3 CashAccounts Receivable0 Inventory1 Land2 Building3 Building - Accumulated depreciation4 Equipment5 Equipment - Accumulated depreciation6 Accounts Payable7 Sales Tax Payable8 Long-term Debt9 Common SharesO Retained Earnings1 Sales Revenue2 Gain on sale of equipment3 Interest Revenue4 Rent Expense5 Wages Expense6 Advertising Expense7 Other ExpensesInterest ExpenseIncome Tax Expense0 TOTALS2 REQUIRED3456789-0$$Y5166,884 $ 56,120141,145126,31474,69068,941225,000125,000450,000450,000150,000125,000305,000250,00082,00075,00084,1021,539250,000100,00060,908915,87490,1172,984280,000150,000 -290,734 -1,038,8741,06756,944569,43722,65056,9445,69411,389In good form - prepare for Y5:Income Statement (single step)Balance Sheet (not classified)Statement of Retained EarningsStatement of Cash Flow (indirect method)Y40 $10,26325,963458,96016,55936,5995,6412,589ADDITIONAL INFORMATION - For Y5Equipment was purchased for cashEquipment with a cost of $20,000and accumulated depreciation of $9,000 was soldDividends were declared and paidDepreciation expense is included in Other ExpensesLand was purchased for cash

Explanation - There are three statements of the organization which show different accounting…

Cash Accounts Receivable Inventory Land Building Building - Accumulated depreciation Equipment Equipment - Accumulated depreciation Accounts Payable Sales Tax Payable Long-term Debt Common Shares Retained Earnings Sales Revenue Gain on sale of equipment Interest Revenue Rent Expense Wages Expense Advertising Expense Other Expenses Interest Expense Income Tax Expense TOTALS REQUIRED $ es $ Y5 166,884 $ 141,145 74,690 225,000 450,000 150,000 305,000 82,000 90,117 2,984 280,000 150,000 290,734 1,038,874 1,067 56,944 569,437 22,650 56,944 5,694 11,389 In good form - prepare for Y5: Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 0 $ Y4 56,120 126,314 68,941 125,000 450,000 125,000 250,000 75,000 84,102 1,539 250,000 100,000 60,908 915,874 10,263 25,963 458,960 16,559 36,599 5,641 2,589 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash

Cash Accounts Receivable Inventory Land Building Building - Accumulated depreciation Equipment Equipment - Accumulated depreciation Accounts Payable Sales Tax Payable Long-term Debt Common Shares Retained Earnings Sales Revenue Gain on sale of equipment Interest Revenue Rent Expense Wages Expense Advertising Expense Other Expenses Interest Expense Income Tax Expense TOTALS REQUIRED $ es $ Y5 166,884 $ 141,145 74,690 225,000 450,000 150,000 305,000 82,000 90,117 2,984 280,000 150,000 290,734 1,038,874 1,067 56,944 569,437 22,650 56,944 5,694 11,389 In good form - prepare for Y5: Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 0 $ Y4 56,120 126,314 68,941 125,000 450,000 125,000 250,000 75,000 84,102 1,539 250,000 100,000 60,908 915,874 10,263 25,963 458,960 16,559 36,599 5,641 2,589 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash

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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Question: Use the information given below. Accounts Payable $125,000 Accounts Receivable $175,000 Accrued Expenses $80,000 Cash $50,000 Common Stock $20,000 Cost of Goods Sold $400,000 Depreciation Expense $30,000 Gross PPE $700,000 Inventory $250,000 Long Term Debt $150,000 Net PPE $250,000 Note Payable $30,000 Operating Expenses $200,000 Sales Tax Expense Total Equity $950,000 $25,000 $340,000 What is the value of total assets?
Cash $ 200,490 Sales $ 8,104,080 Debt Investments (trading) (at cost, $145,000) 157,080 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 302,490 Equity Investments (long-term) 280,490 Notes Payable (short-term) 94,080 Accounts Payable 459,080 Selling Expenses 2,004,080 Investment Revenue 64,820 Land 264,080 Buildings 1,043,490 Dividends Payable 139,490 Accrued Liabilities 100,080 Accounts Receivable 439,080 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,080 Administrative Expenses 901,820 Interest Expense 212,820 Inventory 600,490 Gain 81,820 Notes Payable (long-term) 903,490 Equipment 604,080 Bonds Payable 1,003,490 Accumulated Depreciation-Equipment…
Balance Sheet December 31 Assets Cash Inventory Equipment Accounts receivable Less: Accumulated depreciation $ 21,000 520,000 142,500 $ 624,000 78,000 546,000 Total assets $ 1,229,500 Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) $ 355,000 11,000 88,000 454,000 Equity Common stock Retained earnings $ 474,500 301,000 775,500 Total liabilities and equity $ 1,229,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 6,500 units; February, 9,000 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100; February, $722,857; March, $519,245. c. Cash…
Accounts Payable Accounts Receivable Accumulated Depreciation (Equip) Allowance for Doubtful Accounts Bonds Payable Cash Cash Dividends Common Stock Cost of Goods Sold Depreciation expense Equipment Interest Expense Inventory Adjusted Trial Balance 12/31/2020 Gain on Sale of Equipment Notes Payable (due 9/30/22) PIC in Excess of Par - Common PIC from Treasury Stock Preferred Stock Prepaid Rent Retained Earnings Salary Expense Sales Returns & Allowances Sales Revenue Supplies Treasury Stock Unearned Sales Revenue Utilities Expense TOTALS Debit $4,000 $12,400 $2,800 $16,400 $1,400 $50,000 $400 $4,800 $600 $4,600 $2,000 $400 $600 $2,000 Credit $9,000 $10,000 $200 $10,000 $600 $600 $600 $20,000 $1,400 $6,000 $6,400 $36,800 $800 $102,400 $102,400 Total Assets Total Current Assets Total Liabilities Total Current Liabilities Total Stockholders' Equity Total Paid-in Capital Gross Profit Income from Operations Net Income Intangible Assets
balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 $ 19,500 37,400 84,640 5,900 350,000 $ 497,440 $ 33,000 56,400 134,500 6,900 304,400 $ 535,200 $ 68,340 86,800 190,000 152,300 $ 497,440 $ 535,200 $ 91,300 115,000 206,000 122,900 statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets Common stock, $5 par value Retained earnings Required: 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) invent sales in inventory, and () days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company…
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Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders Equity Accounts payable Long-term debt Stockholders equity Total liabilities and stockholders equity Joel de Paris, Incorporated Balance Sheet Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net Income $ 119,000 204,000 1. Average operating assets 2. Margin 2. Turnover 2 ROI 3. Residual income $4,467.000 3703,460 258,540 323,000 $ 435,540 Beginning Balance % $ 130,000 349,000 574,000 867,000 390,000 254,000 1.2.572,000 1% 1383,000 952,000 1,237,000 $ 2,572,000 Ending Balance $ 136,000 483,000 479,000 The company paid dividends of $326,540 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. 062,000 431,000 251,000 $…
Decrease in plant and equipment $ Decrease in deferred tax asset $ Increase in accounts receivable $ Net Loss $ 122,865 587,458 15,487 65,892 109,520 215,877 Increase in inventory $ Decrease in short-term debt $ Net cash from financing activities Net cash from investing activities Net cash from operating activities
Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 5,400 17,200 4,800 53,000 11,700 124,000 41,500 2,400 37,000 152,500 28,000 238,000 28,000 57,000 31,000 400,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?