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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You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…
The statement of the financial position of BERJAYA Printing Enterprise as of 31 December 2020 was shown in Table 1. Distinguish information according to Table 1 to find financial statement for the year 2020. (i) (ii) Gross profit or loss Net profit or loss Table 1: Financial statement of BERJAYA Printing Enterprise for year 2020 January December Assumptions: Start Operation 1/1/2020 Cash Injected by owner Year 2020 RM 70,000 Loan bank (6% for 6 years) RM 20,000 Sales Sales (unit) 13,000 Selling Price/Unit RM 25 Purchase Costs/unit RM 10 Purchase of Photostat machine RM 60,000 (useful life = 8 years) paid cash RM 60,000 in January 2020 Monthly Operating Expenses: (fully paid) 4,000 2,000 Salary Shop space rental 500 Electricity and other utilities Transportation 300 Maintenance 300 Advertisements (for the year) 3,000 Other 200
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Subject: accounting
On May 1, 2020, Vaughn Manufacturing began construction of a building. Expenditures of $620400 were incurred monthly for 5 months beginning on May 1. The building was completed and ready for occupancy on September 1, 2020. For the purpose of determining the amount of interest cost to be capitalized, the weighted-average accumulated expenditures on the building during 2020 were O $2481600. O $3102000. O $517000. O $620400.
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.
refer to the photo
On January 1, 2018, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2019. Expenditures on the project were as follows: January 1, 2018 September 1, 2018 December 31, 2018 $340,000 $510, 000 $510,000 $510,000 $340,000 March 31, 2019 September 3e, 2019 Dreamworld had $7,000,000 in 14% bonds outstanding through both years. Dreamworld's average accumulated expenditures for 2018 was:
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
The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 and 2019. 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 2. Compute net income for 2019 by comparing total equity amounts for these two years and using thefollowing information: During 2019, the owner invested $5,000 additional cash in the business and withdrew $3,000 cash for personal use. 3. Compute the December 31, 2019, debt ratio (in percent and rounded to one decimal).
REQUIRED: Prepare and present the following financial statement: Statement of changes in equity
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…

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