Exercise 4Based on these accounts, prepare the balance sheet for GS company on 31 December 2019DebitCreditBalancesBalancesCash3,000.00Marketable Securities13,500.00Accounts Receivable28,500.00Building37,500.00$16,500.00Notes Payable (due in one year)2$6,000.00Patent$9,000.00$6,000.00$21,750.00$58,350.00$37,500.00Accumulated DepreciationProperty Taxes PayableAccounts PayableRetained EamingsCommon StockBonds Payable60,000.00Inventory22,500.00Land75,000.00Investment in IBM Common Stock21,000.00Investment in Florida Power Bonds9,000.002$Prepaid Insurance750.00Withheld Income Taxes1,650.00$17,250.00Additional Paid-in Capital$11,250.00Goodwill

Balance sheet is also known as statement of financial position considered as one of most important…

Based on these accounts, prepare the balance sheet for GS company on 31 December 2019 Debit Credit Balances $4 3,000.00 24 13,500.00 24 28,500.00 $ Balances Cash Marketable Securities Accounts Receivable Building 37,500.00 Notes Payable (due in one year) 16,500.00 Patent 6,000.00 Accumulated Depreciation 9,000.00 Property Taxes Payable 6,000.00 Accounts Payable 21,750.00 Retained Eamings 58,350.00 Common Stock 37,500.00 Bonds Payable 60,000.00 24 22,500.00 %$4 75,000.00 %$4 21,000.00 $4 9,000.00 Inventory Land Investment in IBM Common Stock Investment in Florida Power Bonds Prepaid Insurance 750.00 Withheld Income Taxes 1,650.00 Additional Paid-in Capital 17,250.00 Goodwill 11,250.00 %24

Based on these accounts, prepare the balance sheet for GS company on 31 December 2019 Debit Credit Balances $4 3,000.00 24 13,500.00 24 28,500.00 $ Balances Cash Marketable Securities Accounts Receivable Building 37,500.00 Notes Payable (due in one year) 16,500.00 Patent 6,000.00 Accumulated Depreciation 9,000.00 Property Taxes Payable 6,000.00 Accounts Payable 21,750.00 Retained Eamings 58,350.00 Common Stock 37,500.00 Bonds Payable 60,000.00 24 22,500.00 %$4 75,000.00 %$4 21,000.00 $4 9,000.00 Inventory Land Investment in IBM Common Stock Investment in Florida Power Bonds Prepaid Insurance 750.00 Withheld Income Taxes 1,650.00 Additional Paid-in Capital 17,250.00 Goodwill 11,250.00 %24

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 60APSA: Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is...

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OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid $20,000 of dividends. Moores assets, liabilities, and common stock at the end 012018 and 2019 were: Required: Using the information provided. compute Moores net income for 2019.
Cornerstone Exercise 1-18 Balance Sheet An analysis of the transactions of Cavernous Homes Inc. yields the following totals at December 31, 2019: cash, $3,200; accounts receivable, $4,500; notes payable, $5,000; supplies, $8,100; common stock, $7,000; and retained earnings, 9,800. Required: Prepare a balance sheet for Cavernous Homes Inc. at December 31 , 2019.
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.
Exercise 1-39 Current Assets and Current Liabilities Hanson Construction has an operating cycle of '5' months. On December 31. 2019, Hanson has the following assets and liabilities: A note receivable in the amount of $1500 10 be collected in 6 months Cash totaling $1,380 Accounts payable totaling $2,100, all of which will be paid within 2 months Accounts receivable totaling $12,000, including an account for $7,000 that will be paid in 2 months and an account for $5,000 that will be paid in 18 months Construction supplies coming $6,200, all of which will be used in construction within the next 12 months Construction equipment costing $60,000 on which depreciation of $22,400 has accumulated A note payable to the bank in the amount of $6,800 is to be paid within the next year Required: Calculate the amounts of current assets and current liabilities reported on Hansons balance sheet at December 31, 2019. CONCEPTUAL CONNECTION Comment on Hansons liquidity.
(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Problem 1-56A Applying the Fundamental Accounting Equation At the beginning of 2019 Huffer Corporation had total assets of $232,400 total liabilities of $94,200 common stock of 5501000. and retained earnings of $88,200. During 2019, Huffer had net income of $51,1501 paid dividends of 510,000. and issued additional common stock for $15,000. Huffers total assets at the end 01'2019 were $285,500. Required: Calculate the amount of liabilities that Huffer must have at the end of 2019 m order for the balance sheet equation to balance.
Exercise 1-51 Relationships Among the Financial Statements Zachary Corporations December 31, 2018 balance sheet included the following amounts: Required: Calculate the amount of cash and retained earnings at the end of 2019.
Under Armour: Current ratio The following year-end data were taken from recent balance sheets of Under Armour, Inc. (in millions): December 31 Year 2 Year 1 Current assets 1,129 903 Current liabilities 427 252 A. Compute the working capital and the current ratio as of December 31, Year 2 and Year 1. (Round to one decimal place.) B. What conclusions concerning the company's ability to meet its short-term obligations can you draw from part (A)?
Problem 1-563 Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $525,100, total liabilities of $290,800. common stock of $100000. and retained earnings of $134,900. During 2019. KJ had net income of $205,500. paid dividends of $70,000. and 1ssued additional common stock for $36,000 KJs total assets at the end of 2019 were $10,100. Required: Calculate the amount of Liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
(Appendix 3.1) Cash-Basis Accounting Puntarelli Contracting keep its accounting records on a cash basis during the year. At year end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2018, Puntarelli reported the following balance sheet items. It is now the end of 2019. The companys checkbook shows a balance of 4,700, which includes cash receipts from customers of 51,300 and cash payments of 49,300. An examination of the cash payments shows that: (1) 30,600 was paid to suppliers, (2) 12,700 was paid for other operating costs (including 7,200 paid on January 1 for 2 years annual rent), and (3) 6,000 was withdrawn by T. Puntarelli. On December 51, 2019, (1) customers owed Puntarelli Contracting 55,900, (2) Puntarelli owed suppliers and employees 7,000 and 900, respectively, and (3) the ending inventory was 6,300. Puntarelli is depreciating the equipment using straight line depreciation over a 10-year life (no residual value). Required: 1. Using accrual based accounting, prepare a 2019 income statement (show supporting calculations). 2. Using accrual-based accounting, prepare a December 31, 2019, balance sheet (show supporting calculations).
Balance sheets, net income Financial information related to the proprietorship of Ebony Interiors for February and March 2019 is as follows: February 29, 2019 March 31, 2019 Accounts payable 310,000 400,000 Accounts receivable 800,000 960,000 Cash 320,000 380,000 Justin Berk, capital ? ? Supplies 30,000 35,000 a. Prepare balance sheets for Ebony Interiors as of February 29 and March 31, 2019. b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month. c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew 50,000 during the month.