Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense Income tax payable Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense $14,100 29,100 7,600 19.100 11,650 5.500 (a) 3.100 Prepare a statement of income for the year. 26,200 99,400 5,900 5.650 4,600 3,600 7,100 22.100 48,600 4,100 3,200 During the year ended March 31, 2024, common shares were issued for $6,100. 5.100 3.500 SHEFFIELD CORPORATION Statement of Income

Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense Income tax payable Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense $14,100 29,100 7,600 19.100 11,650 5.500 (a) 3.100 Prepare a statement of income for the year. 26,200 99,400 5,900 5.650 4,600 3,600 7,100 22.100 48,600 4,100 3,200 During the year ended March 31, 2024, common shares were issued for $6,100. 5.100 3.500 SHEFFIELD CORPORATION Statement of Income

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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Net Income , SFP
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
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
Need Help with Statement Matching
Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
1. The balance sheet of Ysabel coffee shop for selected years is presented below: Cash Accounts Receivables, net Inventories Prepaid Rent Total Current Assets Equipment and Fixtures Less: Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Accounts Payable Notes Payable Accruals Total Current Liabilities Long-term Debt Owner's Capital TOTAL LIABILITIES AND CAPITAL .Year 2 299,896 ? 500,009 44 Page 1,894,559 220,000 1.280,961 406,728 409,000 631,980 1,905,966 808,000 Year 1 219,000 aft 66,094 227,713 400,000 1,287,157 281,581 gibt sich seat 540,000 671,870 2,002,624 889,000 REQUIRED: a..Complete the balance sheet. b. Prepare a common-size balance sheet for each year. c. Prepare a trend analysis using Year 1 as a base. d. Discuss orally in front of the class, in what can you say about the coffee shop's performance based on your assessment. Individual presentation
1
Dr. Cr. Cash Accounts receivable Allowance for Doubtful Accts Inventory Equipment Accumulated Depreciation Accounts Payable 65,000 28,000 7,000 12,500 60,000 12,750 23,000 6,000 35,000 38,000 21,000 Unearned Revenue Long Term Note Payable Common Stock Retained Earnings Dividends Sales Cost of goods sold Repairs expense Salaries expense Depreciation expense Insurance expense Interest income Interest expense Income tax expense Total 10,000 130,000 52,000 6,500 25,000 3,000 4,500 1,250 4,000 3,500 274,000 274,000 What is the amount of Total Assets?
Date Accounts Debit Credit Cash 145,000 a. Accounts Receivable 145,000 b. Selling and Administrative Expenses 32,000 Cash 32,000 Accounts Payable 39,000 C. Cash 39,000 d. Raw Materials Inventory 28,200 Accounts Payable 28,200 Work-in-Process Inventory Manufacturing Overhead 8,850 e. 1,200 Raw Materials Inventory 10,050 Work-in-Process Inventory Manufacturing Overhead f. 20,600 18,400 Wages Payable 39,000 Wages Payable 38,700 g. Cash 38,700 h. Manufacturing Overhead 2,500 Accumulated Depreciation 2,500 Work-in-Process Inventory 16,480 i. Manufacturing Overhead 16,480 j. Finished Goods Inventory 47,430 Work-in-Process Inventory 47,430 k. Accounts Receivable 104,000 Sales Revenue 104,000 k. Cost of Goods Sold 47,430 Finished Goods Inventory 47,430 L. Cost of Goods Sold 5,620 Manufacturing Overhead 5,620
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Income statement , SFP
Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…