Fees Earned$165,000Cash$30,000Accounts Receivable14,000Seling Expenses44,000Equipment64,000Scott, captal27,000Accounts Payable12,000Interest Income3,000Salarnes and wages expense40,000Prepaid Rent2,000Income Taxes Payable5,000Income Taxes Expense18,000Notes Pa20,000Rent Expense20,000Determine the total liabilities at the end of the current year for Scott Industries.

Introduction: Liabilities: Company owes Amount to others called as Liabilities. Liabilities are to…

Fees Earned $165,000 Cash $30,000 Accounts Receivable 14,000 Seling Expenses 44,000 Equipment 64,000 Scott, caotal 27,000 Accounts Payable 12,000 Interest Income 3,000 Salaries and wages expense 40,000 Prepaid Rent 2,000 Income Taxes Payable 5,000 Income Taxes Expense 18,000 Notes Payable 20,000 Rent Expense 20,000 Determine the total liabilities at the end of the current year for Scott Industries

Fees Earned $165,000 Cash $30,000 Accounts Receivable 14,000 Seling Expenses 44,000 Equipment 64,000 Scott, caotal 27,000 Accounts Payable 12,000 Interest Income 3,000 Salaries and wages expense 40,000 Prepaid Rent 2,000 Income Taxes Payable 5,000 Income Taxes Expense 18,000 Notes Payable 20,000 Rent Expense 20,000 Determine the total liabilities at the end of the current year for Scott Industries

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 35E: Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance...

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Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?
Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.
Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
How to calculate Net Income or Net loss when given the Revenues and Expenses: Fees earned: $250,000 Rent Expense $50,000 Utilities Expense $50,000 Postage Expense $50,000
(Expanded Accounting Equation) Fill-up the missing amounts for each case. Case 1 Case 2 Case 3 Revenue P 100,000 ___________ P120,000 Expense 35,000 35,000 _____________ Profit/(Loss) P _________ 45,000 25,000
Given: Account Payable $10700 Cash $7000 Owner's Capital $16200 Owner's Drawing $3800 Equipment $15600 Service Revenue $12600 Account Receivable $5600 Salaries and Wages Expense $3900 Rent Expense $3600 Based on the account amount, prepare a trial balance.
Insurance expense 18,200 Administrative Salaries expense 16,300 Sales revenue 160,000 Income taxes 30,000 Sales returns and allowances 6,000 Advertising expense 10,200 Sales salaries expense 15,600 Cost of goods sold 29,000 If this information was used to prepare an income statement, Total Administrative Expenses should be: Select one: a. 25,800 b. 14,100 c. 34,500 d. 23,500 e. 16,300
Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?
The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…