Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30,2019, are as follows:Doug Stone, CapitalDoug Stone, DrawingApr. 3031,200May 1 (2018)Sept. 301,250Apr. 30475,5005,000Dec. 31305,0001,250Mar. 311,250June 301,250Prepare a statement of owner's equity for the year.

Financial statements: Financial statements refer to those statements, which are prepared by the…

Answered: Selected accounts from the ledger of…

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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Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year. Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d Mellark's Baked Goods Balance Sheet as of December 31, 2021 Assets Current assets: Total current assets $ $ Data table Accounts payable Accounts receivable Accruals Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense Inventories Land Long-term debts Machinery Marketable securities Notes payable Paid-in capital in excess of par Preferred stock Retained earnings Sales revenue Vehicles $219 447 51 260 225 217 92 2,503 50 148 166 320 380 95 421 416 76 479 360 96 218 3,567 26 - X
need help preparing an statement table The following information relates to Oriole Co. for the year 2020. Owner’s capital, January 1, 2020 $53,827 Advertising expense $ 2,019 Owner’s drawings during 2020 6,728 Rent expense 11,663 Service revenue 71,321 Utilities expense 3,476 Salaries and wages expense 33,081
College Spirit sells sportswear with logos of major universities. At the end of 2019, the followingbalance sheet account balances were available.Accounts payable $104,700Accounts receivable 6,700Accumulated depreciation 23,700Bonds payable 180,000Cash 13,300Common stock 300,000Furniture 88,000Income taxes payable $ 11,400Inventory 481,400Long-term investment 110,900Note payable, short-term 50,000Prepaid rent (current) 54,000Retained earnings, 12/31/2019 84,500Required:1. Prepare a classified balance sheet for College Spirit at December 31, 2019.2. Compute College Spirit’s working capital and current ratio at December 31, 2019.3. CONCEPTUAL CONNECTION Comment on College Spirit’s liquidity as of December 31,2019.
The completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,600 201 Accounts Payable 9,200 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 306 Owner's Drawings 12,100 60,500 400 Service Revenue 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 29,800 Salaries and Wages Expense Utilities Expense 726 1,400 732 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 60,500 60,500 59,200 59,200
2. The following is extracted from the books of White Co as at 31 December 2019: $ nta sets Net current assets 6 010 Current assets 12 585 Non-current liabilities 2 500 Non-current assets 6 475 For the year ended 31 December 2019, 2$ Net profit Drawings 4 500 3 000 REQUIRED: Calculate the amount of capital at 1 January 2019. END OF PAPER
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
The following items are taken from the financial statements of the Riverbed Service for the year ending December 31, 2020: Accounts payable $ 18400 Accounts receivable 11000 Accumulated depreciation – equipment 27800 Advertising expense 20900 Cash 15000 Owner’s capital (1/1/20) 100600 Owner's drawings 13800 Depreciation expense 12300 Insurance expense 3100 Note payable, due 6/30/21 69200 Prepaid insurance (12-month policy) 6200 Rent expense 16900 Salaries and wages expense 31800 Service revenue 132300 Supplies 4100 Supplies expense 5900 Equipment 207300 What is the balance that would be reported for owner’s equity at December 31, 2020?
Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?
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Your firm has been engaged to examine the financial statements of Buffalo Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Buffalo CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,899,000 Current liabilities $956,000 Other assets 5,138,660 Long-term liabilities 1,471,000 Stockholders’ equity 4,610,660 $7,037,660 $7,037,660 An analysis of current assets discloses the following. Cash (restricted in the amount of $298,000 for plant expansion) $582,000 Investments in land 187,000 Accounts receivable less allowance of $30,000 487,000 Inventories (LIFO flow assumption) 643,000 $1,899,000 Other assets include: Prepaid expenses $62,000 Plant…
Computation of assets, liabilities, and equity after a series of transactions The December 31, 2019, balance sheet of Charles Realty reported total assets of $900,000, total liabilities of $350,000, and equity of $550,000. The following transactions occurred in January of 2020: (1) The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance. (2) The business collected accounts receivable totaling $45,000. (3) The business sold one-fifth of the land (which had cost $50,000) land costing $50,000 for $60,000 cash. (4) The business paid off $50,000 of the note payable. What is the TOTAL LIABILITIES?
Cherry Corporation, a calendar year C corporation, is formed and begins business on 6/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $54,200. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019. $fill in the blank 1 Do not give answer in image and hand writing

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