Wilcox Park, Inc. acquired additional assets of $370,000 during 2022. Total revenues were $760,000 and expenses were $580,000. The Company's board of directors declared and paid $12,000 in dividends during the year. If no other equity transactions were made, what was the change in Wilcox Park's liabilities during 2022? a. Increase of $202,000. b. Increase of $168,000. c. Increase of $370,000. d. Decrease of $180,000.
Q: In the audit of Zhongli Inc. you have performed cutoff test, the results of the audit procedure you…
A: Consignment Accounting - This is the innovative way to selling the goods through a third party named…
Q: The non-refundable movie ticket you and your companion purchased cost P500 apiece. You and your…
A: A sunk cost is a cost that has been incurred already and the cost is no more recovered by the…
Q: Logic itled form /e/1FAlpQLSddtl3jMNXR1Z_FruZfld9vTWQBWIIXPOt8Gf5XJFq3pjMM 2.a Give example of a…
A: INTRODUCTION Proof: Proofs are reasonable arguments that are stated as statements of fact and are…
Q: Various cost and sales data for Medco Inc. are given for the year December 31, 2016 Purchases of raw…
A: The cost of goods manufactured includes the total cost of goods that are finished during the period.…
Q: Exercises 1. Selected data from the Tatum Company are presented below: Total assets Average assets…
A: Assets Turnover :— It is the ratio of net sales and average total assets. Profit Margin :— It is…
Q: Chuck, a single taxpayer, earns $75,600 in taxable income and $10,700 in interest from an investment…
A: Lets understand the basics. As per US tax law, interest from an investment in City of Heflin bonds…
Q: Radio World prints and distributes checks for its employees 12 times each year. Its workweek begins…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…
Q: The company rented furnished office space by paying $2,300 cash for the first month's (April) rent.
A: Every business whether small or big requires doing one of the common activities regarding how the…
Q: Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program.…
A: The imposement of income tax by the tax authority of any country includes framing of the tax…
Q: The following data on several transactions of ABC company for 2017 is available below. A company…
A: Income statement refers to the statement which is prepared by the company at the end of period along…
Q: Jen Miller made $1,090 this week. Only social security (fully taxable) and federal income taxes…
A: Income Tax - It is the amount charged by the government over an income earned by the company/person…
Q: ompute the adjusted balances of the following accounts: 7. Gain or loss on sale of warehouse…
A:
Q: Exercises 1. Selected data from the Tatum Company are presented below: Total assets Average assets…
A: The ratio analysis helps to analyze the financial statements of the business. The profitability…
Q: Segment Contribution Margin Analysis The operating revenues of the three largest business segments…
A: Variable Cost :— It is the cost that changes with change in units. If % of variable cost is given…
Q: Rita has an NOL generated in 2020 from farming activity. Which is NOT an option for using the NOL in…
A: NOL means: when the actual income of any company is less than the deduction for that assessment year…
Q: Please provide correct answers. Its wrong. figured out #3 Please helpo wi
A: Journal entries are those entries that include daily transactions or events and are stated in the…
Q: Levy means use authority to demand and collect a payment," especially a tax. Discuss four things…
A: Levy means imposing or collecting of a tax or other payment by an authority. It refers to a charge…
Q: g 2020, Devonte had the following deductions and adjustments to income: Schedule C (Form 1040)…
A: Net operating losses refer to the sum value of money which is in excess of allowed business…
Q: Robinson Products Company has two service departments (S1 and 52) and two production departments (P1…
A: Answer:- Direct cost meaning:- The costs a business directly incurs to produce a good or provide a…
Q: A Month in the Life of a Faculty from cash vs. accrual accounting perspective The Faculty provides…
A: Income statement: The income statement is the most important part of the financial statement. this…
Q: 1. has After moving, a homeowner's annual insurance premium increased from $480 to $710 per year.…
A: There are two questions asked and we are authorized to solve only one question under a multiple…
Q: What is the correct balance of each account below and it the balance a debit or a credit? -The…
A: Adjusted trial balance is prepared after including all the additional adjustments. In the trial…
Q: Comprehensive Problem OUTPUT 1 SFP The following were taken from the books of Amihan Company:…
A: Statement of financial position is one of the financial statement being prepared for reviewing and…
Q: compute the adjusted balances of the following accounts: 5. Total operating expenses 6.…
A: Hi student Since there are multiple subparts asked, we will answer only first three subparts. If you…
Q: Jim Company issued P 4,000,000 of 8 ½%, 5- year bonds on March 1,2018. Interest payment dates are…
A: Since we answer only up to three sub-parts, we shall answer the first three. Please resubmit a new…
Q: 15:58 0.00 N KB/S go.room.sh/?room=3ec0b922-e618- Question F Polk, after being in Bakery business…
A: Journal entries recording is to be treated as first step of accounting cycle process, under which…
Q: A Co. acquired 60% of the outstanding shares of B Co. on January 2, 2021. A Co. acquired it at book…
A: A consolidated income statement is prepared by the parent company which combines the standalone…
Q: At Dec. 31, 2017, what is Dixie’s book value per ordinary share?
