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

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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Calculate liquidity measures The following amounts were reported on theDecember 31, 2013, balance sheet: Cash.......................................... $ 8,000Accounts receivable .................. 22,000Common stock ......................... 40,000Wages payable ......................... 5,000Retained earnings ..................... 80,000Land .......................................... 20,000Accounts payable ..................... $ 15,000Bonds payable .......................... 120,000Merchandise inventory .............. 30,000Buildings and equipment, net ofaccumulated depreciation ..... 180,000 Required:a. Calculate working capital at December 31, 2013.b. Calculate the current ratio at December 31, 2013.c. Calculate the acid-test ratio at December 31, 2013.
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?
Record accrual of payroll taxes. E10.7 (LO 1), AP According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $137.68 for FICA taxes $13.77 for federal unemployment taxes, and $92.93 for state unemployment taxes. Instructions Journalize the entry to record payroll taxes. Evaluate statements about bonds. d the followin lict of statements about bonds
Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's cash flow from investing?
Record the Year 1 transactions in general journal form.
A long term note ($400,000 face value) matured. The interest of $40,000 was paid but the principle was not. Here is question 2. Expenditures—Debt Service—Principal................................................. Expenditures—Debt Service—Interest....................................... Cash................................................................................ Defaulted Note Payable