Required information[The following information applies to the questions displayed below.]Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included thefollowing at June 30:Accounts PayableBuildings$ 20,000100,00036,000180,000118,000200,0002,000259,0007,000During the month of July, the company had the following activities:CashCommon StockEquipmentLandNotes Payable (long-term)Retained EarningsSuppliesa. Issued 4,000 shares of common stock for $400,000 cash.b. Borrowed $100,000 cash from a local bank, payable in two years.c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance.d. Paid cash for equipment that cost $200,000.e. Purchased supplies for $30,000 on account.Required:1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances witha minus sign.)Beginning Balancea.b.C.d.e.AssetsCash Supplies Buildings Equipment Land36,000=7,000 100,000 118,000 200,000 =< Prev=|||||||LiabilitiesAccountsPayable20,0001 2S3NotesPayable(long-term)+2,000+6+of 6Stockholders' EquityRetainedEarningsCommonStock180,000259,000Next >

The accounting equation is a mathematical representation of financial transactions. The accounting…

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section11.3: Accounting For The Declaration And Payment Of A Dividend

Problem 1WT

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Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…
A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
The dates of importance in connection with a cash dividend of $61,000 on a corporation’s common stock are January 15 and March 15. Required: Journalize the entries required on each date. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322…
The dates of importance in connection with a cash dividend of $81,000 on a corporation’s common stock are January 15 and March 15. Required: Journalize the entries required on each date. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction.\ CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…
On March 1, Blue Devil Inc. declared the cash dividends of $44,000 to its common shareholders. Blue Devil recorded the names of shareholders on March 8 and ultimately made payments to shareholders on March 15. Prepare the journal entries for the following cash dividend dates: (1) the date of declaration, (2) the date of record, and (3) the date of payment. HTML EditorKeyboard Shortcuts
Which one of the following statements is true concerning the company’s accounts receivable as of December 31? see the attached screenshot for options
Refer the following table. Cash Tia's Trampolines Inc. Comparative Balance Sheet Information November 30 (millions of $) Accounts receivable (net) Plant and equipment (net) Accounts payable Long-term notes payable Preferred shares 2023 $ 205 280 2022 $ 593 2021 $ 618 317 136 1,446 1,530 1,826 60 136 224 965 1,285 1,445 165 165 165 645 645 645 96 209 101 Connon shares Retained earnings The preferred shares are $0.50, non-cumulative 80 million preferred and 320 million common shares were issued and outstanding during each year. Net sales Tia's Trampolines Inc. Income Statement For Year Ended November 30 (millions of $) Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Interest expense Income tax expense Profit 2023 2022 2021 $4,020 $6,340 $6,660 2,769 4,393 4,617 $1,251 $1,947 $2,843 $ 306 $ 306 $ 306 402 1,258 1,454 708 1,564 1,760 $ 543 $ 383 $ 283 68 157 87 109 97 74 $ 318 $187 $112 Required:…
Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.
. The following are the amounts of Care Corporation’s assets and liabilities at May 31, 2010 and its revenue and expenses for the year ended on that date, listed in alphabetical order. Care Corporation had share capital of P50,000 and accumulated profits of P87,390 on June 1, the beginning of the fiscal year. During the year, the corporation paid cash dividends of P25,000. Accounts payable P 48,320 Accounts receivable 68,840 Advertising expense 14,600 Cash 40,150 Insurance expense 12,000 Land 150,000 Miscellaneous expense 3,140 Notes payable 22,000 Prepaid insurance 2,000 Rent…
The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1
Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016, prepare income statement and Balance Sheet OMR OMR ('000) 3,250 | Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) ('000) Fixed Deposit Savings Deposit 2,500 1,500 Current Accounts 100 Money at call and short notice 2,400 | Bills Payable 15,500 Sundry Creditors 1,000 | General reserve 4,000 Investments 250 Interest accrued 700 General Expenses 50 Borrowed from other banks 4,800 Dividend 250 Non-Banking assets 1,200 Cash in hand 750 Interest and Discount 3,250 6,500 | Unclaimed Dividends 7,050 | Loans, Overdrafts 5,200 Payment to Employees Premises 50 Cash at Central Bank 35,000 Cash at Other Banks 400 Bills Discounted and Deposits from other banks 1.000 | Purchased 2,500 Rent, taxes 100 Additional Information: Rebate on bills discounted to OMR 25 а. b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts с.

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