A: Ordinary shares value as per the book records is the book value of only the ordinary shares of the…
Q: please explain last three subparts
A: Cost of goods sold is actual cost of goods that is being sold to the customers. Gross profit is the…
Q: Baj Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the…
A: A predetermined overhead rate, also known as a plant-wide overhead rate, is a calculation that…
Q: Journal entry worksheet
A: At the very first step of accounting process, journal entries are being recorded by debiting and…
Q: Errors in Equivalent Unit Computation Napco Refining Company processes gasoline. On June 1 of the…
A: Equivalent units are number of units that are completed or manufactured in the particular period.…
Q: PROBLEM 1 BTS Co. provided the following information relating to inventory for the month of…
A: Inventory Valuation - Inventory valuation is the methods of valuation of inventory. It includes…
Q: Jaybird Company operates in a highly competitive market where the market price for its product is…
A: Target costing is a costing concept which helps in calculating target cost so that desired level of…
Q: Problem 3 Third Eye Transaction Analysis and Trial Balance Nick Danger opened a forensic accounting…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Problem 3 Assume the approved food operations budget for the Hilotown Restaurant for 20X1 is as…
A: Variable Cost :— It is the cost that changes with change in units. Variable cost per unit is…
Q: Financial update as of June 15 • Your existing business generates $75,000 in EBIT. • The corporate…
A: Free Cash Flow Formula: FCF = EBIT * (1-Tax rate) + Depreciation - Net Working capital
Q: Mastery Problem: Cost-Volume-Profit Analysis Question Content Area Cost Behavior Cover-to-Cover…
A: "Since you have asked multiple questions, we will solve only one question for you. If you want any…
Q: Why do firms not have sunk costs over time? How should managers approach sunk costs when deciding…
A: Money that has been spent and cannot be recouped is referred to as a sunk cost. The concept of sunk…
Q: a job-order costing system with a sin rate based on machine-hours. The co. ad rate for the current…
A: Plant wide overhead rate uses a single overhead rate to allocate total manufacturing cost to units .
Q: a. b. Margie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and…
A: Income tax is the amount of income which is paid by the every citizen of the country on their…
Q: Balance sheet information for parent Company and its 90%-owned subsidiary, Sub Corporation, at…
A: The question is based on the concept of Consolidated Financial Statements. It is the responsibility…
Q: Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the…
A: Introduction: A predetermined overhead rate is a rate that is decided to apply to cost objects for a…
Q: Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from…
A: 1 White Diamond Flour Company Journal Entries Date Particulars Debit Credit…
Q: a. Based on the above data, determine the different costs listed below. If required, round your…
A: Production report refers to the report under which details of the product manufactured, at what…
Q: Identifying and Analyzing Financial Statement Effects of Stock-Based Compensation The stockholders'…
A:
Q: Identify two ways in which a contribution margin income statement differs in format from a…
A: Contribution margin income statements are those that reflect the contribution amount that remains…
Q: 2.1 Write up the asset and liability and capital accounts to record the following transactions in…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Explain the items of gross income and how to tax them: whether at gross or at net, further…
A: •Gross income means all the income earned by an individual from all thhe sources but before tax…
Q: 3. By what amount would net income have been understated or overstated had the adjusting journal…
A: In Accounting we recognize the expenses and revenues in the current year, which are related to the…
Accounting
Wilcox Park, Inc. acquired additional assets of $370,000 during 2022. Total revenues were $760,000 and expenses were $580,000. The Company's board of directors declared and paid $12,000 in dividends during the year. If no other equity transactions were made, what was the change in Wilcox Park's liabilities during 2022?
a.
