These financial statement items are for Wildhorse Co. at year-end, July 31, 2017.Salaries and wages payable$ 3,880Salaries and wages expense59,200Supplies expense17,000Equipment20,300Accounts payable4,100Service revenue67,800Rent revenue9,900Notes payable (due in 2020)2,900Common stock16,000Cash30,900Accounts receivable10,880Accumulated depreciation-equipment7,600Dividends4,000Depreciation expense5,600Retained earnings (beginning of the year)35,700(a1)Prepare an income statement for the year. Wildhorse Co. did not issue any new stock during the year.

Income statement: The financial statement which reports revenues and expenses from business…

Answered: These financial statement items are for…

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 assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. 2019 2018 Current assets Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $400,000 $382,000 Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $97,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the cash flow wvith either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)
On June 30, 2021, Streeter Company reported the following account balances: Receivables $ 51,050 Current liabilities $ (11,800 ) Inventory 85,750 Long-term liabilities (52,000 ) Buildings (net) 83,400 Common stock (90,000 ) Equipment (net) 33,600 Retained earnings (100,000 ) Total assets $ 253,800 Total liabilities and equities $ (253,800 ) On June 30, 2021, Princeton Company paid $325,900 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,200 in legal fees. Princeton also agreed to pay $58,600 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,700. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $43,400 more than its…
Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC.BALANCE SHEETDECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain…
The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31, 2024: Accounts payable $15, 400 Accounts receivable 30, 400 Accumulated depreciation-equipment 10, 200 Cash 20, 400 Common shares 13,600 Depreciation expense 6,800 Dividends declared 4, 400 Equipment 29, 450 Fees earned 111, 100 Income tax expense 7, 200 Income tax payable 6,950 Insurance expense 5, 900 Prepaid insurance 4,900 Rent expense 8, 400 Retained earnings 23,400 Salaries expense 51, 200 Salaries payable 5, 400 Supplies 5,800 Supplies expense 6, 400 Utilities expense 4, 800 During the year ended March 31, 2024, common shares were issued for $7,400. (a) Prepare a statement of income for the year.
The following accounts appeared on the trail balance of Oriole Company at December 31, 2020. Notes Payable (short-term) $185,000 Accounts Receivable $560,000 Accumulated Depreciation - Bldg. 740,000 Prepaid Insurance 60,000 Supplies 35,000 Common Stock 1,025,000 Salaries and Wages Payable 29,000 Unappropriated Retained Earnings 310,000 Debt Investments (long-term) 280,000 Inventory 1,480,250 Cash 130,000 Land 410,000 Bonds Payable Due 1/1/2028 1,100,000 Trading Securities 79,000 Allowance for Doubtful Accts. 7,700 Interest Payable 5,500 Copyrights 185,000 Buildings 1,200,000 Notes Receivable (due in 6 months) 140,000 Accounts Payable 450,000 Income Taxes Payable 155,000 Additional Paid-in Capital 170,000 Preferred Stock 750,000 Appropriated Retained Earnings 290,000 Compute each of the following: 1. Total current assets $ 2. Total property, plant, and…
Fig Tree Bank has provided the following financial statements for the year ended 2020. Consolidated income statement 2019 2020 Sh ‘000’ sh. ‘000’ Interest income 7,169 8,500 Interest expense 1,217 4,600 Net interest income 5,952 3,900 Fee & commission income 1,308 1,800 Net trading income…
Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
Current Attempt in Progress Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill $ 211,800 Accumulated depreciation-equipment $ 467,100 Payroll taxes payable 67,100 Inventory 400,400 Bonds payable 501,800 Rent payable (short-term) 41,800 Discount on bonds payable 35,100 Income tax payable 112,600 Cash 62,800 Rent payable (long-term) 81,800 Land 352,800 Common stock, $1 par value 251,800 Notes receivable 162,300 Preferred stock, $25 par value 1,251,800 Notes payable (to banks) 266,700 Prepaid expenses 70,560 Accounts payable 348,800 Equipment 1,387,800 Retained earnings ? Equity investments (trading) 376,800 Income taxes receivable 47,400 Accumulated depreciation-buildings 361,300 Unsecured notes payable (long-term) 1,301,800 Buildings 2,801,800 Prepare a classified…
Balance sheets and income statements for Costco Wholesale Corporation follow. Costco Wholesale Corporation Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) September 2, 2018 Total revenue $141,576 Operating expenses Merchandise costs 123,152 Selling, general and administrative 13,876 Preopening expenses 68 Operating Income 4,480 Other income (expense) Interest expense 159 Interest income and other, net (121) Income before income taxes 4,442 Provision for income taxes 1,263 Net income including noncontrolling interests 3,179 Net income attributable to noncontrolling interests (45) Net income attributable to Costco $3,134 Costco Wholesale Corporation Consolidated Balance Sheets ($ millions, except par value and share data) September 2, 2018 September 3, 2017 Current assets Cash and cash equivalents $6,055 $4,546 Short-term investments 1,204 1,233 Receivables, net 1,669 1,432 Merchandise…

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