3encesPrepare general journal entries to record the transactions of Spade Company by using the following accReceivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; andView transaction listJournal entry worksheet<123Note: Enter debits before credits.Transactiona.CashK. Spade, owner, invested $15,500 cash in the company in exchange forcommon stock.Record entry4Common stock5 6 7General JournalClear entry8Required 1Debit15,5009Credit15,500View general journalRequired 2 >>

Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Answered: Prepare general journal entries to…

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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Please lable the following accounts as Assets, Liability, or Equity. Also if they are a DR or CR balance.1) Accounts Receivable2) Smith, Capital3) Wages Payable4) Cash5) Interest Receivable6) Taxes Payable7) Smith, Drawings8) Retained Earnings9) Buildings10) Land1) Accounts Payable2) Common Stock3) Bonds Payble4) Furniture and fixtures5) Inventory6) Interest Payable7) Dividends8) Additional paid-in-capital9) Patents and Copyright10) Short-Term Investments
The December 31, Year 4, balance sheet for Finch Corporation is presented here. These are the only accounts on Finch's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: Assets Cash FINCH CORPORATION Balance Sheet As of December 31, Year 4 Accounts receivable (net) Inventory Property, plant, and equipment (net) Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings Additional Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage $35,000 a. Accounts payable b. Retained earnings Inventory C. 292,000 $442,000 $ ? P $ P 35,000 298,000 Inventory turnover (Cost of goods sold + Ending inventory) Gross margin for Year 4 12 1.6 to 1.0 70% 40% 9.6 times Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of…
Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Select + for increase, for decrease, or No Effect. The first transaction is provided as an illustration. - a. Borrowed cash on a bank loan b. Paid an account payable c. Sold common stock d. Purchased merchandise inventory on account e. Declared and paid dividends f. Collected an account receivable g. Sold merchandise inventory on account at a profit h. Paid operating expenses in cash i. Repaid principal and interest on a bank loan Assets + Liabilities + Stockholders' Equity No Effect
The following financial data (in thousands) were taken from recent financial statements of Staples, Inc.: Please see the attachment for details: 1. Determine the times interest earned ratio for Staples in Year 3, Year 2, and Year 1? Round your answers to one decimal place.2. Evaluate this ratio for Staples.
1
The following provides a list of transactions and a list of business activities.Transactions Business Activities1. _________Borrow from the bank. a. Financing2. _________Provide services to customers. b. Investing3. _________Issue common stock to investors. c. Operating4. _________Purchase land.5. _________Pay rent for the current period.6. _________Pay dividends to stockholders.7. _________Purchase building.Required:Match the transaction with the business activity by indicating the letter that corresponds to the appropriate business activity.
The following are comparative balance sheets for Bramble Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. 3. 4. BRAMBLE Company Comparative Balance Sheets December 31 5. 6. 7. 2022 $73,500 86,200 169,600 73,300 259,600 (66,400) $595,800 $35,300 151,500 217,200 191,800 $595,800 2021 $32,900 70,600 187,200 101,200 200,700 (33,900) $558,700 $46,600 203,000 174,700 134,400 $558,700 Net income for 2022 was $101,500. Depreciation expense was $32,500. Cash dividends of $44,100 were declared and paid. Bonds payable with a carrying value of $51,500 were redeemed for $51,500 cash. Common stock was issued at par for $42,500 cash. No equipment was sold during 2022. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash…
Solve this question with steps please. The subject is fundamental of financial accounting.
Hi goodmorning can you help me ?
3. The financial statements of Mugs Company appear below: MUGS COMPANY Comparative Balance Sheet Assets Cash. Marketable securities Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets. Liabilities and stockholders' equity Accounts payable Short-term notes payable. Bonds payable. Common stock Retained earnings Total liabilities and stockholders' equity. Net sales Cost of goods sold Gross profit Expenses Interest expense Page 8 of 9. MUGS COMPANY Income Statement For the Year Ended December 31, 2015 FINANCIAL STATEMENT ANALYIS Selling expenses Administrative expenses Total expenses Income before income taxes Income tax expense Net income ManEco-01 2015 P 25,000 20,000 40,000 150,000 170,000 P405,000 P 25,000 40,000 75,000 175,000 90,000 P405,000 P21,000 30,000 20,000 2014 P 40,000 60,000 30,000 170,000 200,000 P500,000 shares. C. Market value of common stock on December 31, 2015, was P15 per share.. d. Net cash provided by operating activities for 2015…

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