Picture Perfect Inc. gathered the following information regarding the asset, liability, shareholders' equity, revenue, and expense accounts as of the end of its first year in operations, July 31, 2023: Rent expense $7,500 Dividends $10,200 Truck 14,600 Accounts payable 6,700 Supplies 2,500 Service revenue 45,500 Salary expense 19,400 Salary payable 1,200 Accounts receivable 8,200 Utilities expense 5,000 Note payable 11,000 Interest expense 1,500 Common shares 25,000 Cash 20,800 Required 1. Prepare an income statement for Picture Perfect Inc. for the year ended July 31, 2023.
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- Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total asseta Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 206,000 $3,411,000 $412,000 1,019,000 1,980,000 $3,411,000. The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments; investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable,…The following information was extracted from the records of SydMel Ltd for the year ended 30 June 2021. SydMel Ltd Statement of Financial Position (Extract) As at 30 June 2021 Assets Accounts receivables $26,000 Allowance for doubtful debts 2,500 $23,500 Equipment 150,000 Accumulated depreciation – Equipment (20% per year) 30,000 120,000 Liabilities Interest Payable 2,000 2,000 Provision for employee benefits 5,000 5,000 Additional information The allowed deductible tax depreciation rate for Equipment is 25%. None of the employee benefits has been paid. It is not deductible for tax purposes until it is actually paid. The tax rate is 30%. Required Prepare a deferred tax worksheet to identify the temporary differences arising in respect of the assets and liabilities in the statement of financial position, and to calculate the balance of the deferred tax liability and deferred tax asset accounts…The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and liabilities. 2021 Assets 2$ Cash 3,000 Accounts receivables 85,000 Allowance for doubtful debts (4,000) Inventory 9,500 Prepaid insurance 3,600 Plant 60,000 Accumulated Depreciation - Plant (15,000) Deferred Tax Asset (at 30/06/2020: $1,270) ? Liabilities Accounts Payable 75,000 Provision for Long service leave 2,000 Revenue received in advance 3,000 Deferred Tax Liability (at 30/06/2020: $800) ? Additional information а. Accumulated depreciation of plant for tax purposes was $20,000 as at 30 June 2021. b. The tax rate is 30% Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.
- Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN COMPANYIncome StatementFor the Year Ended December 31, 2020 Service revenue $971,400 Operating expenses, excluding depreciation $623,600 Depreciation expense 55,900 Loss on disposal of plant assets 24,600 704,100 Income before income taxes 267,300 Income tax expense 39,600 Net income $227,700 Zumbrunn’s balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $74,500 $59,000 Accounts payable 41,600 28,800 Income taxes payable 10,600 6,800 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the direct method.Sheffield Corp.’s statement of financial position at the end of 2019 included the following items: Current assets $1,145,000 Current liabilities $1,115,000 Land 30,900 Bonds payable 1,231,000 Buildings 1,320,000 Common shares 181,000 Equipment 331,000 Retained earnings 186,000 Accumulated depreciation—buildings (144,000 ) Accumulated depreciation—equipment (11,800 ) Intangible assets—patents 41,900 Total $2,713,000 Total $2,713,000 The following information is available for the 2020 fiscal year: 1. Net income was $405,000. 2. Equipment (cost of $21,500 and accumulated depreciation of $8,080) was sold for $11,800. 3. Depreciation expense was $4,060 on the building and $9,170 on equipment. 4. Amortization expense on a patent was $3,020. 5. Current assets other than cash increased by $30,000. Current liabilities increased by $16,000. 6. An addition to a building was completed at a cost of $32,900. 7. An FV-OCI investment in shares was purchased for $22,200 on the last day of the year.…Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
- Q.Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31, 2020: Retained Earnings 87,600 Cash 32,800 Common stock 20,000 Inventory 39,800 Long-term liabilities 25,000 Leasehold Improvements 100,000 Accrued Expenses 1,000 Accumulated Depreciation (2,000) Accounts Payable 49,000 Trademarks 20,000 Accumulated Amortization (8,000) Required: Prepare in good form a properly classified statement of financial position on December 31,2020 with supporting notes and computations.Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00Dex Lukes at December 31, 2020, the end of its first year of operations has the following details: Sales revenue P317,050 Cost of goods sold 144,760 Selling and administrative expenses 49,700 Gain on sale of plant assets 28,090 Unrealized gain on available-for-sale debt investments 9,890 Interest expense P6,250 Loss on discontinued operations P12,880 Dividends declared and paid P4,760 Compute the following: (a) Income from operations (b) Net income (C) Comprehensive income
- Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 608,000 Investments 506,000 Property, plant, and equipment 2,056,000 Intangible assets 204,000 Total assets $ 3,374,000 Current liabilities $ 408,000 Long-term liabilities 1,046,000 Shareholders' equity 1,920,000 Total liabilities and shareholders' equity $ 3,374,000 The captions shown in the summarized statement above include the following: Current assets: cash, $152,000; accounts receivable (net), $202,000; inventory, $227,000; and prepaid insurance, $27,000. Investments: investment in equity securities, short term, $92,000, and long term, $162,000; and restricted cash, long term, $252,000. Property, plant, and equipment: buildings, $1,520,000 less accumulated depreciation, $602,000; equipment, $520,000 less accumulated depreciation, $202,000; and land, $820,000. Intangible assets net of amortization: patent, $112,000; and…The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the aboveThe comparative statement of financial position for Blossom Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $41,400 Inventory 60,000 73,000 Prepaid expenses 6,000 4,900 Accounts payable 30,600 40,000 Salaries payable 13,600 10,600 Income tax payable 10,800 5,600 Blossom's statement of income reported the following selected information for the year ended March 31, 2024: sales were $810,000, cost of goods sold was $500,000, other operating expenses were $220,000 (which included depreciation expense of $25,000), salaries expense was $51,500, and income tax expense was $15,400. Calculate net cash provided (used) by operating activities using the direct method. BLOSSOM CORPORATION Statement of Cash Flows (Partial) Cash payments $