The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances.Furniture & Equipment $107,000 Accumulated Depreciation $48,800Cash61,000 Accounts Receivable95,200Common Stock190,000 Accounts Payable19,200300 InventoryPrepaid Insurance93,000Retained EarningsRequiredPrepare a classified balance sheet as of December 31.Note: Do not use negative signs with your answers.REVEL CORPORATIONBalance SheetDecember 31AssetsCurrent Assets:InventoryTotal Current AssetsNoncurrent Assets:Less: Accumulated DepreciationTotal Noncurrent AssetsTotal AssetsLiabilities & Stockholders' Equity,Current Liabilities:Stockholders' EquityTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity

Total assets = Total liabilities + Total stockholders' equity Using this equation, missing amount of…

Answered: The following financial data for the…

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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[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets $ 33,783 $ 39,888 71,898 89,474 10,785 286,555 $ 39,900 56,491 58,411 4,616 256,082 Cash Accounts receivable, net Merchandise inventory 97,913 125,594 10,989 310,097 Prepaid expenses Plant assets, net Total assets $ 578,376 $ 498,600 $ 415,500 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings $ 144,016 $ 54,298 $81,735 113,531 163,500 139,834 109,822 163,500 91,826 163,500 105,876 161,038 Total liabilities and equity $ 578,376 $ 498,600 $ 415,500 For both the current year and one year ago, compute the following ratios: Exercise 17-11 (Algo) Analyzing profitability LO P3 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 751,889 $ 593,334 $ 458,652 Cost of goods sold…
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Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $12,000 of common stock for cash. 2. Recognized $67,000 of service revenue earned on account. 3. Collected $59,600 from accounts receivable. 4. Paid operating expenses of $35,300. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $74,500 of service revenue on account. 2. Collected $67,600 from accounts receivable. 3. Determined that $940 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,900 cash for operating expenses. 6. Adjusted the accounts to recognize…
Required Information [The following Information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 34,475 Accounts receivable, net 101,959 $ 42,354 70,522 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable 130,758 11,329 317,729 $ 596,250 110,974 162,500 171,340 96,043 11,118 293,972 $ 514,009 $ 86,868 118,222 162,500 146,419 $ 596,250 $ 514,009 $ 41,986 56,541 60,824 4,758 259,991 $ 424,100 $ 54,862 91,852 162,500 114,886 $ 424,100 $ 151,436 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: The company's Income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Interest expense Income tax expense Other operating expenses Total costs and expenses…
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Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
The following information is available for Pharoah Company Accounts receivable $2,200 Cash $6,300 Accounts payable 4,500 Supplies 3,820 Interest payable 540 Unearned service revenue 920 Salaries and wages expense 5,000 Salaries and wages payable 760 Notes payable 32,500 Depreciation expense 670 Common stock 50,500 Equipment (net) 109,800 Inventory 2,910 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory January 1 $ 42,000 $ 25,000 $110,000 $ 25,000 $ 60,000 $ 83,000 $ 30,000 $ 19,000 Sales revenue Cost of goods sold Salaries expense Net income December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $122,000 $ 46,000 $ 13,000 Land Notes payable Retained earnings Salaries payable Buckeye Company's 2025 income statement is given below: $420,000 $269,000 $ 93,000 $ 58,000 Calculate the amount of cash paid to suppliers for purchases of inventory during 2025.
The general ledger of Zippers-Are-Us at January 1, 2021 includes the following account balances: Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Furniture and Fixtures Accounts Payable Deferred Revenue Accumulated Depreciation Common Stock Retained Earnings Totals 1. 2. 3. 4. 5. 6. 7. Accounts 8. 9. 30,000 14,750 $58,800 The following is a summary of the transactions for the month of January: Sold inventory that had a cost of $1,800 for cash Collect on accounts receivable January 22 January 22 January 25 10. January 28 January 4 January 6. January 9 January 11 January 18 January 21 11. January 30 12. January 31 ● • Debits $28,400 8,400 12,200 800 1,000 8,000 $58,800 Credits $7,200 6,050 800 Paid accounts payable Paid salaries Purchased inventory on account Sold inventory with a cost of $3,600 for $2,000 cash and $6,000 on account Purchased supplies on account Purchased copy machine on account Issue common stock in exchange for cash Signed a note payable in the amount…

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