Required Information [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts and normal balances at Its December 31 year-end. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Stark, Capital Services revenue $ 12,000 Accumulated depreciation-Buildings 2,600 Accounts receivable 520 Utilities expense 2,000 Interest payable 500 Unearned revenue 12,000 Supplies expense 7,600 Buildings 1,900 Stark, Withdrawals Income Statement 30,800 Depreciation expense-Buildings 25,000 Supplies Complete this question by entering your answers in the tabs below. Statement of Owners Equity Use the adjusted accounts for Stark Company to prepare the (1) Income statement and (2) statement of owner's equity for the year ended December 31 and (3) balance sheet at December 31. The Stark, Capital account balance was $30,800 on December 31 of the prior year, and there were no owner Investments in the current year. $ 16,000 4,200 1,400 Balance Sheet 140 850 220 50,000 3,500 2,500 850

Required Information [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts and normal balances at Its December 31 year-end. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Stark, Capital Services revenue $ 12,000 Accumulated depreciation-Buildings 2,600 Accounts receivable 520 Utilities expense 2,000 Interest payable 500 Unearned revenue 12,000 Supplies expense 7,600 Buildings 1,900 Stark, Withdrawals Income Statement 30,800 Depreciation expense-Buildings 25,000 Supplies Complete this question by entering your answers in the tabs below. Statement of Owners Equity Use the adjusted accounts for Stark Company to prepare the (1) Income statement and (2) statement of owner's equity for the year ended December 31 and (3) balance sheet at December 31. The Stark, Capital account balance was $30,800 on December 31 of the prior year, and there were no owner Investments in the current year. $ 16,000 4,200 1,400 Balance Sheet 140 850 220 50,000 3,500 2,500 850

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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The year-end financial statements of Prize Inc. include the accounts receivable footnote:Total accounts and other receivables at December 31 consisted of the following: (in millions) Year 2 Year 1 Total accounts and other receivables $444.4 $476.6 Allowance for doubtful accounts (6.0) (8.4) Total accounts and other receivables, net $438.4 $468.2 The balance sheet reports total assets of $2,984.1 million at December 31, Year 2.The common-size amount for gross accounts and other receivables are: Select one: a. $444.4 million b. None of these are correct. c. 14.7% d. 14.9% e. $438.4 million
Record the Year 1 transactions in general journal form.
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