The following balances were taken from the books of Vaughn Corp.
on December 31, 2020.
Interest...
The following balances were taken from the books of Vaughn Corp.
on December 31, 2020.
Interest revenue
$87,700
Accumulated depreciation—equipment
$41,700
Cash
52,700
Accumulated depreciation—buildings
29,700
Sales revenue
1,381,700
Notes receivable
156,700
Accounts receivable
151,700
Selling expenses
195,700
Prepaid insurance
21,700
Accounts payable
171,700
Sales returns and allowances
151,700
Bonds payable
101,700
Allowance for doubtful accounts
8,700
Administrative and general expenses
98,700
Sales discounts
46,700
Accrued liabilities
33,700
Land
101,700
Interest expense
61,700
Equipment
201,700
Notes payable
101,700
Buildings
141,700...
The following balances were taken from the books of Bramble
Corp. on December 31, 2020.
Interest...
The following balances were taken from the books of Bramble
Corp. on December 31, 2020.
Interest revenue
$87,650
Accumulated depreciation—equipment
$41,650
Cash
52,650
Accumulated depreciation—buildings
29,650
Sales revenue
1,381,650
Notes receivable
156,650
Accounts receivable
151,650
Selling expenses
195,650
Prepaid insurance
21,650
Accounts payable
171,650
Sales returns and allowances
151,650
Bonds payable
101,650
Allowance for doubtful accounts
8,650
Administrative and general expenses
98,650
Sales discounts
46,650
Accrued liabilities
33,650
Land
101,650
Interest expense
61,650
Equipment
201,650
Notes payable
101,650
Buildings
141,650...
Exercise 4-6 The following balances were taken from the books of
Headland Corp. on December 31,...
Exercise 4-6 The following balances were taken from the books of
Headland Corp. on December 31, 2017. Interest revenue $87,950
Accumulated depreciation—equipment $41,950 Cash 52,950 Accumulated
depreciation—buildings 29,950 Sales revenue 1,381,950 Notes
receivable 156,950 Accounts receivable 151,950 Selling expenses
195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales
returns and allowances 151,950 Bonds payable 101,950 Allowance for
doubtful accounts 8,950 Administrative and general expenses 98,950
Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950
Interest expense 61,950 Equipment 201,950 Notes payable 101,950...
The following account balances were taken from the ledger of ABC
Company at December 31, 2019...
The following account balances were taken from the ledger of ABC
Company at December 31, 2019 before adjustments:
Cash $ 42,000
Accounts Receivable 86.000
Allowance for Doubtful Accounts 2,400
Inventory 97,000
Land 62,300
Buildings 142,500
Accumulated Depreciation---Buildings 32,560
Long Term Investments 31,500
Accounts Payable 51,800
Mortgage Payable 122,500
Capital Stock, $5 par 200,000
Retained Earnings, December 31, 2017 26,950
Dividends 40,540
Sales 431,000
Sales Returns 9,560
Sales Discounts 8,440
Cost of Goods Sold 203,420
Selling Expenses 58,300
Administrative Expenses 44,200...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016,...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016, and the increases or decreases
in each account from 2016 to 2017. Also presented is selected
income statement information for the year ended December 31, 2017,
and additional information.
Selected balance sheet accounts
Assets
2017
2016
Increase (Decrease)
Accounts receivable
$33,700
$24,000
$9,700
Property, plant, and equipment
276,400
249,500
26,900
Accumulated depreciation—plant assets
(178,400)
(167,300)
(11,100)
Liabilities and stockholders’ equity
2017
2016
Increase...
The following adjusted balances were taken from the ledger of
EBC Trading on December 31, 2016,...
The following adjusted balances were taken from the ledger of
EBC Trading on December 31, 2016, Cash 350,000. Accounts Receivble
33,950. Interest Receivable 1,500. Merchandise, January 1 , 50,000,
Supplies 2,650. prepaid rent 40,000. equipment 75,000. Accumulated
depreciation 25,000. Accounts payable 15,000. Notes Payable 10,000.
interest payable 1,000. E. Capital 50,000. E Drawing 10,000. B
Capital 75,000. B Drawing 15,000. C Capital 100,000. Sales 980,650.
Sales Discount 5,500. Sales returns 3,500. Purchases455,000.
Purchase returns 7,500.Purchase discount 3,300. Sales Salary
Expenses...
WINDSOR INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2017 AND 2016
December 31
Debit...
WINDSOR INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2017 AND 2016
December 31
Debit Accounts
2017
2016
Cash
$42,200
$33,900
Accounts Receivable
71,100
60,200
Inventory
30,100
24,100
Equity investments
22,500
38,700
Machinery
29,900
18,900
Buildings
67,800
56,400
Land
7,600
7,600
$271,200
$239,800
Credit Accounts
Allowance for Doubtful Accounts
$2,200
$1,500
Accumulated Depreciation—Machinery
5,700
2,300
Accumulated Depreciation—Buildings
13,600
9,000
Accounts Payable
34,700
24,500
Accrued Payables
3,500
2,600
Long-Term Notes Payable
21,100
30,700
Common Stock, no-par
150,000
125,000
Retained Earnings...
The following is the ending balances of accounts at December 31,
2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31,
2018 for the Vosburgh Electronics Corporation. Account Title Debits
Credits Cash 83,000 Short-term investments 198,000 Accounts
receivable 139,000 Long-term investments 43,000 Inventories 223,000
Loans to employees 48,000 Prepaid expenses (for 2019) 24,000 Land
288,000 Building 1,630,000 Machinery and equipment 645,000 Patent
160,000 Franchise 48,000 Note receivable 290,000 Interest
receivable 20,000 Accumulated depreciation—building 628,000
Accumulated depreciation—equipment 218,000 Accounts payable 197,000
Dividends payable (payable on 1/16/19) 18,000 Interest payable
24,000 Taxes...
The following shows the ending balances of accounts for A
Company as of December 31, 2018....
The following shows the ending balances of accounts for A
Company as of December 31, 2018.
Account
Debits
Credits
Taxes payable
30,000
Inventory
285,000
Investments
140,000
Retained earnings
202,000
Prepaid expenses
148,000
Accumulated depreciation - equipment
110,000
Deferred revenue
80,000
Cash
65,000
Common stock
400,000
Equipment
320,000
Accounts payable
60,000
Accounts receivable
160,000
Notes payable
200,000
Allowance for uncollectible accounts
16,000
Interest payable
20,000
Total
1,118,000
1,118,000
Additional information:
1. Prepaid expenses include $120,000 paid on December 31, 2018
for...
At December 31, 2017 an analysis of the accounts and discussions
with Porter Corporation's executives revealed...
At December 31, 2017 an analysis of the accounts and discussions
with Porter Corporation's executives revealed the following
information:
The amount of income taxes applicable to ordinary income was
$60,372. This tax amount does not include the tax effect of the
discontinued operations loss which amounted to $24,540.
Inventory is stated at the lower-of-FIFO-cost-or-market
Investments include common stock of a company that is classified as
short-term and totals $81,360 and common stock of a different
company that is classified...