The balance sheet of United Studios at December 31 showed assets of $76,000 and shareholders equity of $52,000. What were the liabilities at December 31? (Financial Accounting) Help me
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The balance sheet of United Studios at December 31 showed assets of $76,000 and shareholders equity of $52,000. What were the liabilities at December 31? (Financial Accounting) Help me
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- The following are account balances for M-E Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $60,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a preliminary balance sheet. Total assets Total liabilities M-E CORPORATION Preliminary Balance Sheet At December 31, 2024 Assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 0 0The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings 750,000 Land 250,000 Cash 60,000 Accounts receivable (net) 120,000 Inventory 240,000 Machinery 280,000 Patent (net) 100,000 Investment in equity securities 60,000 Total assets 1,860,000 Liabilities and Shareholders' Equity Accounts payable 215,000 Accumulated depreciation 255,000 Notes payable 500,000 Appreciation of inventory 80,000 Common stock (authorized and issued 100, 000 shares of no par stock) 430,000 Retained earnings 380,000 Total liabilities and shareholders' equity 1,860,000 Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $50,000 but, due to a significant increase in market value, is listed at $120,000. The increase in the land account was credited to retained earnings. 2. The investment…Kindly help me with accounting questions
- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. \table[[December 31, Year 1, Year 2], [Cash, $43,043, $6,425Imagine you are the financial accountant of Happiness Ltd. You have the following final balances for the different accounts on 31st December 2021 (the accounting-year end): Value (£) Buildings 300,000 Transportation element 148,000 Accumulated depreciation (buildings) at 01/01/2021 52,500 Accumulated depreciation (transportation element) at 01/01/2021 36,800 Salary expense 16,500 Share premium 7,200 Capital 20,000 Retained earnings at 31/12/2020 97,900 Long term debt 190,300 Cash 60,000 Trade receivables 62,500 Inventory at 31/12/2020 40,000 Purchases 10,000 Sales 200,000 Allowance for trade receivables 2,500 Accrued Expenses 19,500 Trade payables 10,300 Required: a)Prepare the Trial Balance corresponding to the above information. b)Considering the following additional information, prepare the Income Statement for Happiness Ltd. on 31/12/2021. Additional…What is the amount of the net fixed assets on these general accounting question?
- Ch You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,500,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $590,000. The annual payment is $105,00o0, payable each June 30. 3. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,00o beginning January 1,…What is the amount of total assets on these financial accounting question?Please refer to the following information to answer question 12 and 13: Misra Company compiled the following financial information as of December 31, 2021: Revenues $170,000 Owner's Capital (1/1/21) Equipment Expenses 70,000 40,000 125,000 Cash 45,000 Owner's Drawings 10,000 Supplies Accounts payable 5,000 20,000 Accounts receivable 35,000 12. Misra's assets on December 31, 2021 are А. $90,000. В. S125,000. C. $180,000. D. $245,000. 13. Misra's owner's equity on December 31, 2021 is A. $45,000. B. $70,000. C. $105,000. D. $125,000.
- Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?Assume that Dennis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock 2. Discount on Bonds Payable 3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials 6. Equity Investments (long-term) 7. Unearned Rent Revenue 8. Work in Progress 9. Copyrights 10. Buildings 11. Notes Receivable (short-term) 12. Cash 13. Salaries and Wages Payable 14. Accumulated Depreciation-Buildings 15. Restricted Cash for Plant Expansion 16. Land Held for Future Plant Site 17. Allowance for Doubtful Accounts 18. Retained Earnings 19. Paid-in Capital in Excess of Par-Common Stock 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in on year) 22. Inventory (finished goods) 23. Accounts Receivable 24. Bonds Payab;e (due in 4 years) Prepare a classified balance sheet in good form. (No monetary amounts are necessary). (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds…answer in text form please (without image)
