The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017:DebitCreditCash .5,000Accounts Receivable...2,2002,800Supplies. .Equipment.Accumulated Depreciation-Equipment...Accounts Payable. .15,0004,5003,3006,000Unearned Service Revenue..Share Capital-Ordinary..Retained Earning .Dividends .Service Revenue...Supplies Expense...Depreciation ExpenseRent Expense..10,000?.2,5004,3006002,5001,90032,50032,500Required:Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017:1. Income statement.2. Retained earnings statement.3. Statement of financial position.

With the help of given adjusted trial balance, we have to prepare different statements: 1. Income…

The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017: Debit 5,000 2,200 2,800 Credit Cash. Accounts Receivable... Supplies. . Equipment .. Accumulated Depreciation-Equipment... Accounts Payable . Unearned Service Revenue.. 15,000 4,500 3,300 6,000 10,000 ? .............. Share Capital-Ordinary.. Retained Earnings... Dividends . ........ ..2,500 Service Revenue. 4,300 Supplies Expense... Depreciation Expense Rent Expense.. 600 2,500 1,900 32,500 32,500 Required: Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017: 1. Income statement. 2. Retained earnings statement. 3. Statement of financial position.

The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017: Debit 5,000 2,200 2,800 Credit Cash. Accounts Receivable... Supplies. . Equipment .. Accumulated Depreciation-Equipment... Accounts Payable . Unearned Service Revenue.. 15,000 4,500 3,300 6,000 10,000 ? .............. Share Capital-Ordinary.. Retained Earnings... Dividends . ........ ..2,500 Service Revenue. 4,300 Supplies Expense... Depreciation Expense Rent Expense.. 600 2,500 1,900 32,500 32,500 Required: Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017: 1. Income statement. 2. Retained earnings statement. 3. Statement of financial position.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 4 Cost of yoth elatatoment. The following data are provided by Thé conlroller of Ponisacola…

A: Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This…

Q: $ 6,000 The adjusted account balances of Diana Ltd. at October 31, 2031, are as follows: Accounts…

A: INCOME STATEMENTAn income statement is a financial statement that provides a summary of a company's…

Q: These account balances at December 31 relate to Sportplace, Inc.:Accounts Payable…

A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…

Q: At December 1, 2020, Waterway Company's accounts receivable balance was $1400. During December,…

A: A T-account has three sections. The top is the name of the account. The left-hand side is where…

Q: On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account…

A: No. Date General Journal Debit Credit 3 January 31, Interest Expense ($37,000 * 6% * 1…

Q: Below are recorded transactions of Yellow Jacket Corporation for August.…

A: 1. Cash paid to purchase equipment for $8,800. Debited equipment increases asset account and…

Q: Pare Plumbing Products Ltd. reported the following data in 2018 (in millions): Data table 2018…

A: The question is related to Ratio Analysis. The leverage ratio is calculated with the help of…

Q: At January 1, 2025, XYZ Company had an allowance for doubtful accounts with a $39,300 credit…

A: The aging schedule is an accounting table that lists a company's receivables in chronological order…

Q: The comparative balance sheet for Proctor Precision appears below: PROCTOR PRECISION Comparative…

A: Cash inflow means the money is going in the business . The cash can go by in any means be…

Q: Options I have for denominator are - average accounts receivable, net average total assets cost…

A: The profit margin ratio can be calculated by dividing profit by net sales. It indicates the…

Q: Volta Electronics Inc. reported the following items on its December 31, 2014, trial balance:…

A: Solution: Total liabilities = Accounts payable + unearned rent revenue + estimated liabilities under…

Q: On January 1, 2021, the general ledger of Freedom Fireworks includes the following account…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub- parts for…

Q: OA $27,800 OB. $3,100 OC. $3,140 OD. $3,000

A: Answer : Cash receipt for interest = Beginning interest received + Interest revenue - Ending…

Q: The following data are taken from the financial statements of Blossom Company, Accounts receivable…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Consider the recorded transactions below.…

A: T Accounts are used in accounting to check and track the debits and credits of the financial…

Q: The following information was taken from the accounts receivable records of Pina Colada Corporation…

