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Business
Accounting
Income Statement Liabilities Accounts Dividend tquity Notes Payable Wages Payable Common Stock APC Cash low Amount Retaing Famings $ 2,00,000 S 1,00.000 SLN,167 Cash Accounts Inventory Equipment Land Building Accumulated Account Tle Revenue Expenses Net income Type recelvable Depreciation Payable Payable Beginning Bolonces.os.of Dec 31, Year LAcqured $550.000 by signing a note payoble with a local bonk 2. Sold 25.000 shores of $22 Common Stock for $1.500.000 3. Purchosed Eavioment for 00.000 4. Purchased inventory on Account- 25.000 Urits ot $1.15 per unit a. Sold 15.000 units ot $3.50 on Account Sb. COGS for Soles on Account 4. Colect 20.000 on Account Z. Pold $117.250 of Accounts Payoble Prchosed inventory on Account- 120.000 Units of $1.50 per unit 20. Sold 175.000 unih of $3.50 on Account 9b. COGS for Soles on Account 10. Collect 472.500 on Account 1. Poid $218.600 of Accounts Payoble 12. Purchared inventory on Account-275.000 Units ot S1.35 per unit 130. Sold 200.000 units ot $3.50 on Account 13b. COGS for Soles on Account 14. Collect 735.000 on Account 15. Poid 1494,190 of Accounts Payable 16. Purchased Inventory on Account 00.000 Unit of SINS per unit IZ Poid Soles & Morketing bpenses of 130.000 18. Pald Operating Expenses of $75.708 19. Record Woges Poyoble of 140.000 20. Paid Prodct ne Reseorch A Development Espenses of $150.000 Advertising Expenses of 87.500 $ 2,57,000 S S 5,50,000 $ 15,00,000 Is 3.00.000 17,500 S 28,000 S $ 50.000 $ 2.50.000 S $ 2,57,000 $ 5.50,000 8J3 S LI8.000 $ 5.50.000 $ 15,00,000 Financing Financing S 15,00,000 Investing s 3,00,000 Non-Cash 3.00,000 28,750 $ 28,750 sa,500 Sales revenue 52,500 Non-Cash $ 29,150 Cost of Goods Sold 29.150 Non Cash $ 70,000 S 70,000 S 1,17.250 $ 70,000 Operating s Operating s 117.0 $ 1,17,250 $ 2,55,000 $ 2.55,000 Non-Cash $ ,12,500 Sales revenue $612.500 Non Cash $ 2,51900 Non Cash Operating S 4,2,500 S2.51.900 Cost of Goods Sold $ 4,72,500 S4,72,500 $ 3,1R600 S 1,71,250 $44.18.600 Operating $ 3.18.600 S 71,250 Non Cash $ 7,00,000 Sales revenue $ 7,00.000 Non Cash Cost of Goods Sold S ,19,150 Non Cash $ 7,35,000 S 1.35,000 $ 7,35,000 $ 4,94,150 Operating $ 4,4150 S 145.000 4,4,150 Operating Non Cash Operating Operating Operating S 145,000 S 10,000 75,708 Sales &Marketing Expenses S 30,000 75,708 40.000 s 30,000 Operating penses 75,708 40.000 40,000 $ 1,50,000 $ 1,50,000 $ 1,50,000 $ 47,500 Research expenses Operating 47.500 Advertising Expenses 47,500 Operating 22. Mode the vearty required poyment on the note payable. The note cories a 7% nterest rate and requires payments of $50.000 plus interest each December 31. $ 4500 -50,000 Interest Expenses -38.500 Operating s 4500 23. Record first year of Deprecialion on Equipment Purchased in Year 2 with Salvage Volue of $38.00 & useful ite of 7 Yrs 24. Declored a $10.000 cah dividend for stockholders 25. Poido S10.000 coh dividend for stockholders olonce of endof Y2 37,429 Non-Cash Non Cash 37429 Depreciation Expenses S 10,000 $ 10.000 $ 10,000 Financing S 10,000 $ 19.72,792 10,000 $ 19.72.792S 1.05.000S 405,800S 100000 S s0.000 S 250.000 S 45,762S 28.000 S S 500.000 S 40000 S 17.00.000 S 100.000 S1.6167 S 40,000$ 17,00,000 $ 100.000 $1,4,167S $ 11,65.000 S10,41,317 S

