Use the information in the ledger accounts.Building70,320LandCash144,000Nov. 884,000Nov. BNov. 840,32014,4001,680Nov. 1Nov. 25Nov. 30Notes PayableVehiclesOffice Equipment114,0009,600Nov. 2514,400Nov. 8Nov. 153,840Nov. 21576Nov. 3011,280Nov. 30Capital StockNov. 1Accounts PayableNov. 21576Νov. 153,840144,000Prepare a trial balance for Avenson Insurance Company dated November 30.AVENSON INSURANCE COMPANYTrial BalanceNovember 30CashLandBuildingOffice equipmentVehiclesNotes payableAccounts payableCapital stockTotal

Assets normally have debit balance. Liabilities and stockholders' equity normally have credit…

Answered: Use the information in the ledger…

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 December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48, 000 40, 380 67,830 53,930 ৪9,938 88,970 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 6. 11 17 23 36, e00 26 960 30 19, 200 19,000 NSF* $300 31 Interest earned 50 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 23 48, 000 28, e0e 36, eee Checks written during December: 7,620 550 30 13,900 960 19, e00 31 13,e00 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance
Statement of Cash Flow Preparation Activity Consider the following journal entries: Entry (a) cash $4 %$4 81,000.00 common stock 81,000.00 (b) treasury stock 13,000.00 cash 13,000.00 (c) cash 60,000.00 sales revenue 60,000.00 (d) land 87,700.00 cash 87,700.00 (e) depreciation expense 9,000.00 accumulated depreciation 9,000.00 (f) dividends payable 16,500.00 cash 16,500.00 (g) land 18,000.00 cash 18,000.00 (h) cash 7,200.00 7,200.00 equipment (1) bonds payable cash 45,000.00 45,000.00 (1) building 164,000.00 164,000.00 note payable, long-term (k) loss on disposal of equipment | 1,400.00 equipment, net 1,400.00 Indicate whether each transaction would result in an operating activity, an investing activity, or a financing activity for an indirect method statement of cash flow and the accompanying schedule of non-cash investing and financing activities. Click here to enter text. %24
Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of stock $ 475,000 6,000 50,000 30,000 202,000 40,000 228,000 $ 33,000 5,000 18,000 140,000 25,000 20,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. दे Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint. For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity.) Note: Amounts to be deducted should be indicated with a minus sign.
Long Branch Company's Cash account shows an ending balance of $650. The bank statement shows a $12 service charge and an NSF check for $200. A $270 deposit is in transit, and outstanding checks total $450. What is Long Branch's adjusted cash balance? A. $438 B. $470 OC. $258 D. $862 OOO
Use the following information to calculate cash received from dividends: Dividends revenue $ 71,500 6,000 Dividends receivable, January 1 Dividends receivable, December 31 4,700 Multiple Choice O O O $71,500. $70,200. $72,800. $77,500. $66,800.
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
As loan analyst for Waterway Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $114,000 $328,000 Receivables 230,000 296,000 Inventories 582,000 493,000 Total current assets 926,000 1,117,000 Other assets 493,000 607,000 Total assets $1,419,000 $1,724,000 Liabilities and Stockholders' Equity Current liabilities $314,000 $340,000 Long-term liabilities 385,000 493,000 Capital stock and retained earnings 720,000 891,000 Total liabilities and stockholders' equity $1,419,000 $1,724,000 Annual sales $911,000 $1,440,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, e.g. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 :1 Acid-test ratio :1 :1 Accounts receivable turnover…
Please reconcile The Hylton Enterprise Company bank statement to the cash book as of August 31, 2022. 1. Balance per cash book is $10,500 2. Balance per bank statement is 15,600 3. Bank charges recorded in bank but not In cash book is $115. 4. Checks issued but not yet cashed at the bank is $45,800 5. Deposit in Transit is $58,700 6. Proceeds from the closure of an Investment account is $26,700. plus Interest revenue of 1,500 7. Customer check was returned as Non-Sufficient Fund for $10,085.
Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Cash Accounts receivable Equipment, net Land Total assets QS 13-6 (Algo) Vertical analysis LO P2 Current Year $ 8,400 56,000 48,000 93,500 $ 205,900 Cash Accounts receivable Equipment, net Express the items in common-size percents. (Round your percentage answers to one decimal place.) Land Total assets Current Year % % % Prior Year $ 9,600 20,400 43,200 68,000 $ 141,200 % % Prior Year % % % %
! Required information [The following information applies to the questions displayed below.] The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 September 1 September 10 September 30 Debit Balance September 30. Balance Checks Total Amount of Cash # 101 # 102 # 103 BANK STATEMENT Deposits $ 810 1,720 2,310 Cash (A) 2,020 3,030 810 2,550 1,720 2,310 50 2,710 $ 3,030 NSF check EFT deposit Service charge Credit Other September 10 September 15. September 22 September 28 # 101 # 102 # 103 # 104 $ 100 155 20 Balance $ 2,020 1,920 4,950 4,140 2,420 110 265 245 No outstanding checks and no deposits in transit were noted in August. However, there are deposits in transit and checks outstanding at the end of September. The NSF check and EFT involved transactions with Cadieux Company's customers. 4. If the company also has $420…
Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 36,000 December 6 $ 7,520 28,480 55,030 December 11 450 $ 27,000 December 17 8,900 46,130 December 23 34,000 80,130 December 26 450 79,680 December 30 12,200 18,000 NSF* $ 200 85,280 December 31 Interest earned 20 85,300 December 31 Service charge 50 85,250 NSF check from J. Left, a customer. Cash (A) Debit Credit December 1 Balance 36,000 Checks written during Deposits December: December 11 27,000 7,520 December 23 34,000 450 December 30 18,000 8,900 December 31 11,000 450 50 12,200 5,700 December 31 Balance 90,730 There were no deposits in transit or outstanding checks at November 30.
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…

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