Please assist with the attached.Thank you. Gain82,780Notes Payable (long-term)902,870Equipment604,800Bonds Payable1,002,870Accumulated Depreciation-Equipment60,000Franchises160,000Common Stock ($5 par)1,004,800Treasury Stock195,800Patents195,000Retained Earnings80,870Paid-in Capital in Excess of Par82,870Totals$12,363,710$12,363,710Prepare a balance sheet at December 31, 2020, for Windsor Corporation. (Ignore income taxes). (List Current Assets in order ofliquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide thedescriptive information provided in the question.) Presented below is the trial balance of Windsor Corporation at December 31, 2020.DebitCreditCash$ 199,870Sales$ 8,104,800Debt Investments (trading) (at cost, $145,000)157,800Cost of Goods Sold4,800,000Debt Investments (long-term)301,870Equity Investments (long-term)279,870Notes Payable (short-term)94,800Accounts Payable459,800Selling Expenses2,004,800Investment Revenue65,780Land264,800Buildings1,042,870Dividends Payable138,870Accrued Liabilities100,800Accounts Receivable439,800Accumulated Depreciation-Buildings152,000Allowance for Doubtful Accounts29,800Administrative Expenses902,780Interest Expense213,780Inventory599,870

Solution : Current assets Cash $ 199,870 Debt investments (Trading) $…

Answered: Gain 82,780 Notes Payable (long-term)…

Gain 82,780 Notes Payable (long-term) 902,870 Equipment 604,800 Bonds Payable 1,002,870 Accumulated Depreciation-Equipment 60,000

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

The trial balance of Novak Ltd. at December 31, 2020, follows: Debits Credits Cash $295,000 Sales revenue $10,299,000 FV-NI investments (at fair value) 323,000 Cost of goods sold 6,400,000 Bond investment at amortized cost 429,000 FV—OCI investments (fair value $445,000) 378,000 Notes payable (due in six months) 99,000 Accounts payable 805,000 Selling expenses 2,460,000 Investment income or loss* 11,000 Land 320,000 Buildings 2,940,000 Dividends payable 56,000 Income tax payable 106,000 Accounts receivable 705,000 Accumulated depreciation—buildings 232,000 Allowance for doubtful accounts 37,000 Administrative expenses 930,000 Interest expense 251,000 Inventory 767,000 Gain on disposal of land…
Pax Limited showed the following assets and liabilities in its financial statements at 31 December 2018. DETAILS CARRYING AMOUNT FAIR VALUE PPE 10,000,000 14,000,000 Inventory 4,200,000 4,400,000 Long Term Loans (3,500,000) (3,500,000) Account Payable (2,500,000) (2,500,000) 8,200,000 12,400,000 The current market rate for similar transactions is 8.5% per annum. Chelsea Limited planned to acquire all the assets and liabilities of Pax Limited on 1 July 2018 and agreed to pay R13,400,000 in cash on 1 July 2019 in full settlement of the acquisition. Required: Calculate the purchase consideration. Calculate the goodwill or bargain purchase for this transaction. Prepare the journal entries required in the books of Chelsea Limited relating to this transaction.
Subject :- ADVANCED FINANCIAL ACCOUNTING (FIN611) Question # 2:XYZ Limited has the following loans outstanding as at December 31, 2020. Calculate the Capitalization RateLoan – A @ 8% (taken at January 01, 2020) Rs. 600,000Loan – B @ 5% (taken at July 01, 2020) Rs.400,000Loan – C @ 9% (taken at September, 01 2020) Rs.300,000The company spent following amounts on construction of an asset.March 01, 2020. Rs. 500,000August 01, 2020. Rs. 400,000December 1, 2020 Rs. 400,000 Note:- Solve these question and please explain in detail in such a way that i will get full marks.
Presented below is the trial balance of Walter Corporation at December 31, 2020.Cash 197,000Sales 7,900,000Trading Securities (at cost, P145,000) 153,000Cost of goods sold 4,800,000Long-term investments in bonds 299,000Long-term investment in share capital - ordinary 277,000Short-term notes payable 90,000Accounts payable 455,000Selling expenses 2,000,000Investment revenue 63,000Land 260,000Buildings 1,040,000Dividends payable 136,000Accrued liabilities 96,000Accounts receivables 435,000Accumulated Depreciation – Building 352,000Allowance for doubtful accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventories 597,000Provision for pension (long term) 80,000Long term notes payable 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation – Equipment 60,000Franchise 160,000Shares Capital – Ordinary 1,000,000Treasury Shares 191,000Patent 195,000Retained Earnings 78,000Other comprehensive income 80,000 Requirements:1. How much is the total assets?2. How…
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
Flint Inc., a greetlng card company, had the following statements prepared as of December 31, 2020. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,100 Accounts recelvable 62,400 51,000 Short-term debt Investments (avallable-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepald rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreclatlon-equlpment (34,900 ) (24,800 ) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salarles and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retalned earnings 58,000 37,300 Total labiles &. stockholders' equlty $314,100 $296,100 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses…
3) The trial balance of Pina Colada Ltd. at December 31, 2020, follows: Debits Credits Cash $235,000 Sales revenue $9,035,000 FV-NI investments (at fair value) 213,000 Cost of goods sold 4,900,000 Bond investment at amortized cost 479,000 FV—OCI investments (fair value $465,000) 415,000 Notes payable (due in six months) 106,000 Accounts payable 795,000 Selling expenses 2,560,000 Investment income or loss* 14,000 Land 370,000 Buildings 2,240,000 Dividends payable 46,000 Income tax payable 112,000 Accounts receivable 655,000 Accumulated depreciation—buildings 322,000 Allowance for doubtful accounts 42,000 Administrative expenses 930,000 Interest expense 381,000 Inventory 877,000 Gain on disposal of…
The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…
Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…
The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020AssetsCurrent assets:Cash $ 103,500 $ 70,400Accounts receivable 46,800 32,000Inventory 44,550 71,200Prepaid rent 7,200 3,600Long-term assets:Investment in bonds 54,900 0Land 117,450 141,600Equipment 106,200 102,000Less: Accumulated depreciation (30,600) (20,800)Total…
V Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 69. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 70. What amount of bad debts are recognized for the current year? 60,000 b. 70,000 a. c. 80,000 d. 110,000