Financial information related to Udder Products Company, a proprietorship, for the monthended April 30, 2019, is as follows:Net income for April$166,000Mark Kominksy's withdrawals during April25,000Mark Kominksy's capital, April 1, 2019384,500a. Prepare a statement of owner's equity for the month ended April 30, 2019.b.Why is the statement of owner's equity prepared before the April 30, 2019,balance sheet?

a. Prepare statement of owner's equity

Answered: Financial information related to Udder…

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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Required: Prepare a properly classified statement of financial position for HBI COMPANY as of December 31, 2021. Save your FS as pdf and upload it here.
Retained Profits of Green Ltd at 1 July 2019 were $8,000. The accounting records for the year ended 30 June 2020 showed the following information: Credit sales 25,000 Cash collected from customers17,500 Interest earned 500 Expenses incurred 14,600 Cash paid to suppliers 10,300 Dividends declared and paid 6,500 what is Green Ltd’s Retained Profit as at 30 June 2020?
The current assets and liabilities sections of the comparative balance sheets of Regent Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income statement: REGENT INC. Comparative Balance Sheet Accounts 2024 2023 Cash $27,720 $29,400 Accounts receivable 17,920 11,480 Inventory 9,100 12,880 Prepaid expenses 2,100 1,624 Accounts payable 12,040 10,080 Accrued expenses payable 1,400 2,240 Dividends payable 6,720 4,760 Income tax payable 1,904 3,304 REGENT INC. Income Statement Year Ended October 31, 2024 Sales $175,000 Cost of goods sold 109,200 Gross profit 65,800 Operating expenses $24,640 Depreciation expense 6,440 Loss on sale of equipment 2,240 33,320 Profit before income tax 32,480 Income tax expense 8,120 Profit for the year $24,360 Instructions Prepare the operating section of the cash flow statement using the direct method.
Here is financial information for Vaughn Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings Assets Current assets Plant assets (net) Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock, $1 par December 31, 2022 $124,600 Retained earnings Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) Total stockholders' equity Total liabilities and stockholders' equity 395,010 eTextbook and Media 88,111 135,198 166,838 129,463 2022 $124,600 395,010 $88,111 135,198 223,309 166,838 129,463 December 31, 2021 $100,000 296,301 $519,610 330,000 73,000 87,000 2021 $519,610 $430,000 119,000 151,000 VAUGHN INC. Condensed Balance Sheets December 31…
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
D2. Account
You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…
Below is a trial balance as of 12-31-2019 for Richmond Field Inc. Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Accounts payable and accrued liabilities Income taxes payable Bonds payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/18 Sales Sales returns and allowances Rental income Dividend income Cost of goods sold Salary expenses All other employee expenses Advertising expense Insurance expense Last name begins with Travel expenses All other expenses Loss on discontinued division Income tax rate is 20% and tax has not been included in trial balance. Dr. Problem 2 Prepare a balance sheet as of 12/31/19 for Richmond Field Inc A-F Trial Balance Cr. 1,775,000 2,695,000 2,085,000 8,566,000 Problem 1 Prepare a multiple step income statement for 2019 for Richmond Field. The tax rate is 20% 40,000 8,500,000 2,600,000 500,000 50,000 50,000 150,000 125,000 300,000 27,436,000 1,000,000 1,211,000…
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals View transaction list Journal entry worksheet
Wildhorse Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets (net) Land 1. During 2020, the following occurred. 2. 3. 4. 5. 6. 7. WILDHORSE INC. BALANCE SHEET DECEMBER 31, 2019 $8,400 28,800 8. 20,000 67,100 40,300 $164,600 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $9,900 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $30,600 after allowing depreciation of $13,300. Land was purchased through the issuance of $22,800 in bonds. $15,200 25,500 25,000 75,000 23,900 $164,600 Wildhorse Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020. Both…
Prepare the statement of financial position as at 31 december 2020
The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.

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