A sole proprietorship had the following assets and liabilities
at the beginning and end of this...
A sole proprietorship had the following assets and liabilities
at the beginning and end of this year.
Assets
Liabilities
Beginning of the year
$
109,500
$
46,943
End of the year
163,500
66,218
Owner made no investments in the business, and no withdrawals
were made during the year.
Owner made no investments in the business, but withdrew $1,100
cash per month for personal use.
Owner made no withdrawals during the year, but the owner did
invest an additional $45,000 cash....
The following financial statement information is from five
separate companies:
December 31, 2016 Company A Company...
The following financial statement information is from five
separate companies:
December 31, 2016 Company A Company B Company C Company D
Company E
Assets 35,000 27,300 22,400 62,300 95,550
Liabilities 28,700 19,110 12,096 42,987 ?
December 21, 2017
Assets 40,000 28,800 ? 72,800 110,400
Liabilities ? 19,584 13,132 34,944 87,216
During year 2017
Owner investments 6,000 1,400 9,750 ? 6,500
Net income (loss) 9,200 ? 6,200 11,543 8,574
Owner cash withdrawals 3,500 2,000 5,875 0 11,000
1a. what is the...
roblem 1-2A Computing missing information using accounting
knowledge LO A1, P1
[The following information applies to...
roblem 1-2A Computing missing information using accounting
knowledge LO A1, P1
[The following information applies to the questions
displayed below.]
The following financial statement information is from five separate
companies:
Company
A
Company
B
Company
C
Company
D
Company
E
December 31, 2016
Assets
$
32,000
$
24,960
$
20,480
$
56,960
$
87,360
Liabilities
26,240
17,472
11,059
39,302
?
December 31,
2017
Assets
37,000
26,640
?
67,340
102,120
Liabilities
?
18,115
12,147
32,323
80,674
During year
2017
Owner
investments...
A general partnership had the following information at the end
of each of the years 20X0,...
A general partnership had the following information at the end
of each of the years 20X0, 20X1 and 20x2: Current liabilities for
20X0 $20,000, Long term liabilities $50,000 and Net income or Loss
is N/A. For 20X1 the current liabiblities were $20,000, the long
term liabilities were $50,000 and Net income or loss was ($40,000-
loss), for 20X2 the current liabiblites were $18,000, the long term
liabilities were $60,000 and the Net income or loss was $15,000
income. All liabilities...
A general partnership had the following information at the end
of each of the years for...
A general partnership had the following information at the end
of each of the years for 20X0 and 20X1. Current liabilities are
$20,000 for 20X0 and $20,000 for 20X1. Long term liabilities for
20X0 of $50,000 and $50,000 for 20X1 and net income(or loss) 20X0
is N/A and 20X1 ($40,000-loss). All liabilities are recourse debt
and partner M guaranteed all the long term liabilities. M, a 10%
owner, had a $10,000 basis in the partnership at the end of 20X0....
A farm business manager has just finished preparing end of year
financial statements for the business....
A farm business manager has just finished preparing end of year
financial statements for the business. The following financial
information was determined:
Current
assets – beginning of
year $200,000
Total
assets – beginning of
year $600,000
Current
liabilities – beginning of
year $100,000
Total
liabilities – beginning of
year $150,000
Total
equity – beginning of
year $450.000
Current
assets – end of
year $250,000
Total
assets – end of
year $800,000
Current
liabilities – end of
year $150,000
Total
liabilities – end of
year $300,000
Total
equity – end...
Let’s put all the pieces together now. Suppose that you are
analyzing Martin Company. You know...
Let’s put all the pieces together now. Suppose that you are
analyzing Martin Company. You know that at the beginning of the
year, the assets equaled $320,000 and the liabilities equaled
$176,000. During the year, assets increased by $48,000 and owner's
equity increased by $24,400. The change in owner's equity includes
all increases and decreases. Further analysis reveals that the
changes in owner's equity were caused by revenues of $223,200 and
expenses totaling $112,320 during the year, and additional owner's...
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...
Shep Company’s records show the following information for the
current year.
Beginning of year
End of...
Shep Company’s records show the following information for the
current year.
Beginning of year
End of year
Total assets
$
54,000
$
85,000
Total liabilities
$
24,000
$
37,000
Determine net income (loss) for each of the following separate
situations. (For all requirements, losses should be entered
with a minus sign.)
a. Additional common stock of $5,000 was issued
and dividends of $9,000 were paid during the current year.
b. Additional common stock of $15,500 was issued
and no dividends...
Problem 12-13A Prepare and Interpret a Statement of Cash
Flows; Free Cash Flow [LO12-1, LO12-2, LO12-3]...
Problem 12-13A Prepare and Interpret a Statement of Cash
Flows; Free Cash Flow [LO12-1, LO12-2, LO12-3]
Mary Walker, president of Rusco Company, considers $27,000 to be
the minimum cash balance for operating purposes. As can be seen
from the following statements, only $22,000 in cash was available
at the end of 2015. Since the company reported a large net income
for the year, and also issued both bonds and common stock, the
sharp decline in cash is puzzling to Ms....