With the following
information prepare the Statement of Owner's
Equity for Lamp Company --
time period...
With the following
information prepare the Statement of Owner's
Equity for Lamp Company --
time period is for the Year ending
31-Dec-17
Cash
$ 52,000
Capital beg
$ 523,500
Salary payable
$ 24,000
Withdrawal
$ 31,000
Net income
$ 146,000
PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL
BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY...
PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL
BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY OR BALANCE
SHEET ACCOUNT TITLES DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash
$37,000 $37,000 Accounts receivable 10,278 10,278 Interest
receivable 1,200 1,200 Office supplies 1,000 1,000 Prepaid
insurance 1,000 1,000 Prepaid rent 1,800 1,800 Note receivable
10,000 10,000 Computer equipment 24,000 24,000 Accumulated
depreciation, computer equipment $10,000 $10,000 Office equipment
15,000 15,000 Accumulated depreciation, office equipment 9,000
9,000 Accounts payable 20,878 20,878 Interest payable...
n the statement of stockholders' equity, Retained Earnings had a
beginning balance of $25,000. During the...
n the statement of stockholders' equity, Retained Earnings had a
beginning balance of $25,000. During the period, the company
reports a net income of $10,000 and a dividend of $4,000. The
ending balance in the Retained Earnings account is:
he following information was taken from the records of Adams,
Inc.. 2016 2017 ASSETS: Cash $...
he following information was taken from the records of Adams,
Inc.. 2016 2017 ASSETS: Cash $ 25,000 $ 43,000 Accounts Receivable
120,500 115,000 Prepaid Rent 3,000 4,000 Accounts Payable 89,000
95,000 Utilities Payable 8,000 6,500 Income Statement For the Year
ended December 31, 2017 REvenue $ 160,000 Expenses: Operating
Expenses $ 123,000 Utilities Expenses 12,000 Rent Expense 16,000
(151,000 Net Income $ 9,000 REQUIRED: Prepare the Operating
Activities section of the cash flow statement under the indirect
method.
In each of the two sets of organization financial statement
information, two items have been omitted....
In each of the two sets of organization financial statement
information, two items have been omitted. Replace the question
marks with the missing amounts. Use the area below the table to
show any calculations used to arrive at the final answer for each
missing amount.
Smith Industries ($)
Jones Chips, Inc. ($)
Beginning of year:
Total assets
110,000
129,000
Total liabilities
85,000
129,000-80,000= 49,000
Total equities
110,000-85,000=25,000
80,000
End of year:
Total assets
160,000
180,000
Total liabilities
120,000
50,000
Total...
The following are relevant account balances from ABC’s
comparative balance sheet and 2019 income statement.
...
The following are relevant account balances from ABC’s
comparative balance sheet and 2019 income statement.
ABC’s balance sheets:
December 31, 2019
January 1, 2019
Cash
$ 6,000
$ 9,000
Accounts receivable
8,000
12,000
Merchandise inventory
29,000
18,000
Prepaid rent
6,000
4,000
Equipment
100,000
80,000
Accumulated depreciation
(28,000)
(13,000)
Total assets
$121,000
$110,000
Accounts payable
$ 9,000
$ 25,000
Unearned Revenue
6,000
4,000
Common stock
38,000
32,000
Retained earnings
68,000
49,000
Total liabilities and shareholders’ equity...
Comparative financial statements for Heritage Antiquing Services
for the fiscal year ending December 31 appear on...
Comparative financial statements for Heritage Antiquing Services
for the fiscal year ending December 31 appear on the following
page. The company did not issue any new common or preferred stock
during the year. A total of 600,000 shares of common stock were
outstanding. The interest rate on the bond payable was 14%, the
income tax rate was 40%, and the dividend per share of common stock
was $0.75. The market value of the company’s common stock at the
end of...
The assets and liabilities of Thompson Computer Services at
March 31, the end of the current...
The assets and liabilities of Thompson Computer Services at
March 31, the end of the current year, and its revenue and expenses
for the year are listed below. The capital of the owner was
$180,000 at April 1, the beginning of the current year. Mr.
Thompson invested an additional $25,000 in the business during the
year.
Accounts
Amount
Accounts
Amount
Accounts payable
$2,000
Miscellaneous expense
$1,030
Accounts receivable
10,340
Office expense
1,240
Cash
21,420
Supplies
1,670
Fees earned
73,450
Wages...
Comparative financial statements for Heritage Antiquing Services
for the fiscal year ending December 31 appear on...
Comparative financial statements for Heritage Antiquing Services
for the fiscal year ending December 31 appear on the following
page. The company did not issue any new common or preferred stock
during the year. A total of 600,000 shares of common stock were
outstanding. The interest rate on the bond payable was 10%, the
income tax rate was 40%, and the dividend per share of common stock
was $0.75. The market value of the company’s common stock at the
end of...