A: OutstandingBalance PercentageEstimated to beUncollectible Estimatedto beUncollectible 0 –…

Q: Sameera's Accounting Services Comparative Balance Sheets As at 30/06/2021 As at 30/06/2020 Current…

A: Vertical analysis is a kind of financial statement analysis wherein each item in the financial…

Q: Life-Positive's Account 2021 ($) 2022 ($) Balances Accounts Payable | 24,6ᎾᎾ.0Ꮎ 21,250.ᎾᎾ Accounts…

A: Balance sheet data is generally used to determine or evaluate a company's solvency, analyze…

Q: Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the…

A: 1. **Determine the Current Year's Values**: - Before making projections for the next fiscal year,…

Q: A new client of yours has prepared the following condensed income statement for the second quarter…

A: A condensed income statement lessens a great part of the typical income statement detail to only a…

Q: se the following selected financial statement information from Black Water Industries. BLACK WATER…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: How to calculate the total outstanding receivables?

A: To calculate the total outstanding receivables, you can follow the following steps: Determine the…

Question

The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017:
Debit
Credit
Cash .
5,000
Accounts Receivable...
2,200
2,800
Supplies. .
Equipment.
Accumulated Depreciation-Equipment...
Accounts Payable. .
15,000
4,500
3,300
6,000
Unearned Service Revenue..
Share Capital-Ordinary..
Retained Earning .
Dividends .
Service Revenue...
Supplies Expense...
Depreciation Expense
Rent Expense..
10,000
?
.2,500
4,300
600
2,500
1,900
32,500
32,500
Required:
Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017:
1. Income statement.
2. Retained earnings statement.
3. Statement of financial position.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Income statement

VIEW

Step 3 Retained earnings statement

VIEW

Step 4 Balance Sheet

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

ABC Company's accounting records reported the followingaccount balances as of December 31, 2028:Inventory ................... $59,000Trademark ................... $16,000Interest revenue ............ $21,000Accounts receivable ......... $44,000Cost of goods sold .......... $30,000Utilities expense ........... $29,000Salaries payable ............ $14,000Accumulated depreciation .... $37,000Land ........................ ?Dividends ................... $ 9,000Notes payable ............... $48,000Common stock ................ ?Rental revenue .............. $35,000Supplies .................... $23,000Income tax expense .......... $18,000Retained earnings ........... $57,000 (at Jan. 1, 2028)Sales revenue ............... $99,000Equipment ................... $74,000Copyright ................... $38,000Accounts payable ............ $41,000Salaries expense ............ $27,000Cash ........................ $19,000Additional information:The total equity at December 31, 2028 was $196,000.Calculate…
Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 $4,468,392 $4,972,722 $45,349,943 Receivables as of 31 December 2021 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Not Accounting receivable Average Day's sales in receivable = 154; 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…
pre.3
Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000 $240,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 120,000 Its cost of goods sold is based on inventories valued at cost. Assume for each year that all of the beginning inven- tory is sold by year end. Additional information regarding its inventories follows. Inventory LIFO Cost Market January 1, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000 $16,000 December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 18,000 December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 20,000 Required a. Prepare the entries to apply the lower-of-cost-or-market rule at December 31, 2020, and 2021. Use an allow- ance account to reduce…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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.
Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…
TRIAL balance dated Dec 31, 2019 MUSIC-IS-US, INCTRIAL BALANCEDECEMBER 31, 2018 cash …………………………………………………. $ 45,000Marketable securities…………………………. 25,000 Accounts receivable…………………………… 125,000Allowance for doubtful accounts………… $5,000Merchandise inventory……………………….. 250,000Office supplies................................................... 1,200Prepaid insurance…………………………………… 6,600 Building and fixtures…………………………… 1,791,000 Accumulated depreciation………………………. 800,000 Land…………………………………………………... 64,800Accounts payable…………………………………… 70,000Unearned customer deposits…………………… 8,000Income taxes payable………………………………. 75,000Capital stock…………………………………………. 1,000,000Retained…
The current ratio for the following is ..... Group of answer choices .43 .23 .73 .53
Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…