The following accounts balances are provided for Chen Pty Ltd at
31 December 2019. Revenues and...
The following accounts balances are provided for Chen Pty Ltd at
31 December 2019. Revenues and expense accounts cover the financial
year ending on that date.
Accounts payable
14,000
Prepaid insurance
2,500
Accounts receivable
18,000
Property, plant and equipment
150,000
Accumulated depreciation
30,000
Retained earnings
78,000
Cash
6,000
Sales revenues
122,000
Cost of sales
35,000
Selling and admin expenses
65,000
Interest expense
4,000
Share capital
50,000
Interest payable
500
Supplies
3,000
Inventory
34,000
Unearned revenue
2,000
Loan payable—long term
40,000...
Question Two:
A. Presented below are changes (in thousands)
in the account balances of Sha Company...
Question Two:
A. Presented below are changes (in thousands)
in the account balances of Sha Company during the year, except for
retained earnings.
Increase Increase (Decrease) (Decrease)
Cash $25,000 Accounts
payable $34,000
Accounts receivable
(net) (13,000) Bonds
payable (20,000)
Inventory 52,000 Share
capital 72,000
Plant assets
(net) 37,000 Share
premium 16,000
The only entries in Retained Earnings were for net income and a
dividend declaration of $10,000.
Required:
Compute the net income for the current year.
Charlie Corporation's adjusted trial balance included the
following items (all account balances are normal): Accounts payable...
Charlie Corporation's adjusted trial balance included the
following items (all account balances are normal): Accounts payable
$65,000, Accounts receivable $45,000, Capital stock $100,000, Cash
$50,000, Dividends $10,000, Goodwill $47,000, Interest expense
$4,000, Interest payable $2,000, Inventory $38,000, Notes payable
$80,000, Prepaid expenses $5,000, Property, plant & equipment
$123,000, Retained earnings $46,000, Rent expense $18,000, Revenues
$101,000, and Salary expense $60,000. How much are total
assets?
Balance sheet data for Kilroy Company for 2022 appears below:
January 1, 2022 December 31, 2022...
Balance sheet data for Kilroy Company for 2022 appears below:
January 1, 2022 December 31, 2022
ASSETS:
Cash 27,000 43,000
Accounts receivable 39,000 26,000
Inventory 42,000 88,000
Prepaid insurance 21,000 29,000
Land 37,000 72,000
Equipment 61,000 94,000
Accumulated depreciation <14,000> <25,000>
LIABILITIES + EQUITY:
Accounts payable 33,000 41,000
Income taxes payable 21,000 15,000
Unearned revenue 25,000 39,000
Notes payable 51,000 75,000
Common stock 34,000 93,000
Retained earnings 49,000 64,000
Kilroy Company's 2022 income statement is given below:
Sales revenue 329,000...
From the following balances you are required to calculate cash
from operating activities.
Name of accounts...
From the following balances you are required to calculate cash
from operating activities.
Name of accounts
December31, 2015
December 31, 2016
Notes receivable
SR 7,800
SR 12,000
Notes payable
SR 22,000
SR 16,000
Accounts receivable
SR 49,000
SR 46,000
Furniture
SR 30,000
SR 38,000
Accounts payable
SR 30,000
SR 35,000
Advance Rent received
SR 9,000
SR 5,600
Prepaid expenses
SR 5,700
SR 4,200
Depreciation on Plant assets
SR 36,000
SR 45,000
Net Income during the year
-----
SR 160,000 ...
The adjusted account balances of MacDonald Company, at December
31, 2021, are as follows:
Cash
$12,700...
The adjusted account balances of MacDonald Company, at December
31, 2021, are as follows:
Cash
$12,700
Accounts payable
$12,000
Accounts receivable
22,000
Notes payable
7,000
Prepaid insurance
10,000
Accumulated depreciation–
Equipment
40,000
equipment
14,000
Depreciation expense
7,000
Service revenue
27,000
B. Stine, drawings
1,500
B.MacDonald, capital
22,000
Advertising expense
400
Unearned service revenue
16,000
Rent expense
1,800
Salary expense
2,000
Insurance expense
600
______
$98,000
$98,000
Instructions
a)
Prepare closing entries for December 31, 2021.
b)
Determine the balance in...
Presented below is the ending balances of accounts for the
Kansas Instruments Corporation at December 31,...
Presented below is the ending balances of accounts for the
Kansas Instruments Corporation at December 31, 2018. Account Title
Debits Credits Cash $ 32,000 Accounts receivable 154,000 Raw
materials 36,000 Note receivable 112,000 Interest receivable 15,000
Interest payable $ 17,000 Marketable securities 44,000 Land 62,000
Buildings 1,540,000 Accumulated depreciation—buildings 632,000 Work
in process 54,000 Finished goods 101,000 Equipment 324,000
Accumulated depreciation—equipment 142,000 Patent (net of
amortization) 132,000 Prepaid rent (for the next two years) 72,000
Deferred revenue 48,000 Accounts payable...
Given the following Financial Information Answer the following
question:
2017
2018
Cash
7,000
218,462
Accounts Receivable...
Given the following Financial Information Answer the following
question:
2017
2018
Cash
7,000
218,462
Accounts Receivable
8,000
8,800
Inventory
4,000
4,400
Prepaid Assets
3,000
3,300
Other Assets
1,000
1,100
Total Current Assets
23,000
236,062
Net PPE
80,000
14,000
Intangibles
4,000
4,000
Total Assets
107,000
254,062
Accounts Payable
8,000
8,800
Salary Payable
1,000
1,100
Notes Payable
3,000
3,000
Total Current Liabilities
12,000
12,900
Long-Term Debt
50,000
50,000
Total Liabilities
62,000
62,900
Common Stock
70,000
70,000
Retained Earnings
-25,000
121,162
total equity...
A company has the following balances at December 31, 2019:
Accounts payable
60,000
Accounts receivable
52,500...
A company has the following balances at December 31, 2019:
Accounts payable
60,000
Accounts receivable
52,500
Cash
80,000
Common stock
200,000
Equipment
96,000
Equity investments
76,300
Inventory
57,000
Long-term liabilities
100,000
Patents
32,000
Retained earnings
17,000
Salaries payable
15,000
Unearned revenue
1,500
Additional information:
The cash balance includes $20,000 cash restricted for future
plant expansion.
Allowance for doubtful accounts is $3,800.
Accumulated depreciation on equipment is $40,000.
The long-term liabilities balance includes $12,000 due in
2020.
Format guidance: Enter whole...
Use the following accounts in proper sequence. The accounts (all
normal balances) were taken from the...
Use the following accounts in proper sequence. The accounts (all
normal balances) were taken from the ledger of Sophie Designs Co.
on April 30.
Accounts Payable
$
4,100
Rent Expense
$11,500
Accounts Receivable
3,450
Salary Expense
14,000
Cash
6,700
Fees Earned
45,425
Sophie Dawson, Capital
17,800
Supplies
3,125
Sophie Dawson, Drawing
7,500
Supplies Expense
1,700
Equipment
14,500
Utilities Expense
4,000
Miscellaneous Expense
850
Required:
Prepare a trial balance of
Sophie Designs Co. on April 30.