Cash$150,000Accounts Receivable$50,000Notes Payable$100,000Revenues$450,000Equipment$50,000Unearned Revenue$25,000Wages Expense$130.000Common Stock$75,000Dividends$5,000Depreciation Expense$90,000Supplies Expense$20,000Rent Expense$150,000Supplies$50,000Prepaid Rent$25,000The balance of Retained Earnings was $70,000 on January 1, 20x1.Use this information to fill out the following Statement of Retained Earnings for the year endedDecember 31, 20x1.ABC Co.Statement of Retained EarningsYear Ended 12-31-x1Retained Earnings, Jan 1, 20x1+Net Income-DividendsRetained Earnings, Dec 31, 20x1$SA$-$SA13

To calculate the net income, we need to subtract the total expenses from the total revenues. In this…

Answered: Cash $150,000 Accounts Receivable…

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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EZ CASH FLOW CASH ACCOUNTS PAYABLE JOHNSON CAPITAL CASH 82.000 F 100.000 20.000 I 4.000 3.000 100.000 АСCTSREC 15.000 15.000 10.000 O 10.000 106.000 9.000 EQUIP 3.000 F 6.000 ACC DEPR 82.000 ACCTSPAY 6.000 EXPENSES REVENUE J CAP ACCOUNTS RECEIVABLE CLOSING: 20.000 20.000 3.000 30.000 REV 27.000 15.000 REVENUE 30.000 EXP EXPENSES 20.000 27.000 DEPR EXP 15.000 DEPR EXPENSE 1.000 82.000 48.000 J CAPITAL 9.000 DEPRECIATION EXPENSE EQUIPMENT 1.000 1.000 20.000 20.000 Note: enter the drawing as a debit to the capital account. There are three types of cash flows: ACCUM. DEPR EQ. 1 OPERATING: cash flows from revenues and expenses. 1.000 1.000 2 INVESTINIG: cash flows from purchasing or selling assets. 3 FINANCING: cash flows from owner's investment or withdrawals. CASH FLOW STATEMENT TRANSACTIONS-Using your pencil, write each debit and credit into the T-accounts above. Cash Flows from Operations 1 Sally Johnson invested $100,000 in her business, Sally's Consulting. 2 Sally purchased equipment…
December 31, 2025 Cash $45,000 Notes payable (short-term) $50,000 Receivables $110,000 Accounts payable 32,000 Less: Allowance 15,000 95,000 Accrued liabilities 5,000 Inventory 170,000 Common stock (par $5) 260,000 Prepaid insurance Land 8,000 Retained earnings 141,000 20,000 Equipment (net) 150,000 $488,000 $488,000 CARVER INC. Income Statement For the Year Ended December 31, 2025 Sales revenue $1,400,000 Cost of goods sold Inventory, Jan. 1, 2025 $200,000 Purchases 790,000 Cost of goods available for sale 990,000 Inventory, Dec. 31, 2025 (170,000) Cost of goods sold 820,000 Gross profit on sales Operating expenses Net income $580,000 170,000 $410,000 (a) Compute the following ratios or relationships of Carver Inc. Assume that the ending account balances are representative unless the information provided indicates differently. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (1) Current ratio (2) Inventory turnover (3) Accounts receivable turnover (4) Earnings per share (5)…
Cash 450000 Market securities Accounts receivable Inventory Prepaid expenses Notes payable - 2 months due 700000 Accumulated liabilities 25000 125000 560000 48500 120000 Show Acid test and current ratio
Cash $ 152,000 Liabilities Accounts receivable 1,308,720 Accounts payable $ 763,800 Raw materials inventory 374,300 Loan payable 12,000 Finished goods inventory 1,237,052 Long-term note payable 1,900,000 $ 2,675,800 Equipment $ 2,280,000 Equity Less: Accumulated depreciation 570,000 1,710,000 Common stock 1,273,000 Retained earnings 833,272 2,106,272 Total assets $ 4,782,072 Total liabilities and equity $ 4,782,072 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 77,900 units. Budgeted sales in units follow: April, 77,900; May, 74,100; June, 76,000; and July, 77,900. The product’s selling price is $24.00 per unit and its total product cost is $19.85 per unit. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month’s ending materials inventory to equal 50% of the next month’s direct materials…
Current Year Previous Year Current assets: Cash $655,500 $520,000 Marketable securities 759,000 585,000 Accounts and notes receivable (net) 310,500 195,000 Inventories 643,500 475,800 Prepaid expenses 331,500 304,200 Total current assets $2,700,000 $2,080,000 Current liabilities: Accounts and notes payable (short-term) $435,000 $455,000 Accrued liabilities 315,000 195,000 Total current liabilities $750,000 $650,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to place.
