Pharoah Inc., a greeting card company, had the following
statements prepared as of December 31, 2017....
Pharoah Inc., a greeting card company, had the following
statements prepared as of December 31, 2017.
PHAROAH INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,100
$6,900
Accounts receivable
61,900
50,500
Short-term debt investments
(available-for-sale)
34,800
18,200
Inventory
39,900
59,800
Prepaid rent
4,900
4,000
Equipment
155,500
131,200
Accumulated
depreciation—equipment
(34,800
)
(25,300
)
Copyrights
45,700
50,200
Total assets
$314,000
$295,500
Accounts payable
$46,200
$39,700
Income taxes payable
4,000
6,100
Salaries and wages
payable
7,900...
Suppose the following items were taken from the 2022 financial
statements of Texas Instruments, Inc. (All...
Suppose the following items were taken from the 2022 financial
statements of Texas Instruments, Inc. (All dollars
are in millions.)
Common stock
$2,210
Accumulated depreciation—equipment
$3,200
Prepaid rent
150
Accounts payable
1,510
Equipment
6,170
Patents
2,210
Stock investments (long-term)
700
Notes payable (long-term)
870
Debt investments (short-term)
1,770
Retained earnings
7,120
Income taxes payable
180
Accounts receivable
1,880
Cash
1,120
Inventory
1,090
Prepare a classified balance sheet in good form as of December 31,
2022. (List Current Assets in order...
Traynor Exerise Equipment, INC. reported the following financial
statements for 2018:
Traynor Exercise Equipment, INC.
Income...
Traynor Exerise Equipment, INC. reported the following financial
statements for 2018:
Traynor Exercise Equipment, INC.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue : $716000
Cost of Good Sold: $348000
Gross Profit: $368000
Operating Expenses:
Depreciation Expense: $52000
Other Operating Expenses: $185000
Total Operating Expenses: $237000
Net Income: $131000
1.
Compute the amount of Traynor ?Exercise's acquisition of plant
assets. Assume the acquisition was for cash.Traynor Exercise
disposed of plant assets at book value. The cost and accumulated...
balance Sheet - statement of financial position
3.
Accounts Payable
$14,500
Accounts
Receivable
$2,500
Accumulated
Amortization,...
balance Sheet - statement of financial position
3.
Accounts Payable
$14,500
Accounts
Receivable
$2,500
Accumulated
Amortization, patents
$3,500
Accumulated
Depreciation, equipment
$3,000
Retained Earnings
$6,400
Cash
$41,900
Common Shares
$40,000
Equipment
$3,500
Land
$15,000
Long-term
investments
$500
Bank loan payable (due
in 5 years)
$4,200
Patents
$5,500
Short-term (trading)
investments
$2,700
Please make a balance sheet ;The following information is
available for Jordi Ltd. at December 31, 2017:
Exercise 4-11 Preparing the financial statements LO C2
The following is the adjusted trial balance of...
Exercise 4-11 Preparing the financial statements LO C2
The following is the adjusted trial balance of Wilson Trucking
Company.
Account
Title
Debit
Credit
Cash
$
8,000
Accounts receivable
17,500
Office supplies
3,000
Trucks
172,000
Accumulated
depreciation—Trucks
$
36,000
Land
85,000
Accounts payable
12,000
Interest payable
4,000
Long-term notes payable
53,000
K. Wilson, Capital
175,000
K. Wilson, Withdrawals
20,000
Trucking fees earned
130,000
Depreciation expense—Trucks
23,500
Salaries expense
61,000
Office supplies expense
8,000
Repairs expense—Trucks
12,000
Totals
$
410,000
$
410,000...
Drax Corporation has the following financial statements:
Drax Corporation has the following financial statements:Drax CorporationIncome StatementFor the Year Ended December 31, 2020Net sales$165,000Cost of goods sold97,500Gross profit67,500Operating expenses27,500Income from operations40,000Interest expense3,500Income before income taxes36,500Income taxes11,000Net income$ 25,500Drax CorporationComparative Statement of Financial PositionAs at December 31Cash$15,000$9,750Accounts receivable11,7508,750Inventories16,50011,750Prepaid insurance2,5002,000Equipment25,50033,500Accumulated depreciation—equipment(16,250)(17,750)Total assets$55,000$48,000Accounts payable$5,000$6,750Wages payable2,0002,000Income taxes payable3,0001,000Long-term note payable08,750Common shares15,00015,000Retained earnings30,00014,500Total liabilities and shareholders’ equity$55,000$48,000Additional information:· Equipment that
cost $8,000 was sold for the carrying amount of $3,750· Dividends
declared and paid were $10,000.Required1. Prepare the operating
activities section for the statement of cash...
Audio City, Inc., is developing its annual financial statements
at December 31. The statements are complete...
Audio City, Inc., is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized below:
Current
Year
Previous
Year
Balance Sheet at
December 31
Cash
$
62,600
$
67,200
Accounts
Receivable
15,400
20,500
Inventory
22,600
20,500
Equipment
225,000
151,000
Accumulated
Depreciation—Equipment
(61,500
)
(46,000
)
Total
Assets
$
264,100
$
213,200
Accounts
Payable
$
8,100
$
19,200
Salaries and
Wages Payable...
XS Supply Company is developing its annual financial statements
at December 31, current year. The statements...
XS Supply Company is developing its annual financial statements
at December 31, current year. The statements are complete except
for the statement of cash flows. The completed comparative balance
sheets and income statement are summarized below:
Current Year
Prior Year
Balance sheet at December 31
Cash
$
36,300
$
31,400
Accounts receivable
38,900
31,500
Merchandise inventory
42,000
40,300
Property and equipment
125,200
102,500
Less: Accumulated depreciation
(33,700
)
(27,000
)
$
208,700
$
178,700
Accounts payable
$
40,100
$
31,200...
The following is the adjusted trial balance of Wilson Trucking
Company.
Account Title
Debit
Credit
Cash...
The following is the adjusted trial balance of Wilson Trucking
Company.
Account Title
Debit
Credit
Cash
$
8,000
Accounts receivable
17,500
Office supplies
3,000
Trucks
172,000
Accumulated depreciation—Trucks
$
36,000
Land
85,000
Accounts payable
12,000
Interest payable
4,000
Long-term notes payable
53,000
Common stock
20,000
Retained earnings
155,000
Dividends
20,000
Trucking fees earned
130,000
Depreciation expense—Trucks
23,500
Salaries expense
61,000
Office supplies expense
8,000
Repairs expense—Trucks
12,000
Totals
$
410,000
$
410,000
The Retained Earnings account balance is $155,000...
Presented below are the financial statements of Vaughn
Manufacturing.
Vaughn Manufacturing
Comparative Balance Sheets
December 31...
Presented below are the financial statements of Vaughn
Manufacturing.
Vaughn Manufacturing
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 59,500
$ 34,000
Accounts receivable
34,000
23,800
Inventory
47,600
34,000
Property, plant, and equipment
102,000
132,600
Accumulated depreciation
(54,400
)
(40,800
)
Total
$188,700
$183,600
Liabilities and Stockholders’ Equity
Accounts payable
$ 32,300
$ 25,500
Income taxes payable
11,900
13,600
Bonds payable
28,900
56,100
Common stock
30,600
23,800
Retained earnings
85,000
64,600
Total
$188,700
$183,600
Vaughn Manufacturing
Income Statement...