Bearings & Brakes Corporation (B&B) was incorporated as
a private company. The company’s accounts included the...
Bearings & Brakes Corporation (B&B) was incorporated as
a private company. The company’s accounts included the following at
June 30: Accounts Payable $ 64,000 Buildings 570,000 Cash 97,000
Common Stock 240,000 Equipment 162,000 Land 479,000 Notes Payable
(long-term) 12,000 Retained Earnings 1,001,000 Supplies 9,000
During the month of July, the company had the following activities:
a. Issued 3,600 shares of common stock for $360,000 cash. b.
Borrowed $95,000 cash from a local bank, payable in four years. c.
Bought a...
4. Prepre a trial balance at July 31.
BEARINGS & BRAKES
CORPORATION
Trial Balance
Debit
Credit...
4. Prepre a trial balance at July 31.
BEARINGS & BRAKES
CORPORATION
Trial Balance
Debit
Credit
Totals
$0
$0
Accounts Payable
$
64,000
Buildings
570,000
Cash
97,000
Common Stock
240,000
Equipment
162,000
Land
479,000
Notes Payable (long-term)
12,000
Retained Earnings
1,001,000
Supplies
9,000
During the month of July, the company had the following
activities:
a.
Issued 3,600
shares of common stock for $360,000 cash.
b.
Borrowed $95,000
cash from a local bank, payable in four years.
c.
Bought a...
Requirement
#6:
Prepare an adjusted
trial balance in the space below.
Quick Tax
Corporation
Adjusted Trial...
Requirement
#6:
Prepare an adjusted
trial balance in the space below.
Quick Tax
Corporation
Adjusted Trial
Balance
July 31
0
0
During its first month of operation, the Quick Tax Corporation,
which specializes in tax preparation, completed the following
transactions. July 1 Began business by making a deposit in a
company bank account of $40,000, in exchange for 4,000 shares of
$10 par value common stock. July 3 Paid the current month's rent,
$2,500 July 5 Paid the premium on...
The following information is reported for Kinney Corporation at
the end of 2013.
Accounts Receivable
$23,000...
The following information is reported for Kinney Corporation at
the end of 2013.
Accounts Receivable
$23,000
Retained Earnings
$?
Accounts Payable
11,000
Supplies Inventory
9,000
Cash
8,000
Equipment
138,000
Common Stock
110,000
a. Compute the amount of retained earnings at the end of
2013.
$__________
b. If the amount of retained earnings at the beginning of 2013
was $30,000, and $12,000 in cash dividends were declared and paid
during 2013, what was its net income for 2013?
$__________
During
its first month of operation, the Quick Tax Corporation, which
specializes in tax preparation,
completed...
During
its first month of operation, the Quick Tax Corporation, which
specializes in tax preparation,
completed the
following transactions.
July
1
Began
business by making a deposit in a company bank account of $40,000,
in exchange
for 4,000
shares of $10 par value common stock.
July
3
Paid the
current month's rent, $2,500
July
5
Paid the
premium on a 1-year insurance policy, $3,600
July
7
Purchased
supplies on account from Little Company, $700.
July
10
Paid employee
salaries, $2,800...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a
master budget for the third quarter of the calendar year. The
company’s balance sheet as of June 30th is shown below:
Beech Corporation
Balance Sheet
June 30
Assets
Cash
$
75,000
Accounts
receivable
140,000
Inventory
66,500
Plant and
equipment, net of depreciation
227,000
Total
assets
$
508,500
Liabilities and Stockholders’ Equity
Accounts
payable
$
88,000
Common
stock
311,000
Retained
earnings
109,500
Total
liabilities and stockholders’ equity
$
508,500
Exercise 8-12...
Requirement #1:
During its first
month of operation, the Quick Tax Corporation, which specializes in
tax...
Requirement #1:
During its first
month of operation, the Quick Tax Corporation, which specializes in
tax preparation,
completed the
following transactions.
July
1
Began
business by making a deposit in a company bank account of $40,000,
in exchange
for 4,000
shares of $10 par value common stock.
July
3
Paid the
current month's rent, $2,500
July
5
Paid the
premium on a 1-year insurance policy, $3,600
July
7
Purchased
supplies on account from Little Company, $700.
July
10
Paid employee...
Fife & Company, a public corporation offering accounting
services to low income clients has the following...
Fife & Company, a public corporation offering accounting
services to low income clients has the following transactions in
their second year of business.
Date
Description
Debit
Credit
Jan 4
Organization Costs
23,000
Common Stock
23,000
Jan 5
Cash
75,000
Common Stock
75,000
Jan 8
Prepaid Rent
3,000
Cash
3,000
Jan 12
Office Equipment
7,500
Accounts Payable
6,250
Cash
1,250
Jan 17
Cash
17,000
Accounts Receivable
6,000
Service Revenue
23,000
Jan 25
Supplies
7,500
Accounts Payable
7,500
Post the journal entries...
Consider the following income
statement for the Heir Jordan Corporation:
HEIR JORDAN CORPORATION
Income Statement...
Consider the following income
statement for the Heir Jordan Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales
$
48,500
Costs
34,500
Taxable income
$
14,000
Taxes (35%)
4,900
Net income
$
9,100
Dividends
$
2,900
Addition to retained
earnings
6,200
The balance sheet for the Heir Jordan Corporation follows. Based
on this information and the income statement, supply the missing
information using the percentage of sales approach. Assume that
accounts payable vary with sales, whereas notes payable do not....
FORTEN COMPANY
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
58,900
$...
FORTEN COMPANY
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
58,900
$
79,500
Accounts receivable
74,830
56,625
Inventory
284,656
257,800
Prepaid expenses
1,270
2,015
Total current assets
419,656
395,940
Equipment
151,500
114,000
Accum. depreciation—Equipment
(39,625
)
(49,000
)
Total assets
$
531,531
$
460,940
Liabilities and Equity
Accounts payable
$
59,141
$
123,675
Short-term notes payable
11,800
7,200
Total current liabilities
70,941
130,875
Long-term notes payable
62,000
54,750
Total liabilities
132,941
185,625
Equity
Common stock, $5...