The adjusted trial balance for Sharp Construction as of December 31, 2011, folkows.SARP CONTUCTIONAtd TallanceDecmber 31, 20NaAccot TeDebtCrd10I CahS 4000104 Short-torm ivestments126 Seple22.000.......7.100128 Prepad eurnce4.000167 fapmentAccumlatad dprecon-to1m ngAcuated deprecation-Buldng9000....168$ 20.000........130.000.......*...174S5.000Land6.00.***20120020 Ra pabeAccount pbleIert ple15500.....1500......2500...210 Wig ptle213 Property ta paable231 Uheamed prokena251 Longem ot pybleSharp. Capal150000....4500.....4.000...2012700...202 1 harp. Witdrwa0I Profesoal emedRant amed12.000....000....12.00.....407Didended1900409Intarest amed.L00006 Deprectaton epereung10.000612 Deprecuon epere-Eqpnent.62 Wages epene6335.000....31.000Ierest epene. .6374100...Inurce epen9.000Rant epene652 Seples expene2 Postage epense.Property taes xpense640124006.40032004000684Rapa epense7900sa Telephone epene .2.20090 Ues espene3600$363900 S363900Toak 1. PRAPARE INCOME STATEMENT2. PREPARE STATEMENT OF EQUITY3. PREPARE BALANCE SHEET

SHARP CONSTRUCTION Income Statement For the year ended December 31,2011 Particulars Details…

AccT De Cred ... .. S400 104 So m 2 Se 22000 .... 700 4.000 ..... 7 le A d dcon-1opt.. $ 200 ........ S.00 Land 20 A e ......... 20 2500 20 W 213 y m Umed pr 2I L m 1500 .... 400 ..... 4.000 ... wend ol d a ed e D ned 200 ..... .000 ... 100 .... Irted 000 D p 2 D . 5.000

AccT De Cred ... .. S400 104 So m 2 Se 22000 .... 700 4.000 ..... 7 le A d dcon-1opt.. $ 200 ........ S.00 Land 20 A e ......... 20 2500 20 W 213 y m Umed pr 2I L m 1500 .... 400 ..... 4.000 ... wend ol d a ed e D ned 200 ..... .000 ... 100 .... Irted 000 D p 2 D . 5.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: onj on june 15, 2013 , ioleal faremitura eoquipment discardend that Rad a cont d lo, o00$ amd was…

A: Fixed asset: It is a long-term asset used in the business for long period and is depreciated for its…

Q: PROOF Cash Supplies Prepaid Insurance Equipment $ 4 % 5 6 21 & 7 # x 8 Accounts Payable Capital…

A: Accounting equation is the basis of double entry system of book keeping which shows that every…

Q: 375,000 610,00 250.000 Retained ernngs Arcounts payahle 900.000 Deventory Receivahles 41.000 (Tatal…

A: Fair value of net identifiable assets = $1,350,000 + $355,000 + $650,000 + $250,000 - $475,000 =…

Q: Ope 9 56 M Cap: 109438 PE: 69.9000 52W 7975 FPE 16 0.30 63.20 7.02M EPS: 357 -0.51 0.77%) Low: 68.39…

A: Dividend = $0.43Number of shares owned =2600

Q: 1. A.n.d.r.e.i. S.a.n.t.o.s. p.u.r.c.h.a.s.e.d.

A: Mortage refiancing analysis helps the borrower to take decision whether to go for refinancing or not…

Q: a. Fixed corporate costs are allocated on the basis of relative revenue. What is the target…

A: In the above question, Fixed costs are allocated on the basis of relative revenue. Therefore to…

Q: ɪ. ᴄᴏᴍᴘᴜᴛᴇ ᴡʜᴀᴛ ɪꜱ ʙᴇɪɴɢ ᴀꜱᴋ ɪɴ ᴛʜᴇ ɢɪᴠᴇɴ ᴘʀᴏʙʟᴇᴍ. ᴍʀ. ᴇꜱᴛʀᴀᴅᴀ ᴘᴜʀᴄʜᴀꜱᴇᴅ ₁₀₀ ₅% ʙᴏɴᴅꜱ ꜰʀᴏᴍ ᴀ ꜰɪɴᴀɴᴄᴇ…

