Financial information related to Udder Products Company, a proprietorship, for the month ended April 30, 2019, is as follows: Net income for April $166,000 Mark Kominksy's withdrawals during April 25,000 Mark Kominksy's capital, April 1, 2019 384,500 a. 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?
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- Planning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, fK McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...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
- 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…The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Debits 14,600 345,000 14,500 54,000 640,000 Account Title Credits Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue 266,000 78,000 72,000 7,800 2,400 400, 000 165,000 780,000 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 468,000 117,000 43, 500 64,000 4,800 5,800 1,771, 200 1,771, 200 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. Re LA Reg 1a Re 2 Prepare an incoe statement for the year anded December 31, 2021. BLUEBOY CHEESE CORPORATION Income Satement For the Year Ended December 31, 221Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land 32,960 Bonds payable 101,480 Buildings 121,480 Common stock 182,960 Equipment 92,960 Retained earnings 46,960 Accum. depr.-buildings ( 31,480 ) Total $ 482,880 Accum. depr.-equipment ( 11,000 ) Patents 41,480 Total $ 482,880 The following information is available for 2020. 1. Net income was $ 54,810. 2. Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. 3. Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. 4. Patent amortization was $ 2,500. 5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. 6. An addition to the building was completed at a cost of $ 28,480. 7. A long-term investment in…
- Epsilon Golf Company's balance sheet at December 31, 2021 is as follows: (Click the icon to view the balance sheet.) Requirement 1. Perform a vertical analysis of Epsilon Golf Company's balance sheet to determine the component percentages of its assets, liabilities, and stockholders' equity. (Round the percentages to the nearest hundredth percent, X.XX%. Do not enter the % symbol in any of the input fields.) Assets Total current assets Property, plant, and equipment, net Other assets Total assets Liabilities Total current liabilities December 31, 2021 Long-term debt Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ Amount 42,465 203,775 38,760 285,000 46,455 107,730 154,185 130,815 285,000 % of total % % % % % % % % %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.Required Information As of December 31, 2019. Armani Company's financlal records show the following Items and amounts. Cash $11,400 10,400 7,400 6,400 13,8e0 17,400 21,8ee 14,400 35,8ee 24,8ee 21,400 13,400 9,400 Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital, Dec. 31, 2019 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2019 Assets Liabilities Cash Accounts receivable Supplies Equipment 11,400 Accounts payable 10,400 7,400 Total liabilities 13,800 13,800 6,400 A. Armani, Capital Equity 21,800 Total assets 35,600 Total liabilities and equity 35,600
- Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity. Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 3. (a) (b) (c) (d) 2020 $34,000 Proceeds from the sale of equipment. Cash dividends paid. 278,500 (176,300 ) (168,400) 2020 Redemption of bonds payable. $49,000 8,000 22,100 9,100 104,600 Selected income statement information for the year ended December 31, 2020: Sales revenue $154,400 38,100 2019 14,700 $24,100 30,900 249,400 2019 $45,900 5,100 18,900 3,000…Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ 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 workThe bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet