Stockton Company Adjusted Trial Balance December 31 Cash 6,613 Accounts Receivable 2,978 Prepaid Expenses 699 Equipment 15,374 Accumulated Depreciation 10,182 Accounts Payable 1,589 Notes Payable 4,094 Common Stock 1,000 Retained Earnings 4,997 Dividends 895 Fees Earned 8,240 Wages Expense 2,208 Rent Expense 768 Utilities Expense 336 Depreciation Expense 168 Miscellaneous Expense 63 Totals 30,102 30,102 Determine the retained earnings ending balance. Oa. $30,102 Оb. $5,997 Oc. $8,799 Od $4 697

Stockton Company Adjusted Trial Balance December 31 Cash 6,613 Accounts Receivable 2,978 Prepaid Expenses 699 Equipment 15,374 Accumulated Depreciation 10,182 Accounts Payable 1,589 Notes Payable 4,094 Common Stock 1,000 Retained Earnings 4,997 Dividends 895 Fees Earned 8,240 Wages Expense 2,208 Rent Expense 768 Utilities Expense 336 Depreciation Expense 168 Miscellaneous Expense 63 Totals 30,102 30,102 Determine the retained earnings ending balance. Oa. $30,102 Оb. $5,997 Oc. $8,799 Od $4 697

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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DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash Accounts receivable Inventory Equipment Total assets Less: Accumulated depreciation Liabilities and Equity $ 20,000 520,000 135,000 $ 600,000 75,000 525,000 $1,200,000 Liabilities Accounts payable $375,000 Loan payable 12,000 Taxes payable (due March 15) 90,000 477,000 $ 473,500 249,500 723,000 Equity Common stock Retained earnings Total liabilities and equity $ 1,200,000 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $56 per unit. The inventory level of 4,500 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 7,250 units; February, 9,250 units; March, 11,250 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $246,800; February, $718,078; March,…
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Cash 6,104 Accounts Receivable 2,648 Prepaid Expenses 783 Equipment 15,920 Accumulated Depreciation 5,372 Accounts Payable 1,497 Notes Payable 5,998 Common Stock 1,000 Retained Earnings 10,411 Dividends 705 Fees Earned 6,237 Wages Expense 2,913 Rent Expense 737 Utilities Expense 378 Depreciation Expense 218 Miscellaneous Expense 109 Totals 30,515 30,515 Determine the total liabilities for the period. $20,083 O S7,495 O s12,867 O $11,411
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
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Q.17 From the following calculate the earnings of workers A,B,C under Halsey plan and Rowan scheme of payment: Worker Standard time (Hours): Actual (Hours) 3. 4 :5 .. 1.... .... Basić wages per hour 2 2. May 2017
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Cash Accounts receivable Inventory Equipment Assets DIMSDALE SPORTS COMPANY Liabilities Less: Accumulated depreciation Equipment, net Total assets Balance Sheet December 31 Liabilities and Equity Accounts payable Loan payable Taxes payable (due March 15) Equity $636,000 79,500 $ 350,000 12,000 91,000 $ 21,000 520,000 157,500 $ 471,000 331,000 556,500 $ 1,255,000 $ 453,000 Common stock Retained earnings Total stockholders' equity Total liabilities and equity To prepare a master budget for January, February, and March, use the following information. 802,000 $ 1,255,000 a. The company's single product is purchased for $30 per unit and resold for $56 per unit. The inventory level of 5,250 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 7,500 units; February, 9,250 units; March, 11,500 units; and April, 10,500 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows:…