These financial statement items are for Crane Corporation at year-end, July 31, 2022. Salaries and wages payable $ 3,980 Salaries and wages expense 58,900 Supplies expense 16,800 Equipment 20,400 Accounts payable 4,100 Service revenue 67,500 Rent revenue 9,700 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 30,300 Accounts receivable 10,980 Accumulated depreciation—equipment 7,700 Dividends 4,000 Depreciation expense 5,700 Retained earnings (beginning of the year) 35,100 Prepare a retained earnings statement for the year. Crane Corporation did not issue any new stock during the year.
Q: Accounts from the adjusted trial balance at September 30, 2021, are listed in alphabetical order…
A: Trial balance is list of all ledger balances which consists of debit and credit balances in which…
Q: At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a…
A: Common Stock : Ending balance = Beginning balance + Issuance of common stock Retained earnings :…
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 items are taken from the financial statements of One Headlight Company for 2021:…
A: The income statement is one of the financial statements of the business which tells about the…
Q: These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. Salaries and wages…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: THIS IS A RESUBMIT. THE PERSON WHO ANSWERED IT PREVIOUSLY DID NOT ANSWER CORRECTLY. The following…
A: Current ratio :- Current Assets/ Current Liabilities…
Q: The following are the ending balances of accounts at December 31, 2021, for the Valley Pump…
A: Balance sheet is one of the financial statement of business which indicates about the financial…
Q: Presented below is income statement and dividend information of the Nebraska Corporation for the…
A: Solution:- Preparation of the necessary closing entries at December 31, 2021 as follows:- working…
Q: The information below was taken from the records of the Piper Company for the year ended December…
A: Statement of cash flows is a statement which shows all cash inflows and cash outflows of the…
Q: You are provided with the following information for Ivanhoe Company, effective as of its April 30,…
A: The order of liquidity of Asset is: Cash Bank Marketable Securities Short term Investment Account…
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 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: These financial statement items are for Sandhill Company at year-end, July 31, 2020. Salaries and…
A: Income statement is prepared mainly to determine profit or loss of the company for a particular…
Q: These items are taken from the financial statements of Rainey Company at December 31, 2021.…
A: We have the following information: Buildings $95,800 Accounts receivable: $15,600 Prepaid…
Q: The following items are taken from the financial statements of Blue Spruce Company for the year…
A: This question deals with the preparation of classified balance sheet. Classified balance sheet…
Q: Crane Corporation reports the following adjusted account balances, shown in alphabetical order, at…
A: An adjusted trial balance is a summary of ending balances in all the ledger accounts after passing…
Q: These financial statement items are for Carla Vista Company at year-end, July 31, 2020. Salaries…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: The account balances on December 31, 2019, are shown by the following list of accounts: Cash R.O…
A: Assets are the resources that provide economic benefits to the owner when it produces value. The…
Q: These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018.…
A: The difference between the sales and expenses is the net income. Net income = Sales - Expenses
Q: These items are taken from the financial statements of Pina Corporation for 2022. Retained earnings…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: These items are taken from the financial statements of Sheridan Company for 2022. Retained earnings…
A: Retained earnings refer to the amount earned by the organization till the date of preparation of the…
Q: Several amounts from Kamogelo Company at December 31, 2020, are listed below. Service revenue…
A: Net income of the business can be calculated by deducting all the expenses from the total income of…
Q: he following items are taken from the financial statements of Blue Spruce Company for the year…
A: Balance sheet of the business shows all assets and all liabilities and equity of the business as on…
Q: 11. Presented below is income statement information of the Schefter Corporation for the year ended…
A: Closing Entries are those entries that are made at the end of the year to close all temporary…
Q: On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses. $ 11,100…
A: Financial statement means the statement which include the income statement and the balance sheet.…
Q: These items are taken from the financial statements of Oliver Co. at December 31, 2018.…
A: Classified BS (Balance Sheet): It is a financial statement that classifies the liabilities and…
Q: The Balance Sheet for the Goggle Corporation on December 1, 2021 is reproduced below: Goggle…
A: A journal entry is a log of a financial event in an organization's accounting system. Journal…
Q: The following items were taken from the financial statements of D. Gygi Company. (All amounts are in…
A: Solution:- Preparation of a classified balance sheet in good form as of December 31, 2019 as…
Q: These financial statement items are for Pharoah Company at year-end, July 31, 2020. Salaries and…
A: Pharoah Company Income Statement For the year ended July 31, 2020 Revenues:…
Q: The following balances were taken from the books of Windsor Corp. on December 31, 2020. Interest…
A: The income statement for Windsor corporation is shown below,
Q: These items are taken from the financial statements of Drew League II Corporation fo 2020. $33,000…
A: A balance sheet is a statement statement that shows the assets, liabilities, and shareholder equity…
Q: These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. $ 3,880 Salaries…
A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…
Q: These financial statement items are for Pharoah Company at year-end, July 31, 2020. Salaries and…
A: Formula: Net income = Total Revenues -Total expenses
Q: These items are taken from the financial statements of Whispering Winds Corp. at December 31, 2022.…
A: Here in this question, we are require to calculate the net income. Net income is a income after…
Q: The following are the ending balances of accounts at December 31, 2021, for the Valley Pump…
A: The balance sheet shows the financial position of the company. It includes the assets, liabilities,…
Q: These items are taken from the financial statements of Oriole Co. at December 31, 2022.…
A: Formula: Net Income = Total Revenues - expenses Deduction of expenses from Revenues derives the Net…
Q: 1. Total current assets 2. Total property , plant , and equipment 3. Total assets 4. Total current…
A: Current Assets Accounts receivable 518,600 (-) Allowance for doubtful debts…
Q: These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018.…
A: The question is based on the concept of Final Accounts.
Q: These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and…
A: The balance sheet is the most important financial report that represents a financial position of a…
Q: The following items are taken from the financial statements of Blue Spruce Company for the year…
A: Blue Spruce Company Income Statement For the period ending December 31, 2022 Sales revenue…
Q: These financial statement items are for Nazir Company at year-end, July 31, 2019. Salaries…
A: The income statement is a statement that encompasses all the revenues and expenses for the year.…
Q: The following items are taken from the financial statements of Blue Spruce Company for the year…
A: Current Asset = Accounts Receivable + Cash = $7,000 + $22,000 = $29,000 Current Liabilities =…
Q: The following selected accounts from Swifty Corporation's general ledger are presented below for the…
A: The Statement of Income is prepared in order to show the result of operations of the business for a…
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: These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating…
A: Statement of changes in equity is the one which is prepared to determine the ending balance of…
Q: The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest…
A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,…
Q: The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of…
A: SOLUTION- NOTE= AS YOU UPLOAD THE MULTI PARTS ,PLEASE TRY TO UNDERSTAND AS PER BARTLEBY GUIDELINES…
These financial statement items are for Crane Corporation at year-end, July 31, 2022.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.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.
- 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 controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings balance January 1, 2019, $43,500 Net income for year 2019, $55,289 Dividends declared and paid for year 2019, $18,000
- Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).Balance 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.)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.
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?
