Lawson Consulting had the following accounts and amounts on December 31. Cash $ 5,000 Dividends $ 1,500 Accounts receivable 4,500 Services revenue 12,000 Equipment 6,500 Rent expense 2,000 Accounts payable 3,000 Wages expense 6,000 Common stock 10,500 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending Retained Earnings account balance as of December 31 is $2,500
Q: bank reconciliatio
A: Bank reconciliation statment is the account that is prepared by the company when the balace of cash…
Q: Julia Baker died, leaving to her husband Adams an insurance policy contract that provides that the…
A: Present Value: The present worth of the future amount is termed present value and it can be…
Q: Discuss the three common Valuation Approaches, their applications, and give an example of Valuation…
A: In accounting we often use accounting figures and numbers to value a business. Different methods are…
Q: If our gross profit is $97,218,350 and our adjusted revenue is $123,518,520 what is our profit…
A: Ratio analysis helps to analyze the financial statements of the company. The management can make…
Q: On January 1, 2025, Cheyenne Company purchased 12% bonds having a maturity value of $278,000 for…
A: Bond: A bond is a type of debt financial instrument with a maturity of two years or more.…
Q: F is employed by a public corporation. In year 1, F was granted a stock option to acquire 4,000…
A: In almost every nation on earth, governments impose taxes as mandatory fees on people or things.…
Q: Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit…
A: Lets understand the basics. In straight line basis depreciation is calculated in equal installments…
Q: Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract…
A: Contract costing is one of the costing method under which costs and expenses are analysed by single…
Q: 1 Mc Graw Exercise 2-13 (Static) Departmental Predetermined Overhead Rates [LO2-1, LO2-2, LO2-4]…
A: Predetermined Overhead Rate :— It is rate used to allocate manufacturing overhead cost to cost…
Q: earnings management continuum
A: Earnings management continuum means techniques to manage earnings range across a broad continuum. It…
Q: Skysong Inc. issued $880,000 of 10.25%. 19-year bonds on January 1, 2020, at 102. Interest is…
A: Computation of the amount of proceed from issuance of bonds : Face value of bonds $880,000…
Q: Which one of the following statements regarding IFRS accounting for goodwill is correct: a. If…
A: Goodwill is calculates on business combination by subtracting net assets acquired from purchase…
Q: bank reconciliation
A: Bank reconciliation statement is required to be prepared when the bank balance and cash cash is not…
Q: the following selected Variable costs Direct materials used Direct labor Manufacturing overhead…
A: The product costs are the costs that directly or indirectly relate to the production process. The…
Q: The following account balances are for Ping Chung, Certified Public Accountant, as of April 30,…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. The…
Q: Indigo Corporation currently leases a processing machine. They believe they can reduce their total…
A: Ans. They need fewer than 8,000 units
Q: e ABC Partnership has assets with book value of P240,000 and a market value of P195,000, outside…
A: Partnership is the firm which is run by two or more partners on the basis of partnership agreement,…
Q: Douglass Minerals mines ore and then processes it into other products. At the end of the mining…
A: Honor Code- “Since you have posted multiple questions with multiple sub-parts, we will provide the…
Q: t. A summary of a recent month's activity at Marshall is shown below: Ying 100,000 100,000 rable…
A: Answer : Calculation of joint cost allocation : Total joint cost $268,000 Less : NRV of by…
Q: The following trial balance of Whispering Winds Corp. does not balance.
A: Trial balance is the list of accounts having balances at the end of a particular…
Q: Bailey Company manufacturers and sells one product for $39 per unit. The company maintains no…
A: The fixed manufacturing costs do not change with change in level of production. For incremental cost…
Q: Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment VULULIT CONNI…
A: Statement of cash flows is one of the financial statement in the business, which shows all cash…
Q: ana made a contribution of PHP 15,000 to St. Jude Parish Chruch. She had a gross income from…
A: Gross income refers to the income which includes the wages, retirement distributions, dividends,…
Q: ill Martin of Regina opened Martin's Catering Service. As her accountant, analyze the transactions…
A: Accounting equations are referred to as the basic foundation of the double-entry accounting system.…
Q: The following information is available for Marigold Corporation for 2020. 1 2. 3. A 4. 5. 6.…
A: Every business transaction is first noted in a journal. The act of journalizing entails entering…
Q: the total surcharges (exclusive of interest) is
A: As per Philippians Law the surcharge excluding interest is 25% of tax due.
Q: Wanda Instrumentation produces navigational equipment for ships, aircraft (both staffed and drones),…
A: Ivanhoe Aviation Rolf's Shipyard Total Direct labor cost $660,000…
Q: Baldwin Enterprises has two service departments, Personnel and Legal, and two operating divisions,…
A: Lets understand the basics. In direct cost allocation, cost are directly allocated from the service…
Q: John William, president of Crane Always, agrees to construct a concrete cart path at Windsor Golf…
A: Transaction price that Crane Always should compute for this agreement : = Price + Performance bonus…
Q: Maxell Company uses a periodic inventory system. Consider the following information: Date June 2…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Inventory…
Q: Multiple Versus Single Overhead Rates, Activity Drivers Deore Company has identified the following…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost object…
Q: A company that makes shopping carts for supermarkets and other stores recently purchased some new…
A: Given, Before buying the new equipment: Number of workers 5 Production 60 carts per hour…
Q: Golden Corporation's current year income statement, comparative balance sheets, and additional…
A: Statement of Cash Flow - Statement of Cash Flow is a Financial Statement includes inflow and outflow…
Q: You are planning on buying a new house and want to make sure you can afford the monthly payments.…
A: Equal monthly payment refers to the stream of equal payment over the period when the whole loan gets…
Q: equirements: 1 Fill in the blanks for each missing value. Round the contribution margin per unit to…
A: Break even is the point at which the entity is in a position of no profit and no loss. At this…
Q: Match the appropriate parts of tax for the following purchase. You purchase a new pair of shoes for…
A: Tennessee State Sales Tax The sale of goods and services inside the state of Tennessee is subject to…
Q: On January 1, 2021, Robertson Construction leased several items of equipment under a two-year…
A: The process for initially recording business transactions in the books of accounts is known as a…
Q: In preparing a bank reconciliation, what is the proper treatment of a deposit in transit?
