Lawson Consulting had the following accounts and amounts on December 31. Cash $ 5,000 Dividends $ 1,500 Accounts receivable 4,500 Services revenue 12,000 Equipment 6,500 Rent expense 2,000 Accounts payable 3,000 Wages expense 6,000 Common stock 10,500 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending Retained Earnings account balance as of December 31 is $2,500

Lawson Consulting had the following accounts and amounts on December 31. Cash $ 5,000 Dividends $ 1,500 Accounts receivable 4,500 Services revenue 12,000 Equipment 6,500 Rent expense 2,000 Accounts payable 3,000 Wages expense 6,000 Common stock 10,500 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending Retained Earnings account balance as of December 31 is $2,500

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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Required: 1. Present component percentages for Year 2 only. (Input all amounts as positive values. Round the final answers to the nearest whole percent. Percentages may not add exactly due to rounding.) Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Total assets Current liabilities Long-term liabilities Common shares Retained earnings Total liabilities and shareholders' equity Component Percentages Year 2 % do % 0 % de % 0 % % 0 % do do do do do % % % % 0 % % % % % 0 %
Origami Inc. reported the following items on its financial statements for the year ended December 31, 2020: Sales $780,000 Selling and general expenses 20,000 Dividends 5,000 Cost of sales 700,000 Other expenses 15,000 Income tax expense 12,500 What amount will be reported as retained earnings on the December 31, 2020 balance sheet, assuming this is the first year of operations? Select one: a. Cannot be determined from the information provided b. $22,500 c. $42,500 d. $27,500
Below are incomplete financial statements for Bulldog, Inc.Required: Calculate the missing amounts.
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You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…
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The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.
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The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6,400; Revenue = $13,800; Dividends = $1,450; Beginning Retained Earnings = $4,450; Ending Retained Earnings = $8,400.The amount of liabilities reported on the end-of-period balance sheet was:

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bartleby, a Learneo, Inc. business

Cash	$ 5,000	Dividends	$ 1,500
Accounts receivable	4,500	Services revenue	12,000
Equipment	6,500	Rent expense	2,000
Accounts payable	3,000	Wages expense	6,000
Common stock	10,500