Accounting
- Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance Sheets December 31 2020 2019 2018 Cash $30,200 $16,800 $18,400 Account
- A company reported the following information at December 31, Year 1: [TABLE] What is the amount of current liabilities on the classified balance sheet? a) $7,200 b) $8,850 c) $4,600 d) $11,450
- Condensed balance sheet and income statement data for Landwehr Corporation appear below. LANDWEHR CORPORATION Balance Sheets December 31 2018 2017 2016 Cash $24,300 $16,400 $17,300 Accounts rec
- Some Company Cash Budget Given Information For the Year Ended December 31, 2020 Some Company has asked you to prepare a cash budget for the year 2020 using the following information: Projected cash balance at January 1 50,000 Cash balance desired December
- A company reported the following information at December 31, Year 1: [TABLE] What is the amount of current assets on the classified balance sheet? a) $38,680 b) $116,640 c) $24,490 d) $66,140
- Smiles Entertainment had the following accounts and balances at December 31: Using the information in the table, calculate the company’s reported net income for the period.
- A company reported total equity of $146,000 on its December 31, 2008, balance sheet. The following information is available for the year ended December 31, 2009: 2009 Revenues $210,000 2009 Expenses 179,000 Liabilities, at December 31, 2009 97,000 What a
- A company reported total stockholders’ equity of $145.000 on its Dec 31, 2012, balance sheet. The following information is available for the year ended Dec 31, 2013: Revenues $310,000 Expenses 165.000 Liabilities, on December 31, 2013 $72,000 What are
- Kearin Corporation has provided the following financial data: Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Year 1 Current assets: Cash $33,000 $100,000 Accounts receivable 281,000 250,00
- A company reported total stockholders’ equity of $169,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017, the company reported net income of $21,100, declared an
- A company reported total stockholders’ equity of $533,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017 the company reported net income of $61, 700 declared and
- Use the following information to prepare a statement of cash flows for the Ace Company for the year ended December 31, 2020. Net income for the year was $15,000. Accounts receivable increased $6,000;
- You have the following information on Spann Company Beginning cash balance for December: $75,000 Budgeted cash receipts for December: $85,000 Budgeted cash disbursements for December: $120,000 Minimu
- StorageTek Corporation gathered the following information from its accounting records for the year ended December, 31, 2016, prior to adjustment: Net credit sales for the year = 1,150,000 dollars, Acc
- Condensed balance sheet and income statement data for Jergan Corporation are presented here Jergan Corporation Balance Sheets December 31 2019 $17,400 44,700 95,700 70,600 370,700 $724
- Some Company has asked you to prepare a cash budget for the year 2020 using the following information: Proiected cash balance at January 1 50,000 Cash balance desired December 31 65,000 Projected sal
- Mortonson Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019, and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as
- The current sections of Ivanhoe Company’s balance sheets for December 31, 2021, and 2022, are presented here. Ivanhoe Company’s net income for 2022 was $165,100. Depreciation expense was $27,300. 2022 2021 Current assets: Cash $40,300 $57,850 Accounts rec
- The following income statement and balance sheet information are available for two firms, Firm A and Firm B. Income Statement for Year Ended December 31, 2015. Firm A Firm B Sales 1,000,000 1,000,00
- On December 31, 2011, the balance in Pacino Company’s retained earnings account is $21,500. On December 31, 2012, the balance is $22,000. During 2012, net income was $5,700. Based on this information, dividends declared and paid for 2012 were A) $500 B) $
- CTU Company reported a cash balance of $419,600 on its balance sheet at December 31, 2005. Its statement of cash flows for the year ended December 31, 2005 showed that operating activities provided $1,688,300, investing activities used $1,180,500, and fin
- Financial information for Messersmith Company is presented below: MESSERSMITH COMPANY Balance Sheets December 31 Assets 2017 2016 Cash $ 102,200 $ 94,900 Short-term investments 75,920 58,400 Accounts receivable (net) 143,080 116,800 Inventory 182,5
- The comparative condensed balance sheets of Marks Corporation are presented below: MARKS CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 2016 Net sales $620,00
- In preparing a company’s statement of cash flows for the most recent year using the indirect method, the following information is available: Net income for the year was $70,000 Accounts payable i
- The information presented here represents selected data from the December 31, 2013, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets,
- For the year ended December 31, a company had revenues of $335,000 and expenses of $210,000. The company paid $52,800 in dividends during the year. The balance in the Retained Earnings account before closing is $89,000. What is the net income for the year
- Raceway Company reported the following balance sheet amounts at December 31, 2007: The total amount of retained earnings on December 31, 2007, was: a. $50,000. b. $40,000. c. $30,000. d. $20,000. e. None of the above is correct.
- The current sections of Scoggin Inc.’s balance sheets at December 31, 2014 and 2015, are presented here. Prepare the net cash provided by operating activities section of the company’s statement of cas
- The following is summary of information presented on the financial statements of a company on December 31, 2017. Account 2017 2016 Current Assets $69,000 $52,000 Accounts Receivable 85,000 78,000
- The comparative balance sheet of Barry Company for years 1 and 2 ended December 31 appears below in the condensed form: Additional data for the current year are as follow: a) Net income $75,800. b) Depreciation reported on the income statement $38,000. c
- 1. Presented below is information related to equipment owned by Carpenter Company at December 31, 2014. Cost $9,000,000 Accumulated Depreciation to date $1,000,000 Expected future net cash flows $
- The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $414,000 $320,000 Marketable securities 496,800 336,000 Accounts and notes receivable (net) 619,200
- The following balance sheet was prepared by the bookkeeper for Stripes Company as of December 31, 201X Stripes Company Balance Sheet as of December 31, 201X is as follows. Cash $ 80,000 Acc
- The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms. Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/19 $3
- The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms. Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/19 $478
- The information presented here represents selected data from December 31, 2013, balance sheets, and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/
- A recent balance sheet of Save-A-Lot Supplies is provided below: Other information provided by the company is as follows: Total revenue for the year ended December 31, 2015 $ 51,000 Total expenses fo
- Selected financial statement data for Morton Company are presented below. December 31, 2009 December 31, 2008 Cash $25,000 $30,000 Short-term investments 35,000 18,000 Receivables (net) 120,000 80,000 Inventories 95,000 65,000 Total current liabilities 12
- A comparative balance sheet for Alpha Company appears below: Additional information: 1. Net income for the year ending December 31, 2015, was $24,000. 2. Cash dividends of $12,000 were declared and
- Given below is some summarized information taken from the adjusted trial balance of New Company at December 31, Year 2, the end of its second year of operations. Debit Credit Cash 15,000 A/R 6,000 Equipment (net) 66,000 A/P 31,000 Dividends Payable 3,000
- Following is the adjusted trial balance of Post Company. Based on the information, prepare a Balance Sheet, Income Statement, and Statement of Retained Earnings. POST COMPANY ADJUSTED TRIAL BALANCE |
- The following is a summary of information presented on the financial statements of a company on December 31, 2017. Account 2017 2016 Current Assets $86,000 $70,000 Accounts Receivable 61,000 69,000 M
- The information presented here represents selected data from December 31, 2016, balance sheets, and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/
- The company below was founded in January 2009. Presented here are both the adjusted and unadjusted trial balances as of December 31, 2014. Trail Balance December 31, 2014 Unadjusted Adjusted DR CR
- Zumbrunn Company’s income statement contained the condensed information below. Zumbrunn’s balance sheet contained the comparative data on December 31, shown below. Accounts payable pertain to operatin
- Consider the information below from the records of Trying to Get This Corporation. For the current year, the corporation estimated that 1% of their credit sales will become uncollectible (bad debts). What is the total amount of cash received by Trying to
- Using the following data for Omega Company, prepare Statement of Cash Flows as of December 31 for the year ended. All amounts are cash flows. The cash balance at the beginning of the year was $125,000
- Prepare an income statement or 2011 and a balance sheet as of December 31, 2011. Prepare and post closing entires. Prepare a post-closing trial balance. The general ledger of the Karlin Company, a consulting company, at January 1, 2011, contained the foll
- The following is a summary of information presented on the financial statements of The Cake Company on December 31, 2007: Account 2007 2006 Current Assets $65,000 $50,000 Accounts Receivable 80,000 7
- The Extra Surplus Company’s Balance Sheet for December 31, 2015, and the income statement for 2016 are shown below: The balance sheet of Extra Surplus Company on December 31, 2015, is shown below: Particulars Amount ($) Assets Cash 16,000 Accounts rece
- The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts paya
- For the year ended December 31, a company had revenues of $335,000 and expenses of $210,000. The company paid $52,800 in dividends during the year. The balance in the Retained Earnings account before closing is $89,000. What is the balance of Retained Ear
- The following information is available for Otto Corporation: Retained earnings, December 31, 2018, $2,500,000 Net income for the year ended December 31, 2019, $450,000 The company accountant, in preparing financial statements for the year ending December
- The following is a summary of the information presented on the financial statements of a company on December 31, 2015. | Account | 2015 | 2016 | Current Assets | $70,000 | $53,000 | Accounts Receivable | 83,000 | 78,000 | Merchandise inventory | 52,000 |
- XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year ($) Previous Yea
- Find the financial statements for a publicly traded company, and examine its balance sheet and income statement. Prepare an overview of what is revealed about the company by its balance sheet and income statement, including any items that you find to be u
- On December 31, a company receives a $5,000 payment for services not yet rendered and a $500 electric bill for the month of December. Under the accrual basis of accounting, this company would recognize: a. $4,500 of revenue and $500 of expense b. $5,000 o
- On December 31, a company receives a $5,000 payment for services not yet rendered and a $500 electric bill for the month of December. Under the accrual basis of accounting, this company would recognize: a. $4,500 of revenue and $500 of expense. b. $5,000
- The following current asset appears on the balance sheet in 3M Company’s Form 10-K for the year ended December 31, 2012 : 12/31/12 12/31/11 Account receivable-net of allowances of $105 and $108 $4,06
- Partial balance sheets and additional information are listed below for Ensign Company. Ensign Company Partial Balance Sheets as of December 31 2018 Assets $21,000 Cash $92,000 Accounts receivable $20,
- Given the following information about a corporation’s current year activities, compute the retained earnings for the current year. Retained earnings, December 31 (prior year) $280,000 Cost of goods sold $90,000 Other operating expenses $54,000 Cash divid
- At the December 31, 2010 balances sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and: a) pretax financial inco
- For the year ended December 31, a company has revenues of $317,000 and expenses of $196,000. The company paid $50,000 in dividends during the year. The balance in the Retained earnings account before closing is $81,000. Which entries would be used to clos
- Consider the information below from the records of Trying to Get This Corporation. For the current year, the corporation estimated that 1% of their credit sales will become uncollectible (bad debts). What is the dollar amount of bad debts actually writte
- Freiman Corporation’s most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $172
- Presented below is the balance sheet of Sargent Corporation for the current year, 2017. The following information is presented: 1) The current assets section includes cash $153,020, accounts receivab
- Presented below is the balance sheet of Sargent Corporation for the current year, 2014. The following information is presented. 1. The current assets section includes cash $154,710, accounts receivab
- You have the following information on Spann Company: Beginning cash balance for December: $75,000 Beginning cash receipts for December: $85,000 Budgeted cash disbursements for December: $120,000 Minim
- Beewell’s net income for the year ended December 31, Year 2 was $195,000. Information from Beewell’s comparative balance sheets is given below. Compute the cash paid for dividends during Year 2. At De
- On October 1, X Company acquired for cash all of Y Company’s outstanding common stock. Both companies have a December 31 year-end and have been in business for many years. Consolidated net income for the year ended December 31 should include net income of
- Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2818 Maturity amount and date: $290,000 due in 10 years (December 31,
- A complete set of Financial Statements for Nestle Company at December 31, 2008, would include each of the following, EXCEPT: A. Balance Sheet as of December 31, 2008. B. Statement of Projected Cash flows for 2009. C. Income Statement for the year ended
- Data from Davoren Corporation’s most recent balance sheet and income statement appear below. This Year ; Last Year ; Accounts receivable ; $109,000 ; $
- The information presented here represents selected data from the December 31, 2013, balance sheets and income statements for the year then ended for three firms. Required: 1. Calculate the missing
- The following balance sheet was prepared by the bookkeeper for Mayano Company as of December 31, 2016. Mayano Company Balance Sheet As of December 31, 2016 |Cash | $ 80,000 |Accounts payable | $ 75,000 |Account
- Selected financial statement information and additional data for Johnston Enterprises is presented below. Johnston Enterprises Balance Sheet and Income Statement Data December 31, 2014 December 31, 2013 Current Assets: Cash 153,680 115,900 Accounts Recei
- For the year ended December 31, a company had revenues of $335,000 and expenses of $210,000. The company paid $52,800 in dividends during the year. The balance in the Retained Earnings account before closing is $89,000. What entry would be used to close t
- The following income statement and information about changes in non-cash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31, 2013 Sales
- The accountant for huckleberry company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available: – Retained earnings balance at the beg
- On December 31, Kunkel Corporation reports a net income of $450,000. Prepare the entry to close net income.
- Presented below is the balance sheet of Sargent. Corporation for the current year, 2017. The following information is. presented. The current assets section includes cash $150,000, accounts receivable
- On December 31, 2016, the Income Statement section of the worksheet for Soto Company contained the following information. Income Statement Section Debit Credit Income Summary 38,100 41,400 Sales 252
- The following financial information was summarized from the accounting records of Block Corporation for the current year ended December 31: What is the income from operations for the Hardware Division
- Use the following information to calculate the company’s accounting net income for the year. A. $125,000 B. $300,000 C. $120,000 D. $240,000
- Stosch Company’s balance sheet reported assets of $57,000, liabilities of $18,000 and common stock of $15,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $30,000 and Stosch paid a $17,000 divid
- Stosch Company’s balance sheet reported assets of $47,000, liabilities of $16,000 and common stock of $13,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $22,000 and Stosch paid a $15,000 divid
- During 2016, Ambiance Company reported net revenue of $4,150,000. The company reported net fixed assets of $740,000 on January 1, 2016 and net fixed assets of $920,000 on December 31, 2016. Calculate
- A review of the accounting records at Corless Co. revealed the following information concerning the company’s liabilities that were outstanding at December 31, 2017, and 2016, respectively: Year-End
- The balance sheet for Borglum Company at the end of the current fiscal year indicated the following: Income before income tax was $1,500,000 and income taxes were $200,000, for the current year. Cash
- Use the following information to prepare a statement of cash flows for the Thomas Company for the year ended December 31, 2016. Net income for the year was $10, 000. Accounts receivable increased $5,
- Presented below are selected ledger accounts of Larkspur Corporation as of December 31, 2017. Compute net income for 2017 Net income Prepare a partial income statement beginning with income from cont
- Presented below is information related to equipment owned by Carpenter Company at December 31, 2014: Cost $9,000,000 Accumulated Depreciation to date $1,000,000 Expected future net cash flows $7,00
- Apex Company prepared the statement of cash flows for the current year that is shown below: Compute Apex Company’s free cash flow for the current year. (Negative amount should be indicated by a minu
- Thornton Company’s income statement contained the condensed information below. Thornton’s balance sheet contained the comparative data at December 31. Accounts payable pertain to operating expenses. I
- Company’s 2014 income statement reported cost of goods sold as $135,000. Additional information is as follows: December 31, 2014 Inventory $30,000 Accounts Payable $13,000 December 31, 2013 Inventory $22,500 Accounts Payable $19,500 If Company uses t
