Problem 3 Statement of financial position amounts as of December 31, 2017 for Laila's Learning Service are listed below. Prepare a statement of financial position in good form. Accounts Payable R.O. 200 Accounts Receivable 1,000 Cash 800 Share capital-ordinary?
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- (Learning Objective 5: Construct a trial balance) Assume that Harbor Marine Company reported the following summarized data at December 31, 2018. Accounts appear in noparticular order; dollar amounts are in millions.Other liabilities ..................... $ 220 Cash......................................Expenses ............................... 26Stockholders’ equity.............. 5Revenues............................... $37Other assets........................... 4Accounts payable .................. 6Prepare the trial balance of Harbor Marine Company at December 31, 2018. List the accountsin their proper order. How much was the company’s net income or net loss?(Learning Objective 5: Solve for cash and construct a trial balance) Assume thatAll Towne Company reported the following summarized data at September 30, 2018. Accountsappear in no particular order; dollar amounts are in millions.Stockholders’ equity, September 30, 2018* ..Accounts payable .........................................Other assets.................................................Other liabilities............................................$ 45211Revenues...........................Expenses ...........................Cash..................................$ 3316?*Stockholders’ equity does not include the current period net income.Requirements1. Solve for Cash.2. Prepare the trial balance of All Towne at September 30, 2018. List the accounts in theirproper order. How much was All Towne Company’s net income or net loss?E1-25A. (Learning Objectives 3, 4: Apply the accounting equation; construct a balancesheet) The following are the assets and liabilities of Jill Carlson Realty Company, as ofJanuary 31, 2018. Also included are revenue, expense, and selected stockholders’ equity figuresfor the year ended on that date (amounts in millions):Total revenue .......................................Receivables...........................................Current liabilities .................................Common stock.....................................Interest expense....................................Salary and other employee expenses.....Long-term liabilities .............................$ 25.70.52.939.21.513.7102.6Investment assets (long-term) ......Property and equipment, net .......Other expenses............................Retained earnings, beginning.......Retained earnings, ending ...........Cash............................................Other assets (long-term)..............$…
- E3-39B. (Learning Objective 6: Analyze and evaluate liquidity and debt-paying ability) BurnesConsulting Company reported these ratios at December 31, 2018 (dollar amounts in millions):Current ratio = $20 = 2.00 $10 $60 Debt ratio = = 0.50 $30Burnes Consulting completed these transactions during 2019:a. Purchased equipment on account, $4b. Paid long-term debt, $7c. Collected cash from customers in advance, $5d. Accrued interest expense, $6e. Made cash sales, $8Determine whether each transaction improved or hurt the company’s current ratio and debt ratio.Learning Objective 5: Solve for cash and construct a trial balance) Assume thatOld Center Company reported the following summarized data at September 30, 2018. Accountsappear in no particular order; dollar amounts are in millions.Stockholders’ equity, September 30, 2018*..Accounts payable .........................................Other assets..................................................Other liabilities ............................................$ 68232Revenues...........................Expenses ...........................Cash..................................$ 3321?*Stockholders’ equity does not include the current period net income.Requirements1. Solve for Cash.2. Prepare the trial balance of Old Center at September 30, 2018. List the accounts in theirproper order. How much was Old Center Company’s net income or net loss?(Learning Objective 4: Calculate the effects of business transactions on selectedratios) Financial statement data of Greatland Engineering include the following items:Cash ........................................Short-term investments..............Accounts receivable, net............Inventories ................................Prepaid expenses.......................Total assets ...............................Short-term notes payable...........$ 26,00036,00085,000147,0006,000677,00049,000Accounts payable ......................Accrued liabilities......................Long-term notes payable ...........Other long-term liabilities.........Net income................................Number of commonshares outstanding ...........$107,00032,000163,00034,00099,00046,000Requirements1. Calculate Greatland’s current ratio, debt ratio, and earnings per share. Round all ratios totwo decimal places.2. Calculate the three ratios after evaluating the effect of each transaction that follows.Consider each…
