Assume the following: XYZ Engineering Supplies Company had the following transactions (Please, use the Chart of Accounts on the next page): 1. Issued capital stock for $100,000. 2. Purchased $55,000 of inventory on account. 3. Sold inventory costing $2,000 for $16,000 on account. 4. Paid interest for $500. 5. Paid $8,000 for inventory purchased on account (from item2). 6. Collect $4,800 of accounts receivable (from item3). 7. Recognize Rent bill of this month for $6,500. 8. Paid Taxed for $770 Required: • A. Record the above transactions in General Journal (Journal Entriesusing the Cart of Accounts in the next slide). • B. Record the transactions in General Ledger format (T-Accounts). • C. Prepare a Trial Balance for XYZ Engineering Company. • D. Prepare Income Statement, Retained Earnings Statement & Balance Sheet for XYZ Engineering Company

Assume the following: XYZ Engineering Supplies Company had the following transactions (Please, use the Chart of Accounts on the next page): 1. Issued capital stock for $100,000. 2. Purchased $55,000 of inventory on account. 3. Sold inventory costing $2,000 for $16,000 on account. 4. Paid interest for $500. 5. Paid $8,000 for inventory purchased on account (from item2). 6. Collect $4,800 of accounts receivable (from item3). 7. Recognize Rent bill of this month for $6,500. 8. Paid Taxed for $770 Required: • A. Record the above transactions in General Journal (Journal Entriesusing the Cart of Accounts in the next slide). • B. Record the transactions in General Ledger format (T-Accounts). • C. Prepare a Trial Balance for XYZ Engineering Company. • D. Prepare Income Statement, Retained Earnings Statement & Balance Sheet for XYZ Engineering Company

Name: Assume the following: XYZ Engineering Supplies Company had the followi
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Assume the following: XYZ Engineering Supplies Company had the followingtransactions (Please, use the Chart of Accounts on the next page):1. Issued capital stock for $100,000.2. Purchased $55,000 of inventory on account.3. Sold inventory costing $2,0

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

See similar textbooks

Similar questions

Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140
Cash 12000 Inventory 1600 Prepaid Rent 1200 Prepaid Insurance 1000 Display Equipment 6000 Acc. Deprecation 4000 Accounts Payable 3000 Owners Capital 14000 Sales 20000 Sales Return&All 500 Sales Discount 200 cost of goods sold 12000 salary Expense 4000 Plumbing Expense 500 Utilities Expense 2000 Totals 41000 41000 Based on the adjusted trial balance above, prepare an INCOME STATMENT STATEMENT OF OWNERS EQUITY and BALANCE SHEET
Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of total expense Record the closing entries
Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of net sales? What is the amount of total assets What is the amount of total liabilities What is the amount of net assets What is the amount of retained earnings after the closing entries have been posted? What is the amount of gross profit? What is the amount of total expense Record the closing entries in the
Net sales OR 156000 Cost of the goods sold OR 99700 Details Debit. Credit General expenses 11700 Furniture 5100 Salaries. 9300 Depreciation. 2000 Account payable. 3575 Dividend revenue 2500
Bramble Company compiled the following financial information as of December 31, 2022: Revenues $333000 Owner’s Capital (1/1/22) 149000 Equipment 79300 Expenses 249000 Cash 89300 Owner's Drawings 19200 Supplies 15800 Accounts payable 40100 Accounts receivable 69500 Bramble’s owner’s equity on December 31, 2022 is $253900. $149000. $213800. $108900.
Particulars Debit Credit CASH 100,000 INVENTORY 124,500 ACCOUNTS RECEIVABLES 12,000 SHORT TERM INVESTMENT 25,000 FURNITURE 100,000 BUILDING 500,000 UNEARNED REVENUE 27,000 ACCOUNTS PAYABLE 9,000 ACC.DEP.PLANT-FURNITURE 5,000 ACC.DEP.BUILDING 6,000 EQUITY 200,000 CONSULTANCY REVENUE 650,000 REPAIR EXPENSE 2,000 RENT EXPENSE 3,500 INSURANCE EXPSNES 1,000 OTHER GENERAL EXPNSE 1,200 UTILITY EXPENSE 6,000 SALARIES EXPENSE 10,000 INTEREST EXPENSE 800 DEPRECIATION EXPENSE 11,000 SALARIES PAYABLE 2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity Balance Sheet
wo Company Comparison CONSOLIDATED BALANCE SHEETS Fiscal Year-End -20xx Fiscal Year - 20xx Company A Company B ASSETS Current assets: Cash $162055 $87148 Accounts Receivable $69541 $157472 Inventory $98118 $128024 Prepaid insurance $124346 $57301 Prepaid rent $158319 $132855 Other $72587 $170352 Total Current Assets Non-Current Assets Land $109144 $181575 Equipment $152782 $115712 Notes receivable $188302 $77961 Total Assets Liabilities Current Liabilities Accounts payable $185309 $56139 Accrued payroll and benefits $183788 $72118 Other $72587 $170352 Total Current Liabilities Non-Current Liabilities Long Term debt $84770 $156446 Other Long Term debt $145647 $174676 Total Non-Current Liabilities Shareholders Equity Common Shares Total Shareholders Equity Liabilities & Sharehoders`Equity Find the Debt Ratio for Company B.
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 8,650 Cost of goods sold 7,260 Depreciation 415 Earnings before interest and taxes $ 975 Interest paid 84 Taxable income $ 891 Taxes 312 Net income $ 579 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135 Accounts receivable 800 700 Long-term debt 1,000 1,200 Inventory 1,510 1,545 Common stock 3,140 2,950 Total $ 2,440 $ 2,405 Retained earnings 540 790 Net fixed assets 3,210 3,670 Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075 What is the quick ratio for 2022?
MYRIAD PRODUCTS COMPANYIncome StatementFor the Year Ended December 31, 2021($ in millions) Sales $ 980 Cost of goods sold 343 Gross margin 637 Salaries expense $ 170 Depreciation expense 106 Amortization expense 5 Interest expense 46 Loss on sale of land 4 331 Income before taxes 306 Income tax expense 153 Net Income $ 153 MYRIAD PRODUCTS COMPANYSelected Accounts from Comparative Balance SheetsDecember 31, 2021 and 2020($ in millions) Year 2021 2020 Change Cash $ 150 $ 138 $ 12 Accounts receivable 269 289 (20 ) Inventory 469 488 (19 ) Accounts payable 223 210 13 Salaries payable 111 124 (13 ) Interest payable 69 58 11 Income tax payable 60 48 12 Required:Prepare the cash flows from the operating activities section of the…
what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
JC ENTERPRISE SOLD MERCHANDISE FOR $120000.00 PURCHASE FOODS FOR $71000.00 PAID RENT $12000.00 PAID SALARY $ 3000.00 PAID UTILITIES EXPENSE $ 5000.00 PAID ADVERTISING EXPENSE $2000.00 PAID TRANSPORTATION EXPENSE $ 1200.00 PURCHASE SUPPLIES ON ACCOUNT $ 750.00 Prepare Journal Entries, General Ledger, Income Statement (Profit/Loss Statement) and Balance Sheet