Required InformationUse the following Information for Quick Studies below. (Algo)[The following information applies to the questions displayed below.]The following is the adjusted trial balance of Sierra Company.Sierra CompanyAdjusted Trial BalanceDecember 31Account TitleCashPrepaid insuranceNotes receivable (due in 5 years)BuildingsAccumulated depreciation-BuildingsAccounts payableNotes payable (due in 3 years)Common stockRetained earningsDividendsConsulting revenueWages expenseDepreciation expense-BuildingsInsurance expenseTotalsDebit$ 31,0001,888< Required 16,68085,0007,5884,8808,5002,800$ 148,000Required 1 Required 2Prepare an income statement for the year ended December 31.SIERRA COMPANYIncome statement$CreditQS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2(1) Prepare an income statement for the year ended December 31.(2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $11,000 onDecember 31 of the prior year.Complete this question by entering your answers in the tabs below.00$ 25,0009,0009,50019,00011,00074,500$ 148,000Required 2 >

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Description: Required InformationUse the following Information for Quick Studies below. (Algo)[The following information applies to the questions displayed below.]The following is the adjusted trial balance of Sierra Company.Sierra CompanyAdjusted Trial BalanceD

The income statement shows the financial position of the company whether the business is making a…

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Required Information Use the following Information for Quick Studies below. (Algo) [The following information applies to the questions displayed below] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 31,000 1,800 6,600 85,000 7,500 4,800 8,500 2,800 $ 148,000 < Required 1 Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income statement Credit QS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $11,000 on December 31 of the prior year. $ 25,000 9,000 9,500 19,000 11,000 74,500 Complete this question by entering your answers in the tabs below. 0 0 $ 148,000 Required 2 >

Required Information Use the following Information for Quick Studies below. (Algo) [The following information applies to the questions displayed below] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit $ 31,000 1,800 6,600 85,000 7,500 4,800 8,500 2,800 $ 148,000 < Required 1 Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income statement Credit QS 3-30 (Algo) Preparing an income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $11,000 on December 31 of the prior year. $ 25,000 9,000 9,500 19,000 11,000 74,500 Complete this question by entering your answers in the tabs below. 0 0 $ 148,000 Required 2 >

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 following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Credits Debits $ 44,000 Cash 94,000 119,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation- buildings Equipment Accumulated depreciation- equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 82,000 158,000 395,000 113,000 31,000 51,000 $ $ 29,000 119,000 44,000 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 84,000 39,000 345,000 6,000 390,000 31,000 $ 1,087,000 1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the…
! Required information [The following information applies to the questions displayed below.] Psymon Company, Ic., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31: Account Titles Debits Credits $ 45,190 19,200 69,500 53,000 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable $ 22,300 32,100 96,000 12, 200 179,600 Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense 105, 200 18, 200 19, 200 2,300 10,410 $342, 200 Totals $342, 200 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000. Accounts payable $ 30 Notes payable (due in 5 years) $100 Accounts receivable 18 Prepaid insurance 8 Accumulated depreciation 160 Remodeling revenue 650 Cash 15 Rent expense 63 Common stock 150 Retained earnings, 7/1/20 79 Depreciation expense 40 Salaries expense 150 Dividends 25 Salaries payable 17 Equipment 500 Supplies 31 Income taxes payable 3 Supplies expense 275 Miscellaneous expense 84 Unearned revenue 20 Calculate Net Income for the year ending 6/30/21.
Required information Skip to question [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts and balances at its December 31 year-end. Notes payable $ 11,000 Accumulated depreciation—Buildings $ 15,000 Prepaid insurance 2,500 Accounts receivable 4,000 Interest expense 500 Utilities expense 1,300 Accounts payable 1,500 Interest payable 100 Wages payable 400 Unearned revenue 800 Cash 10,000 Supplies expense 200 Wages expense 7,500 Buildings 40,000 Insurance expense 1,800 Dividends 3,000 Common stock 10,000 Depreciation expense—Buildings 2,000 Retained earnings 14,800 Supplies 800 Services revenue 20,000 Use the adjusted trial balance accounts and balances at its December 31 year-end for Stark Company to prepare an adjusted trial balance.
Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow. Prepaid rent Accounts payable $ 2,500 Accounts receivable 500 Allowance for doubtful accounts Notes payable (due in 10 years) Notes receivable (due in 4 years) 6,000 4,000 Cash Total equity Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Current assets BENNETT CO. Balance Sheet December 31 Assets Total current assets Long-term investments Total assets $ 1,000 10,000 12,000 18,000 $ 0 0
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Dated May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 PR G2 Debit Debit Debit Debit General Ledger Account Number 301 Salaries Expense Credit Balance 84,000 Account Number 302 Credit Balance 50,000 Account Number 403 Credit Balance 148,008 Account Number 603 Credit Balance 15,000 Date May 31 Insurance Expense Date May 31 Rent Expense Date May 31 Income Summary Date PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 42,000 Account Number 637 Credit Balance 3,900 Account Number 640 Credit Balance 8,400 Account Number 901 Balance Credit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.
Required information [The following information applies to the questions displayed below) The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Connon stock Retained earnings Totals Cash Bludget for October available Cash Less Payments $ 16,000 60,000 40,000 200,000 Required c. Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget Note: Negative amounts should be indicated by a minus sign. Total budgeted payments Cash surplus (shortage) We Havel need to bomow money during October $316,000 $ 76,800 72,000 100,000 50,000 17,200 $316,000 0
The following items are taken from the financial statements of the Ivanhoe Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Common stock Dividends Depreciation expense Insurance expense Note payable, due 6/30/22 Prepaid insurance (12-month policy) Rent expense Retained earnings (1/1/21) Salaries and wages expense Service revenue Supplies Supplies expense $ 17800 11000 28000 21300 15300 42800 13800 11900 3100 70100 6200 17000 61700 32500 131700 4000 6000
Required information [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts with normal balances at its December 31 year-end. $ 28,000 Accumulated depreciation-Buildings 4,200 Accounts receivable Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Services revenue 840 Utilities expense 10,000 Interest payable 2,100 Unearned revenue 44,000 Supplies expense 9,200 Buildings 3,500 Dividends 27,000 Depreciation expense-Buildings 105,000 Income Statement Complete this question by entering your answers in the tabs below. Expenses Use the adjusted accounts for Stark Company to prepare the (1) income statement and (2) statement of retained earnings for the ye ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $99,800 on December 31 the prior year. Supplies Retained earnings Statement of Retained Balance…
The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest revenue $87,400 Accumulated depreciation—equipment $41,400Cash 52,400 Accumulated depreciation—buildings 29,400Sales revenue 1,381,400 Notes receivable 156,400Accounts receivable 151,400 Selling expenses 195,400Prepaid insurance 21,400 Accounts payable 171,400Sales returns and allowances 151,400 Bonds payable 101,400Allowance for doubtful accounts 8,400 Administrative and general expenses 98,400Sales discounts 46,400 Accrued liabilities 33,400Land 101,400 Interest expense 61,400Equipment 201,400 Notes payable 101,400Buildings 141,400 Loss from earthquake damage 151,400Cost of goods sold 622,400 Common stock 501,400 Retained earnings 22,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Use the following selected accounts and amounts with normal balances from Juan Company's adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable Building Cash Interest payable L. Juan, Capital $ 1,160 Accounts receivable 116,000 Accumulated depreciation-Building 20,880 Notes payable (due in 5 years) 2,320 Notes receivable (due in 14 years) 58,000 Accounts payable JUAN COMPANY Balance Sheet December 31 $ 8,120 34,800 59,160 23,200 12,760