Chapter 1, Problem 1.11E

Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000

You are the accountant for Trumpet and Trombone Manufacturing, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the companys general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Prepare the companys Statement of Retained Earnings

The following information is taken from the records of Baklava Bakery for the year 2019. A. Calculate net income or net loss for January. B. Calculate net income or net loss for February. C. Calculate net income or net loss for March. D. For each situation, comment on how a stakeholder might view the firms performance. (Hint: Think about the source of the income or loss.)

Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2022. Assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year then ended. Interest expense $ 4,900 Paid-in capital 13,200 Accumulated depreciation 3,800 Notes payable (long-term) 43,000 Rent expense 10,200 Merchandise inventory 114,000 Accounts receivable 34,000 Depreciation expense 1,900 Land 27,000 Retained earnings 142,500 Cash 30,500 Cost of goods sold 228,000 Equipment 18,000 Income tax expense 42,000 Accounts payable 21,000 Net sales 350,000 Required: Calculate the difference between current assets and current liabilities for Gary’s TV at December 31, 2022. Calculate the total assets at December 31, 2022. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. Calculate the net income (or loss) for the…

The following information came from a recent balance sheet of Apple Computer, Inc.:End of Year Beginning of YearAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $53.9 billion $39.6 billionLiabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26.0 billion ?Owners’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $21.0 billiona. Determine the amount of total liabilities reported in Apple Computer ’s balance sheet at thebeginning of the year.b. Determine the amount of total owners’ equity reported in Apple Computer ’s balance sheet atthe end of the year.c. Retained earnings was reported in Apple Computer ’s year-end balance sheet at $19.5 billion.If retained earnings was $13.8 billion at the beginning of the year, determine net income forthe year if no dividends were declared.

During 2022, Pronghorn Corp entered into the following transactions. 1.   Borrowed $62,200 by issuing bonds. 2.   Paid $8,890 cash dividend to stockholders. 3.   Received $13,900 cash from a previously billed customer for services performed. 4.   Purchased supplies on account for $5,000. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)     Assets = Liabilities + Stockholders’ Equity     Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock + Retained EarningsDividends (1)   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    $enter a dollar amount…

The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) 4. Prepare a balance sheet for XYZ as of December 31, 2020.

The following financial statement information is from five separate companies.Answer the following questions about Company A. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is the amount of liabilities on December 31, 2019? Answer the following questions about Company B. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is net income for year 2019?

During 2025, Rostock Company entered into the following transactions. 1. Purchased equipment for $286, 176 cash. 2. Issued common stock to investors for $137,590 cash. 3. Purchased inventory of $68,480 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Cash + Inventory + Equipment = Accounts Payable