CashAccounts ReceivablePrepaid InsuranceNotes Receivable (long-term)EquipmentAccumulated DepreciationAccounts PayableSalaries and Wages PayableIncome Taxes PayableDeferred RevenueCommon StockRetained EarningsDividendsSales RevenueRent RevenueSalaries and Wages ExpenseDepreciation ExpenseUtilities ExpenseInsurance ExpenseRent ExpenseIncome Tax ExpenseTotalRequired:Prepare a statement of retained earnings for the year.SKY BLUE CORPORATIONStatement of Retained EarningsAt December 31Balance, January 1Balance, December 31$0Debit$ 1,2902,6002,9003,60015,00036022,8001,9004,8202,0006,6003,500$ 67,370Credit$ 3,8006,0201,3003,5007203,0001,24047,430360$ 67,370

Retained earnings:Sky Blue CorporationStatement of Retained EarningsFor the Year Ended December…

Answered: Cash Accounts Receivable Prepaid…

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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ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash…
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.
2 Skipped eBook Balance sheet: Cash Accounts receivable (net) Inventory Property & equipment (net) Other assets Total assets Current liabilities Long-term debt (interest rate: 10%) Capital stock ($10 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Income statement: Sales revenue (1/3 on credit) Cost of goods sold. Operating expenses Net income Other data: Per share stock price at end of current year Average income tax rate Dividends declared and paid in current year Blue Water $ 42,800 47,000 90,000 167,000 85,800 S 432,600 S 90,000 77,600 160,600 30,800 73,600 $ 432,600 $ 420,000 (232,000) (164,600) S 23,400 S 23.8 30% $ 34,800 Prime Fish $ 19,200 36,400 50,800 422,600 323,000 $ 852,000 $76,000 63,600 530,000 107,800 74,600 $ 852,000 $ 784,000 (401,800) (312,800) $ 69,400 $ $ 157,000 33 30% Both companies are in the fish catching and manufacturing business. Both have been in business approximately 10 years, and each has had steady…
Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO)Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February 3, 2019, which the company labels fiscal year 2018. THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Assets Current assets Cash and cash equivalents $1,778 $3,595 Receivables, net 1,936 1,952 Merchandise inventories 13,925 12,748 Other current assets 890 638 Total current assets 18,529 18,933 Net property and equipment 22,375 22,075 Goodwill 2,252 2,275 Other assets 847 1,246 Total assets $44,003 $44,529 THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Liabilities and Stockholders’ Equity Current liabilities Short-term debt $1,339 $1,559 Accounts payable 7,755 7,244 Accrued salaries and…
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
ratio. Deana Company's working capital accounts at December During 19x7, Denna Company completed the following transactions P17-11 Effect of various transa given below: Cash Marketable securities Accounts receivable (net) Inventory - Prepaid expenses Accounts payable Notes due within one year Accrued llabilities. S 50,000 30,000 200,000 210,000 10,000 150,000 30,000 20,000 R Paid a cash dividend previously declared, $12.000 b. Soid inventory costing $50,000 for $30,000, on account Wrote off uncollectible accounts in the amount of $10 000 Declared a cash dividend, $15,000. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35.000 A Sold inventory costing $15,000 for SI0,000 cash. Purchased inventory on account, $60,000. DI Paid off all short-term notes due, $30,000. Purchased equipment for cash, $15,000. d. e. h. j. Sold marketable securities costing $18,000 for cash, $15,000 k. Collected cash on accounts receivable, $80,000. ves Compute the following…
Retained earnings, December 31, 2021 Cost of buildings purchased during 2022 Net loss for the year ended December 31, 2022 Dividends declared and paid in 2022 Increase in cash balance from January 1, 2022 to December 31, 2022 Increase in long-term debt in 2022 $ 313, 200 46,000 4,050 13, 600 10, 900 15, 600 Required: From the above data, calculate the retained earnings balance as of December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2022
Current Position Analysis The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $273,600 $201,600 Marketable securities 316,800 226,800 Accounts and notes receivable (net) 129,600 75,600 Inventories 760,300 589,300 Prepaid expenses 391,700 376,700 Total current assets $1,872,000 $1,470,000 Current liabilities: Accounts and notes payable (short-term) $278,400 $294,000 Accrued liabilities 201,600 126,000 Total current liabilities $480,000 $420,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $ $ 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has improved from the preceding year to the current year. The working capital, current ratio, and quick ratio have…
Assets Current assets: Cash Marketable securities Accounts receivable (net) Inventory Total current assets Investments Plant and equipment Less: Accumulated depreciation Net plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity Preferred stock, $ 50 par value Common stock, $ 1 par value Capital paid in excess of par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 611,000 272,000 $ 52,500 22,500 178,000 290,000 $ 543,000 66,200 339,000 $948,200 $ 95,100 78,700 12,000 $ 185,800 159,400 $ 345,200 $ 100,000 80,000 190,000 233,000 $ 603,000 $948,200
Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Stockton Company Adjusted Trial Balance December 31 Determine the retained earnings ending balance. Oa. $31,896 Ob. $1,577 Oc. $12,793 Od. $13,088 6,827 2,410 706 16,000 872 3,473 823 483 224 78 31,896 4,532 1,761 5,857 1,000 12,088 6,658 31,896

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