Missing amounts from balance sheet and income statement dataOne item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporamDetermine the missing amounts.Hint: First determine the amount of increase or decrease in stockholders' equity during the year.HeywardJonesBeginning of the year:Assets*LiabilitiesEnd of the year:Assets .LiabilitiesDuring the year:Additional common stock issuedDividendsRevenueExpensesFreeman$382,100229,300473,800206,30026,700126,10068,800$431,800224,500604,500190,00086,40025,900Print Item112,300$179,600136,500161,600143,70018,000206,400220,900Ramirez$214,900444,200243,60071,600105,100200,600229,200

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Answered: Missing amounts from balance sheet and…

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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Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: During the year ended April 30, 20Y3, common stock of $5,000 vwas issued. Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 21,500 21,500 Accounts Receivable 51,150 51,150 Supplies 2,400 1,650 750 Office Equipment 32,000 32,000 Accumulated Depreciation 4,500 900 5,400 Accounts Payable 3,350 3,350 Salaries Payable 2,000 2,000 Common Stock 20,000 20,000 Retained Earnings 52,200 52,200 Dividends 10,000 10,000 Fees Earned 279,000 279,000 Salary Expense 240,000 2,000 242,000 Supplies Expense 1,650 1,650 Depreciation Expense 900 900 Miscellaneous Expense 2,000 2,000 359,050 359,050 4,550 4,550 361,950 361,950
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earnings. Cash Accounts Receivable (net) Inventory Investments Net income Increase (Decrease) $69,570 53,800 $ 130,500 (47,390) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par-Common Stock Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,900 which was paid in the current year. Increase (Decrease) $(51,240) 83,080 131,900 15,920
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $10 par ACCOUNT NO. Balance Date Item Debit Credit Credit Jan. 1 Balance, 35,000 shares 350,000 Apr. 2 8,750 shares issued for cash 87,500 437,500 June 30 1,000-share stock dividend 10,000 447,500 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Balance 8,750 shares issued for cash 157,500 Stock dividend 7,500 Jan. 1 Apr. 2 June 30 Debit Debit Credit 140,000 297,500 305,000
5 of 6 calculating the ratios for Year 1. Instead, use the number presented on the Year 1 balance sheet. Calculate the following ratios for Year 1 and Year 2. Since opening balance numbers are not presented do not use averages when Required $556,000 000'996 d00 z09s Total liabilities and stockholders equity Total stockholders' equity Retained earninge Common stock (100,000 shares) Stockholders' equity 000 S 000108 272,000 000'9+7 000 zet Total liabilities 000'SET 000'aet Bonds payable Total current liabilities 000'5E 000'08 S 000'08 000'80ts Current liabilities Accounts payable Liabilities and Stockholders' Equity Liabilities $556,000 $602,000 000 05 000'0tZ 000'zs 000'9 000'007 000'OL 000'z 000'L $ Total assets Intangibles 000'0TZ 000'958 000' 000'76T 000'59 000'z 000'68 $ Plant and equipment (net) Total current assets Prepaid expenses Inventories Marketable securities Cash Accounts receivable 000'5s $ Current assets 000'zL S Assets 000'90E 000'598 Net income 000'9E 000'9 000'Z5 000'9…
Subject: accounting
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 40,000 shares 800,000 Apr. 2 10,000 shares issued for cash 200,000 1,000,000 June 30 2,000-share stock dividend 40,000 1,040,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 160,000 Apr. 2 10,000 shares issued for cash 280,000 440,000 June 30 Stock dividend 30,000 470,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1…
hr.3
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $40 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 120,000 shares 4,800,000 Apr. 30,000 shares issued for cash 1,200,000 6,000,000 June 30 4,400-share stock dividend 176,000 6,176,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 360,000 Apr. 30,000 shares issued for cash 720,000 1,080,000 June 30 Stock dividend 114,400 1,194,400 2. 1. 2.
The Accounting Equation Determine the missing amount in each of the following cases: Stockholders' Equity Assets Liabilities $112,500 65,250 $69,000 $ 15,750 31,500 45,750

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