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- Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: What is the total ending balance as reported on the companys Statement of Stockholders Equity?Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?Financial statements and closing entries Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year: Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders equity for the year ended December 31, 20Y5. During the year, common stock of 25,000 was issued. 3. Prepare a balance sheet as of December 31, 20Y5. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.
- Prepare a statement of stockholders equity for the year ended June 30 20Y3. During the ended June 30, 30Y3 additional common stock of $20,000 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative using a minus sign. Prepare a balance sheet of June 30 20Y3 including stockholders equity and liability. On the basis of the end of period speeds, journalize the closing entries. Prepare a post closing trial balance. List the accounts as assets, liabilities, capital, dividends, revenue and expenses.Can you help me with this excercise? Preparing a classified Balance Sheet, making closing entries and preparing the post closing trial balance. Prepare an income statement for the year ended December 31, 20Y5. Answer Check Figure: Net income, $137,400 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. Prepare a balance sheet as of December 31, 20Y5. Based upon the end-of-period spreadsheet, journalize the closing entries. Prepare a post-closing trial balanceThe question says: prepare an income statement, a statement of stockholders equity, and a balance sheet. During the year ended June 30, 20y6, the additional common stock of $7500 was issued. I am confused if I am supposed to adjust al the work I have done so far (journal entries, adjusting entries, adjusting trial balance) for the new 7,500?
- Below is a portion of a December 31, 2024, adjusted trial balance. Prepare a statement of stockholders' equity for the year ended December 31, 2024 that shows the balance at January 1 and at December 31. No common stock was issued during 2024. Accounts Debit Credit Common Stock 340,000 Retained Earnings 76,000 Service Revenue 540,000 Salaries Expense 408,000 Rent Expense 28,000 Utilities Expense 48,000 Interest Expense 4,000 Totals $1,047,000 $1,047,000After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 240.400 and a credit of RO 302.600. At the same date, Share Capital has a credit balance of RO650,000, and Dividends has a balance of RO 55.000. The total equity at the end of the period is:Use the Information provided below to prepare the statement of comprehensive income for the year ended 28 February 2022. The trial balance attached was extracted from the accounting records of whetstone stores on 28 February 2022 the end of the financial year. Adjustments and additional information: 1. According to stocktaking done on 28 February 2022, the following were on hand 1.1 Trading inventory R240 000 1.2 Stationery R6 000 2 . A debtor who was declared insolvent paid R4 200, which represented 60% of the amount owed, to Whetstone Stores. The amount that was received has been recorded but the rest of his account must now be written off. 3. The provision for bad debts must be adjusted to R20,000 4. Interest is outstanding on the investment, which was made on 01 February 2021. The maturity date is 31 July 2022. 5. The long-term loan from Med Bank was obtained on 01 March 2021. A repayment of R100 000 was made and recorded on 31 August 2021 Provide for the outstanding…
- Samantha Company had the following account balances at the end of May of the current year: Cash P48,500; Trading Securities P32,800; Receivables P72,300; Inventories P37,490; Machinery & Equipment P678,100; Furniture & Fixtures P100,640; Prepayments P85,280; Building P700,200; Patents P76,460; Trademark P56,790; Accounts Payable P276,420; Unearned Revenues P54,750; Bonds Payable P290,000; Mortgage Payable P12,370; Accrued Expenses P7,890; Interest Income P32,000; Service Revenue P765,340. Compute for the capitalprepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450The following selected accounts an their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2. Required: 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. 2. Prepare a Statement of Stockholders' Equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Prepare the Balance Sheet, assuming that the current portion of the note payable is $58,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided…