9,100,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 5,600,000 3,500,000 1,570,000 200,000 42,000 370,000 2,182,000 $1,318,000 THE ATHLETIC ATTIC…
ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (30%) Net income Multiple Choice O Refer to the tables above. What Is Megaframe Computer's total asset turnover? O MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 O 7.58x 3.6x 2x 1.94x $ 875,000 600,000 $ 275,000 30,000 55,000 $ 190,000 25,000 $ 165,000 49,500 $ 115,500 $ 50,000 70,000 110,000 220,000 $ 450,000 $ 70,000 50,000 130,000 70,000 40,000 90,000 $ 450,000
Assets Cash Joel de Paris, Incorporated Balance Sheet Beginning Balance $ 136,000 339,000 579,000 Ending Balance $ 126,000 475,000 Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity 846,000 409,000 251,000 $ 2,560,000 $ 375,000 1,043,000 1,142,000 481,000 858,000 426,000 251,000 $ 2,617,000 $ 332,000 1,043,000 1,242,000 $ 2,560,000 $ 2,617,000 Joel de Paris, Incorporated Income Statement Sales $ 4,800,000 Operating expenses Net operating income 4,032,000 768,000 Interest and taxes: Tax expense Interest expense Net income $ 125,000 193,000 318,000 $ 450,000 The company paid dividends of $350,000 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. Required: 1. Compute…
Assets Cash Accounts Receivable Prepaids Inventory Property, Plant & Equipment Less: Accumulated Depreciation Total Assets Liabilities A wompany Balance Sheet December 31, Year 2 Accounts Payable Accrued Liabilities Notes Payable (Long-Term Debt) Total Liabilities Stockholders Equity Common Stock ($10 par) Paid in Capital In Excess of Part Retained Earnings Treasury Stock Total Stockholders Equity Total Liabilities and Stockholders Equity Year 2 Year 1 Change 40,000 $20,000 140,000 (10,000) $ 60,000 $ 130,000 35,000 43,000 (8,000) 183,000 120,000 63,000 340,000 310,000 30,000 (75,000) (50,000) (25,000) $673,000 $ 603,000 $70,000 $110,600 $ 111,000 $ (400) 34,000 32,000 2,000 50,000 50,000 100,000 $244,600 $ 193,000 $51,600 $ 75,000 $ 75,000 $ 220,000 220,000 143,400 10,000 115,000 28,400 10,000 $428,400 $ 410,000 $18,400 $673,000 $ 603,000 $70,000 28 What is the cash flow from operating activities using the indirect method of the statement of cash flows? O $71,400 O $53,000 O $63,000 O…
Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of stock $ 475,000 6,000 50,000 30,000 202,000 40,000 228,000 $ 33,000 5,000 18,000 140,000 25,000 20,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. दे Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint. For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity.) Note: Amounts to be deducted should be indicated with a minus sign.
solve yellow blanks thank you!
Clean Company Balance Sheet Cash 68,200 Accounts payable 113,500 Accounts 295,000 Notes payable 73,900 receivable Other current Inventories 212,000 101,000 liabilities Total Current Total Current 575,200 288,400 assets liabilities PP&E Net 257,400 Long-term debt 226,500 Total Equity 317,700 Total Liabilities + Total Assets 832,600 832,600 Equity Clean Company Income Statement Sales $1,414,600 Cost of sales 1,190,640 Gross profit 223,960 Operating expenses 125,840 Depreciation 36,520 EBIT 61,600 Interest expenses 21,560 Earnings before 40,040 taxes Taxes (40%) 16,016 Net profit 24,024
balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 $ 19,500 37,400 84,640 5,900 350,000 $ 497,440 $ 33,000 56,400 134,500 6,900 304,400 $ 535,200 $ 68,340 86,800 190,000 152,300 $ 497,440 $ 535,200 $ 91,300 115,000 206,000 122,900 statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets Common stock, $5 par value Retained earnings Required: 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) invent sales in inventory, and () days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company…
Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $53,650 $66,100 82,440 89,100 117,780 110,440 4,800 3,350 239,920 197,870 (62,380) (48,530) $436,210 $418,330 $91,600 0 14,000 203,000 127,610 $436,210 $87,430 125,500 9,000 118,000 78,400 $418,330 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $125,980. b. Depreciation reported on the income statement, $30,270. c. Equipment was purchased at a cost of $58,470, and fully depreciated…
Please create a balance sheet
Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income $ 560 392 BERSA 168 112 $ 39 Ending Beginning Balance Balance $ 30 51 42 426 213 $336 $ 83 216 85 (48) $ 336 $ 35 56 43 400 200 $ 334 $ 69 260 84 (79) $ 334 Cash dividends were $8. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was: