Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023
Q: Abby Co issues 2,000 shares of $10 par value stock for $80,000, the credit to "paid-in capital in…
A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…
Q: On January 1, 2021, Bambi Ltd. purchased equipment for $728,000. The equipment was assumed to have…
A: When an asset's net carrying amount which is its acquisition cost less depreciation drops and…
Q: annual market rate for these bonds is 10%, which implies a selling price of 87 %. The straight-line…
A: The bonds are reported as long term liabilities in the balance sheet. The bonds are issued at…
Q: Macy's Pet Corporation has operating income of $1.15 million, a loss on sale of investments of…
A: The company's financial performance over a specific time period is explained in the income…
Q: The following information is available for the Danske Company: Denominator hours for May Actual…
A: Fixed overhead- spending variance is difference between actual overhead- and budgeted overhead.…
Q: Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…
A: Taxes on Social Security:The Federal Insurance Contributions Act (FICA) mandates a payroll tax and…
Q: Erin is single and a
A: The United States government offers the Child Care Credit as a tax credit to assist parents or…
Q: The management of Classic Copy, a photocopying centre located on College Avenue, has compiled the…
A: Balance sheet is the financial statement which is prepared by the entity for the purpose of…
Q: On January 1, 2021, Bambi Ltd. purchased equipment for $728,000. The equipment was assumed to have…
A: Assuming that Bambi is a public Canadian company, Rational Entity Impairment Model should be used to…
Q: Required: a-1. Prepare schedules computing inventory budgets by months for production in units for…
A: An inventory budget forecasts the quantity of stock needed based on sales projections and desired…
Q: Appling Enterprises issued 10% bonds with a face amount of $530,000 on January 1, 2024 . The bonds…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: The following data were drawn from the records of Fanning Corporation. Planned volume for year…
A: The term "variance" describes the discrepancy between an actual and an expected outcome. Variance…
Q: Required information Problem 17-27 Joint Costs (LO 17-4, 17-5) [The following information applies to…
A: Joint cost refers to the total cost associated with producing multiple products at the same time…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: The objective of the question is to prepare journal entries for the given sales transactions of a…
Q: REQUIRED Calculate the following variances from the information provided below. In each case also…
A: Variance analysis is that analysis which helps in comparing standard costs and actual costs. This is…
Q: The president of the retailer Prime Products has just approached the company's bank with a request…
A: A cash budget is a financial plan that projects the inflows and outflows of cash for a specific…
Q: Pharoah Company had accounts receivable of $135,000 on January 1, 2022. The only transactions that…
A: Accounts receivable turnover measures how many times a company collects its average accounts…
Q: Matusek Corporation has been experiencing a higher than expected number of warranty claims in the…
A: Changes in the amount of expected warranty obligation is the change in accounting estimates as per…
Q: . Required:Calculate the amount of interest capitalized for 2024 and 2025.
