Make income statement , retained earnings and balance sheet from trial balance. Adjusted Trial BalanceDebitCredit$ 32,00017,300CashAccounts receivablePrepaid insuranceLand6,40010,000Accounts payableSalaries payableCommon stock$ 10,9006,00031,0004,200Retained earningsDividendsService revenueInsurance expenseSalaries expenseMiscellaneous expense8,00074,0005.60024,00022.800126, 100126,100

Information regarding revenues, expenses, assets, liabilities, dividend, and equity are provided by…

Adjusted Trial Balance Debit Credit $ 32,000 17,300 Cash Accounts receivable Prepaid insurance 6,400 Land 10,000 Accounts payable Salaries payable $ 10,900 6,000 31,000 Common stock Retained earnings Dividends 4,200 8,000 Service revenue 74,000 Insurance expense Salaries expense Miscellaneous expense 5.600 24,000 22.800 126,100 126, 100

Adjusted Trial Balance Debit Credit $ 32,000 17,300 Cash Accounts receivable Prepaid insurance 6,400 Land 10,000 Accounts payable Salaries payable $ 10,900 6,000 31,000 Common stock Retained earnings Dividends 4,200 8,000 Service revenue 74,000 Insurance expense Salaries expense Miscellaneous expense 5.600 24,000 22.800 126,100 126, 100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

SAMPAGUITA INSURANCE COMPANY FINANCIAL STATEMENT 2021 ASSETS Cash and cash equivalents P2,574,335 Interest receivable 132,241 Investments 12,340,312 Investment in subsidiary 529,248 Premiums due from policyholders 10,831 Policy loans receivables - net 369,607 Coverage debt receivables - net 960,404 Reinsurance assets 53,439 Property and equipment - net 415,241 Right-of-use assets - net 533,003 Deferred acquisition costs 12,455,967 Other assets - net 1,647,258 Total General Assets 32,021,886 Assets Held to Cover Linked Liabilities 106,573,549 PI 38,595,435 ROSE INSURANCE COMPANY FINANCIAL STATEMENT ASSETS Cash and cash equivalents (Note 4) P 2,177,119,101 Insurance receivables (Note 26) Financial assets (Note 5) 133,720,939 Financial assets at fair value through profit or loss (FVPL) 60,091,263,262 Available-for-sale financial assets 42,348,896,307 Loans and receivables 10,508,989,111 Accrued income (Note 7) 379,787,097 Reinsurance assets (Note 13)…
The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
Whatiseachofthefollowinginvestmentsworthtodayassuminganannualdiscountrateof 7%? 1.(a) A3-yearmaturity“B”ratedcorporatebondwith4%annualinterestpaymentsanda principal value of £1,000
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
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
tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yield
Sign Language Hearing Co Ltd Comparative Balance Sheet October 31, 2020, and 2021 2021 2020 Assets Cash and cash equivalent 320,000 275,000 Accounts Receivable 180,000 240,000 Prepaid expenses 240,000 220,000 Equipment, net 350,000 210,000 Total Assets 1,090,000 945,000 Liabilities Accounts payable 305,000 285,000 Accrued liabilities 285,000 305,000 Bond payable 195,000 95,000 Stockholders' Equity: Common Stock 95,000 55,000 Retained earnings 350,000 255,000 Treasury stock (140,000) (50,000) Total liabilities and stockholders' equity 1,090,000 945,000 Sign Language Hearing Co Ltd Income Statement Year Ended October…
Sign Language Hearing Co Ltd Comparative Balance Sheet October 31, 2020, and 2021 2021 2020 Assets Cash and cash equivalent 320,000 275,000 Accounts Receivable 180,000 240,000 Prepaid expenses 240,000 220,000 Equipment, net 350,000 210,000 Total Assets 1,090,000 945,000 Liabilities Accounts payable 305,000 285,000 Accrued liabilities 285,000 305,000 Bond payable 195,000 95,000 Stockholders' Equity: Common Stock 95,000 55,000 Retained earnings 350,000 255,000 Treasury stock (140,000) (50,000) Total liabilities and stockholders' equity 1,090,000 945,000 Sign Language Hearing Co Ltd Income Statement Year Ended October 31,2021 Revenues and gains: Sales…
Sign Language Hearing Co Ltd Comparative Balance Sheet October 31, 2020, and 2021 2021 2020 Assets Cash and cash equivalent 320,000 275,000 Accounts Receivable 180,000 240,000 Prepaid expenses 240,000 220,000 Equipment, net 350,000 210,000 Total Assets 1,090,000 945,000 Liabilities Accounts payable 305,000 285,000 Accrued liabilities 285,000 305,000 Bond payable 195,000 95,000 Stockholders' Equity: Common Stock 95,000 55,000 Retained earnings 350,000 255,000 Treasury stock (140,000) (50,000) Total liabilities and stockholders' equity 1,090,000 945,000 Sign Language Hearing Co Ltd Income Statement Year Ended October 31,2021…
Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
Question The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019. GHc'000 GHc'000 Indirect Taxes 120,300 Direct Taxes 85,000 Non taxe revenues 60,000 Compensation for employees 76,000 Goods and services 45,000 Consumption of fixed consumption 24,000 Loans and advances 30,000 Bank and cash balances 12,000 Equity investment 40,000 Domestic debt 90,500 External debt 110,000 Trust fund 50,000 Sundry creditors 24,500 Other expenditures 20,000 Public debt interest 33,000 Social benefit 12,000 Grants 20,000 Subsidies 12,000 Accumulated Fund (1/12/16) 216,300 540300 540,300 Required: 1. Prepare Statement of Revenue and Expenditure for the Consolidated Fund for the year ended 31st December, 2019. 2. Prepare Statement of Financial Position…