Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 4,500 Accounts Payable Buildings 242,000 12,200 348,000 25,500 95,000 28,250 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 6,050 During the month of July, the company had the following activities: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable in two years. c. Bought a building for $210,000; paid $59,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $174,000. e. Purchased supplies for $16,000 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Trial Balance At July 31 Debit Credit Cash Supplies Equipment Buildings Land Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings 12,200 Totals 12,200 $

Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 4,500 Accounts Payable Buildings 242,000 12,200 348,000 25,500 95,000 28,250 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 6,050 During the month of July, the company had the following activities: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable in two years. c. Bought a building for $210,000; paid $59,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $174,000. e. Purchased supplies for $16,000 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Trial Balance At July 31 Debit Credit Cash Supplies Equipment Buildings Land Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings 12,200 Totals 12,200 $

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 20BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...

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SW Company provides the Equity & Liability information below for analysis. SW Company had net income of $404,600 in 2023 and $311,800 in 2022. Equity and Liabilities Share capital-common (122,900 shares issued) Retained earnings (Note 1). Accrued liabilities Notes payable (current) Accounts payable Total equity and liabilities 2023 2022 $1,215,000 $1,215,000 413,800 311,300 9,800 6,600 79,700 61,400 56,600 175,500 $1,779,700 $1,765,000 Note 1: Cash dividends were paid at the rate of $1 per share in 2022 and $2 per share in 2023. Required: 1. Calculate the return on common share equity for 2022 and 2023. (Assume total equity was $1,469,000 at December 31, 2021.) (Round your answers to 1 decimal place.) 2022 2023 Return on equity % 2. Calculate the book value per shares for 2022 and 2023. (Round your answers to 2 decimal places.) 2022 2023 Book value per share
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Prior to subscription of Color, the accounting equation of Rado’s corporation is:Asset=Liabilities+Equity P1,000,000 P 250,000 P 750,000 Color subscribed 2,500 shares at P100 par that will be due and collectible 18 months from December 31, 200B, the balance sheet date of Rado. After subscription of Color, the accounting equation of Rado would be Total AssetsTotal LiabilitiesStockholders equity a.P1,250,000P250,000P1,000,000 b.P1,250,000P500,000P 750,000 c.P1,000,000P250,000P 750,000 d.P1,000,000P500,000P 750000
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