Ensemble Co.Unadjusted Trial BalanceFor the Year Ending December 31, 2018DebitBalancesCreditBalances42,900123,50027,000300,00052,0004,80040,000137,2005,0001,216,000660,000275,00016,6001,801,5001,801,500Trial Balance to be prepared from the above given values?CashAccounts Receivable.Prepaid Insurance.Equipment...Accounts PayableSalaries Payable.Common StockRetained EarningsDividends...Service RevenueSalary Expense...Advertising Expense...Miscellaneous Expense

Introduction: Trial balance: All the final ledger accounts balance are posted in Trial balance to…

Cash Accounts Receivable.. Prepaid Insurance. Equipment.... Accounts Payable Salaries Payable. Common Stock Retained Earnings Dividends... Service Revenue. Salary Expense... Advertising Expense... Miscellaneous Expense 42,900 27,000 300,000 52,000 660,000 16,600 1,801,500 123,500 4,800 40,000 137,200 5,000 1,216,000 275,000 1,801,500

Cash Accounts Receivable.. Prepaid Insurance. Equipment.... Accounts Payable Salaries Payable. Common Stock Retained Earnings Dividends... Service Revenue. Salary Expense... Advertising Expense... Miscellaneous Expense 42,900 27,000 300,000 52,000 660,000 16,600 1,801,500 123,500 4,800 40,000 137,200 5,000 1,216,000 275,000 1,801,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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TRIAL balance dated Dec 31, 2019 MUSIC-IS-US, INCTRIAL BALANCEDECEMBER 31, 2018 cash …………………………………………………. $ 45,000Marketable securities…………………………. 25,000 Accounts receivable…………………………… 125,000Allowance for doubtful accounts………… $5,000Merchandise inventory……………………….. 250,000Office supplies................................................... 1,200Prepaid insurance…………………………………… 6,600 Building and fixtures…………………………… 1,791,000 Accumulated depreciation………………………. 800,000 Land…………………………………………………... 64,800Accounts payable…………………………………… 70,000Unearned customer deposits…………………… 8,000Income taxes payable………………………………. 75,000Capital stock…………………………………………. 1,000,000Retained…
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Prior Company’s condensed financial statements provide the following information. Prior CompanyBalance Sheet Dec. 31, 2020 000 Dec. 31, 2019 Cash $1,052,000) $1,060,000) Accounts receivable (net) 198,000) 80,000) Short-term investments 80,000) 40,000) Inventory 440,000) 360,000) Prepaid expenses #1,603,000) #1,607,000) Total current assets $0,773,000) $0,547,000) Property, plant, and equipment (net) $1,857,000) $1,853,000) Total assets $1,630,000) $1,400,000) Current liabilities 240,000) 160,000) Bonds payable 400,000) 400,000) Common stockholders’ equity $1,990,000) $1,840,000) Total liabilities and stockholders’ equity $1,630,000) $1,400,000) 00 Income StatementFor the Year Ended 2020 Sales revenue $1,640,000) Cost of goods sold $ (800,000) Gross profit 840,000) Selling and administrative expenses (440,000) Interest expense 00.(40,000) Net income $ 360,000)…
Please calculate the verticle and horizontal analysis of the balance sheet. Consolidated Balance Sheets (USD $) 12/31/2020 Vertical Analysis 12/31/2019 Vertical Analysis Horizontal Analysis In Millions, unless otherwise specified Current Assets: Cash and Cash Equivalents $1,723 $1,929 Receivables, net 1,484 1,398 Merchandise Inventories 11,079 11,057 Other Current Assets 1,016 895 Total Current Assets 15,302 15,279 Property and Equipment, at cost 38,513 39,064 Less Accumulated Depreciation and Amortization 15,793 15,716 Net Property and Equipment 22,720 23,348 Goodwill 1,353 1,289 Other Assets 571 602 Total Assets 39,946 40,518 Current Liabilities: Short-Term Debt 290 0 Accounts Payable 5,807 5,797 Accrued Salaries and Related Expenses 1,391 1,428 Sales Taxes Payable 434 396 Deferred Revenue 1,468…
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The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…
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Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
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Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?