Balance sneet.Data table-x isInsurance Expense$10,000Accounts Receivable$12,000Cash35,000Notes Payable11,000Accounts Payable4,000Wood, Capital, Dec. 31, 2018?Advertising Expense1,800Salaries Expense20,000Service Revenue70,000Equipment32,200Wood, Withdrawals9,000Owner contribution25,000PrintDone Life Photography works weddings and prom-type parties. The balanceof Wood, Capital was $10,000 at December 31, 2017. At December31, 2018, the business's accounting records show these balances:Prepare the following financial statements forLife Photography for the year ended December 31, 2018:а.Income statement.E (Click the icon to view the accounts.)b. Statement of owner's equity.c.Balance sheet.a. Prepare Life Photography's income statement. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)Net Income

The financial statements of the business include the income statement, balance sheet and cash flow…

Data table Insurance Expense $ 10,000 Accounts Receivable $ 12,000 Cash 35,000 Notes Payable 11,000 Accounts Payable 4,000 Wood, Capital, Dec. 31, 2018 ? Advertising Expense 1,800 Salaries Expense 20,000 Service Revenue 70,000 Equipment 32,200 Wood, Withdrawals 9,000 Owner contribution 25,000

Data table Insurance Expense $ 10,000 Accounts Receivable $ 12,000 Cash 35,000 Notes Payable 11,000 Accounts Payable 4,000 Wood, Capital, Dec. 31, 2018 ? Advertising Expense 1,800 Salaries Expense 20,000 Service Revenue 70,000 Equipment 32,200 Wood, Withdrawals 9,000 Owner contribution 25,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Below information is excerpt from ABC Company's Dec. 31, 2021 financial records:
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
Balance Sheet December 31, 2021 Current Assets: Cash 46,200 Accounts Receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total Assets 957,700 Liabilities and Stockholders' Equity Current liabilities: 158,000 Accounts Payable Stockholders' equity: Common stock 419,800 Retained earnings 379,900 Total stockholders; equty 799,700 Total liabilities and stockholder's equity 957,700 Additional Information The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2022 budget: 1 The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth…
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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) +
(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &
Bha
Accounts Payable$ 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.
don't give answer in image format
Tara Co. Statement of Financial Position As at December 31, 2021 2021 2020 Cash 4,400 6,000 Accounts receivable (net) 9,400 10,600 6,040 4,000 Inventory Prepaid rent 520 1,200 64,840 48,040 - 6,400 - 8,000 960 FVTOCI Investments 800 Property, Plant and Equipment Accumulated depreciation 80.000 62,400 Accounts payable 4,095 3,700 Wages payable Interest payable 365 710 360 300 Unearned revenues 500 700 Dividends payable 560 Long term Note Payable 10,300 52,000 39,000 12,000 8,300 Common shares Retained earnings Accumulated OCI – FVTOCI Investments 9,600 180 90 80,000 62,400 Additional Information for 2021: Machinery costing $10,000 was acquired by issuing a long-term note for the full amount. Machinery with original cost of $5,500 was sold during the year. One FVTOCI investment was sold for $400 during the year. This investment's original cost was $160 and had a carrying value of $360 at the beginning of 2021. Required : Prepare the following parts of the Statement of Cash Flow for the…
The financial information on Lazy Day, Inc. is as follows: 2019 2020 Cash $ 138 $ 97 Sales 10,204 11,317 Inventory 5,209 5,138 Depreciation 956 948 Cost of goods sold 4,207 4,618 Accounts payable 3,338 3,209 Long-term debt 4,200 3,800 Shareholders’ equity 9,229 9,906 Accounts receivable 2,780 2,960 Net fixed assets 8,640 8,720 Interest expense 350 320 Selling and administrative expenses 1,015 984 Taxes 1,250 1,512 What is the cash flow to creditors for 2020?