A: A bond means a type of fixed income instrument on which the investor earns a fixed amount of…

Q: O O O $2,253.00 $4,205.13 $12,576.05 $9,215.38

A: Medicare tax payable is also called as the hospital insurance tax. It is the amount of federal…

Q: barn that cost $46,000 to construct is placed in service midyear 20-year Click the icon to view a…

A: Introduction:- (MACRS) means The modified accelerated cost recovery system It is used to calculate…

Q: 1700 900 PO0 1300 700 500 1000 EBY i= 3% co. monthly

A: Interest rate = 3% compounded monthly We need to equate the present value of X with the present…

Q: Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two…

A: Taxable income is the total sum of income that an entity earns minus the adjustments and deductions…

Q: Q During The year, The Corporation clecreased 20lal 'Liabilitres curreni Zolal assels of Miflinburg…

A: Introduction: Dividends: Dividends are given to share holders of the company. Dividends are returns…

Q: Sopp ll ha itor of S150 on yar 1, and 570 on year 2. This change i imetory the cas alahle to fim 2 e…

A: Cash flows are the cash generated from the operation of the business organisation. In other words,…

Q: Question 13 A points Amw Indatrial Co. purchased an equipment for $720,000 on 1 Jen. 2020 estimated…

A: Depreciation is the reduction in the value of assets due to normal wear and tear, passage of time,…

Q: $20 Taxable Income $ 50,000 0- 50,001- 75,000 75,001- 100,000 100,001- 335,000 335,001- 10,000,000…

A: Given data:Taxable Income = $411,562Tax rate for taxable income = 34%

Q: E-QMMay 50.2012 a fady manugacturing engineer loaned 5, 000 in fhe pank fr the expainon of'her…

A: Ordinary simple interest is calculated as under: = (Principal × Rate × Time) ÷ 100

Q: 1. GBP/CAD ханшлалын ВАЅ=? Bid Ask USD/MNT 2811.002901.00 MNT/KRW 0.40 0.42 GBP/KRW 1508.571509.84…

A: The correct answer is D. 7.89%.To arrive at this answer, we need to first calculate the bid and ask…

Q: Hélp Save & Ex On January 1, Eastern College received $1,330,000 from its students for the spring…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: C collected a note of P5,000 plus interest of P200. The asset of C is increased by a. P5,200 b.…

A: Solution.. Cash to be received by C will include a Principal amount and the interest amount.…

Q: Note : Good balánce sheet. Nlustration 13 Miwthy, Naveen and Preethi are equal partners in a firm.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: a. current asset of P200,000. b. current liability of P200,000. C. current asset of P1,000,000 less…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: CakeCo, Inc. has three operating departments. Information about these departments is listed below.…

A: Introduction: Maintenance costs are one-time or ongoing expenses incurred by a firm to maintain its…

Q: Assume a company had net income of $65,000 that included a gain on the sale of equipment of $4,000.…

A: Net cash provided by operating activities can be found on the statement of cash flows which shows…

Q: What is the liability for the outstanding premiums at year-end? *

A: The amount that an organization owes is referred to as a liability of the organization. All the…

Q: Forfeiture of at Par (Ans. Money : App. 30,000; I II & Call 18,000; Share forfeiture 6,200] 30.…

A: As per our protocol and our guidelines we solution to one question only but as you have asked two…

Q: Using the information below, calculate net cash flows from operating activities: Net income Receive…

A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…

Q: Al Small is charged 3 points on a $60,000 $100,000. The points in dollars cost Al: O a. $1,080 Ob.…

A: Loan can be defined as the credit vehicle that is used to lend a sum of money from one party to…

Q: What will be the total liabilities of the partnership after its formation? What is the capital…

A: Partnership is a business which is carried by the partners and the partners contribute capital in…

Q: Jouinalise the above transad1ons. Sporl shoe trackis are for regishred Val puposes and all amaunts…

A: Definition: VAT INPUT: When goods are purchased, which are vatable , then VAT input is added to the…

