Use the following information for the year ended December 31, 2022.Prepaid insuranceOperating expensesAccounts payableAccounts receivableCommon stockNet income / (net loss)Ending retained earningsTotal liabilitiesRetained earnings (beginning) 10,400Equipment70,000Textbook and Media$900$12,500$9,7002,700Service revenue $20,30015,500CashNotes payable10,000 Bonds payableCalculate the following: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Dividends1,8001,00052,000

Name: Use the following information for the year ended December 31, 2022.Pr
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Description: Use the following information for the year ended December 31, 2022.Prepaid insuranceOperating expensesAccounts payableAccounts receivableCommon stockNet income / (net loss)Ending retained earningsTotal liabilitiesRetained earnings (beginning) 10,400

Concept Net income is the amount of income that is earned after tax and operating expense. Retained…

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Use the following information for the year ended December 31, 2022. Prepaid insurance Operating expenses Accounts payable Accounts receivable Common stock Net income / (net loss) Ending retained earnings Total liabilities Retained earnings (beginning) 10,400 Equipment Textbook and Media $900 $ 12,500 $ 9,700 2,700 10,000 70,000 Service revenue $20,300 15,500 Cash Calculate the following: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Dividends Notes payable Bonds payable 1,800 1,000 52,000

Use the following information for the year ended December 31, 2022. Prepaid insurance Operating expenses Accounts payable Accounts receivable Common stock Net income / (net loss) Ending retained earnings Total liabilities Retained earnings (beginning) 10,400 Equipment Textbook and Media $900 $ 12,500 $ 9,700 2,700 10,000 70,000 Service revenue $20,300 15,500 Cash Calculate the following: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Dividends Notes payable Bonds payable 1,800 1,000 52,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The comparative balance sheet ofRobeson Educational Supply Educational Supply at December 31,2024,reported the following: 2024 2023 Current Assets: Cash $83,900 $20,500 Accounts Receivable 14,500 21,800 Merchandise Inventory 61,800 60,400 Current Liabilities: Accounts Payable 29,600 28,100 Accrued Liabilities 10,500 11,900 Robeson"s transactions during 2024 included the following: Payment of cash dividends $21,200 Depreciation expense $17,400 Purchase of equipment with cash 54,400 Purchase of building with cash 103,000 Issuance of long-term notes payable to borrow cash 44,000 Net income 63,600 Issuance of common stock for cash 111,000 1. Prepare the statement of cash flows of Robeson Educational Supply for the year ended December 31, 2024. Use the indirect method to report cash flows from operating activities. 2.Evaluate Robeson's cash flows for the year. Mention…
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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable $ 25,960 Accounts Receivable 39,400 Accumulated depreciation, Equipment 10,740 Accumulated depreciation, Warehouse 21,480 Cash 8,600 Cash Dividends 19,800 Common Shares 114,000 Equipment 78,600 Income Tax Expense 40,800 Land 119,600 Notes Payable, due in 2026 33,800 Operating Expenses 109,400 Preferred Shares 39,400 Retained Earnings 27,920 Revenue 273,700 Warehouse 130,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company’s year-end. 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)
Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable $ 24,860 Accounts Receivable 38,300 Accumulated depreciation, Equipment 10,190 Accumulated depreciation, Warehouse 20,380 Cash 7,500 Cash Dividends 18,700 Common Shares 103,000 Equipment 77,500 Income Tax Expense 39,700 Land 108,600 Notes Payable, due in 2026 32,700 Operating Expenses 108,300 Preferred Shares 38,300 Retained Earnings 26,820 Revenue 262,150 Warehouse 119,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year- end.
Use the following information for the year end Dec. 31, 2025.
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The balance sheet data of Pina Company at the end of 2025 and 2024 follow. 2025 2024 Cash $29,900 $35,300 Accounts receivable (net) 54,900 45,300 Inventory 64,400 45,400 Prepaid expenses 15,000 25,100 Equipment 90,900 75,200 Accumulated depreciatich-equipment (18,180) (8,100) Land 70,600 40,200 $307,520 $258,400 Accounts payable $65,000 $52,200 Accrued expenses 14,800 17,800 Notes payable-bank, long-term -0- 22,700 Bonds payable 30,200 -0- Common stock, $10 par 187,900 157,500 Retained earnings 9,620 8,200 $307,520 $258,400 Land was acquired for $30,400 in exchange for common stock, par $30,400, during the year; all equipment purchased was for cash. Equipment costing $13,000 was sold for $3,100; book value of the equipment was $6,000. Cash dividends of $10,000 were declared and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a - sign e.g. -12,000 or in parenthesis e.g. (12,000).) a. Net Cash by operating activities. $ b. Net…
The accountant at Storm Inc. gathered the following selected accounting information: Cash Short-term investments Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salaries payable Income taxes payable Bonds payable (due 2019) Sales Cost of goods sold 2022 $ 35,000 28,000 33,000 47,000 7,000 55,000 10,000 3,000 90,000 250,000 180,000 2023 $33,000 29,000 30,000 50,000 5,500 62,000 8,000 2,500 90,000 230,000 165,000 Required 1. Compute the acid-test ratio for 2022 and 2023. 2. Compute the days' sales in average receivables for 2022 and 2023. Net accounts receivable on December 31, 2021 was $27,000.
Visual Inspection H Company's accounting records provided the following changes in account balances and other information for 2019: Net Changes for 2019 Debit Credit Cash $1,100 Accounts Receivable $1,100 Inventory 1,700 Buildings and Equipment 9,000 Accumulated Depreciation 2,800 Accounts Payable 600 Common Stock, no par 5,000 Retained Earnings 3,500 $12,400 $12,400 Additional information: Net income totaled $5,700. Dividends were declared and paid. Equipment was purchased for $9,000. No buildings and equipment were sold during the year. One hundred shares of common stock were sold for $50 per share. The ending cash balance was $4,000. Required: Using visual inspection, prepare a 2019 statement of cash flows for Gordon. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. H COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating…
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