These items are taken from the financial statements of Cullumber Company at December 31, 2022. Buildings Accounts receivable Prepaid insurance ...!! Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $88,872 10,584 2,688 9,946 69.216 51,408 655 4,452 2,184 50,400 33,600 38,304 7.980 78,624 15,725 3,024 12,348 Prepare a classified balance sheet. Assume that $11.424 of the note payable will be paid in 2023. (List Current Assets in order of liquie and Property, Plant and Equipment in order of Land, Buildings and Equipment)

These items are taken from the financial statements of Cullumber Company at December 31, 2022. Buildings Accounts receivable Prepaid insurance ...!! Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $88,872 10,584 2,688 9,946 69.216 51,408 655 4,452 2,184 50,400 33,600 38,304 7.980 78,624 15,725 3,024 12,348 Prepare a classified balance sheet. Assume that $11.424 of the note payable will be paid in 2023. (List Current Assets in order of liquie and Property, Plant and Equipment in order of Land, Buildings and Equipment)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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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.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
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On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
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Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended December 31, 2019 and 2020, contained the following errors: In addition, on December 31, 2020, fully depreciated machinery was sold for 10,800 cash, but the sale was not recorded until 2021. There were no other errors during 2019 or 2020, and no corrections have been made for any of the errors. Refer to the information for Shannon Corporation above. Ignoring income taxes, what is the total effect of the errors on the amount of working capital (current assets minus current liabilities) at December 31, 2020? a. working capital overstated by 4,200 b. working capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 9,800
The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest revenue $87,400 Accumulated depreciation—equipment $41,400Cash 52,400 Accumulated depreciation—buildings 29,400Sales revenue 1,381,400 Notes receivable 156,400Accounts receivable 151,400 Selling expenses 195,400Prepaid insurance 21,400 Accounts payable 171,400Sales returns and allowances 151,400 Bonds payable 101,400Allowance for doubtful accounts 8,400 Administrative and general expenses 98,400Sales discounts 46,400 Accrued liabilities 33,400Land 101,400 Interest expense 61,400Equipment 201,400 Notes payable 101,400Buildings 141,400 Loss from earthquake damage 151,400Cost of goods sold 622,400 Common stock 501,400 Retained earnings 22,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
The ledger of X Limited contained the following account balances at December 31, 2019, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… …… Balances ($)Cash …… …… …… …… …… …… …… …… …… 7130Accounts Receivable …… …… …… …… …… 23000Inventory …… …… …… …… …… …… …… …… 37000Supplies …… …… …… …… …… …… …… …… 1010Prepaid Rent …… …… …… …… …… …… …… 9410Machinery …… …… …… …… …… …… …… … 23900Accumulated Depreciation-Machinery …… 9980Equipment …… …… …… …… …… …… …… … 62700Accumulated Depreciation-Equipment …… 7530Land …… …… …… …… …… …… …… …… …… 73000Accounts Payable …… …… …… …… …… …… 976015% Debenture …… …… …… …… …… …… … 31000Common Stock ($ 2.5 par value) …… …… … 40000Additional Paid in Capital-Common Stock … 42000Retained Earnings …… …… …… …… …… …… 59400Sales …… …… …… …… …… …… …… …… …… 547200Sales Returns and Allowances …… …… …… 8000Sales Discount …… …… …… …… …… …… …… 3600Salaries Expense …… …… …… …… …… …… … 75500Cost of Goods Sold …… …… …… …… …… …… 385400Loss from employee strike …… ………
An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2.prepare owner's equity 3.prepare balance sheet