Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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The following table illustrates the balance sheets for ABC Corporation. Please show how you complete each step in Excel and please show the formulas
THE TABLE IS ATTACHED AS AN IMAGE
Answering the following questions.
What is the total current assets in 2015 for ABC Corporation?
What is the total assets in 2015 for ABC Corporation?
What is the total current liabilities in 2015 for ABC Corporation?
What is the total liabilities in 2015 for ABC Corporation?
What is the net working capital in 2015 for ABC Corporation?
What is the equity in 2015 for ABC Corporation?
Please see below. All info is included.
During 2017, Ivanhoe Company entered into the following transactions.
1.
Purchased equipment for $317,240 cash.
2.
Issued common stock to investors for $135,850 cash.
3.
Purchased inventory of $65,970 on account.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (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 3-3 for example.)
Assets
=
Liabilities
+
Stockholders’ Equity
Cash
+
Inventory
+
Equipment
=
Accounts Payable
+
Common Stock
+
Retained Earnings
(1)
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount…
Please see the info below. They are all part of the same question. I need this asap please and thank you. It requires an income statment for the month of june, a retained earnings statement for the month of june, and a balance sheet for June 30, 2017. Please include the correct terminology.
On June 1, 2017, Swifty Corporation was started with an initial investment in the company of $22,350 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,970
Supplies expense
1,100
Supplies
2,300
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
26,470
Salaries and wages expense
1,870
Common stock
22,350
In June, the company issued no additional stock…
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- Reading and Interpreting Chipotles Financial Statements Refer to the financial statements for Chipotle reproduced in the chapter and answer the following questions. What was the companys net income for 2014? State Chipotles financial position on December 31, 2014, in terms of the accounting equation. By what amount did Leasehold improvements, property and equipment, net, increase during 2014? Explain what would cause an increase in this item.arrow_forwardThe comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANYComparative Balance SheetsDecember 31, 2016 and 2015($ in 000s) 2016 2015 Assets Cash $ 125 $ 110 Accounts receivable 151 155 Short-term investment 56 20 Inventory 155 150 Land 114 140 Buildings and equipment 740 560 Less: Accumulated depreciation (211) (155) $ 1,130 $ 980 Liabilities Accounts payable $ 46 $ 51 Salaries payable 4 7 Interest payable 5 4 Income tax payable 9 13 Notes payable 0 36 Bonds payable 332 260 Shareholders' Equity Common stock 435 360 Paid-in capital—excess of par 200 180 Retained earnings 99…arrow_forwardThe financial condition of two companies is expressed in the following accounting equation: Assets = Liabilities + Common Stock + Retained Earnings Allen $ 12,000 = $ 8,760 + $ 2,760 + $ 480 White $ 18,150 = $ 4,200 + $ 9,750 + $ 4,200 Requiredc. Assume Allen incurs a $6,100 operating loss. The remaining assets are sold for the value shown on the books, and the cash proceeds are distributed to the creditors and investors. How much money will be paid to creditors and how much will be paid to investors?d. Assume White incurs a $6,100 operating loss. The remaining assets are sold for the value shown on the books, and the cash proceeds are distributed to the creditors and investors. How much money will be paid to creditors and how much will be paid to investors?arrow_forward
- The following is the balance sheet data of ABD Ltd. for the year ending Dec 31, 2016 and Dec 31, 2015. Year Total Equity Total Liabilities Dec 31, 2016 $34,670 $14,560 Dec 31, 2015 $33,240 $13,250 Determine the total assets as on Dec 31, 2016 and Dec 31, 2015 respectively. $49,230 and $46,490 $20,110 and $19,990 $34,675 and $46,501 $48,243 and $13,250arrow_forwardBelow is the balance sheet and income statement for Chin Corporation. You are needed to analyze the financial statements. Use the horizontal, vertical, ratio methods to analyze the financial statements. For the vertical and horizontal analysis, type the accounts and dollar values for the years 2018 and 2017 (as listed on the financial statements even if there is no dollar value for an account). For the ratio analysis, make sure to compute 2 ratios from each section. Income Statement Period Ending: 12/31/2018 12/31/2017 Total Revenue $76,512,000 $78,291,000 Cost of Revenue $54,884,000 $56,586,000 Gross Profit $21,628,000 $21,706,000 Operating Expenses Research and Development $0 $0 Sales, General, and Admin. $13,886,000 $13,599,000 Non-Recurring Items $0 $0 Other Operating Items $0 $0 Operating Income $7,832,000 $8,079,000 Add'l income/expense items -$323,000…arrow_forwardNeed asap please and thank you. Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amountarrow_forward
- 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?arrow_forwardThe right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the difference between the company’s assets and retained earnings. Equity is the sum of shareholders’ capital provided by shareholders and retained earnings. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $192 million. Last year, the company reported a retained earnings balance of $442 million, whereas this year it increased to $520 million. How much was paid out in dividends this year? $3 million $114 million $270 million $575 millionarrow_forwardAssume Microsoft Corporation reports the following balances for the prior-year balance sheet and current-year income statement ($ millions). Prepare the articulation of Microsoft’s financial statements for fiscal years 2014 and 2015.arrow_forward
- The attached table illustrates the balance sheets for ABC Corporation. Answering the following questions. What is the total current assets in 2015 for ABC Corporation? What is the total assets in 2015 for ABC Corporation? What is the total current liabilities in 2015 for ABC Corporation? What is the total liabilities in 2015 for ABC Corporation? What is the net working capital in 2015 for ABC Corporation? What is the equity in 2015 for ABC Corporation?arrow_forwardACCOUNTING Carry out the following practical case: The company “Inversiones San Remo SAC”, with RUC: 20234125239, began activities in 2005, is dedicated to the manufacture of curtains, operates in its own premises located in La Victoria, has 33 employees (monthly average), and According to the General Shareholders' Meeting, in 2018 they calculated the dividend distribution of 40%. They request to assemble the Financial Statements with the following information: Prepare the 2018 Income Statement. Prepare the Statement of Financial Position 2017 and 2018. Statement of Cash Flow for the year 2018. Direct method Perform the acid test calculation, the two periods and explain what the results found mean Notes to the Financial Statements: Selling expenses correspond to depreciation expenses for 2018. Administrative expenses corresponding to payroll expenses (salaries) for the 2018 financial year. Financial income corresponds to earnings from the profitability of cash surpluses that…arrow_forwardDuring 2017, Cullumber Company entered into the following transactions. 1. Purchased equipment for $277,720 cash. 2. Issued common stock to investors for $135,480 cash. 3. Purchased inventory of $66,390 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary.arrow_forward
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