At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of$66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paiddividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31.AssetsLiabilities.CashSuppliesPrepaid rentLandRequired:1. Prepare a statement of stockholders' equity.2. Prepare a balance sheet.$54,20012,50032,000280,000Complete this question by entering your answers in the tabs below.Stmt ofStockholders Balance SheetEquityPrepare a statement of stockholders' equity.Beginning BalanceEnding BalanceAccounts payableUtilities payableSalaries payableNotes payableGLASSON ACADEMYStatement of Stockholders' EquityFor the Year Ended December 31, 2024CommonStock$RetainedEarnings08TotalStockholders'Equity0 $0$14,6005,6005,10031,000 Stmt ofStockholders Balance SheetEquityPrepare a balance sheet.Total AssetsAssets$GLASSON ACADEMYBalance SheetDecember 31, 20240Total LiabilitiesLiabilitiesStockholders' EquityTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity$000

The statement of stockholders equity forms a part of the financial statement where it reflects the…

Answered: At the beginning of 2024, Glasson…

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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A company had the following purchases during its first year of operations: Purchases Sales January March 8 units at $ 30 per unit 10 units at $38 per unit May 16 units Using the perpetual FIFO inventory costing method, what is the cost of goods sold? $ 850 $ 544 $ 300 $ 420
Please show complete solutions for each question.
Gerald Company had the following account balances for 2021. December 31 January 1 Accounts payable 500,000 650,000 Inventory 300,000 250,000 Accounts receivable 800,000 900,000 Prepaid expenses 400,000 600,000 All sales and purchases of inventory were on account. Depreciation expense of P900,000 was recognized during 2021. Equipment was sold during 2021 and a gain of P300,000 was recognized. The entity provided the following cash flow information for 2021: Cash collected from customers 9,500,000 Cash paid to suppliers 4,100,000 Cash paid for other expenses 1,400,000 What is the net income under accrual basis? What is the net income under cash basis?
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A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Stockholders's Equity $66,600 Assets Liabilities $195,500 $128,900 Stockholders's Equity $98,500 Assets Liabilities $170,300 $71,800 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January…
Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
Gojo Company had the following transactions involving current assets and current liabilities during February 2021. Feb 3 Collected accounts receivable of $15,000. 7 Purchased equipment for $23,000 cash. 14 Paid accounts payable of S12,000. 18 Declared cash dividends, $4,000. The dividend will be paid next month. Additional information: As of 1* February 2020, current assets were $120,000 and current liabilities were $40,000. Required: 1) Compute the current ratio as of the beginning of the month. 2) Compute the current ratio after evaluating the effect of each transaction (Consider the effect of each transaction continuously). Did Gojo Company's current ratio improve, deteriorate, or hold steady after each transaction? Show detailed workings to support your answer.
In 2023, Chen Corporation purchased treasury stock with a cost of $54,000. During the year, the company declared and paid dividends of $12,000 and issued bonds payable for $900,000. Net cash provided by financing activities for 2023 is: A. $834,000. B. $900,000. C. $846,000. D. $888,000.
According to the balance sheet of Free Inc, at the end of the 2020 fiscal year, the cash balance is $200,000, account available balance is $500,000, inventory balance is $750,000; the net fixed asset is $1,500,000. On the other side, the account payable is $250,000, the accrual $40,000, the notes payable is $300,000, long-term debt is $510,000, common stock is $1,200,000, retained earnings is $650,000. The net income is $900,000; the interest payment is $45,600; the tax rate is 25%. If the sales is $10,000,000, what is the operating margin?b. 13.26%c. 11.45%d. 10.66%
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
Create a Balance sheet for this information given:

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