The assets and liabilities of Flub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,970 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,090 Accounts Receivable: $6,930 Cash: $29,010 Land: $56,880 Miscellaneous Expense: $1,630 Office Expense: $7,880 Dividends: $8,470 Stock: $75,880 Equipment: $63,000 Fees Earned: $111,770 Supplies: $3,640 Wage Expense: $22,270 Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Flub Services would report the following amounts: Net Income: $ Ending Retained Earnings: $ Ending Total Liabilities and Equity: $
Q: AGT Inc., had the following condensed Statement of Financial Position (Balance Sheet) at the end of…
A: New Capital=Capital 2019+Addition=$75,000+$10,000=$85,000
Q: These items are taken from the financial statements of Sheridan Company for 2022. Retained earnings…
A: An income statement is known as an essential part of the financial statement. It indicates the…
Q: The following is summary of information presented on the financial statements of a company on…
A: Horizontal Analysis: Horizontal analysis is prepared to make comparison between the financial…
Q: Prepare the necessary closing entries at December 31, 2020. Use compound journal entries where…
A: Closing entries: Closing entries are those journal entries, which are passed to transfer the final…
Q: MWF Company had the following transactions during the quarter ended March 31, 2021: • Loss…
A: Expenses - Expenses are the amount incurred in the financial year to earn revenue. Expenses are as…
Q: The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors…
A: The income statement is one of the essential parts of the financial statement used for reporting the…
Q: Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current…
A: Cash flow statement is a statement which shows all cash inflows and cash outflows of business for…
Q: The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest…
A: When a company follows accrual basis of accounting, there may be differences between the interest…
Q: Presented below is selected information related to Sheridan Company at December 31, 2019. Sheridan…
A: Balance sheet and income statements are the final financial statements that are used by managers,…
Q: The current sections of Larkspur, Inc.'s balance sheets at December 31, 2021 and 2022, are presented…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: The following information is available from the accounting records of Spenser Co. for the year ended…
A: Gross profit and net income are two critical profitability metrics for every company. After…
Q: Based on the above information, determine the cash received for interest during 2020.
A: Based on the above information, determine the cash received for interest during 2020. Answer -…
Q: The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of…
A: Statement of owner's Equity: This is an example of an Indicator of Ownership EquityReports changes…
Q: The assets and liabilities of Hercules Inc. as of December 31,2019, and revenues and expenses for…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The current sections of Windsor Marine Inc.'s balance sheets at December 31, 2021 and 2022, are…
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…
Q: The current sections of Splish Brothers Inc's balance sheets at December 31, 2021 and 2022, are…
A: Cash flow from operating activities: The indirect method for the preparation of the statement of…
Q: The current sections of Bramble Inc.’s balance sheets at December 31, 2021 and 2022, are presented…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: The Bonita Corporation reports the following adjusted account balances, shown in alphabetical order,…
A: Answer-Here in this question, we are required to prepare the income statement. Income statement is a…
Q: Required Prepare in good form a statement of earnings (income statement) of Hercules Inc. for the…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Jobim Inc. had the following condensed balance sheet at the end of operations for 2019. Jobim…
A: The statement of cash flows is prepared for the year ending 2020. Operating activities provides net…
Q: How much should be reported as net cash
A: Cash from operating activities is a separate section in Cash flow Statement.
Q: Conrad Air Inc. reported net income of $1,365,000 for the year ended December 31, 2020. Show how…
A: a. When Corner paid no dividends and invested in the marketable securities then, the marketable…
Q: Prepare The Statement of Financial Position for 2020
A: Statement of financial position shows the assets and liabilities of the business as on a particular…
Q: The income statement of Armenia Corporation for 2020 included the following items: Interest income…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: The income statement of Armenia Corporation for 2020 included the following items: Interest income…
A: Expenses- An expense is the cost of operations incurred by a corporation in order to generate…
Q: Upright Company reported a retained earnings balance of P4,000,000 on January 1,2021. In August…
A: Retained earnings refer to the accumulated portion of the profits of business that is not…
Q: Below are the accounts of Jayden Services for the year ended December 31, 2019. Accounts Payable…
A: Assets are classified into two types namely current assets and non current assets.
Q: he following information was available for the year ended December 31, 2019: Earnings before…
A: Times interest earned ratio refers to the measure used to check whether the company is able to pay…
Q: he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: ZETA Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional…
A: Under the accrual basis, the revenue will be total of cash sales & credit sales. Under the…
Q: AGT Inc., had the following condensed Statement of Financial Position (Balance Sheet) at the end of…
A: In the above question we have given closing balance of balance sheet items as on December 31,2019…
Q: The following trial balance of Robertson Co. at December 31, 2020 has been adjusted except for…
A: Lets start with basic understanding of term current asset. Current asset are assets which are…
Q: Bonita Corporation’s balance sheet at the end of 2019 included the following items. Current assets…
A: Balance sheet is one of the financial statement that is being prepared by business for the purpose…
Q: the following data were obtained from the records of lakers incorporated in relation to its…
A: The operating expense seems to be an expense incurred by a company as part of its regular…
Q: Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, propare…
A: Balance sheet defines the financial position of the entity by presenting assets its assets and…
Q: The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are…
A: Financial statements are the financial reports that depict the performance of the business during…
Q: The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation:…
A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…
Q: Sheffield Corporation’s adjusted trial balance contained the following asset accounts at December…
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: The current sections of Oriole Company’s balance sheets at December 31, 2019 and 2020, are presented…
A: The cash flow statement is helpful for the stakeholders that they can identify the organization's…
Q: The following amounts were reported on the December 31, 2019, Balance siieel. $ 8,000 20,000 15,000…
A: Working notes : particulars amount in $ Cash a/c 8,000 Merchandise inventory 30,000…
Q: Bridgeport Corporation’s balance sheet at the end of 2019 included the following items. Current…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: The comparative balance sheets, income statement and additional information of Bakewell Corp. are…
A: The cash flow statement represents the cash inflow and cash outflow due to the operating, financing,…
Q: The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm…
A: Financial statement used for reporting financial performance of the company over a specific…
Q: The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation:…
A: Income statement: Income statement is the financial statement which shows the financial performace…
Q: The assets and liabilities of Hercules Inc. as of December 31,2019, and revenues and expenses for…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended…
A: Under Cash basis of accounting the revenue is to be recognized when the cash is received and under…
Q: Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was…
A: Step 1 Retained earnings are the amount, which is left after the distribution of dividends and…
Q: At the end of the year of 2019, Barney BarN Inc. has a total assets of P 8, 435,969 and total…
A: Accounting equation shows the relation between asset, liabilities and capital. It is based on…
Q: At the end of the year of 2019, Red Barney Inc. has a total assets of P 10, 556,964 and total…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Please help me
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. In addition, Reinhardt paid of dividends during 2019. On December 31, 2019, Reinhardt prepared closing entries. The net effect of the closing entries on retained earnings was a(n): a. decrease of $4,000. b. increase of $35,000. c. increase of $39,000. d. decrease of $87,000.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
- Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
- Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableBalance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)