Q: Carmel Corporation is considering the purchase of a machine costing $54,000 with a 7-year useful…

A: Lets understand the basics. Accounting rate of return is a net profit generated using average…

Q: 20Υ8 20Y7 20Υ6 20Y5 20Υ4 Net income $1,120,400 $965,900 $811,700 $693,800 $588,000 Interest expense…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Required information [The following information applies to the questions displayed below.] On…

A: A company that has significant influence in another company’s voting stock is known as the Holding…

Q: 10. Al the end of the year, Cosby Universit's held assets of $15.000,000 and 59,000,000 of…

A: What Is Cramer's net assets balance? Cosby University has assets of $15.000, 000 and $9,000,000 of…

Q: For the given CFD if the MARR (i) =9%, the Net Present Worth, NPW is close to: NPW=2 Benefits i=---%…

A: NPV is also known as Net Present Value.. It is a capital budgeting technique which helps in decision…

Q: How much money is needed to make a 10% down payment on a $200,000 property?

A: Money Needed = Amount of Property * Downpayment %

Q: Upton Company produces two main products and a by-product out of a joint process. The ratio of…

A: JOINT COST Joint cost is the pre-separation cost of commonly used input factors for the production…

Q: Calculate net VAT due to or refundable by SARS given the following information: 2.1 Sales of R10…

A: VAT rate in South Africa is 15%. VAT inclusive means the amount includes the 15% amount on the base…

Q: • Purchased 100 pieces of Item A at P30 per piece. Sold the 80 pieces at P60; • Purchased 150 pieces…

A: In this question we are required to calculate the amount of sales for three items. Amount of sale is…

Q: Can you help me solve this step by step. Thank you

A: Please see the white board.

Q: Shade Company adopted a standard cost system several years ago. The standard costs for direct labor…

A: Direct labor variance is the difference between standard direct labor cost for actual production…

Q: On November 1, Jasper Company loaned another company $230,000 at a 12.0% interest rate. The note…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: Refer to the following selected financlal Information from Texas Electronics. Compute the company's…

A: Working Capital is the amount used to fund the short-term expenses of the business. The current…

Q: A=$32982 p=27,200 r=5.93% t=?

A: The time value of money (TVM): Money available at present time has more value than the money in the…

Q: A9 please help.....

A: The basic accounting equation is the foundation of all double entry bookkeeping. The accounting…

Question

The adjusted trial balance for Sharp Construction as of December 31, 2011, folkows.
SARP CONTUCTION
Atd Tallance
Decmber 31, 20
Na
Accot Te
Debt
Crd
10I Cah
S 4000
104 Short-torm ivestments
126 Seple
22.000
.......
7.100
128 Prepad eurnce
4.000
167 fapment
Accumlatad dprecon-to
1m ng
Acuated deprecation-Buldng
9000
....
168
$ 20.000
........
130.000
.......*...
174
S5.000
Land
6.00
.***
201
200
20 Ra pabe
Account pble
Iert ple
15500
.....
1500
......
2500
...
210 Wig ptle
213 Property ta paable
231 Uheamed prokena
251 Longem ot pyble
Sharp. Capal
1500
00
....
4500
.....
4.000
...
201
2700
...
202 1 harp. Witdrwa
0I Profesoal emed
Rant amed
12.000
...
.000
....
12.00
.....
407
Didended
1900
409
Intarest amed.
L000
06 Deprectaton epereung
10.000
612 Deprecuon epere-Eqpnent.
62 Wages epene
633
5.000
....
31.000
Ierest epene. .
637
4100
...
Inurce epen
9.000
Rant epene
652 Seples expene
2 Postage epense.
Property taes xpense
640
12400
6.400
3200
4000
684
Rapa epense
7900
sa Telephone epene .
2.200
90 Ues espene
3600
$363900 S363900
Toak

1. PRAPARE INCOME STATEMENT
2. PREPARE STATEMENT OF EQUITY
3. PREPARE BALANCE SHEET

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Preparation of Income Statement