- (Learning Objective 4: Construct the financial statements) Suppose Robin SportingGoods Company reported the following data at July 31, 2018, with amounts in thousands:Cost of goods sold................. $136,800Cash...................................... 50,000Property and equipment, net ... 19,400Common stock...................... 26,000Inventories ............................ 36,000Long-term liabilities.............. 11,700Dividends.............................. 0Retained earnings,July 31, 2017 ............ $ 31,500Accounts receivable....... 34,000Net revenues ................. 191,000Total current liabilities.. 80,000All other expenses......... 29,000Other current assets ...... 5,000Other assets................... 30,000Use these data to prepare Robin Sporting Goods Company’s single-step income statement forthe year ended July 31, 2018; statement of retained earnings for the year ended July 31, 2018;and classified balance sheet at July 31, 2018. Use the report format for the balance…(Learning Objective 4: Account for accounts receivable) Perform the followingaccounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.Requirements1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with thebeginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and ServiceRevenue $0. Post the following 2018 transactions to the T-accounts:a. Service revenue of $705,000, all on accountb. Collections on account, $713,0002. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?E1-24A. (Learning Objective 4: Construct a balance sheet) At December 31, 2018, LandyProducts has cash of $24,000, receivables of $18,000, and inventory of $80,000. The company’sequipment totals $182,000. Landy owes accounts payable of $22,000 and long-term notespayable of $172,000. Common stock is $34,500. Prepare Landy’s balance sheet at December 31,2018, complete with its proper heading. Use the accounting equation to compute retainedearnings.
- P1-70B. (Learning Objectives 2, 3, 4: Apply underlying accounting concepts; evaluatebusiness operations; construct a balance sheet) Hudson Alvarez is a realtor. He organizedhis business as a corporation on June 16, 2019. The business received $75,000 from Alvarezand issued common stock. Consider these facts as of June 30, 2019.a. Alvarez has $17,000 in his personal bank account and $44,000 in the business bankaccount.b. Alvarez owes $6,500 on a personal charge account with a local department store.c. Alvarez acquired business furniture for $17,600 on June 24. Of this amount, the business owes $9,000 on accounts payable at June 30.d. Office supplies on hand at the real estate office total $4,000.e. Alvarez’s business owes $102,000 on a note payable for some land acquired for a totalprice of $162,000.f. Alvarez’s business spent $16,000 for a Realty Experience franchise, which entitles himto represent himself as an agent. Realty Experience is a national affiliation of independent real…E3-24A. (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements)The adjusted trial balances of Patterson Corporation at August 31, 2018, and August 31, 2017,include these amounts (in millions):2018 2017Accounts receivable............................................................... $430 $210Prepaid insurance .................................................................. 330 400Accrued liabilities payable (for other operating expenses) ..... 710 640Patterson Corporation completed these transactions (in millions) during the year endedAugust 31, 2018.Collections from customers......................................... $20,400Payment of prepaid insurance ..................................... 470Cash payments for other operating expenses............... 4,000Calculate the amount of sales revenue, insurance expense, and other operating expenses toreport on the income statement for the year ended August 31, 2018. Assume all sales are onaccount.Learning Objectives 4, 5: Journalize and post transactions; construct and use atrial balance) Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:May Received $12,000 cash from Matthews, and issued common stock to her.Paid monthly oce rent, $500.Paid cash for a desktop computer, $1,800, with the computer expected toremain in service for five years.Purchased oce furniture on account, $6,000, with the furniture projectedto last for five years.Purchased supplies on account, $900.Performed tax services for a client and received cash for the full amountof $600.Received bill and paid utility expenses, $750.Performed consulting services for a client on account, $3,100.2234591218Requirements1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanationsare not required.2. Post to the T-accounts. Key all items by date and determine the ending balance…