2. In your Workbook, complete the following schedule. Fill in theblanks for each of the five separate equity section relationships.Financial InformationCompanyCompanyCompanyCompanyCompany234Beginning capital6 0006 00015 00062 000Total revenues10 00029 000Total expenses8 00011 00030 00035 000Net income or loss (-)14 000II 00020 000-5 000Drawings3 00012 00015 000Increase or decrease (-)-6 000-10 000in equityEnding capital10 000

Capital refers to the resources introduced by the owner into the business that are used for revenue…

Answered: blanks for each of the five separate…

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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Examus student.use.examus.net/?ridban=1&sessi. ACCT101 FEX_2021_2_Male e18 Stockholders' equity consists of: 96 18 - 34 a. Long-term assets 11 18c Contributed capital and 95abe18 b. 95 par value 95abe18 C. Retained earnings and cash d. 95abe18ce33 Contributed capital and retained earnings Sabe18ce 33 95abe18ce33 95a 95abe18ce33 96abe18ce33 95abe18ce33 MacBook Pro F3 000 000 F4 つ 4 F5 F6 50 F7 67 & DII 7 V FS 8 A 9 9 个 II
Balance Sheets Following is selected information from the balance sheet for Flaps Inc. Total liabilities and stockholders' equity Current liabilities Common stock Contributed capital Noncurrent assets Retained earnings Total assets Noncurrent liabilities Additional paid-in capital Current assets Total liabilities Total stockholders' equity 20X1 $13,765 A 138 2,340 8,667 2,795 B 5,231 C D 8,630 E Required Solve for the missing amounts for each of the five years. 20X2 F $3,420 139 G 8,721 2,813 H I 2,216 J 8,683 5,168 Year 20X3 K $3,467 L 2,387 M 2,851 14.040 5,335 2,247 5,200 N O 20X4 P $3,517 142 2,422 8,968 Q R S T 5,275 8,929 5,314 20X5 U V $144 W X Y 14.351 5,454 2,296 5,315 Z 5,354
yby external tool Using the information below, compute ending retained earnings. Additional Paid-in Capital, Common $ 9,000 Accounts Payable 1,100 Total Expenses 7,800 Preferred Stock, at par 1,750 Common Stock, at par 400 Sales 10,000 Treasury Stock 250 Dividends 700 Retained Earnings (beginning) 1,000 Additional Paid-in Capital, Prefeered 50 O $2.500 $2.750 O$11.250 O$2.250 O$11.500 On what date does a declared cash dividend become a liability to be recorde
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A-7
Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $900, 000 of cash from the owners. 2. Purchased $345, 000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3. The company started and completed 6,500 modems. Direct materials purchased and used amounted to $55 per unit. 4. Direct labor costs amounted to $40 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $19 per unit. The company paid $65,000 to rent the manufacturing facility. 7. Stuart sold all 6,500 units at a cash price of $195 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost…

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