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.... . 40,000 Federal unemployment taxes payable ..........200 34,000 FICA-Medicare taxes payable....... 5,100 FICA-Social Security taxes payable... Salaries payable.... Accounts receivable Cash......... .725 3,100 . 50,000 Employee medical insurance payable. .2,000

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.... . 40,000 Federal unemployment taxes payable ..........200 34,000 FICA-Medicare taxes payable....... 5,100 FICA-Social Security taxes payable... Salaries payable.... Accounts receivable Cash......... .725 3,100 . 50,000 Employee medical insurance payable. .2,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…
Classified Balance Sheet—Including NotesAdjusted account balances and supplemental information for Brockbank Research Corp. as of December 31, 2013, are as follows: Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,160 Accounts Receivable—Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,731 Accumulated Depreciation—Leasehold Improvements and Equipment. . . . . 579,472 Additional Paid-In Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265,000 Allowance for Bad Debts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,731 Automotive Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,800 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25,600 Cash Fund for Bond Retirement. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .3,600 Common Stock. . . . .…
Boscia Corporation's balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents......................... $ 44 $ 38 Accounts receivable .................................. 82 69 Inventory ................................................... 71 69 Plant and equipment .................................. 537 500 Accumulated depreciation......................... ( 240) ( 201) Total assets................................................ $494 $475 Liabilities and stockholders’ equity: Accounts payable ...................................... $ 70 $ 60 Wages payable........................................... 24 21 Taxes payable ............................................ 19 22 Bonds payable ........................................... 226 300 Deferred taxes............................................ 19 18 Common stock........................................... 22 20 Retained earnings...................................... 114 34 Total…
On May 1, Donovan Company reported the following account balances:Current assets . . . . . . . . . . . . $ 90,000Buildings & equipment (net) . 220,000Total assets . . . . . . . . . . . .. . $310,000Liabilities . . . . . . . . . . . . . . . . $ 60,000Common stock . . . . . . . . . . . . . 150,000Retained earnings . . . . . . . . . 100,000Total liabilities and equities . $310,000On May 1, Beasley paid $400,000 in stock (fair value) for all of the assets and liabilities of Donovan, which will cease to exist as a separate entity. In connection with the merger, Beasley incurred $15,000 in accounts payable for legal and accounting fees.Beasley also agreed to pay $75,000 to the former owners of Donovan contingent on meeting certain revenue goals during the following year. Beasley estimated the present value of its probability adjusted expected payment for the contingency at $20,000. In determining its offer, Beasley noted the following:∙ Donovan holds a building with a fair value…
These account balances at December 31 relate to Sportplace, Inc.:Accounts Payable ........................ $ 51,700Accounts Receivable....................Common Stock ...........................81,050Treasury Stock ............................Bonds Payable .............................313,0005,7003,300Paid-in Capital in Excessof Par—Common................................. $240,000Preferred Stock, 10%, $100 Par................Retained Earnings.....................................Notes Receivable.......................................85,00071,90012,800Q10-62. What is total paid-in capital for Sportplace? (Assume that treasury stock does notreduce total paid-in capital.)a. $632,300b. $709,900c. $643,700d. $638,000e. None of the above
The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1.
$ 6,000 The adjusted account balances of Diana Ltd. at October 31, 2031, are as follows: Accounts receivable Accounts payable $ 11,000 Notes receivable …………………………………….. 6,000 Unearned revenue............. 2,300 Merchandise inventory............ 17,600 Notes payable 56,800 Equipment 74,000 Accumulated depreciation- Depreciation expense. 22,900 equipment......... 9,200 J. Diana, drawings...... 16,000 Sales ......... 62,500 Utilities expense 2,200 Rent revenue. 10,000 Sales discounts....... 3,300 J. Diana, capital ................. 18,000 Cost of goods sold. 20,000 Sales returns and allowances... 1,800 $169,800 $169,800 Required: a) Prepare a multi-step income statement for the year ended October 31, 2031. b) Prepare closing entries for October 31, 2031.
provided the following information on December 31, 2021: Accounts payable, net of creditors’ debit balance of P 200,000…P 2,000,000 Accrued expenses……………………………………………………... 800,000 Bonds payable due December 31, 2023……………………………. 4,500,000 Premium on bonds payable………………………………………….. 500,000 Deferred tax liability………………………………………………….. 500,000 Income tax payable…………………………………………………… 1,100,000 Cash dividend payable………………………………………………. 600,000 Share dividend distributable………………………………………… 400,000 Notes payable-6% due March 1, 2022…………………………….. 1,500,000 Notes payable-8% due October 1, 2022………………………….. 1,000,000 The financial statements for 2021 were issued on March 1, 2022. On December 31, 2021, the 6% note payable was refinanced on a long-term basis. Under the loan agreement, the entity has the right on December 31, 2021 to roll over the 8% note payable for at least 12 months after December 31,2021. At what amount…
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Mixon Company’s year-end balance sheets show the following: EXERCISE 1–3 Evaluating Short-Term Liquidity 2006 Cash ............................ $ 30,800 Accountsreceivable,net ............. 88,500 Merchandiseinventory ............... 111,500 Prepaidexpenses ................... 9,700 Plantassets,net ................... 277,500 Totalassets ....................... $518,000 Accountspayable ................... $128,900 Long-term notes payable secured by mortgages on plant assets . . . . . . . 97,500 Commonstock,$10parvalue ......... 162,500 Retainedearnings .................. 129,100 Totalliabilitiesandequity ............ $518,000 2005 $ 35,625 62,500 82,500 9,375 255,000 $445,000 2004 $ 36,800 49,200 53,000 4,000 229,500 $372,500 $ 49,250 82,500 162,500 78,250 $372,500 $445,000 $ 75,250 102,500 162,500 104,750 49 Required: Compare the year-end short-term liquidity position of this company at the end of 2006, 2005, and 2004 by computing the: (a) current ratio…
Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000
I need prepare the income statement in accordance with genrally accepted accounting principles. Revenue: services provides to cotumers.......$17,000 investment by stockholders..............5,000 loan from bank.....................................15,000 total $37,000 expenses: Payments to long-term creditors...........................$11,700 expenses required to provide services to cutomers....................................................7,800 purchased of land......................................................16,000 total 35,500 net income $1,500