Chapter 2, Problem 2.9E

Assume that Dennis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock 2. Discount on Bonds Payable 3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials 6. Equity Investments (long-term) 7. Unearned Rent Revenue 8. Work in Progress 9. Copyrights 10. Buildings 11. Notes Receivable (short-term) 12. Cash 13. Salaries and Wages Payable 14. Accumulated Depreciation-Buildings 15. Restricted Cash for Plant Expansion 16. Land Held for Future Plant Site 17. Allowance for Doubtful Accounts 18. Retained Earnings 19. Paid-in Capital in Excess of Par-Common Stock 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in on year) 22. Inventory (finished goods) 23. Accounts Receivable 24. Bonds Payab;e (due in 4 years) Prepare a classified balance sheet in good form. (No monetary amounts are necessary). (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds…

Use the information provided below to prepare the Statement of Financial Position of Lynwood Limited as at 31 August 2023. The notes to the financial statements are not required. Show all workings. INFORMATION The following balances were obtained from the accounting records of Lynwood Limited after some of the adjustments and closing transfers were completed on 31 August 2023, the end of the financial year. R Inventory 315 000 Accounts receivable 92 000 Loan: Lindor Bank (19.5%) 200 000 Equipment (Cost) 1 980 000 Accumulated depreciation on equipment? Cash float 13 500 Accounts payable 211 000 Provision for bad debts? Accrued income? Ordinary share capital 1 161 000 Retained income 540 000 Company tax payable 18 000 Bank (DR) 99 000 Accrued expenses? Dividends payable 161 000 The following adjustments must be made: The account of a debtor who owed R2 000 must be written off. The provision for bad debts must be adjusted to 5% of debtors. The rent income account reflected a total of R99…

Ch You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,500,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $590,000. The annual payment is $105,00o0, payable each June 30. 3. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,00o beginning January 1,…

Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. 2. 3. 4 5. 6. 7. 8. 9. 10. 11. 12. Common Stock. Discount on Bonds Payable. Treasury Stock (at cost). Notes Payable (short-term). Raw Materials. Equity Investments (long-term). Unearned Rent Revenue. Work in Process. Copyrights. Buildings. Notes Receivable (short-term). Cash. Current Assets Cash 13. Less 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. Prepare a classified balance sheet in good form. (No monetary amounts are necessary.) (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.) Salaries and Wages Payable. Accumulated Depreciation-Buildings. Restricted Cash for Plant Expansion.. Land Held for Future Plant Site. Allowance for Doubtful Accounts. Retained Earnings. Paid-in Capital in Excess…

You are the new controlier for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt Note: Use tables, Excel, or a financial cricvinter. (EV 0153 PV of $3 FVA of $1. PVA of 31 EVAD of 31 and PVAD 33 1. On July 1, 2024, Moonlight Bay issued bonds with a face amount of $1,600,000. The bonds mature in 10 years and interest of 17% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12% Moonlight Bay records interest at the effective rate. 2. At December 31, 2023, Moonight Bay had a 10% Instaliment note payable to Third Mercantile Bank with a balance of $630,000 The annual payment is $125,000 payable each June 30 3 On January 12024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $50,000 beginning January 1, 2024. Moonlight Bay's…

give your opinion from the financial accounting perspective. ( You may refer to an appropriate accounting principle.) .Assume a financial year from 1st January -31st Dec 2022. The non-current assets of Daystar ltd purchased three years ago for sh. 22,000,000 have been entered in the books at sh.30,000,000 based on the current market value.

Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?

As a financial analyst of Bintang Bulan Berhad, you are required to analyse the company's financial performance. The financial statements of the company are as follows: BINTANG BULAN BERHAD STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 (RM) Cash Account Receivable Inventory Prepaid expenses Net buildings and equipment TOTAL ASSETS Depreciation 48,500 Account Payable Notes Payable 64,000 Operating profit Less: Interest Profit before tax Less: Tax PROFIT AFTER TAX 56,000 21,000 2,500,500 Revenue Less: Cost of goods sold Gross profit Less: Selling and administrative expenses Current Ratio Quick Ratio Debt Ratio Time Interest Earned Accruals Long-term debt Bond Preferred share Common share Retained earnings 2,690,000 TOTAL CLAIMS BINTANG BULAN BERHAD STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2022 INDUSTRY AVERAGE RATIOS 2.10 times Average Collection Period 1.30 times Inventory Turnover Net Profit Margin 30 percent 6.5 times Return on Assets 38,000 24,000 20,000…

Carla Vista Corporation began operations on January 1, 2027. The following information is available for Carla Vista on December 31, 2027. Accounts receivable$1, 060Accounts payable$1, 420Equipment12, 880Cash2, 400Dividends2, 180Notes payable5, 750Supplies 2,050Common stock7, 940 Retained earningsNet income5, 460 Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List items that increase retained earnings first.) Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List Items that increase retained earnings first.) CARLA VISTA CORPORATION Retained Earnings Statement