Income Statement Liabilities Accounts Dividend tquity Notes Payable Wages Payable Common Stock APC Cash low Amount Retaing Famings $ 2,00,000 S 1,00.000 SLN,167 Cash Accounts Inventory Equipment Land Building Accumulated Account Tle Revenue Expenses Net income Type recelvable Depreciation Payable Payable Beginning Bolonces.os.of Dec 31, Year LAcqured $550.000 by signing a note payoble with a local bonk 2. Sold 25.000 shores of $22 Common Stock for $1.500.000 3. Purchosed Eavioment for 00.000 4. Purchased inventory on Account- 25.000 Urits ot $1.15 per unit a. Sold 15.000 units ot $3.50 on Account Sb. COGS for Soles on Account 4. Colect 20.000 on Account Z. Pold $117.250 of Accounts Payoble Prchosed inventory on Account- 120.000 Units of $1.50 per unit 20. Sold 175.000 unih of $3.50 on Account 9b. COGS for Soles on Account 10. Collect 472.500 on Account 1. Poid $218.600 of Accounts Payoble 12. Purchared inventory on Account-275.000 Units ot S1.35 per unit 130. Sold 200.000 units ot $3.50 on Account 13b. COGS for Soles on Account 14. Collect 735.000 on Account 15. Poid 1494,190 of Accounts Payable 16. Purchased Inventory on Account 00.000 Unit of SINS per unit IZ Poid Soles & Morketing bpenses of 130.000 18. Pald Operating Expenses of $75.708 19. Record Woges Poyoble of 140.000 20. Paid Prodct ne Reseorch A Development Espenses of $150.000 Advertising Expenses of 87.500 $ 2,57,000 S S 5,50,000 $ 15,00,000 Is 3.00.000 17,500 S 28,000 S $ 50.000 $ 2.50.000 S $ 2,57,000 $ 5.50,000 8J3 S LI8.000 $ 5.50.000 $ 15,00,000 Financing Financing S 15,00,000 Investing s 3,00,000 Non-Cash 3.00,000 28,750 $ 28,750 sa,500 Sales revenue 52,500 Non-Cash $ 29,150 Cost of Goods Sold 29.150 Non Cash $ 70,000 S 70,000 S 1,17.250 $ 70,000 Operating s Operating s 117.0 $ 1,17,250 $ 2,55,000 $ 2.55,000 Non-Cash $ ,12,500 Sales revenue $612.500 Non Cash $ 2,51900 Non Cash Operating S 4,2,500 S2.51.900 Cost of Goods Sold $ 4,72,500 S4,72,500 $ 3,1R600 S 1,71,250 $44.18.600 Operating $ 3.18.600 S 71,250 Non Cash $ 7,00,000 Sales revenue $ 7,00.000 Non Cash Cost of Goods Sold S ,19,150 Non Cash $ 7,35,000 S 1.35,000 $ 7,35,000 $ 4,94,150 Operating $ 4,4150 S 145.000 4,4,150 Operating Non Cash Operating Operating Operating S 145,000 S 10,000 75,708 Sales &Marketing Expenses S 30,000 75,708 40.000 s 30,000 Operating penses 75,708 40.000 40,000 $ 1,50,000 $ 1,50,000 $ 1,50,000 $ 47,500 Research expenses Operating 47.500 Advertising Expenses 47,500 Operating 22. Mode the vearty required poyment on the note payable. The note cories a 7% nterest rate and requires payments of $50.000 plus interest each December 31. $ 4500 -50,000 Interest Expenses -38.500 Operating s 4500 23. Record first year of Deprecialion on Equipment Purchased in Year 2 with Salvage Volue of $38.00 & useful ite of 7 Yrs 24. Declored a $10.000 cah dividend for stockholders 25. Poido S10.000 coh dividend for stockholders olonce of endof Y2 37,429 Non-Cash Non Cash 37429 Depreciation Expenses S 10,000 $ 10.000 $ 10,000 Financing S 10,000 $ 19.72,792 10,000 $ 19.72.792S 1.05.000S 405,800S 100000 S s0.000 S 250.000 S 45,762S 28.000 S S 500.000 S 40000 S 17.00.000 S 100.000 S1.6167 S 40,000$ 17,00,000 $ 100.000 $1,4,167S $ 11,65.000 S10,41,317 S

FINANCIAL ACCOUNTING
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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what's the balance sheet for this?

