ended 31st March, 2020 and Balance Sheet as at that L.F. Dr. Balance () Cr. Balance ) Heads of Accounts 5,00,000 Capital Plant and Machinery Land and Building 1,00,000 1,20,000 9,00,000 50,000 30,000 Sales Furniture and Fixtures Trade Expenses Cash at Bank 2,50,000 60,000 10,000 6,00,000 2,00,000 1,00,000 Wages and Salaries Repairs Purchases Opening Stock Sundry Debtors Sundry Creditors Purchases Return 1,20,000 S.. 10,000 ... 12,000 w.. Rent 8,000 Discount 10,000 Drawings 40,000 w.. Bills Receivable 30,000 ... Bills Payable 4,000 Bad Debts 10,000 ... Interest 10,000 Input CGST A/c Input SGST A/c nput IGST A/c Dutput CGST A/c Dutput SGST A/c Dutput IGST A/c 10,000 5,000 5,000 ... 5,000 ... 15,000 16,07,000 16.07,000 Total

ended 31st March, 2020 and Balance Sheet as at that L.F. Dr. Balance () Cr. Balance ) Heads of Accounts 5,00,000 Capital Plant and Machinery Land and Building 1,00,000 1,20,000 9,00,000 50,000 30,000 Sales Furniture and Fixtures Trade Expenses Cash at Bank 2,50,000 60,000 10,000 6,00,000 2,00,000 1,00,000 Wages and Salaries Repairs Purchases Opening Stock Sundry Debtors Sundry Creditors Purchases Return 1,20,000 S.. 10,000 ... 12,000 w.. Rent 8,000 Discount 10,000 Drawings 40,000 w.. Bills Receivable 30,000 ... Bills Payable 4,000 Bad Debts 10,000 ... Interest 10,000 Input CGST A/c Input SGST A/c nput IGST A/c Dutput CGST A/c Dutput SGST A/c Dutput IGST A/c 10,000 5,000 5,000 ... 5,000 ... 15,000 16,07,000 16.07,000 Total

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 following amounts were reported on the December 31, 2019, balance sheet: $ 8,000 20,000 15,000 120,000 30,000 80,000 180,000 22,000 40,000 5,000 Cash Land Accounts payable Bonds payable Merchandise inventory Retained earnings Buildings and equipment, net of accumulated depreciation Accounts receivable Common stock Wages payable Working capital at December 31, 2019 was: Multiple Choice $120,000. $10,000.
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
26 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable - - BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 - Fees Income BD2700- Furniture BD10000 Required: Compute the net income or net loss and show solution steps.
Comparative balance sheets at December 31, 2020 and 2021 are show for the company below. 2020 2021 Cash 68,200 131,450 accounts receivable 81,400 86,900 Inventory 129,800 136,400 Prepaid expenses 5,500 6,600 Land 0 70,950 Plant assets 264,400 306,900 Accumulated depreciation (94,600) (88,000) Franchise 35,200 26,400 Total assets $471,900 $677,600 Accounts payable 45,100 58,300 Notes payable 69,300 63,800 Bonds payable 0 141,900 Common stock 275,000 302,500 Additional paid in capital 50,600 61,600 Retained earnings 31,900 49,500 Total liabilities and equity $471,900 $677,600 Additional Information:1. A fully depreciated plant asset, which originally cost $22,000 and had no salvage value, was sold for $1,100. 2. Bonds payable were issued at par value. One-half of the bonds were exchanged for land; the remaining one-half was issued for cash. 3. Common stock was sold for cash. 4. The only entries in the Retained…
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
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…
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
27 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000 Required: Compute ending capital on Dec 31 2020 and show solution steps. *
Accounts Payable$ 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.
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is