Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000...
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000
50,000
Prepaid Rent
6,000
12,000
Equipment
125,000
300,000
Accumulated Dep
25,000
35,000
BV of Equipment
100,000
265,000
Land
50,000
20,000
Total Assets
$ 369,000
$ 477,000
Castaway Co.
Income Statement
for 20X2
Revenues
$ 200,000
COGS
75,000
Gross Profit
125,000
Insurance Expense
5,000
Rent Expense
6,000
Supplies Expense
5,000
Depreciation Expense
10,000
Interest Expense
8,000
Net Income
$ 91,000
What is cash paid for...
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account....
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account. The cost of the
goods sold were $60,000.
Bobcat Coffee purchased $80,000 of inventory. All
purchases were on account.
Bobcat Coffee paid salaries of $50,000. This was payment
for salaries of $35,000 and $15,000 that was payable from last
year.
Bobcat Coffee purchased $7,000 of supplies. All of these
purchases were on account.
Bobcat Coffee received $40,000 cash from customers who
had been granted...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash 30,000 35,000 -5,000
accounts receivable 55,000 45,000 10,000
inventory 65,000 45,000 20,000
preppaid expense 15,000 25,000 -10,000
land 70,000 40,000 30,000
right of use of asset 100,000 0 100,000
equipment 90,000 75,000 15,000
accumulated depreciation -18,000 -8,000 -10,000
total 407,000 257,000 150,000
Accounts payable 65,000 52,000 13,000
accrued expense 15,000 18,000 3,000
notes payable 0 23,000 -23,000
bonds payable 30,000 0 30,000
lease...
Managerial Accounting Question:
Using the account balances and heading listed below, complete
the Financial Statements (with...
Managerial Accounting Question:
Using the account balances and heading listed below, complete
the Financial Statements (with proper headings) for the fiscal year
ended December 31, 2017 for Mitchell Company
Account Name Amount Account Name Amount
Accounts Payable $40,000 Machinery (net) 12,000
Accounts Receivable (net) 25,000 Marketable Securities 5,000
Accrued Liabilities 5,000 Mortgage Payable 45,000
Administration Expense 17,000 Net Sales 100,000
Bonds Payable 20,000 Notes Payable - Long Term 13,000
Buildings (net) 32,000 Notes Receivable 2,000
Cash 70,000 Other Expense (interest)...
Produce a Trial Balance (in the corrert order) using the
following account balances. All balances are...
Produce a Trial Balance (in the corrert order) using the
following account balances. All balances are the normal balance of
the account.
Accounts Receivable
10,000
Accumulated Depreciation
25,000
Bad Debt Expense
10,000
Cash at Bank
30,000
COGS
35,000
Depreciation
20,000
Equipment
60,000
Inventory
15,000
Owners Capital
50,000
Owners Drawings
5,000
Rent Expense
15,000
Salaries Payable
20,000
Sales Revenue
105,000
Supplies Expense
10,000
Supplies on Hand
5,000
Unearned Revenue
15,000
All account descriptions must be exactly as they appear above.
Expenses...
Given the following account information for Leong Corporation,
prepare a balance
sheet (8
Marks)
in report form...
Given the following account information for Leong Corporation,
prepare a balance
sheet
in report form for the company as of December 31, 2017. All
accounts have normal balances.
Equipment 70,000
Interest
Expense 2,400
Interest
Payable 600
Retained
Earnings 234,680
Land 137,320
Accounts
Receivable 102,000
Bonds
Payable 78,000
Notes Payable (due in 6
months) 34,400
Common
Stock 70,000
Accumulated Depreciation - Equip 10,000
Prepaid
Advertising 5,000
Service
Revenue 351,400
Buildings 80,400
Supplies 1,860
Income Taxes
Payable 3,000
Utilities
Expense 1,320
Advertising
Expense 1,560
Salaries and Wages
Expense 53,040
Salaries and Wages
Payable 900
Accumulated Depr. -
Bld. 15,000
Cash 50,000
Depreciation
Expense 8,000...
From the account balances listed below, prepare a schedule of
cost of goods manufactured for La...
From the account balances listed below, prepare a schedule of
cost of goods manufactured for La Lave Manufacturing Company for
the month ended December 31, 2018.
Account
Description
A/C
Balance
Account
Description
A/C
Balance
Finished Goods Inventory, December 31
$42,000
Raw Materials Purchases
$ 95,000
Factory Supervisory Salaries
12,000
Work In Process Inventory, December 1
30,000
Income Tax Expense
18,000
Factory Utilities Expense
4,000
Raw Materials Inventory, December 1
12,000
Direct Labor
70,000
Work In Process Inventory, December 31
25,000
Raw...
Required information
[The following information applies to the questions
displayed below.]
The T account balances for...
Required information
[The following information applies to the questions
displayed below.]
The T account balances for the accounts of Rya’s Planning Services
as of January 31, 2019 are listed below.
Cash
$
22,900
Accounts Receivable
18,900
Office Supplies
650
Equipment
23,000
Accounts Payable
9,950
Rya Page, Capital
29,900
Rya Page, Drawing
7,000
Planning Fees Income
39,900
Office Supplies Expense
400
Rent Expense
1,000
Salaries Expense
5,000
Utilities Expense
900
Prepare a Trial Balance as of January 31, 2019.
Account NameDebit...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below: Debit Credit Cash 10,500 Accounts
receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment
300,000 Accumulated depreciation - equipment 125,000 Accounts
payable 30,000 Notes payable - due in three months 30,000 Salaries
payable 4,000 Interest payable 1,000 Common stock 200,000 Retained
earnings 50,000 Sales revenue 400,000 Costs of goods sold 180,000
Salaries expense 120,000 Rent expense 15,000 Depreciation expense
30,000 Interest expense 2,000 Advertising expense 2,500...
Below are the current year’s changes in a company’s account
balances, except for retained earnings.
Accounts...
Below are the current year’s changes in a company’s account
balances, except for retained earnings.
Accounts payable $4,000 decrease
Accounts receivable $25,000 increase
Additional paid-in capital $8,000 increase
Cash $14,000 decrease
Common stock $2,000 increase
Equipment $32,000 increase
Inventory $32,000 increase
Long-term liabilities $26,000 increase
Salaries payable $1,000 decrease
If net income was $50,000, how much did the company pay
in dividends?
Format guidance: Enter whole numbers only. No dollar signs,
commas, or decimal points.
Examples: 1000 or 20000