GREEN LAWNS, INC. Adjusted Trial Balance December 31, Current Year Cash Accounts receivable Supplies Equipment Accumulated depreciation: equipment Accounts payable Income taxes payable Capital stock Retained earnings Dividends Lawn care revenue earned Salary expense Supply expense Advertising expense Depreciation expense: equipment Income taxes expense $ 218,640 10,800 720 28,800 4,800 124,800 2,880 720 2,400 27,840 $ 422,400 $ 12,000 3,600 8,400 60,000 108,000 230,400 $ 422,400 Prepare an income statement and statement of retained earnings for the year ended December 31, 2023. Also prepare the company's statement of financial position dated December

GREEN LAWNS, INC. Adjusted Trial Balance December 31, Current Year Cash Accounts receivable Supplies Equipment Accumulated depreciation: equipment Accounts payable Income taxes payable Capital stock Retained earnings Dividends Lawn care revenue earned Salary expense Supply expense Advertising expense Depreciation expense: equipment Income taxes expense $ 218,640 10,800 720 28,800 4,800 124,800 2,880 720 2,400 27,840 $ 422,400 $ 12,000 3,600 8,400 60,000 108,000 230,400 $ 422,400 Prepare an income statement and statement of retained earnings for the year ended December 31, 2023. Also prepare the company's statement of financial position dated December

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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Se.104.
Balance Sheet December 31 Assets Cash Inventory Equipment Accounts receivable Less: Accumulated depreciation $ 21,000 520,000 142,500 $ 624,000 78,000 546,000 Total assets $ 1,229,500 Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) $ 355,000 11,000 88,000 454,000 Equity Common stock Retained earnings $ 474,500 301,000 775,500 Total liabilities and equity $ 1,229,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 6,500 units; February, 9,000 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100; February, $722,857; March, $519,245. c. Cash…
Income Statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $ 3,095 Fuel Expense 3,374 Maintenance and Repairs Expense 2,622 Other Expense 10,337 Provision for Income Taxes (Benefit) (219) Purchased Transportation 15,101 Rentals and Landing Fees 3,361 Revenues 65,450 Salaries and Employee Benefits 23,207 Prepare an income statement. FedEx CorporationIncome StatementFor the Year Ended May 31 (in millions) $Revenues Expenses: $Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation expense Fuel expense Maintenance and repairs expense Provision for income taxes (benefit) Other expense Total expenses fill in the blank 19 $Net income
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ces QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold. Gross profit $ 64,300 27,600 57,700 3,600 Beginning balance 153,200 72,600 (11,200) $ 214,600 $ 10,100 6,000 1,000 Furniture 17,100 20,600 37,700 CRUS, INCORPORATED Incone Statement For Year Ended December 31, 2021 154,700 22,200 $ 214,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 2020 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193,100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $…
Days' cash on hand Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,500 $24,250 Short-term investments (end of year) 8,270 9,460 Operating expenses 60,135 63,780 Depreciation expense 13,225 11,400 Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365 days in a year. Round all calculations to one decimal place. Days’ Cash on Hand 20Y8: fill in the blank 1 66 days 20Y9: fill in the blank 2 days
Cash Accounts receivable Inventory Equipment Assets DIMSDALE SPORTS COMPANY Liabilities Less: Accumulated depreciation Equipment, net Total assets Balance Sheet December 31 Liabilities and Equity Accounts payable Loan payable Taxes payable (due March 15) Equity $636,000 79,500 $ 350,000 12,000 91,000 $ 21,000 520,000 157,500 $ 471,000 331,000 556,500 $ 1,255,000 $ 453,000 Common stock Retained earnings Total stockholders' equity Total liabilities and equity To prepare a master budget for January, February, and March, use the following information. 802,000 $ 1,255,000 a. The company's single product is purchased for $30 per unit and resold for $56 per unit. The inventory level of 5,250 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 7,500 units; February, 9,250 units; March, 11,500 units; and April, 10,500 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows:…
Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 6.00 per kilo $ 20.00 per hour $ 6.00 per hour Direct materials 8.5 kilos Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units Raw materials used in production 29,030 kilos Purchases of raw materials 31,600 kilos Actual direct labor-hours 1,160 hours $ 195,920 $ 22,736 $ 7,540 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for August is:
Joint Cost Allocation—Market Value at Split-off Method Sugar Sweetheart, Inc., jointly produces raw sugar, granulated sugar, and caster sugar. After the split-off point, raw sugar is immediately sold for $0.20 per pound, while granulated and caster sugar are processed further. The market value of the granulated sugar and caster sugar is estimated to both be $0.25 at the split-off point. One batch of joint production costs $1,640 and yields 3,000 pounds of raw sugar, 3,600 pounds of granulated sugar, and 2,000 pounds of caster sugar at the split-off point. Allocate the joint costs of production to each product using the market value at split-off method. Joint Product Allocation Raw sugar $fill in the blank 1 Granulated sugar fill in the blank 2 Caster sugar fill in the blank 3 Totals $fill in the blank 4