3Prepaid expensesRent revenueRetained earningsSalaries and wages expenseSales revenueEUnearned sales revenue$F4RDETcCPrepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.)%5VmTGFő!A6BYH31,60025,800541,000706,0002,585,0002818,500&7NUWILDHORSE CORPORATIONIncome StatementYear Ended December 31, 2025218M9PASKhoneOLL000000000C00020and• F12tog up71°F Cl-deletebacksonce C#mX3The following selected accounts from Wildhorse Corporation's general ledger are for the year ended December 31, 2025.Accounts receivableAccumulated depreciation-equipmentAdvertising expenseCommon stock4Cost of goods soldDepreciation expenseDividendsEquipmentFreight-outIncome tax expenseF3Insurance expenseInterest expenseInterest revenueInventoryCDII$4R0100и доVTA6m$277,000768,500T55,400270.0001,154,000130.500146,5001,490,00024,60071,00023,70061,30031,00099,5007ND기8-7Ma▷prischomeOFA3000JOOL0000a

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Prepaid expenses Rent revenue Retained earnings Salaries and wages expense Sales revenue (7 E Unearned sales revenue D C ه R Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) F % 5 T 5: 6 Y H 31,600 25,800 541,000 706,000 2,585,000 * 18,500 N WILDHORSE CORPORATION Income Statement Year Ended December 31, 2025 U 0 ال M pis 0 F12 لال ــــــــــال ارا - 71°F C _____ delete ا۔

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 18CE: CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported...

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CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported in the financial statements in terms of dollars instead of units Property, plant, and equipment is recorded at cost (minus any accumulated depreciation) instead of liquidation value. The accounting records of a company are kept separate from its owners. The accountant assigns revenues and expenses to specific years before preparing the financial statements. Required: Give the accounting assumption that is most applicable to each of the statements.
Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Question C5 Majan Ltd income statement for the year ended 31st Dec 2020 and the balance sheets as at 31st Dec 2009 and 2019 are as follows: Income statement OMR in million Revenue 312 Cost of sales (177) Gross profit 135 Distribution expenses (36) Administrative expenses (15) 84 Rental income 14 Operating profit 98 Interest payable (13) Profit before taxation 85 Taxation (18) Profit for the year 67 Balance sheet as at 31st Dec 2020 and 2019 2020 2019 OMR in million OMR in million Non – current assets Property, plant and equipment Land and buildings 155 155 Plant and machinery 157 163 312 318 Current assets Inventories 18 21 Trade receivables 73 70 Current liabilities…
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…
Question 3 Here are the financial statements of Premier Suites Ltd on 31 December 2020 Premier Suites Ltd Abridged Statement of profit or loss& other Comprehensive Income for the year ended 31 December 2020 Revenue Cost of Sales Operating profit before taxation Income tax expense Profit for the Year Notes 2020 239 000 (194 000) 45 000 (9 500) 35 500 Premier Suites Ltd Statement of Financial position as at 31 December 2020 Notes 2020 2021 ASSETS Non-current assets 6 316 200 281 000 Current assets 93 000 34 000 Inventories 7 61 300 28 000 Account receivables 8 25 800 6 000 Cash and cash equivalents 5 900 TOTAL ASSETS 409 200 315 000 EQUITY AND LIABILITIES Capital and reserves 381 000 192 500 Ordinary share capital (400 000 ordinary…
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
CC18 The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31, 2024, follows. COOKIE & COFFEE CREATIONS INC. Balance Sheet October 31, 2024 Assets Current assets Cash $28,355 Accounts receivable 2,860 Inventory 15,750 Prepaid rent 5544 $52,509 Property, plant, and equipment Equipment $87,736 Accumulated depreciation—equipment (8,668) 79,068 Total assets $131,577 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $5,093 Income taxes payable 16280 Dividends payable 616 Salaries and wages payable 1,980 Interest payable 220 Notes payable—current portion 3,520 $27,709 Long-term liabilities Notes payable—long-term portion 5,280 Total liabilities 32,989…
CC18 The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31, 2024, follows. COOKIE & COFFEE CREATIONS INC. Balance Sheet October 31, 2024 Assets Current assets Cash $28,355 Accounts receivable 2,860 Inventory 15,750 Prepaid rent 5544 $52,509 Property, plant, and equipment Equipment $87,736 Accumulated depreciation—equipment (8,668) 79,068 Total assets $131,577 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $5,093 Income taxes payable 16280 Dividends payable 616 Salaries and wages payable 1,980 Interest payable 220 Notes payable—current portion 3,520 $27,709 Long-term liabilities Notes payable—long-term portion 5,280 Total liabilities 32,989…
E4.17 (LO 2, 3, 5) The following information was taken from the records of Roland Carlson Inc. for the year 2020: Income tax applicable to income from continuing operations $187,000, Income tax applicable to loss on discontinued operations $25,500Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000Loss on discontinued operations 75,000 Retained earnings January 1, 2020 600,000Administrative expenses 240,000 Cost of goods sold 850,000Rent revenue 40,000 Selling expenses 300,000Loss on write-down of inventory 60,000 Sales revenue 1,900,000 Shares outstanding during 2020 were 100,000. Prepare a multiple step income statement (including earnings per share) and a statement of…