Below are accounts for Alex Bern Spa, a service business, for the yearended, December 31, 2019. Prepare a single-step Statement ofComprehensive Income with Notes.Depreciation Expense - Building.Depreciation Expense - EquipmentDividends Income.P15,000..5,00015,00010,000Gain on Sale of Equipment.Insurance Expense.Interest Expense - LoanInterest Expense – Mortgage.Interest Income.....2,000Loss on Sale of Furniture.Rent Expense.Rent Income.Salaries ExpenseService Revenue...1,0003,0006,000.5,00085,00030,000155,000454,000Supplies Expense..5,000

Single step statement of comprehensive income shows all incomes and all expenses of the business and…

Answered: Below are accounts for Alex Bern Spa, a…

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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The comparative balance sheets, income statement and additional information of Bakewell Corp. are presented as follows. Balance Sheet as at 31 December: 2020 2019 $ $ Assets Cash 273,600 181,950 Accounts Receivable 94,350 88,850 Inventory 431,400 482,200 Prepaid Rent 20,200 18,200 Equipment 118,000 126,000 Accumulated Depreciation – Equipment (74,900) (93,000) Building 235,000 110,000 Accumulated Depreciation – Building (66,700) (55,000) Total Assets 1,030,950 859,200 Liabilities and Stockholders’ Equity Liabilities Accounts Payable 111,000 123,450 Unearned Revenue 18,050 11,250 Notes Payable (long-term) 182,500 172,500 Total Liabilities 311,550 307,200 Stockholders’ Equity Common Stock 580,000 550,000 Retained Earnings 174,400 77,000 Treasury Stock (35,000)…
Prepare a statement of changes in owner's equity using the statement below.
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The current sections of Pharoah Ine's balance sheets at December 31, 2021 and 2022, are presented here. Pharoah's net income for 2022 was $190,500 Depreciation expense was $31,500. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $46,500 $66,750 63,750 51,750 58,500 46.500 12,750 14,250 $181.500 $179,250 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Decrease in Inventory $4,500 $12,000 66,000 54,000 $70.500 $ 66,000 Cash Flows from Operating Activities Depreciation Expense Decrease in Accounts Receivable Decrease in Accounts Payable Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + For the…
The following information is available from the financial statements of Akerley Hospitality 2017 2018 2019 Total assets, December 31, Net income $608,000 $330,000 $1,456,000 59,400 62,400 56,800 a) Calculate Akerley's return on total assets for 2018 and 2019. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) b) Determine if the change in Akerley's return on total assets is favorable or unfavorable.
(For all requirements, Input all answers as positive.) a. Remeasurement b. Translation adjustment
The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest revenue $87,400 Accumulated depreciation—equipment $41,400Cash 52,400 Accumulated depreciation—buildings 29,400Sales revenue 1,381,400 Notes receivable 156,400Accounts receivable 151,400 Selling expenses 195,400Prepaid insurance 21,400 Accounts payable 171,400Sales returns and allowances 151,400 Bonds payable 101,400Allowance for doubtful accounts 8,400 Administrative and general expenses 98,400Sales discounts 46,400 Accrued liabilities 33,400Land 101,400 Interest expense 61,400Equipment 201,400 Notes payable 101,400Buildings 141,400 Loss from earthquake damage 151,400Cost of goods sold 622,400 Common stock 501,400 Retained earnings 22,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net $ 62,800 27,000 $ 15,700 33,300 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Wages payable Accounts payable Income taxes payable 56,600 62,500 3,500 2,900 149,900 114,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 209,500 $ 9,900 $ 14,000 5,900 3,300 1,000 1,800 16,800 19,100 20,700 47,800 37,500 66,900 150,000 22,000 121,000 2,500 $ 209,500 $ 190,400 70,500 (10,900) 82,200 (6,200) $ 190,400 Total liabilities and equity CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 $ 326,000 209,800 116,200 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes.…
Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…

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