Prepare a journal entries to record the above transactions.(date, account titles and explanations, debit and credit) DateSep1d58Cash($ 20,0001-17002200111001-270025 1490027-80030 400]8400Assets+ AccountReceivable65006500+Liabilities+Equipment Account + Common + Revenue & Expenses - DividendsStockholder'sRetained-($ 20,00098009800=7600[4.00]-49003100ملے006160076001-17001-400-2700-800-5600-400400No #33Question 2 of 10View PoliciesShow Attempt HistoryCurrent Attempt in ProgressSelected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below:F3Sept.(a)801 Issued common shares in exchange for $20,000 cash.Paid $1,700 cash for rent for the month of September.Purchased equipment for $9,800, paying $2,200 in cash and the balance on account.Earned $7,600 in revenue, receiving $1,100 cash and $6,500 on account of services provided.Incurred $400 in advertising expense on account.Paid $2,700 for repairs and maintenance expenses.Paid $4,900 cash on balance owed for equipment.25812202527304S4Prepare an equation analysis of the September transactions. Use the following format. (If an amount reduces the account balancthen enter with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)Incurred, and paid income taxes for the month amounting to $800.Declared and paid a $400 cash dividend.Your answer is correct.$gogF4%5F5< CO6AssetsMacBook AirF6&7F7*CODIIF8F9

The fundamental accounting equation, also called the balance sheet equation, represents the…

Answered: Prepare a journal entries to record the…

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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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…
Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
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 $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
J9998. Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders equity Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income Comparative Balance Sheet Mutiple Choice O$(153) O 5153 Income Statement $(35) $35 $ 818 284 526 105 421 149 $ 272 Ending Beginning Balance Balance $45 108 67 Cash dividends were $35. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was. 843 372 $ 691 $85 200 119 287 $ 691 $42 93 52 690 320 $ 557 $94 320 93 50 $ 557
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Income 31955 , assets 213000, assets at end year, 259000. What return on assets
Prepare a classified balance sheet as of December 31, 2022 Cash 49104 Accounts Receivable 44880 Inventory 19976 Land 57200 Buildings 83600 Equipment 35200 Accumulated Dep-Buildings 29040 Accumulated Dep-Equipment 15840 Account Payable 16984 Interest Payable 4400 Dividends Payable 5900 Unearned Rent Revenue 1760 Bonds Payable 44000 Preferred Stock 17600 Paid-in Capital in Excess of Par-Preferred Stock 1760 Common Stock 35200 Paid-in Capital in Excess of Par-Common Stock 16720 Retained Earnings 66044 Treasury Stock 12936 Cash Dividends 5940 Sales Revenue 501600 Rent Revenue 5280 Bad Debt Expense 4092 Interest Expense 4400 Cost of Goods Sold 352000 Depreciation Expense 5808 Other Operating Expenses 34320 Salaries and Wages Expenses 57200 766656 766656
INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…
Total assets = $900, fixed assets = $600, long-term debt = $500, and short-term debt = $200. Total equity? A. $0B. $100C. $200D. $300
Computational (Show your computations. Round off as follows: e.g. ₩10.64=> ₩11, 0.123456 => 12.35%, 2.4321 => 2.43) . KG Co. had total assets of ₩1,200,000, total liabilities of ₩500,000, and retainedearnings of ₩300,000 at the beginning of 20x1. For the year, the corporationdeclared cash dividends of ₩50,000. At the end of the year, the company hadtotal assets of ₩1,400,000 and showed the debt ratio of 0.4. The company hadno accumulated other comprehensive income.1) Compute the total stockholders’ equity at the end of 20x1. 2) Compute KG’s net profit for 20x1, assuming no change in contributed capitalduring the year
tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yield

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