Balance Sheet The December 31, 26/7 balance sheet accounts of the Hitt Company are shown here in alphabetical order: $ 10,400 $ 22,400 Current taxes payable Discount on bonds payable Equipment Inventory Land Accounts payable Accounts receivable Accumulated depreciation: buildings Accumulated depreciation: equipment "Additional paid-in capital on common stock Additional paid-in capital on preferred stock Allowance for doubtful accounts Bonds payable (due 2021) Buildings Cash 21,500 6,900 53,000 72,400 35,100 37,200 30,000 Marketable securities (short-term) Patents (net) Preferred stock, $100 par · Retained earnings Salaries payable Trademarks 6,100 9,800 21,000 24,000 11,500 800 46,200 77,000 2,000 3600 144,000 2,900 Common stock, $10 par 30,000 Required 1. Prepare the December 31, 20/4 balance sheet of the Hitt Company. (Formal, CIAssificl Balanveeer) SHERT

Balance Sheet The December 31, 26/7 balance sheet accounts of the Hitt Company are shown here in alphabetical order: $ 10,400 $ 22,400 Current taxes payable Discount on bonds payable Equipment Inventory Land Accounts payable Accounts receivable Accumulated depreciation: buildings Accumulated depreciation: equipment "Additional paid-in capital on common stock Additional paid-in capital on preferred stock Allowance for doubtful accounts Bonds payable (due 2021) Buildings Cash 21,500 6,900 53,000 72,400 35,100 37,200 30,000 Marketable securities (short-term) Patents (net) Preferred stock, $100 par · Retained earnings Salaries payable Trademarks 6,100 9,800 21,000 24,000 11,500 800 46,200 77,000 2,000 3600 144,000 2,900 Common stock, $10 par 30,000 Required 1. Prepare the December 31, 20/4 balance sheet of the Hitt Company. (Formal, CIAssificl Balanveeer) SHERT

Name: Balance Sheet The December 31, 201balance sheet accounts of the Hitt
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Description: Balance Sheet The December 31, 201balance sheet accounts of the Hitt Company are shown here in alphabetical order:$ 10,400Current taxes payableDiscount on bonds payableEquipmentInventoryLand$ 22,400Accounts payableAccounts receivableAccumulated depr

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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Subject: acounting
Consolidated Cash Flow Statement of Pineda Corporation and its subsidiary Swamy Corporation as of December 2019 and 2020: Assets 2020 2019 Net Change Incr. (Decr.) $ $ $ Cash 313,000 195,000 118,000 Marketable equity securities (at cost) 175,000 175,000 Allowance to reduce marketable equity securities to market (13,000) (24,000) 11,000 Accounts receivable (net) 418,000 440,000 (22,000) Inventories 595,000 525,000 70,000 Land 385,000 170,000 215,000 Plant and equipment 755,000 690,000 65,000 Accumulated depreciated (199,000) (145,000)…
The following data are taken from the records of Grouper Company. Cash Current assets other than cash Long-term debt investments Plant assets Accumulated depreciation Current liabilities Bonds payable Common stock Retained earnings Additional information: 1. 2. 3. 4. 5. December 31, December 31, 2025 2024 $15,100 84,300 10,000 334,300 $443,700 $20,100 39,900 74,800 255,400 53,500 $443,700 $8,000 60,600 52,500 214,900 $336,000 $40,400 21,800 -0- 255,400 18,400 $336,000 Held-to-maturity debt securities carried at a cost of $42,500 on December 31, 2024, were sold in 2025 for $34,300. The loss (not unusual) was incorrectly charged directly to Retained Earnings. Plant assets that cost $50,300 and were 80% depreciated were sold during 2025 for $8,000. The loss was incorrectly charged directly to Retained Earnings. Net income as reported on the income statement for the year was $57,100. Dividends paid amounted to $11,740. Depreciation charged for the year was $19,940.
Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Liabilities Accrued expense Barakah Company Balance Sheet as at 31st December 2019 100,000 245,500 30,000 Additional Information: i) ii) 600,000 155,500 75,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) $ Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Prepayments Cash at Bank Cash in Hand Work-in-Progress is one-sixth of the total Inventory. Prepayments are related to the rental of buildings. Bad debt is 5% for the year. Non-Muslim ownership is at 20%. 350,500 200,500 150,000 50,000 751,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. 125,000 215,000 10,000 110,000 20,000 1,231,000
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ASSETS Cash Accounts Receivable Inventory Plant and equipment Accumulated Depreciation TOTAL ASSETS LIABILITIES Accounts Payable Accrued Expenses Long Term Notes Payable TOTAL LIABILITIES EQUITIES Common Stock, No Par Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES COMPUTE THE 1. Current Ratio for 2020 & 2021 2. Quick Ratio for 2020 & 2021 2021 45,000.00 212,500.00 155,000.00 1,885,000.00 (480,000.00) 1,817,500.00 55,000.00 112,500.00 250,000.00 417,500.00 1,000,000.00 400,000.00 1,400,000.00 1,817,500.00 2020 50,000.00 207,500.00 140,000.00 1,662,500.00 (375,000.00) 1,685,000.00 47,500.00 110,000.00 237,500.00 395,000.00 1,000,000.00 290,000.00 1,290,000.00 1,685,000.00
Barakah Company Balance Sheet as at 31st December 2019 Financed by: Fixed Assets (net after depreciation) 2$ $ Paid-up: Share Capital Retained Earnings Reserves 350,500 200,500 150,000 50,000 Land & Buildings 600,000 155,500 75,000 830,500 Equipment Vehicles Fixtures & Fittings Long Term Liabilities 25,000 751,000 Current Assets 125,000 Accounts Receivable 215,000 10,000 110,000 20,000 1,231,000 Inventory Current Other payables Trade creditors Liabilities 100,000 245,500 Prepayments Cash at Bank Cash in Hand Accrued expense 30.000 375,500 1,231.000 Additional Information: i) Work-in-Progress is one sixth of the total Inventory. Prepayments is related to rental of buildings. ii) ii) Bad Debts is 5% for the year. iv) Non Muslim ownership is at 20%. Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.
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On January 1, 2025, Artic Inc. had the following balance sheet: Cash Total Debt investments (available-for-sale) 363,000 $434,000 Assets Interest revenue ARTIC INC. BALANCE SHEET AS OF JANUARY 1, 2025 ARTIC INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 $11,000 Gain on sale of investments Net income $71,000 Common stock (a) The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Artic Inc.'s available-for-sale debt securities at December 31, 2025, was $310,000; its cost was $277,000. No debt securities were purchased during the year. Artic Inc.'s income statement for 2025 was as follows: (Ignore income taxes.) 28,000 $39,000 (Assume all transactions during the year were for cash.) Accumulated other comprehensive income Total Equity $389,000 Debit 45,000 $434,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (Credit account titles are…
The information on the following page was obtained from the records of Breanna Incorporated: $ 10, 200 50,800 128,000 9,500 64,500 Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Net sales Equipment Selling, general, and administrative expenses Common stock (8,200 shares) Accounts payable Retained earnings, 1/1/22 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2022 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year ended December 31, 2022. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2022, and a balance sheet at December 31, 2022, for Breanna Incorporated. Based on the financial statements that you have prepared for part a,…