PA 8. LO 2.3 The following ten transactions occurred during the July grand opening ofthe Pancake Palace. Assume all Retained Earnings transactions relate to the primarypurpose of the business.12345678910EndingBalanceAssetsCash Inventory Equipment$50,000(6,000)1,250(750)3,200(1,000)$6,000$22,0001.000LiabilitiesAccountsPayable$22,000600175A. Calculate the ending balance for each account.B. Create the income statement.C. Create the statement of owner's equity.D. Create the balance sheet.Owner's EquityWages CommonPayableStock$3,000$50,000RetainedEarnings$ 1,250(750)(600)(3,000)3,200(175)

ending balanceParticular Amount ($)…

the Pancake Palace. Assume all Retained Earnings transactions relate to the primar purpose of the business. 1 2 3 4 5 6 7 8 9 10 Ending Balance Assets Cash Inventory Equipment $50,000 (6,000) 1,250 (750) 3,200 (1,000) $6,000 $22,000 1,000 Owner's Equity Accounts Wages Common Retained Payable Payable Stock Earnings $50,000 Liabilities $22,000 600 175 $3,000 $ 1,250 (750) (600) (3,000) 3,200 (175)

the Pancake Palace. Assume all Retained Earnings transactions relate to the primar purpose of the business. 1 2 3 4 5 6 7 8 9 10 Ending Balance Assets Cash Inventory Equipment $50,000 (6,000) 1,250 (750) 3,200 (1,000) $6,000 $22,000 1,000 Owner's Equity Accounts Wages Common Retained Payable Payable Stock Earnings $50,000 Liabilities $22,000 600 175 $3,000 $ 1,250 (750) (600) (3,000) 3,200 (175)

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 solve this question
Meman
Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
The following selected financial data is available for Sneasle Company: Cash $20,000 Accounts receivable 13,400 Equipment 10,650 Prepaid expenses 5,000 Accounts payable 12,300 Unearned revenue 7,500 Long-term notes payable 10,000 Common stock 18,000 Revenue 11,700 Sales tax payable 6,000 Interest expense 4,500 Depreciation expense 1,000 What is the amount of the company's current assets? Group of answer choices $33,400 $47,800 $49,050 $38,400
mework Assignment i Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity RELETEORRE Interest expense Income tax expense Total costs and expenses Net income KEREKE Earnings per share DENNE SLAP BOGATE Current Year For both the current year and one year ago, compute the following ratios: $ 32,893 100, 248 123,571 10,593 307,446 $574,751 monosokom. $ 144,544 105,892 162,500 161,815 $574, 751 $ 455,777 231, 625 12,702 9,713 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year…