Use the following information for problems 3 to 5 LO P2 (Algo) [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash $12,000 11,000 Accounts receivable Supplies 8,000 Equipment 7,000 Accounts payable 15,000 Common stock 16,000 Retained earnings, Dec. 31, prior year Retained earnings, Dec. 31, current 5,000 7,000 year Dividends 15,000 Consulting revenue 37,000 Rental revenue 26,000 Salaries expense 22,000 Rent expense 14,000 Selling and administrative expenses 10,000

Use the following information for problems 3 to 5 LO P2 (Algo) [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash $12,000 11,000 Accounts receivable Supplies 8,000 Equipment 7,000 Accounts payable 15,000 Common stock 16,000 Retained earnings, Dec. 31, prior year Retained earnings, Dec. 31, current 5,000 7,000 year Dividends 15,000 Consulting revenue 37,000 Rental revenue 26,000 Salaries expense 22,000 Rent expense 14,000 Selling and administrative expenses 10,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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56. A company had the following unadjusted balances on specific accounts for the year ended December 31, 2020: ACCOUNT AMOUNT Accounts Payable, net of debit balances of P 50,000 P 150,000 Accounts Receivable, net of credit balances of P 25,000 P 250,000 Bonds Payable P 453,000 Cash Dividends Payable P 125,000 Stocks Dividend Payable P 156,000 Unearned Subscription Revenue P 654,000 Other details are as follows: Of the Unearned Subscription Revenue balance, 25% were earned during 2020. Bonds Payable is due on July 31, 2025. However, a breach of contract related to the bonds occurred on December 18, 2020 and the payable becomes due on demand. On January 8, 2021, the company and the lender reached a compromise and agreed that the payable will be due on July 31, 2023 instead of the original maturity date. Determine the current liability to be reported on December 31, 2020. 57. A company issued a P3 million three-year…
12. Samantha Company had the following account balances at the end of May of the current year: Cash P48,500; Trading Securities P32.800; Receivables P72.300; Inventories P37,490; Machinery & Equipment P678.100: Furniture & Fixtures P100,640; Prepayments P85,280; Building P700,200; Patents P76,460; Trademark P56.790: Accounts Payable P276,420; Unearned Revenues P54,750; Bonds Payable P290,000; Mortgage Payable P12,370; Accrued Expenses P7,890; Interest Income P32.000: Service Revenue P765.340. Compute for the capital:*
On September 1, 2020, the account balances of Tom Cruise Repair, Inc. were asfollows.No Debit No Credit101 Cash £4,880 158 Accumulated DepreciationEquipment£2,100112 AccountsReceivable3,520 201 Accounts Payable 3,400126 Supplies 2,000 209 Unearned Service Revenue 1,400157 Equipment 18,000 212 Salaries and Wages Payable 500311 Share Capital-Ordinary 10,000320 Retained Earnings 11,000£28,400 £28,400During September, the following summary transactions were completed.Sept. 8 Paid £1,700 for salaries due employees, of which £1,200 is for September.10 Received £1,200 cash from customers on account.12 Received £3,400 cash for services performed in September.15 Purchased store equipment on account £3,000.17 Purchased supplies on account £1,200.20 Paid creditors £4,500 on account.22 Paid September rent £500.25 Paid salaries £1,050.27 Performed services on account and billed customers for services provided£1,600.29 Received £750 from customers for future service.Adjustment data consist of:1.…
58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as ofDecember 31, 2021.• Cash- P80,000• Accounts receivable (net)- P52,200• Inventories- P57,000• Investments- P76,300• Equipment (net)- P96,000• Patents- P32,000• Accounts payable- P75,000• Long-term liabilities- P100,000• Stockholders' equity- P218,500The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraftof P2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable- debit balances P60,000;(b) accounts receivable- credit balances P4,000;(c) allowance for doubtful accounts P3,800.3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables ofP3,000 were recorded on these goods.4. Investments include investments in equity securities at fair value through P/L- P19,000 andinvestments in equity securities at fair value through OCI- P48,300, and…
JEY-4322 Inc. reported the following data for last year: JEY-4322 Inc.Balance Sheet Beginning BalanceEnding BalanceAssets Cash$ 128,000$ 139,000Accounts receivable331,000481,000Inventory567,000471,000Plant and equipment, net894,000869,000Investment in Tesla Inc.400,000428,000Land (undeveloped)246,000249,000Total assets$ 2,566,000$ 2,637,000Liabilities and Stockholders' Equity Accounts payable$ 382,000$ 341,000Long-term debt981,000981,000Stockholders' equity1,203,0001,315,000Total liabilities and stockholders' equity$ 2,566,000$ 2,637,000 JEY-4322 Inc.Income StatementSales $ 3,880,000Operating expenses 3,336,800Net operating income 543,200Interest and taxes: Interest expense$ 111,000 Tax expense197,000308,000Net income $ 235,200 JEY-4322 Inc. paid dividends of $123,200 last year. The “Investment in Tesla Inc.” item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%. What was the company’s residual income…
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5 Constable Company reported the following information at December 31, Year 1: Accounts Payable $ 4,500 Accounts Receivable 9,350 Cash 23,490 Common Stock 90,000 Equipment 49,500 Inventory 31,200 Notes Payable due December 31, Year 3 2,500 Retained Earnings, December 31, Year 1 14,090 Wages Payable 2,450 What is the amount of current assets on the classified balance sheet? Multiple Choice $37,580 $113,540 $64,040 $23,490
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The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Excess of paid-in capital over par 758,000.00 558,000.00…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Paid-in capital: Excess of issue price over par—common stock…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $917,060.00 $964,640.00 4 Accounts receivable (net) 828,490.00 761,370.00 5 Inventories 1,269,190.00 1,161,990.00 6 Prepaid expenses 30,160.00 34,400.00 7 Land 316,470.00 480,110.00 8 Buildings 1,463,160.00 900,900.00 9 Accumulated depreciation-buildings (408,380.00) (381,900.00) 10 Equipment 511,860.00 454,790.00 11 Accumulated depreciation-equipment (141,520.00) (159,060.00) 12 Total assets $4,786,490.00 $4,217,240.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,800.00 $958,260.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 327,000.00 117,000.00 17 Excess of paid-in capital over par 752,200.00 559,000.00…