E2-8 These financial statement items are for Barfield Corporation at year-end, July 31, 2014. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable $ 2,080 57,500 15,600 18,500 4,100 66,100 8,500 1,800 16,000 29,200 9,780 6,000 4,000 4,000 34,000 Service revenue Rent revenue Notes payable (due in 2017) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) Instructions (a) Prepare an income statement and a retained earnings statement for the year. Corporation did not issue any new stock during the year. (b) Prepare a classified balance sheet at July 31. (c) Compute the current ratio and debt to assets ratio. Barfield

E2-8 These financial statement items are for Barfield Corporation at year-end, July 31, 2014. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable $ 2,080 57,500 15,600 18,500 4,100 66,100 8,500 1,800 16,000 29,200 9,780 6,000 4,000 4,000 34,000 Service revenue Rent revenue Notes payable (due in 2017) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) Instructions (a) Prepare an income statement and a retained earnings statement for the year. Corporation did not issue any new stock during the year. (b) Prepare a classified balance sheet at July 31. (c) Compute the current ratio and debt to assets ratio. Barfield

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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The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
The balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: $ 107,800 $ 118,100 94,500 84,500 2,500 Cash 80,000 100,000 5,000 Accounts receivable Inventory Prepaid rent Long-term assets: 505,000 695,000 (278,000) $1,221,600 Land 505,000 810,000 (433,000) $1,174,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $ 104,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 6,300 9,000 89, 500 12,600 5,500 105,000 210,000 Common stock Retained earnings Total liabilities and stockholders' eguity 725,000 225,500 $1,174,800 725,000 179,000 $1,221,600 Additional Information for 2021: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $105,000 In notes payable. 5. The company declares and pays…
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What are the answerr for questions number 14-16?
The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31, 2024: Accounts payable $15, 400 Accounts receivable 30, 400 Accumulated depreciation-equipment 10, 200 Cash 20, 400 Common shares 13,600 Depreciation expense 6,800 Dividends declared 4, 400 Equipment 29, 450 Fees earned 111, 100 Income tax expense 7, 200 Income tax payable 6,950 Insurance expense 5, 900 Prepaid insurance 4,900 Rent expense 8, 400 Retained earnings 23,400 Salaries expense 51, 200 Salaries payable 5, 400 Supplies 5,800 Supplies expense 6, 400 Utilities expense 4, 800 During the year ended March 31, 2024, common shares were issued for $7,400. (a) Prepare a statement of income for the year.
The following totals for the month of April were taken from the payroll records of Sunland Company. $115200 8810 24000 Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $76020. O debit to Salaries and Wages Payable for $78090. O debit to Salaries and Wages Payable for $69280. O credit to Cash for $86900. 4300 310 2070
Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ millions)Amount Classification Sales $42,879 Answer B I Accumulated depreciation 6,690 Answer B I Depreciation expense 770 Answer B I Retained earnings 2,985 Answer B I Net income 1,464 Answer B I Property, plant & equipment, net 2,510 Answer B I Selling, general and admin expense 8,015 Answer B I Accounts receivable 1,015 AnswerB I Total liabilities 9,595 Answer B I Stockholders' equity 3,306 Answer B I (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer answer complete and correct and in detail with all work
Refer to the 3.00% senior notes due May 2027. Calculate the interest expense on this note for fiscal year 2022.
Janice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.
The following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.
4. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution Pbilbealth Pag-ibig Witholding taxes 425,000 85,000 85.000 2,125,000 Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account