HELP Grant Ventures began operations on January 1, 2023. Presented below is selected information related to GrantVentures on December 31, 2023:ItemAmount (£)Equipment162,000Cash72,000Service Revenue420,000Rent Expense50,000Accounts Payable66,000Share Capital-ordinary140,000Utilities Expense32,000Accounts Receivable106,000Salaries and Wages Expense 188,000Notes PayableDividends45,00070,000On December 31, 2023, the total assets are:a) £340,000b)£310,000c)£375,000d)£298,000

Provided Data:Equipment = £162,000Cash = £72,000Accounts Receivable = £106,000Other items are…

Answered: Grant Ventures began operations on…

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 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…
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)…
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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…
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A comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000 9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 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. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…
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9. Michael and Jackson are partners with capital accounts that had following transactions during 2020: the Michael Jackson Debit Credit P182,000 Debit Credit P175,500 Balance, January 1, 2020 February 28 P52,000 78,000 March 31 104,000 April 30 65,000 June 30 91,000 August 31 September 30 October 31 26,000 26,000 The Income Summary account has a credit balance of P663,000. Requirements: Prepare a statement of profit distribution for each of the following independent profit-sharing agreements: 1. In the average capital ratio. 2. Interest on average capital at 9 percent, salaries of P78,000 to Michael and P130,000 to Jackson, respectively, a bonus to Michael of 25 percent of net income after interest and salaries but before the bonus, and the balance.equally. 3. Interest at 10 percent on the amount by which the ending caplie balance exceeds the beginning balance and the balance equally. 4. Salaries of P104,000 and P156,000 to Michael and Jackson, respective a bonus to Michael of 25…

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