of account balances. Accounts Payable $39700 Dividends $ 21900 Accounts Receivable 67900 Equipment 59900 Accumulated Depreciation, Buildings 40700 Prepaid Rent 20100 Accumulated Depreciation, Equipment 15900 Rent Expense 5300 Beginning Retained Earnings 144100 Salaries Expense 4300 Buildings 116000 Salaries Payable 9900 Capital Stock 42800 Service Revenue 90700 Cash 52200 Supplies 12900 Depreciation Expense, Buildings 6800 Supplies Expense 8600 Depreciation Expense, 7900 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine 0 C 0 7

of account balances. Accounts Payable $39700 Dividends $ 21900 Accounts Receivable 67900 Equipment 59900 Accumulated Depreciation, Buildings 40700 Prepaid Rent 20100 Accumulated Depreciation, Equipment 15900 Rent Expense 5300 Beginning Retained Earnings 144100 Salaries Expense 4300 Buildings 116000 Salaries Payable 9900 Capital Stock 42800 Service Revenue 90700 Cash 52200 Supplies 12900 Depreciation Expense, Buildings 6800 Supplies Expense 8600 Depreciation Expense, 7900 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine 0 C 0 7

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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Question1 The following accounts balances and other financial information are drawn from the records of the Fenway Company for 2022. Fenway Company 2022 Net sales Revenue 38,800 Depreciation Expense 500 Unearned Revenue 2600 Accumulated Depreciation 1000 Accounts Receivable 8,000 Operating Expenses 4500 Cost of Goods Sold 26,000 Cash – Ending 4400 Inventory 5,000 Land 20000 Accounts Payable 5,800 Beginning Balance Retained Earnings 8500 Notes Payable 6,000 Common Stock 12000 Supplies 50 Cash received from customers 6400 Supplies Expense 750 Purchased Office Equipment 2500 Office Equipment 3,500 Received Cash from Issuing Stock 3000 Paid Cash for Dividends 2000 Paid Cash for Operating Expenses 1000 Instructions As the Chief Financial Officer (CFO) of a publicly traded company you are charged with evaluating companies in a similar…
Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…
Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 5,400 17,200 4,800 53,000 11,700 124,000 41,500 2,400 37,000 152,500 28,000 238,000 28,000 57,000 31,000 400,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?