As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $ 11,600 10,600 7,600 6,600 14,200 17,600 22,200 14,600 36,200 25,200 21,600 13,600 9,600 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 Assets Liabilities Total liabilities Equity O Total liabilities and equity 24

As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $ 11,600 10,600 7,600 6,600 14,200 17,600 22,200 14,600 36,200 25,200 21,600 13,600 9,600 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 Assets Liabilities Total liabilities Equity O Total liabilities and equity 24

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 of Fernandez Co The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 2,850,000 Accounts Receivable 1,197,000 Dividends 50,000 Inventory 1,790,000 Sales 9,350,000 Estimated Returns Inventory 23,500 Cost of Goods Sold 5,840,000 Office Supplies 14,000 Sales Salaries Expense 820,000 Prepaid Insurance 8,500 Advertising Expense 350,000 Office Equipment 870,000 Depreciation Expense-Store Equipment 120,000 Accumulated Depreciation-Office Equipment 580,000 Miscellaneous Selling Expense 58,000 Store Equipment 2,600,000 office Salaries Expense 550,000 Accumulated Depreciation-Store Equipment 820,000 Rent Expense 104,000 Accounts Payable 336,000 Depreciation Expense-Office Equipment 60,000 Customer Refunds Payable 39,000 Insurance Expense 50,000 Salaries Payable 43,000 office Supplies Expense 26,000 Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense 12,000…
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The Hopewell Pharmaceutical Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Cash and marketable securities Accounts receivable* Inventories** Other current assets Total current assets Plant and equipment (net) Other assets Total assets $1,200 1,300 600 100 $3,200 2,500 500 $6,200 Liabilities and Equity Accounts payable*** Accrued liabilities (salaries and benefits) Other current liabilities Total current liabilities Long-term debt and other liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity *Assume that average accounts receivable are the same as ending accounts receivable. **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Net sales Cost of sales Selling, general, and administrative expenses Other expenses Total expenses Earnings before taxes Taxes Earnings…
Yanie's coffee beans store had accounts receivable of $18,000 at the beginning of the year and $15,000 at year-end. Sales on credit for the year totalled $130,000 and cash sales totalled $40,000. How much total cash did the business receive from customers? Select one: а. 173,000 O b. 167,000 Ос. 133,000 O d. 127,000
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Below were selected transactions of FDNACCT Services for the month of September: • Paid rent for the month, P43,000 • Received the electricity bill, P17,000 • Paid salary of the secretary, P29,000 • Paid water bill, $4,400 Based on these transactions alone, how much was the total amount credited to Cash account?
S Roth Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $43,000 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $15,300 5,000 3,200 1,800 3,700 Required A Percent Likely to Be Uncollectible. 0.01 0.05 Required B Required C 0.10 0.30 0.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Allowance Balance Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account…
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Income Statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $ 3,095 Fuel Expense 3,374 Maintenance and Repairs Expense 2,622 Other Expense 10,337 Provision for Income Taxes (Benefit) (219) Purchased Transportation 15,101 Rentals and Landing Fees 3,361 Revenues 65,450 Salaries and Employee Benefits 23,207 Prepare an income statement. FedEx CorporationIncome StatementFor the Year Ended May 31 (in millions) $Revenues Expenses: $Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation expense Fuel expense Maintenance and repairs expense Provision for income taxes (benefit) Other expense Total expenses fill in the blank 19 $Net income
The Hopewell Pharmaceutical Company’s balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $900 Accounts payable*** $900 Accounts receivable* 1,100 Accrued liabilities Inventories** 700 (salaries and benefits) 400 Other current assets 200 Other current liabilities 600 Total current assets $2,900 Total current liabilities $1,900 Plant and equipment (net) 2,700 Long-term debt and other Other assets 800 liabilities 700 Total assets $6,400 Common stock 1,300 Retained earnings 2,500 Total stockholders’ equity $3,800 Total liabilities and equity $6,400 *Assume that average accounts receivable are the same as ending accounts receivable. **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same…
Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,900 in tailoring fees, and paid $12,100 in expenses. Depreciation expense totaled $1,500. Accounts receivable increased $1,050, supplies increased $3,700, and accrued liabilities increased $1,800. Pat's accrual-basis net income was: Multiple Choice $32,250. $26,350. $35,850. $22,750.