VIEW

Step 2: Preparation of Statement of Equity

VIEW

Step 3:Preparation of Balance Sheet

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Property, Plant and Equipment

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Help please
PA12. LO 11.5 Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cash
Following s theinfornaotion Conteiact. sueloting da amount $ Contsact paiice. Raw moterials wages Sub-(ontsiact plant matesials tsians ļ 0uued to othor 6,00,000 120,000 Li60,000 5,000 20,000 2.000 Cont'siact. 4oneral expenses At the end01 the , Cash rereived fm the Contsiactee wos $250.O00 being 80%% of wa Contified, yalue | the year was $ 18,000. plant do be depsieciated at 20%. DHepaue (onteiact account. 7.600 year, to motorials unused at he ond Contsiact.
22-A company purchased goods worth RO 10,000 excluding VAT and sold to customers for RO 25,000 excluding VAT. Assume the VAT rate as 5%. How much will be the VAT collected by the government? a. RO 1,750 b. RO 750 c. RO 1,250 d. RO 500
Fertune Company had begng an ha s yertury of S4.200 Dung the peried the conpany chaed $47000 f raw maerias on account if the ending balance in ree materi was $5.200 the amount ef man wansdered twokin pocesa Mu Chnce $400
119il 12.6KB/s 8:48 VOLTE 60% Q2.pdf 1 The following is the Schedule of balances as on 31.3.1988 extracted from the bo Gavaskar, who caries on business under the name and style of Messrs Gavaskar Visuanin Co., at Bombay: Dr. Cr. Amount Amount Particulars Rs Rs 1,400 S Cash in Handr. •Cash at Bank Cn S Sundry Debtors lor, 2,600 86,000 Stock as on 1.4.1987– 62,000 Furniture & Fixtures 21,400 Office Equipment Buildings 16,000 60,000 Motor Car 20,000 Sundry Creditors Loan from Viswanath 43,000 30,000 Reserve for Bad Debts 3,000 Purchases u Purchase Returgs pr 1,40,000 2,600 Sales- Sales Returns 2,30,000 Salaries 4,200 Rent for Godown Pr 11,000 Interest on loan from Viswanath . 5,500 Rates and taxes 2,700 Discount allowed to Debtors 2,100 Discount received from Creditors 2,400 Freight on Purchases Carriage Outwards Drawings Printing & Stationery Electric Charges 1,600 1,200 2,000 12,000 1,800 2,200 Contd.... 1/2
P. php1,000.00 R. 10% T. 3yrs I.? F.?
Sh6
00 Sarasota Industries has Cash of $220,000, Accounts receivable of $130,000, inventory of $180,000, equipment of $300,000 and accounts payable of $175,000. What is the company's: Working Capital Current ratio Quick ratio ו T רJ D Focus A.-ニーーL הד ד 000 UL U T e1 of 3 545 words 1:20 AM P ツ 10/28/2021 50°F P Type here to search M Get more done with the latest Intel Core processor
Net pofit whew prods ppft is 640 corhiage sarriage inuoardls outward rent received and Othes expeses Qre I3600 will be.
Ken Yalters, the COO of FreshSkin, asked his cost management team for a product line profitability analysis for his firm's two products - Askin and Bskin. The two products are skin care products that require a large amount of research and development and advertising. He received the report below. Ken concluded that Askin was the more profitable product, and that perhaps cost-cutting measures should be applied to the Bskin product. Askin Bskin Total $ 4,015,000 $ 2,607,500 $ 6,622,500 ( 4,722,500) $ 1,900,000 Sales Cost of goods sold (2,607,500) (2,115,000) Gross profit $ 1,407,500 $ 492,500 Research and development (1,185,000) Selling expenses (137,500) $ 577,500 Profit before taxes Seventy-five percent of the research and development and selling expenses were traceable to Askin. Profit before taxes for the Bskin product, per life-cycle income statements, is:
ver But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $ 100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $ 113,900+ 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18, 333, 333 $ 5,150,000 + 38% $15,000,000 $18,333,333 35% $0 Refer to the table above: A firm has $12, 000, 000 in taxable income. What is the firm's average tax rate?