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Question: Give correct answer: + The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below: Accounts Cash Debit Credit $11,100 Accounts receivable 141,000 Prepaid rent 5,100 || Supplies 25,500 Equipment 310,000 Accumulated depreciation $126,000 Accounts payable 11,100 Salaries payable 10,100 Interest payable 4,100 Notes payable (due in two years) 31,000 Common stock 210,000 Retained earnings 51,000 Service revenue 410,000 Salaries expense 310,000 Rent expense 15,500 Depreciation expense 31,000 Interest expense 4,100 Totals $853,300 $853,300 a. Prepare a statement of stockholders' equity for the year end_d December 31, 2018, assuming no common stock was issued during 2018. b. Prepare a classified balance sheet as of December 31, 2018 Question: Give the right answer The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $12,500 $ 18,250 Work in process inventory, beginning 17,000 20,550 Raw materials inventory, beginning 9,500 15,000 Rental cost on factory equipment 28,000 22,450 Direct labor 21,600 37,800 Finished goods inventory, ending 19,250 13,200 Work in process inventory, ending 22,900 21,800 Raw materials inventory, ending 7,100 9,000 Factory utilities 11,400 15,250 General and administrative expenses 32,000 56,500 Indirect labor 14,550 12,180 Repairs Factory equipment 5,180 3,350 Raw materials purchases 40,000 57,500 Selling expenses 52,000 46,600 Sales 275,820 383,730 Cash 20,000 17,700 Accounts receivable, net 16,400 24,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company

Question: Give correct answer: + The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below: Accounts Cash Debit Credit $11,100 Accounts receivable 141,000 Prepaid rent 5,100 || Supplies 25,500 Equipment 310,000 Accumulated depreciation $126,000 Accounts payable 11,100 Salaries payable 10,100 Interest payable 4,100 Notes payable (due in two years) 31,000 Common stock 210,000 Retained earnings 51,000 Service revenue 410,000 Salaries expense 310,000 Rent expense 15,500 Depreciation expense 31,000 Interest expense 4,100 Totals $853,300 $853,300 a. Prepare a statement of stockholders' equity for the year end_d December 31, 2018, assuming no common stock was issued during 2018. b. Prepare a classified balance sheet as of December 31, 2018 Question: Give the right answer The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $12,500 $ 18,250 Work in process inventory, beginning 17,000 20,550 Raw materials inventory, beginning 9,500 15,000 Rental cost on factory equipment 28,000 22,450 Direct labor 21,600 37,800 Finished goods inventory, ending 19,250 13,200 Work in process inventory, ending 22,900 21,800 Raw materials inventory, ending 7,100 9,000 Factory utilities 11,400 15,250 General and administrative expenses 32,000 56,500 Indirect labor 14,550 12,180 Repairs Factory equipment 5,180 3,350 Raw materials purchases 40,000 57,500 Selling expenses 52,000 46,600 Sales 275,820 383,730 Cash 20,000 17,700 Accounts receivable, net 16,400 24,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company

FINANCIAL ACCOUNTING
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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Question: Give correct answer: + The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below: Accounts Cash Debit Credit $11,100 Accounts receivable 141,000 Prepaid rent 5,100 || Supplies 25,500 Equipment 310,000 Accumulated depreciation $126,000 Accounts payable 11,100 Salaries payable 10,100 Interest payable 4,100 Notes payable (due in two years) 31,000 Common stock 210,000 Retained earnings 51,000 Service revenue 410,000 Salaries expense 310,000 Rent expense 15,500 Depreciation expense 31,000 Interest expense 4,100 Totals $853,300 $853,300 a. Prepare a statement of stockholders' equity for the year end_d December 31, 2018, assuming no common stock was issued during 2018. b. Prepare a classified balance sheet as of December 31, 2018
Transcribed Image Text:Question: Give correct answer: + The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below: Accounts Cash Debit Credit $11,100 Accounts receivable 141,000 Prepaid rent 5,100 || Supplies 25,500 Equipment 310,000 Accumulated depreciation $126,000 Accounts payable 11,100 Salaries payable 10,100 Interest payable 4,100 Notes payable (due in two years) 31,000 Common stock 210,000 Retained earnings 51,000 Service revenue 410,000 Salaries expense 310,000 Rent expense 15,500 Depreciation expense 31,000 Interest expense 4,100 Totals $853,300 $853,300 a. Prepare a statement of stockholders' equity for the year end_d December 31, 2018, assuming no common stock was issued during 2018. b. Prepare a classified balance sheet as of December 31, 2018
Question: Give the right answer The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $12,500 $ 18,250 Work in process inventory, beginning 17,000 20,550 Raw materials inventory, beginning 9,500 15,000 Rental cost on factory equipment 28,000 22,450 Direct labor 21,600 37,800 Finished goods inventory, ending 19,250 13,200 Work in process inventory, ending 22,900 21,800 Raw materials inventory, ending 7,100 9,000 Factory utilities 11,400 15,250 General and administrative expenses 32,000 56,500 Indirect labor 14,550 12,180 Repairs Factory equipment 5,180 3,350 Raw materials purchases 40,000 57,500 Selling expenses 52,000 46,600 Sales 275,820 383,730 Cash 20,000 17,700 Accounts receivable, net 16,400 24,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company
Transcribed Image Text:Question: Give the right answer The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $12,500 $ 18,250 Work in process inventory, beginning 17,000 20,550 Raw materials inventory, beginning 9,500 15,000 Rental cost on factory equipment 28,000 22,450 Direct labor 21,600 37,800 Finished goods inventory, ending 19,250 13,200 Work in process inventory, ending 22,900 21,800 Raw materials inventory, ending 7,100 9,000 Factory utilities 11,400 15,250 General and administrative expenses 32,000 56,500 Indirect labor 14,550 12,180 Repairs Factory equipment 5,180 3,350 Raw materials purchases 40,000 57,500 Selling expenses 52,000 46,600 Sales 275,820 383,730 Cash 20,000 17,700 Accounts receivable, net 16,400 24,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company
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