Waterway Corporation's post-closing trial balance at December 31, 2025, is as follows.Accounts payableAccounts receivableWATERWAY CORPORATIONPost-Closing Trial BalanceDecember 31, 2025Dr.Cr.$361,400$527,000176,000Accumulated depreciation-buildingsAdditional paid-in capital in excessof par-commonFrom treasury stockAllowance for doubtful accounts1,385,000147,00029,000Bonds payable316,000Buildings1,573,000Cash205,000Common stock ($1 par)198,000Dividends payable (preferred stock-cash)3,600Inventory555,000Land427,000Preferred stock ($50 par)550,000 Prepaid expenses37,000Retained earnings319,000Treasury stock (common at cost)161,000Totals$3,485,000$3,485,000At December 31, 2025, Waterway had the following number of common and preferred shares.CommonPreferredAuthorized594,00066,000Issued198,00011,000Outstanding184,00011,000The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.Prepare the stockholders' equity section of Waterway's balance sheet at December 31, 2025. (Enter account name only and do not provide descriptive information.)WATERWAY CORPORATIONStockholders' Equity+A

Let's break down the necessary steps to prepare this section.Stockholders' Equity Components:Common…

Answered: Waterway Corporation's post-closing…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows. Bruno CorporationPost-Closing Trial BalanceDecember 31, 2020 00 Dr. 0000 Cr. Accounts payable 00 $ 310,000 Accounts receivable $ 480,000 00 Accumulated depreciation—buildings 00 185,000 Additional paid-in capital in excess of par—common 00 1,300,000 00From treasury stock 00 160,000 Allowance for doubtful accounts 00 30,000 Bonds payable 00 300,000 Buildings 1,450,000 00 Cash 190,000 00 Common stock ($1 par) 00 200,000 Dividends payable (preferred stock—cash) 00 4,000 Inventory 560,000 00 Land 400,000 00 Preferred stock ($50 par) 00 500,000 Prepaid expenses 40,000 00 Retained earnings 00 301,000 Treasury stock (common at cost) 00.170,000 00000000. 00Totals $3,290,000 $3,290,000 At December 31, 2020, Bruno had the following number of common and preferred shares. 00 0000 Common 0000 Preferred Authorized…
The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net Assets
The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…
The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue. Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss. Interest expense General and administrative expense Debits $ 165,000 6,050,000 650,000 475,000 35,000 550,000 Credits $ 8,250,000 65,000 125,000 142,500 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format.
The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Cost of goods sold Loss on projected benefit obligation Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits Credits $ 8,350,000 55,000 115,000 137,500 $ 155,000 6,155,000 750,000 525,000 25,000 450,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 separate statement of comprehensive income for Kroeger Incorporated. Note: Amounts to be deducted should be indicated with a minus sign. KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other…
The following trial balance has been extracted from the books of account of Beta Co at 31 March 2021: s00 S00 Administrative expenses 210 Called up share capital (ordinary shares of $1 fully paid) Trade receivables 600 470 Bank overdraft 80 Income tax (overprovision in previous year) Provision for retirement benefit costs Distribution costs Non-current asset investments Investment income 25 180 420 560 75 Plant and equipment At cost 750 Accumulated depreciation (at 31 March 2021) Retained earnings (at 1 April 2020) Purchases 220 240 960 Inventories (at 1 April 2020) Trade payables 140 260 Revenue 1,950 Interim dividend paid 120 3.630 3.630 Additional information Inventories at 31 March 2021 were valued at $ 150,000. Required: In so far as the information permits, prepare the company's income statement for the year to 31 March 2021, a statement of financial position at that date and a statement of changes in equity.
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
Assume that the debt investment in FourSquare Company was available-for-sale and the expected credit loss was $960,000. Prepare the journal entry to record this impairment on December 31, 2021.
! Required information [The following information applies to the questions displayed below.] The following is a portion of the current asset section of the balance sheets of HIROE Company, at December 31, 2023 and 2022: Accounts receivable, less allowance for uncollectible accounts of $8,000 and $4,600, respectively 12/31/23 $ 150,000 12/31/22 $ 134,100 Required: b. If bad debts expense for 2023 totaled $10,800, what was the amount of accounts receivable written off during the year? (Hint. Use the T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) c. The December 31, 2023, Allowance account balance includes $3,200 for a past due account that is not likely to be collected. This account has not been written off. 1. If it had been written off, will there be any effect of the write off on the working capital at December 31, 2023? 2. If it had been written off, will there be any effect of the write off on net income and ROI for the…

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS