DF: ACCOUNTING PRINC 14E WPNGEC 1 SEM
14th Edition
ISBN: 9781119709947
Author: Weygandt
Publisher: WILEY
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Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?
In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions:
Received rent for 2021 $144,000
Life insurance premium on officer $30,000
Depreciation for ta purposes in excess of book depreciation $90,000
Prepaid insurance for 2021 $75,000
Compute the amount below. Round to the nearest dollar
The December 31, 2020, Deferred Tax Asset Balance is:
The December 31, 2020 Deferred Tax Liability Balance is :
Shane Sunland began a business, Sunland Company, on January 1, 2021, with an investment of $105,000. The company had the following assets and liabilities on the dates indicated:
December 31
Total Assets
Total Liabilities
2021
$355,000
$200,000
2022
440,000
285,000
2023
535,000
310,000
Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for:
a) 2021, assuming Shane Sunland's drawings were $50,000 for the year.
b) 2022, assuming Shane Sunland's made an additional investment of $51,000 and had no drawings in 2022.
c) 2023, assuming Shane Sunland's made an additional investment of $10,000 and his drawings were $40,000 for the year.
Please explain for all questions, thank you.
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- The Sheffield Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $528,000 $262,000 2020 $520,000 $239,200 2021 $638,000 $304,000 Sheffield began business on January 1, 2019, with an investment of $124,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) (a) 2019, assuming Sheffield's drawings were $69,000 for the year. (b) 2020, assuming Sheffield made an additional investment of $74,000 and had no drawings in 2020. (c) 2021, assuming Sheffield made an additional investment of $22,500 and had drawings of $64,000 in 2021. (a) Net income/loss for 2019 $ 335000 (b) Net income/loss for 2020 $ 594000 (c) Net income/loss for 2021 $ 596500arrow_forwardPretty Co.'s total liabilities and equity amounted to $285,000 for year 2018. The financial statement for 2019 showed total assets of $542,000. How much is the percentage of increase for the total assets?arrow_forwardDuring 2019, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.)arrow_forward
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