The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: December 31 2023 Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable 2022 $ 10,125 $27,000 11,675 14,750 1,900 2,500 32,000 32,000 78,500 74,000 27,500 95,000 19,500 57,500 4,000 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022.

The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: December 31 2023 Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable 2022 $ 10,125 $27,000 11,675 14,750 1,900 2,500 32,000 32,000 78,500 74,000 27,500 95,000 19,500 57,500 4,000 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please calculate the debts to assets ratio for the years 2022 and 2021, also please show your work.
The balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: $ 107,800 $ 118,100 94,500 84,500 2,500 Cash 80,000 100,000 5,000 Accounts receivable Inventory Prepaid rent Long-term assets: 505,000 695,000 (278,000) $1,221,600 Land 505,000 810,000 (433,000) $1,174,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $ 104,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 6,300 9,000 89, 500 12,600 5,500 105,000 210,000 Common stock Retained earnings Total liabilities and stockholders' eguity 725,000 225,500 $1,174,800 725,000 179,000 $1,221,600 Additional Information for 2021: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $105,000 In notes payable. 5. The company declares and pays…
FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?
1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets Current liabilities Cash $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners’ equity $ 400,000 $ 500,000 For each account on this company’s balance sheet, show the change in the account during 2021 and note whether…
You observe a company with the following items on the balance sheet (in thousands): Cash and equivalents 2018: $22 Cash and equivalents 2017: $23 Inventory 2018: $26 Inventory 2017: $21 Accounts receivable 2018: $144 Accounts receivable 2017: $129 Property, Plant, and Equipment 2018: $1,584 Property, Plant, and Equipment 2017: $1,663 Current Liabilities 2018: $247 Current Liabilities 2017: $291 Long-term debt 2018: $857 Long-term debt 2017: $1,494 What is the change in net working capital for the firm for these years. Answer in thousands (the same as how the numbers are presented).
The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest revenue $87,400 Accumulated depreciation—equipment $41,400Cash 52,400 Accumulated depreciation—buildings 29,400Sales revenue 1,381,400 Notes receivable 156,400Accounts receivable 151,400 Selling expenses 195,400Prepaid insurance 21,400 Accounts payable 171,400Sales returns and allowances 151,400 Bonds payable 101,400Allowance for doubtful accounts 8,400 Administrative and general expenses 98,400Sales discounts 46,400 Accrued liabilities 33,400Land 101,400 Interest expense 61,400Equipment 201,400 Notes payable 101,400Buildings 141,400 Loss from earthquake damage 151,400Cost of goods sold 622,400 Common stock 501,400 Retained earnings 22,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable December 31 Cash Accounts receivable Office supplies Trucks 2023 2022 $9,375 $ 26,250 14,250 2,250 27,000 69,000 Assets 11,175 1,650 27,000 73,500 22,500 90,000 18,750 52,500 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,500 cash in the business to enable it to pay the $60,000. The business earned a Profit during 2023, which enabled LeClaire to withdraw $1,500 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022. 3,750…