Balance Sheet Year 2 Assets Cash Total Assets $ Liabilities Accounts Payable Total Liabilities $ Stockholders Equity Total Stockholders Equity Total Liabilities and Stockholders Equity $ %24 %24 %24 %24
Transcribed Image Text:Balance Sheet Year 2 Assets Cash Total Assets $ Liabilities Accounts Payable Total Liabilities $ Stockholders Equity Total Stockholders Equity Total Liabilities and Stockholders Equity $ %24 %24 %24 %24
Liabilities Equity Notes Payable wages Payable Common Stock APIC Income Statement Cash Flow Cash Equipment Building Accounts Dividend Expenses Net income Retaing Eaming 2,00,000 $ 1,00,000 $116,167 Accounts Inventory Land Accumulated Account Title Revenue Type Amount receivable Depreciation Payable Payable 8.333 S 1.18.000 $ 2.57.000 $ 5,50,000 $ 15,00,000 S 3,00,000 Beginning Bolonces as of Dec 31, Year 1 LAcquired $550.000 by signing a note payable wilth a local bank 2. Sold 25.000 shares of $22 Common Stock for $1.SO0.000 3. Purchased Eauipment for $300.000 4. Purchased inventory on Account - 25.000 Units ot $1.15 per unit Sa. Sold 15.000 units at $3.50 on Account Sb. COGS for Sales on Account 6. Colect 70.000 on Account 7. Pold $117.250 of Accounts Payoble 8. Purchased inventory on Account - 170.000 Units ot $1.50 per unit 9a. Sold 175.000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472.500 on Account 1. Paid $218.600 of Accounts Payable 12. Purchosed Inventory on Account - 275.000 Units at $1.35 per unit 130. Sold 200.000 units ot $3.50 on Account 13b. COGS for Soles on Account 14. Collect $735.000 on Account 15. Paid $494.150 of Accounts Payable 16. Purchased Inventory on Account - 300.000 Units ot $1.15 per unit 17. Paid Soles & Morkeing Expenes of $30.000 18. Paid Operating Expenses of $75.708 19. Record Woges Payable of $40.000 20. Paid Product Line Reseorch & Development Expenses of $150.000 21. Paid Advertising Expenses of $87.500 S 2,57,000 S 5 5.50.000 $ 15,00,000 17,500 S 28,000 $ $ 50,000 S 2,50,000. S 5.50,000 $ 15,00,000 Financing Financing S 3,00,000 $ 3,00,000 Investine 28,750 2現750 Non-Cash 52,500 Sales revenue 52,500 Non-Cash $ 29,150 Non Cash Cost of Goods Sold 29.150 $ 70,000 $ 1,17,250 70,000 S -70,000 Operating S 1,17,250 S 1,17,250 $ 2,55,000 Operating $ 2,55,000 Non-Cash $ 6,12,500 Sales revenue $ 6.12500 Non Cash S 2,53,900 Cost of Goods Sold S 2,53.900 Non-Cash $ 4,72,500 S 4,72,500 $ 2,18,600 $ 4,72,500 S 2.18.600 Operating $ 3,18600 $ 3,71,250 Operating S 3,71,250 Non Cash $ 7,00,000 Sales revenue $ 7,00,000 Non-Cash S 3.39.150 Cost of Goods Sold $ 3,39,150 Non-Cash S 7,35,000 S -7,35,000 $ 4,54,150 $ 7,35,000 $ 4,94,150 Operating $ 4,4.150 $ 3,45,000 Operating $ 345,000 Non-Cash 30,000 $ 75,708 $ 40,000 $ -1,50,000 S 47,500 30,000 Sales & Marketing Expenses Operating Expensses 30,000 Operating Operating Operating -75,708 -75,708 $ 40,000 40.000 $ -1,50,000 Research expenses $ 1,50.000 Operating Is 47,500 Advertising Expenses 87,500 Operating 22. Mode the yeaty required payment on the note payable. The note caries a 7% nterest rate and requires payments of $50.000 plus interest each December 31. $48.500 -50,000 Interest Expenses -38.500 Operating $ 48,500 23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38.000 & useful ile of 7 Yrs 24. Declared a $10.000 cash dividend for stockholders 25. Poid a $10000 coh dividend for stockholders Balance at end of Y 2 37,429 Depreciation Expenses 37,429 Non-Cash $ 10,000 S 10,000 $ -10,000 Non-Cash S 10,000 Financing $ 10,000 S 19,72.792 S 1,05.000 S 4.05,800 S 300,000 S 50.000 S 2,50.000 s 45,762 $ 238.000 S $ 5.00.000 $ 40,000 $ 17,00,000 $ 100.000 $1,66,167s $ 11,65.000 $-10,41,337 S $ 19,72,792 Since no par value mentioned, all amount are taken into common stock