Increase of $202,000.
b.
Increase of $168,000.
c.
Increase of $370,000.
d.
Decrease of $180,000.
Step by step
Solved in 2 steps
- 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. $_____________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.
- Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid a total of $3,000 in dividends and earned a net income of $60,000 this year. What is the ending retained earnings balance?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.
- 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).The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000. The company paid a total of $14,000 in dividends and experienced a net loss of $20,000 this year. What is the ending retained earnings balance?
- Statement of Retained Earnings Landon Corporation was organized on January 2, 2014, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2015 to $125,320 and to $145,480 during 2016. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Required Prepare a statement of retained earnings for the year ended December 31, 2016.Visual Inspection Noble Companys accounting records provided the following changes in account balances and other information for 2019: Additional information: Net income was 9,900. Dividends were declared and paid. Land was sold for 1,700. No land was purchased. A building was purchased for 23,000. No buildings and equipment were sold. Bonds payable were issued at the end of the year. Two hundred shares of stock were issued for 15 per share. The beginning cash balance was 4,800. Required: Using visual inspection, prepare a 2019 statement of cash flows for Noble.The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. Open the file CASHFLOW from the website for this book at cengagebrain.com. First, enter the formulas. Then, complete the worksheet in the manner described next. According to the problem, cash increased from 39,600 to 67,210 during the year. This is a 27,610 increase. To record this increase on the worksheet, move to row 17. Since this is the first account you are analyzing, enter the letter a in column C. Then enter 27610 in column D (a debit since cash increased). This brings the year-end balance (column G) to 67,210, its proper balance. Now move to the bottom part of the statement where you see the categories Operating Activities, Investing Activities, and so on. The credit side of the entry has to be entered here. The proper space for this cash entry is on row 59. Enter the letter a in cell E59 and 27610 in cell F59. Notice the totals at the bottom of the page (row 60) now agree. The next account balance that changed is accounts receivable. It increased by 9,035. To enter this change on the worksheet, enter the letter b in cell C18 and 9035 in cell D18 (again, a debit since accounts receivable increased). This brings the year-end balance in column G to 121,250, its proper balance. The change in accounts receivable balance is an operating activity adjustment (as explained in your textbook). Enter the credit side of this entry in cells E34 and F34, and enter the explanation Increase in accounts receivable in cell A34. Note: Your textbook probably shows Net income as the first item under Operating Activities. We will get to that later. The sequence in which you enter items on this worksheet is not important. All other balance sheet accounts must be analyzed in the same manner, placing appropriate debit or credit entries in the top part of the worksheet to obtain the proper balances in column G, and then entering the second side of the entry in the appropriate row on the bottom part of the worksheet. You should use letter references to identify all entries. Also, you must enter a description of the entry in column A under the appropriate activity category. Although a sequence of analyzing the balance sheet from top to bottom is suggested here, this order is not necessary. As mentioned earlier, your textbook may specify a different sequence. Also, note that some accounts may have both debit and credit adjustments to them. The worksheet is not a substitute for a statement of cash flows, but it does provide you with all the numbers you need to properly prepare one. You will be done with your analysis when: a. The individual account balances at December 31, 2013, as shown on the worksheet (column G) equal those shown in the given problem data. b. The transaction column totals are equal (cells D60 and F60). c. The sum of the operating, investing, and financing activities (cell G59) equals the change in cash (cell D59 or F59). When you are finished, enter your name in cell A1. Save your completed file as CASHFLOW2. Print the worksheet when done. Also print your formulas. Check figure: Total credits at 12/31/2013 (cell G31), 860,460.