Problem 84 (LAA) Summa Company revealed the following account balances on December 31, 2020 Accota payable Accounta receivable, net of allowance for doubtful accounts PS0.000 Accrued taxes Aecrued interest receivable Autherined sbare capital, 60,000 aharea. P100 par Building, net ofaccumulated depreciation of P500,000 3,000.000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net ofaccumulated depreciation of P900,000 Iaventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes reoeivable Patent Ocher accrued liabilities Prepaid expenses Share premium Retained earninge appropristed for contingencies Retained eantings Share ubecription receivable Subscribed share capital E000 shares Unianoed share capital 1000,000 50.000 30,000 5,000.000 50.000 650.000 2000.000 1,500,000 1,200,000 700.000 1,000,000 650.000 2.000.000 850.000 200,000 370,000 150,000 100,000 300,000 200,000 2.700,000 500,000 L000,000 2.000,000 Required:…
QUESTION 7 Presented below are the comparative December 31 financial statemenes for Dubai Industries, Inc. tin s Millions). Prepare a statement of cash flows for December 31, Year 2 uning the indirect method. Dubai Iedustries, Inc Balance Sheets A: December 31, Year 2 and Year 1 Year 2 Year1 Cash S96,719 Accounts Recetvable 100,000 85.313 Inventory 206.250 181.250 Prepaid Imsurance Land. Buildings, and Equipment 2.500 1.562.300 1406.250 Accumulated Depreciation (762,500) (715.000 Investments 10.20 Total Assets 1225 219 Accounts Payable Salartes Piryahle 25.000 3025 Notes Payable 31.250 第750
ADBRI Limited (ABC, formerly Adelaide Brighton Limited) is an integrated construction material and lime producing group of companies focused on the construction, engineering, infrastructure and resource sectors in Australia. ABC has three main operating divisions being: Cement, Lime, Concrete and Aggregates and Concrete Masonry Products. Acrow (ACF, formerly NMG Corporation Limited) operates in the Australian construction services industry, hiring formwork, falsework and scaffolding equipment and undertaking sales of formwork and scaffolding related consumables. The Formwork operation involves the supply of the temporary mould that supports concrete structures in their construction. The Scaffolding operation supplies scaffolding equipment and access solutions to builders and building contractors when working at heights. Below are extracts of ACF and ABC Limited's income statements and balance sheets for 2020. Item ACF ABC Limited Income Statement Income Statement Operating Revenue…
Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Item Amount $ 90,000 decrease $ 120,000 increase $ 3,000 decrease $ 65,000 decrease $ Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Sale of equipment Sale of long-term investments 8,000 increase $ 12,000 increase 7,000 gain $ 10,000 loss Required: For each item, indicate whether the dollar amount should be added to or deducted from net income under the indirect method when computing the net cash provided by operating activities for the year.
Current Year Previous Year Current assets: Cash $532,000 $439,200 Marketable securities 616,000 494,100 Accounts and notes receivable (net) 252,000 164,700 Inventories 554,400 297,700 Prepaid expenses 285,600 190,300 Total current assets $2,240,000 $1,586,000 Current liabilities: Accounts and notes payable (short-term) $406,000 $427,000 Accrued liabilities 294,000 183,000 Total current liabilities $700,000 $610,000 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
Metal tech Cash Account 31.12.2020 RS RS Balance B/D50Payment to suppliers2000 Equity share300Purchase of fixed asset200 Receipts from customer2800Overhead expenses200 Sale of fixed asset100Wages & Salaries100 Tax250 Dividend50 Repayment of loan300 Balance C/D150 3250 3250 Prepare a cash flow account for metal tech ending on 31.12.2020.
Book Value Realizable Value Cash P20,000 P20,000 Accounts receivable-net 100,000 75,000 Inventories 150,000 250,000 70,000 260,000 Plant assets-net Total P520,000 Preferred Creditors P70,000 Accounts Payable-unsecured Notes payable-secured by 150,000 accounts receivable 100,00 Mortgage payable-secured by all plant assets Total 200,000 P520,000 In the event of liquidation: 7. What is the estimated amount available to unsecured creditors without priority? 8. What is the estimated deficiency in the payment of creditors?

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