Lanikai Company has the following projected account balances for June 30, 2023:Accounts payable$40,000$800,000Accounts receivable100,000400,00024,000180,000200,00080,0004,000OnDepreciation, factoryInventories (5/31 & 6/30)Direct materials usedOffice salariesInsurance, factoryPlant wagesBonds payableRequired:a.140.000160.000Q SearchSalesCommon SharesRetained earningsCashEquipment, netBuildings, netUtilities, factorySelling expensesMaintenance, factoryPrepare a budgeted income statement for the month of June 2023.Prepare a budgeted balance sheet as of June 30, 2023.IA#56,000240,000400,00016,00060,00028,000Focu

Income statement :— It is one of the financial statement that shows profitability, total revenue and…

Lanikai Company has the following projected account balances for June 30, 2023: Accounts payable $40,000 $800,000 Accounts receivable 100,000 400,000 24,000 180,000 200,000 80,000 4,000 140.000 160 000 Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable Required: a. Sales Common Shares Retained earnings Cash Equipment, net Buildings, net Utilities, factory Selling expenses Maintenance, factory Prepare a budgeted income statement for the month of June 2023. Prepare a budgeted balance sheet as of June 30, 2023. 56,000 240,000 400,000 16,000 60,000 28,000

Lanikai Company has the following projected account balances for June 30, 2023: Accounts payable $40,000 $800,000 Accounts receivable 100,000 400,000 24,000 180,000 200,000 80,000 4,000 140.000 160 000 Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable Required: a. Sales Common Shares Retained earnings Cash Equipment, net Buildings, net Utilities, factory Selling expenses Maintenance, factory Prepare a budgeted income statement for the month of June 2023. Prepare a budgeted balance sheet as of June 30, 2023. 56,000 240,000 400,000 16,000 60,000 28,000

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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Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Notes payable (long term) Total liabilities. Equity Common stock, $5 par value Retained earnings. Total liabilities and. equity Liabilities and Equity) Accounts payable Wages payable Income taxes payable. Total current liabilities 39,200 Sales Cost of goods sold. Gross profit $ 105,100 71,000 67,800 4,800 248,700 128,000 (29,000) $ 347,700 Cash flows from operating activities $ 29,000 6,400 3,800 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense: Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Cash flows from investing activities 228,000 46,500 $ 347,700 Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end…
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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January…
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Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)
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The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 1005000 Accounts receivable (net) 1500000 1150000 Inventories 2600000 2100000 Plant assets (net) 6000000 6600000 Accounts payable 1150000 820000 Income taxes payable 220000 90000 Bonds payable 1400000 1400000 10% Preferred stock, $50 par 1800000 1800000 Common stock, $10 par 2300000 1700000 Paid-in capital in excess of par 1650000 1400000 Retained earnings 4100000 3400000 Net credit sales 12800000 Cost of goods sold 8500000 Operating expenses 2900000 Net income 1600000 Additional information:Depreciation included in cost of goods sold and operating expenses is $1200000. On May 1, 2021, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021.At December 31, 2021,…
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Required information A company provided the following summary financial statement information: Comparative Balance Sheets (partial) December 31, 2021 and 2020 Accounts Receivable Inventory Sales Revenue Cost of Goods Sold Salaries Expense Insurance Expense Prepaid Insurance Accounts Payable Salaries Payable Deferred Tax Liability Bond Discount Interest Expense (for bond) Income Tax Expense Net Income What is cash paid for income taxes? ✓ (Click to select) $51,000 $53,000 $67,000 $74,000 $2,000 2021 2020 $65,000 $69,000 $79,000 $71,000 $24,000 $7,000 $45,000 $50,000 $9,000 $13,000 $51,000 $58,000 $10,000 $12,000 Income Statement (partial) For the year December 31, 2021 $570,000 296,000 32,000 48,000 120,000 60,000 $14,000