Transcribed Image Text:Liabilities Equity Notes Payable wages Payable Common Stock APIC Income Statement Cash Flow Cash Equipment Building Accounts Dividend Expenses Net income Retaing Eaming 2,00,000 $ 1,00,000 $116,167 Accounts Inventory Land Accumulated Account Title Revenue Type Amount receivable Depreciation Payable Payable 8.333 S 1.18.000 $ 2.57.000 $ 5,50,000 $ 15,00,000 S 3,00,000 Beginning Bolonces as of Dec 31, Year 1 LAcquired $550.000 by signing a note payable wilth a local bank 2. Sold 25.000 shares of $22 Common Stock for $1.SO0.000 3. Purchased Eauipment for $300.000 4. Purchased inventory on Account - 25.000 Units ot $1.15 per unit Sa. Sold 15.000 units at $3.50 on Account Sb. COGS for Sales on Account 6. Colect 70.000 on Account 7. Pold $117.250 of Accounts Payoble 8. Purchased inventory on Account - 170.000 Units ot $1.50 per unit 9a. Sold 175.000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472.500 on Account 1. Paid $218.600 of Accounts Payable 12. Purchosed Inventory on Account - 275.000 Units at $1.35 per unit 130. Sold 200.000 units ot $3.50 on Account 13b. COGS for Soles on Account 14. Collect $735.000 on Account 15. Paid $494.150 of Accounts Payable 16. Purchased Inventory on Account - 300.000 Units ot $1.15 per unit 17. Paid Soles & Morkeing Expenes of $30.000 18. Paid Operating Expenses of $75.708 19. Record Woges Payable of $40.000 20. Paid Product Line Reseorch & Development Expenses of $150.000 21. Paid Advertising Expenses of $87.500 S 2,57,000 S 5 5.50.000 $ 15,00,000 17,500 S 28,000 $ $ 50,000 S 2,50,000. S 5.50,000 $ 15,00,000 Financing Financing S 3,00,000 $ 3,00,000 Investine 28,750 2現750 Non-Cash 52,500 Sales revenue 52,500 Non-Cash $ 29,150 Non Cash Cost of Goods Sold 29.150 $ 70,000 $ 1,17,250 70,000 S -70,000 Operating S 1,17,250 S 1,17,250 $ 2,55,000 Operating $ 2,55,000 Non-Cash $ 6,12,500 Sales revenue $ 6.12500 Non Cash S 2,53,900 Cost of Goods Sold S 2,53.900 Non-Cash $ 4,72,500 S 4,72,500 $ 2,18,600 $ 4,72,500 S 2.18.600 Operating $ 3,18600 $ 3,71,250 Operating S 3,71,250 Non Cash $ 7,00,000 Sales revenue $ 7,00,000 Non-Cash S 3.39.150 Cost of Goods Sold $ 3,39,150 Non-Cash S 7,35,000 S -7,35,000 $ 4,54,150 $ 7,35,000 $ 4,94,150 Operating $ 4,4.150 $ 3,45,000 Operating $ 345,000 Non-Cash 30,000 $ 75,708 $ 40,000 $ -1,50,000 S 47,500 30,000 Sales & Marketing Expenses Operating Expensses 30,000 Operating Operating Operating -75,708 -75,708 $ 40,000 40.000 $ -1,50,000 Research expenses $ 1,50.000 Operating Is 47,500 Advertising Expenses 87,500 Operating 22. Mode the yeaty required payment on the note payable. The note caries a 7% nterest rate and requires payments of $50.000 plus interest each December 31. $48.500 -50,000 Interest Expenses -38.500 Operating $ 48,500 23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38.000 & useful ile of 7 Yrs 24. Declared a $10.000 cash dividend for stockholders 25. Poid a $10000 coh dividend for stockholders Balance at end of Y 2 37,429 Depreciation Expenses 37,429 Non-Cash $ 10,000 S 10,000 $ -10,000 Non-Cash S 10,000 Financing $ 10,000 S 19,72.792 S 1,05.000 S 4.05,800 S 300,000 S 50.000 S 2,50.000 s 45,762 $ 238.000 S $ 5.00.000 $ 40,000 $ 17,00,000 $ 100.000 $1,66,167s $ 11,65.000 $-10,41,337 S $ 19,72,792 Since no par value mentioned, all amount are taken into common stock
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