Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: $ 1,200 Service revenue $67,700 53,400 40,000 3,400 Cash Equipment Accounts payable Delivery expense Salaries expense 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of

Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: $ 1,200 Service revenue $67,700 53,400 40,000 3,400 Cash Equipment Accounts payable Delivery expense Salaries expense 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts:Cash $ 1,200 Service revenue $67,700Equipment 29,000 Cost of goods sold 53,400Accounts payable 4,400 (food expense)Delivery expense 2,600 Buildings 40,000Salaries expense 5,500 Supplies 3,400 Salaries payable 800In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.Required: Prepare the income statement, statement of stockholders’ equity, and balance sheet for…
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts: Cash $1,200 Service revenue $67,700 Equipment 29,000 Salaries expense 53,400 Accounts payable 4,400 Buildings 40,000 Delivery expense 2,600 Supplies 3,400 Rent expense 5,500 Salaries payable 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.Required: Prepare the income statement for Longhorn Corporation. Prepare the statement of stockholders’ equity for Longhorn Corporation. Prepare the balance sheet for Longhorn Corporation.
Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM Credit RM Delivery van expenses 1,760 Lighting and heating: Factory Office 7,220 1,490 Manufacturing wages 72,100 General expenses: Factory Office 8,100 1,940 Sales representatives : Commission 11,688 Purchase of raw materials 57,210 Rent: Factory Office 6,100 2,700 Machinery (Cost : RM40,000) 28,600 Office equipment ( RM9,000) 8,200 Office salaries 17,740 Accounts receivables 34,200 Account payables 9,400 Bank 16,142 Sales 194,800 Van (cost RM6,800) 6,200 Inventory at 31 December 2020: Raw materials Finished goods 13,260 41,300 Drawings 24,200 Capital 155,950 TOTAL 360,150 360,150 Additional information: Inventory at 31 December 2020: Raw materials RM14,510 Finished…
Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars DebitRM CreditRMDelivery van expenses 1,760Lighting and heating:FactoryOffice 7,2201,490Manufacturing wages 72,100General expenses:FactoryOffice 8,1001,940Sales representatives : Commission 11,688Purchase of raw materials 57,210Rent:FactoryOffice 6,1002,700Machinery (Cost : RM40,000) 28,600Office equipment ( RM9,000) 8,200Office salaries 17,740Accounts receivables 34,200Account payables 9,400Bank 16,142Sales 194,800Van (cost RM6,800) 6,200Inventory at 31 December 2020:Raw materialsFinished goods 13,26041,300Drawings 24,200Capital 155,950TOTAL 360,150 360,150 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory at 31 December 2020:a. Raw materials RM14,510b. Finished goods RM44,490ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rentprepaid RM140 Required: c) Prepare…
A company buys and sells physical goods to individuals and other companies. March 4 orders the company 50 products from a subcontractor. The invoice arrives on March 10 and is onSEK 50,000 without VAT (25%) and the payment terms are 30 days net.The company places a 100% mark-up on the net purchase price when the sales price is determined. The last April, 40 of the products are sold. In connection with the above-mentioned event, the company's a) How big is the company's cost in connection with the above mentioned event? b) How large is the company's revenue in connection with the above-mentioned event?
2. Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their operating income? Use this information to construct an income statement for the year 2019. Operating Income Cash Retained Earnings Gross Profit Cost of Goods Sold Service Revenue Cost of Services Operating Expenses Sales Revenue PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Park and West, LLC Income Statement for Year Ended 2019
H&R Wholesalers is a retailer providing low cost, bulk items to small companies. Companies must pay an annual membership fee of $100 to access H&R's warehouses. H&R received yearly membership fees from 420 companies on August 1, 2019. At December 31, 2019, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Round amounts to the nearest dollar. Unearned revenue $fill in the blank 1 Revenue
How much is the net income earned in April 2021? Muntinlupa Co. reported the following events to its bookkeeper covering the month of April 2021: T1: Hired five employees who will be assigned to handle the delivery operations of the company. Each employee signed a P15,000 monthly salary contract. T2: The purchasing officer prepared a purchase order for inventory amounting to P85,000. The said PO had been mailed to the supplier on the same date. T3: Muntinlupa‘s chairman, Mr. Hini M. Atay, suffered heart attack and is feared that he will pass away. The expected loss for this to Muntinlupa is estimated at P10,000,000. T4: Billing for electricity for the month of April 2021 received on April 30, 2021 amounted to P13,600. T5: Delivered inventories to a customer with selling price of P350,000. The cost of goods sold is P300,000. How much is the net income earned in April 2021?
PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 8. Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?
Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $500,000 and the following withholdings, fringe benefits, and payroll taxes apply:Federal and state income tax withheld $135,000Health insurance premiums (Blue Cross) paid by employer 13,000Contribution to retirement plan (Fidelity) paid by employer 60,000FICA tax rate (Social Security and Medicare) 7.65%Federal and state unemployment tax rate 6.20%Assume that Kashi has paid none of the withholdings or payroll taxes by the end of January (record them as payables), and no employee’s cumulative wages exceed the relevant wage bases.Required:1. Record the employee salary expense, withholdings, and salaries payable.2. Record the employer-provided fringe benefits.3. Record the employer payroll taxes.
Kindly answer in good accounting form. thank you! Maria Corporation has a branch in Caloocan. During 2021, the homeoffice shipped to the branch supplies costing P156,000 at a billed price of30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31,2021, the home office holds inventories of P112,800 which includesP11,500 held on consignment and which excludes P5,000 inventories outon consignment. How much is the inventories in a combined balancedsheet as of December 31, 2021?
The OYO Abbey Hotel has two operated departments: room and food. The following information is supplied to you as pf December 31, 2020. Account Account Balance Rooms department- salaries and wages EUR 80,000 Food department- salaries and wages EUR 60,000 Supplies and other- food department EUR 20,000 Food purchases EUR 50,000 Rental revenue (lobby space) EUR 10,000 Room sales EUR 380,000 Cost of food sold ? Food sales EUR 175,000 Room- allowances EUR 5,000 Supplies and other- room department EUR 20,000 Other information is as follows: -The beginning and ending inventories of food were EUR 20,000 and 18,000 respectively. Food consumed by the food and A&G department employees during the year (free of charge) totaled EUR 2,000 and EUR 1,000 respectively -Fringe benefits and payroll taxes for all employees, including free food, are 20% of gross salaries and wages. Required: Prepare the operated departments section-…