A: An interest capitalized amount is the amount of interest which has been added to the construction…
Q: The only asset Bill purchased during 2021 was a new seven-year class asset. The asset, which was…
A: The term "maximum deduction" describes the maximum amount of costs or losses that may be deducted…
Q: A fixed budget for 61,000 units of production shows $98,820 of sales, $73,810 of variable costs, and…
A: The variable cost per unit and total fixed costs remain constant at every level of production. The…
Q: Current Attempt in Progress Pharoah Information Technology Company has the following cost and net…
A: Lets understand the basics.As per IAS 2 "Inventory", inventory should be recorded at lower of cost…
Q: Direct Labor Standards for Nonmanufacturing Expenses Englert Hospital began using standards to…
A: Direct Labor time variance is the difference between the actual bor time and standard labor…
Q: The Distance Plus partnership has the following capital balances at the beginning of the current…
A: Partnership refers to the agreement between two or more than two parties to carry a business and…
Q: Calculate the following from the information provided below: 3.1.1 Break-even value using the…
A: Break even point is that point where all the sales is equal to total cost of production.It is the…
Q: Qian resides in a state that has a $50,000 homestead exemption. She defaults on a loan extended by…
A: In the event that the borrower defaults on their payments, creditors may pursue legal action to…
Q: The following information is from the manufacturing budget and the budgeted financial statements of…
A: Purchase budget:— This budget is prepared to estimate the amount of direct material to be purchased…
Q: Donna Strand's regular hourly wage rate is $19, and she receives an hourly rate of $20 for work in…
A: FICA (Federal Insurance Contributions Act) taxes are payroll taxes that fund two major social…
Q: Henna Company produces and sells two products, Carvings and Mementos. It manufactures these products…
A: Contribution Margin Income Statement -This statement includes Sales, Variable Costs and Fixed…
Q: Enchanted Forest, a large campground in South Carolina, adjusts its accounts monthly. Most guests of…
A: Adjusting entries Entries made at the end of every accounting period to precisely replicate the…
Q: $456,000 36,480 27,360 56,700 78,300 15, 800 1,500 42,600 74,900 42,400 60,000
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: How might preliminary analytical procedures enable the auditor to better understand the business and…
A: Preliminary analytical procedures are a set of analytical techniques and evaluations that auditors…
Q: Can you help me calculate the following from the information provided below: Ascot (Pty) Ltd…
A: "Since you have asked multiple questions, we will solve only first question for you. To get…
Q: At year-end, the Queen City partnership has the following capital balances: Isabella, Capital…
A: Goodwill describes purchase premiums that happen when one business pays more than its market value…
Q: a. The rial receivable exchange b. The nial receivable exchange in U.S. dollar value, resulting in a…
A: Foreign currency transaction accounting involves recording transactions in a company's financial…
Q: For each of the unrelated transactions described below, present the entries required to record each…
A: A bond is a fixed-rate instrument issued to represent to an advance made by a financial specialist…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Revenue and spending variance :— It is the difference between actual results and flexible budget.…
Q: Actual and budgeted information about the sales of a product are presented below for June: (CIA…
A: Sales price variance is a concept used in managerial accounting and financial analysis to assess the…
Q: Given the purchases below and ending inventory of 630, determine the cost of goods sold using the…
A: Weighted average method is one of useful method of inventory management. Under this, average cost…
Q: 26 Exercises 3, 5-7, 14 &18 & 15, Tableau D... i ok ht int ences Information for two alternative…
A: ARR is a metric used in finance to assess a project's or investment's profitability. The average…
Q: Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $30 per share. Later…
A: When a company purchases its own stock, it is referred to as treasury stock. This repurchase can…
Q: Determine Sunland's variable-MOH price and efficiency variances. Also identify whether the company's…
A: Lets understand the basics.Variable MOH price variance is a variance between the rate at which…
Q: Ray Company provided the following excerpts from its Production Department's flexible budget…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: If the market interest rate is 9%, the bonds will issue at $1,997,583. Record the bond issue on…
A: Bonds are issued by a company, government, or other entity to raise funds. The issuer of the bonds…
Q: Oakland Precision Products (OPP) manufactures and sells a variety of scales for the kitchen and…
A: As a part of analysis, revenue and cost are compared for the different alternatives and the best…
Q: Futura Company purchases the 66,000 starters that it installs in its standard line of farm tractors…
A: Differential analysis is a cost accounting technique used to evaluate the difference in costs and…
Q: annibal Steel Company has a Transport Services Department that provides trucks to haul ore from the…
A: Cost allocation refers to the practice of allocating expenses to particular cost objects or cost…
Q: Required information [The following information applies to the questions displayed below.] Julie…
A: A person's total gross income less a few specific deductions is their adjusted gross income. This…
Q: A manufacturer's contribution margin income statement for the year fotows. Prepare contribution…
A: The contribution Margin is calculated as difference between sales and variable cost. The net income…
Step by step
Solved in 3 steps
- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…Help | System Announcements Balance Sheet As of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $28,987 Accounts payable and accruals $154,807 Accounts receivable $142,845 Short-term notes payable $21,639 Inventory $212,722 Total current liabilities $176,446 Total current assets $384,554 Long term debt $155,510 Net plant and equipment $602,309 Total liabilities $331,956 Goodwill and cther assets $42,422 Common stock $314,932 Retained earnings $382,397 Total assets $1,029,285 Total liabilities and equity $1,029,285 In addition, it was reported that the firm had a net income of: $158,531 and net sales of: $4,338,283 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g. 52.75.): Current Ratio times Quick Ratio times Average Collection Period days Total Asset Turnever times Fixed Asset Turnover times QuestionCompute Net Operating Assets Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018Operating assets $31,669 $30,701Nonoperating assets 1,334 2,696Total assets $33,003 $33,397Operating liabilities $12,509 $12,035Nonoperating liabilities 21,902 20,271Total liabilities $34,411 $32,306Net sales $81,152 Operating expense before tax 69,505 Net operating profit before tax (NOPBT) 11,647 Other expense 731 Income before tax 10,916 Tax expense 2,576 Net income $8,340 Compute net operating assets for the years ended February 3, 2019, and January 28, 2018. $ millions February 3, 2019 January 28, 2018Net operating assets (NOA) AnswerAnswer
- Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…Your email will be recorded when you submit this form * Required Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets |Cash Accounts Receivable Inventories Plant & Equipment Less: Accimiulated Depreciation $480 $510 S$90 $960 Revenues S650 7/100 S980 $3140 $2.150 (S1 520)S870) $3.3.40 S3,310 Less: Depreciation expense Less: Other operating expenses Total Assets Liabilities &OE Less: Interest Expense 40 $810 Is17015550 T/S120/S2.80 Income before income taxes INehornts Paable Income Tax Payable Income tax expense $S40 S7100 / SĨ350 Net income Retained FarnenE What is the het dashBrinker International, Inc.'s financial statements state: "We are principally engaged in the ownership, operation, development, and franchising of the Chili's® Grill & Bar and Maggiano's Little Italy restaurant brands. At June 30, 2019, we owned, operated, or franchised 1,665 restaurants, consisting of 1,001 Company-owned restaurants and 664 franchised restaurants, located in the United States, 29 countries and two Brinker INTERNATIONAL. MAGGIANO'S LITTLE ITALY United States territories." Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts in millions of US dollars). Identify the accounts that would appear on Brinker's BALANCE SHEET and then use this information to re-create Brinker's 2019 Balance Sheet on the following page. Accounts payable 97.5 Accounts receivable 55.0 Cash 13.4 Common stock 534.0 Cost of goods sold 823.0 Current portion of long-term debt 9.7 Income tax expense 16.9 Interest expense 61.6 Inventory 70.3 Intangible…
- The general ledger of Zips Storage at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 24,600Accounts Receivable 15,400Prepaid Insurance 12,000Land 148,000Accounts Payable $ 6,700Deferred Revenue 5,800Common Stock 143,000Retained Earnings 44,500Totals $200,000 $200,000The following is a summary of the transactions for the year:1. January 9 Provide storage services for cash, $134,100, and on account, $52,200.2. February 12 Collect on accounts receivable, $51,500.3. April 25 Receive cash in advance from customers, $12,900.4. May 6 Purchase supplies on account, $9,200.5. July 15 Pay property taxes, $8,500.6. September 10 Pay on accounts payable,…Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
- Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $14,000 cash payment and issuing a noninterset-bearing note for $48,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the straight-line method to estimate depreciation expense. a. Prepare the entry to record the purchase on January 1, 2020. b. Prepare the entry on December 31, 2020, to record (1) interest expense and (2) depreciation expense. c. Indicate the balance sheet presentation related to this transaction as of December 31, 2020. d. Prepare the entry on December 31, 2021, to record (1) interest expense and payment of the note and (2) depreciation expense. e. Assume instead that Sidelines exchanged 1,000 shares of its own $10 par value common stock along with…On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…