Financial statements for Space
Galaxy Ltd. are presented below:
Space Galaxy
Ltd.
Statement of Financial
Position...
Financial statements for Space
Galaxy Ltd. are presented below:
Space Galaxy
Ltd.
Statement of Financial
Position
December 31,
2018
Assets
Liabilities & Shareholders’
Equity
Cash ................................................
$ 44,000
Accounts
payable
$ 28,000
Accounts
receivable
39,000
Buildings and
equipment
154,000
Accumulated depreciation—
Bonds
payable
54,000
buildings
and
equipment
(46,000)
Common
shares
69,000
Patents
24,000
Retained
earnings
64,000
$215,000
$215,000
Space Galaxy
Ltd.
Statement of Cash
Flows
For the Year Ended December
31, 2018
Cash...
Financial statements for Space Galaxy Ltd. are presented
below:
Space Galaxy Ltd.
Statement of Financial Position...
Financial statements for Space Galaxy Ltd. are presented
below:
Space Galaxy Ltd.
Statement of Financial Position
December 31, 2018
Assets
Liabilities
& Shareholders’ Equity
Cash ................................................ $ 44,000
Accounts
payable
$
28,000
Accounts receivable
39,000
Bonds
payable
54,000
Buildings and equipment
154,000
Accumulated depreciation—
buildings and equipment
(46,000)
Common
shares
69,000
Patents
24,000
Retained
earnings
64,000
$215,000
$215,000
Space Galaxy Ltd.
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flows from operating activities
Net income...
Pronghorn Corp.’s statement of financial position at the end of
2019 included the following items:
Current...
Pronghorn Corp.’s statement of financial position at the end of
2019 included the following items:
Current assets
$1,275,000
Current liabilities
$994,200
Land
30,700
Bonds payable
1,281,000
Buildings
1,150,000
Common shares
192,000
Equipment
322,000
Retained earnings
189,000
Accumulated depreciation—buildings
(149,000
)
Accumulated depreciation—equipment
(12,600
)
Intangible assets—patents
40,100
Total
$2,656,200
Total
$2,656,200
The following information is available for the 2020 fiscal
year:
1.
Net income was $398,000. Interest
paid is classified as operating activities.
2.
Equipment (cost of $21,200 and
accumulated...
Using the information below, compile the Classified Statement of
Financial Position for this new business, ABC...
Using the information below, compile the Classified Statement of
Financial Position for this new business, ABC Limited, in good
form, for the month ended Sept 30, 2020: (All accounts have been
listed alphabetically and have normal balances)
Accounts Payable
$ 30,000
Accounts Receivable
$ 8,000
Accumulated Depreciation (Equipment)
$ 5,000
Cash
$ 65,000
Common Shares
$ 100,000
Cost of Goods Sold
$ 18,000
Depreciation Expense
$ 5,000
Equipment
$ 80,000
Inventory
$ 12,000
Notes Payable (due Dec 31, 2021)
$ ...
Using the information below, compile the Classified Statement of
Financial Position for this new business, ABC...
Using the information below, compile the Classified Statement of
Financial Position for this new business, ABC Limited, in good
form, for the month ended Sept 30, 2020: (All accounts have been
listed alphabetically and have normal balances)
Accounts Payable
$ 30,000
Accounts Receivable
$ 8,000
Accumulated Depreciation (Equipment)
$ 5,000
Cash
$ 65,000
Common Shares
$ 100,000
Cost of Goods Sold
$ 18,000
Depreciation Expense
$ 5,000
Equipment
$ 80,000
Inventory
$ 12,000
Notes Payable (due Dec 31, 2021)
$ ...
Comparative statements of financial position for Bayshore
Industries, Inc., as of December 31, Year 2 and...
Comparative statements of financial position for Bayshore
Industries, Inc., as of December 31, Year 2 and Year 1, are
presented below.
Bayshore Industries, Inc.
Statements of Financial Position
December 31, Year 2 and Year 1
Year 2
Year 1
Change
Assets
Current assets
Cash and cash equivalents
$ 216,000
$ 144,000
$ 72,000
Trade receivables - net
3,434,000
1,971,000
1,463,000
Inventory
810,000
216,000
594,000
Prepaid expenses
18,000
--
18,000
Total current assets
4,478,000
2,331,000
2,147,000
Property and equipment
7,780,000
7,740,000
40,000
Minus:...