A: Deposit in transit (unrecorded deposit) is the amount that has been entered in the cash book of the…
Q: Capital expenditure decisions O are useful for estimating inventory acquisition costs. O always…
A: Capital expenditures and Revenue expenditures are two type of decisions being made in business.…
Q: Robert was driving back to the office from his off-site construction job on Friday. He had put in a…
A: Variable expenses vary with the production and remains same per unit while fixed cost does not vary…
Q: Which of the following would not appear on a statement of changes in fiduciary net position?…
A: Statement of Changes in fiduciary net Position A financial statement that details changes in a…
Q: Aa.11.
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or…
Q: at is the amount of bonus given by D to the existing partners?
A: Partnership is the firm which is run by two or more partners on the basis of partnership agreement,…
Q: P1-5C. While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeper for Lune Co., to…
A: The financial statement that lists a company's assets, liabilities and shareholder equity at a…
Q: Home Demo reports the following: Total liabilities = $38,633 million and Total assets = $42,966…
A: Debt Ratio :— It is the ratio between total debt and total assets. Levered Company :— Company…
Q: The lower the revenue per employee, a. the more efficient the company is in generating revenue from…
A: Revenue per employee is the average money the employees generated for the store. It is the…
Q: The table below presents the statements of retained earnings for Labelle Corporation for 3…
A: Statement of retained earnings represents earnings of the company that has been accumulated over a…
Q: 1. Calculate the break even number of units if the fixed expenses are $7,000 and the contribution…
A: The concepts of cost volume profit analysis will be used here. Break-even point is the point at…
Q: Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts—the B300 and the…
A: When traditional costing system is used a single plantwide overhead rate is used for computing the…
Q: When adjusting for depreciation on a building, which of the following is one effect of the…
A: The accounting method of depreciation can be used to stretch out the expense of a tangible object…
[The following information applies to the questions displayed below.]
Lawson Consulting had the following accounts and amounts on December 31.
| Cash | $ 5,000 | Dividends | $ 1,500 |
| 4,500 | Services revenue | 12,000 | |
| Equipment | 6,500 | Rent expense | 2,000 |
| Accounts payable | 3,000 | Wages expense | 6,000 |
| Common stock | 10,500 |
Use the above information to prepare a December 31
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- 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.Q26 You are required to prepare the balance sheet as on 31-12-2017 by using net change method from the following details. Liabilities OMR Assets OMR Share capital 200,000 Furniture & fixtures 200,000 Bank loan 50,000 Inventories 60,000 Creditors 70,000 Debtors 36,000 Cash 24,000 320,000 320,000 Balances of Debtors and creditors remain unchanged throughout the year. General price indices are on 1-1-12017----200; Average for the year ------240; on 31-12-2017----300. a. Retained earnings of OMR 15,000 by CPP method b. No Balancing figure neither in HCA nor CPP method c. No retained earnings d. None of them is correctQuestion 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
- Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020. (iv) Inventories turnover days(v) Trade receivables turnover daysQuestion 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020.(i) Gross profit margin(ii) Net profit margin(iii) Current ratio
- P&L Acc. for accountant in 31/12/2020 Expenses Revenues Salaries 30,000 Office revenues 30,000 Rent exp. 20,000 Auditing revenues 10,000 Office exp. 10,000 Other exp. 20,000 Total expenses 80,000 Net lossCapital 1 January 2019 350 000 Drawings 20 000 Sales (70% on credit) 950 000 Gross profit 250 000 Total expenses 80 000 Bank favourable 26 000 Net profit 74 000 Trade creditors 26 000 Property, plant and equipment 350 000 Fixed deposit 20 000 Inventory 72 000 Trade Debtors 80 000 Mortgage Loan 100 000 Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awarded for these. Round off to 2 decimal places. Q.2.1.4 Current ratio (2:1).E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…
- I was given only this document for an assignment: What is the Fiscal Year End Date?Amazon: December 31st, 2019Walmart: January 31st, 2020Financial Statements data:Amazon:Net Sales: $280,522,000,000Basic net income per common share: $23.46Total current assets: $96,334,000,000Retained earnings: $31,220,000,000Net cash provided by operating activities: $38,514,000,000Inventory LIFOWalmart:Net Sales: $519,926,000,000Basic net income per common share: $5.22Total current assets: $61,806,000,000Retained earnings: $83,943,000,000Net cash provided by operating activities: $25,255,000,000Inventory: FIFO ANSWER THE FOLLOWING QUESTIONS:What are 3 differences between accounting policies from each company and why do you think they are different? I'm not sure exactly what the 3 differences are. I believe (1) is the fiscal year versus the calendar year ending maybe due to Walmart having more seasonal sales like Christmas, and (2) is the FIFO vs LIFO method - but I'm not sure why they would choose…ABC TradersTrial Balance at 31 December 20.1 Dr. Cr.Purchases/Sales 843,800 1,394,200 Return in and Out 22,200 33,300Discounts Allowed and Received 4,400 5,500Debtors and Creditors 66,000 77,000Drawing and Capital 136,700 410,000Stock 1 January 20.1 55,500 Carriage on Sales 21,000Carriage on Purchases 34,500Wages and Salaries…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 . . . . . . . . . . . . . . . . . . . . . . . . . . .…