Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint: The owner invested $1,500 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses. $ 10,500 9,500 6,500 5,500 12,000 16,500 20,000 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 13,500 34,000 23,000 20,500 12,500 8,500

Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint: The owner invested $1,500 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses. $ 10,500 9,500 6,500 5,500 12,000 16,500 20,000 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 13,500 34,000 23,000 20,500 12,500 8,500

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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Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity. .... .. $30,000 Employee federal income taxes payable $9,000 Equipment.... Salaries payable ... Accounts receivable. Cash ... Current portion of long-term debt Notes payable (due in 6 years) . 40,000 Federal unemployment taxes payable ... .00 . 34,000 FICA–Medicare taxes payable... 5,100 FICA–Social Security taxes payable ... 50,000 Employee medical insurance payable . . 4,000 State unemployment taxes payable . . 10,000 Sales tax payable (due in 2 weeks) . . 725 3,100 .2,000 1,800 ... .... .... ... •. 275
You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…
(Appendix 3.1) Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly's checkbook shows cash receipts from customers of $112,000 and cash payments for operating expenses of $48,000 for the year. At the end of the year, Vickelly determined that customers owed it $12,000, and it owed creditors $10,00o. Compute Vickelly's sales revenue, operating expenses, and net income on an accrual basis.
nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,900 in tailoring fees, and paid $12,100 in expenses. Depreciation expense totaled $1,500. Accounts receivable increased $1,050, supplies increased $3,700, and accrued liabilities increased $1,800. Pat's accrual-basis net income was: Multiple Choice $32,250. $26,350. $35,850. $22,750.
am. 295.
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[The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash $ 25,600 Receivables from customers (all considered collectible) 10,800 Inventory of merchandise (based on physical count and priced at cost) 81,000 Equipment owned, at cost less used portion 42,000 Accounts payable owed to suppliers 46,140 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,520 Total sales revenue 128,400 Expenses, including the cost of the merchandise sold (excluding income taxes) 80,200 Income tax expense at 30% × pretax income; all paid during the current year ? Common stock (December 31) 87,000 Dividends declared and paid during the current year 10,000 (Note: The beginning balances in Common stock and Retained earnings are zero because it…
The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Cash: $12,482 Accounts Receivable: 38,962 Merchandise Inventory: 118,628 Supplies: 1,850 Prepaid Insurance: 2,488 Store Equipment: 32,824 Accumulated Depreciation, Store Equipment: 26,420 Office Equipment: 11,236 Accumulated Depreciation, Office Equipment: 3,410 Notes Payable: 6,000 Accounts Payable: 23,420 Unearned Rent: 3,150 L. Pelango, Capital: 120,532 L. Pelango, Drawing: 28,000 Sales: 647,090 Sales Returns and Allowances: 8,848 Purchases: 519,374 Purchases Returns and Allowances: 12,440 Purchases Discounts: 8,634 Freight In: 22,824 Wages Expense: 52,800 Interest Expense: 780 Data for the adjustments are as follows: a–b. Merchandise Inventory at December 31, $104,565. c. Wages accrued on December 31, $934. d. Supplies inventory (on hand) at December 31, $755 e. Depreciation of store equipment, $4,982 f. Depreciation of office equipment, $1,531 g. Insurance…
In the first month of operations for Sheffield Industries, the total of the debit entries to the cash account amounted to $ 35800 ($ 15600 investment by the owner and revenues of $ 20200). The total of the credit entries to the cash account amounted to $ 22000 (purchase of equipment $ 9000 and payment of expenses $ 13000). At the end of the month, the cash account has a(n) O $6400 debit balance. O $ 13800 credit balance. O $ 6400 credit balance. O $ 13800 debit balance.