Question

1. Presented below are data for Wildhorse Co. 2017 2018 Assets, January 1 $8,855 $9,717 Liabilities,...

1. Presented below are data for Wildhorse Co.

2017

2018

Assets, January 1

$8,855

$9,717

Liabilities, January 1

4,870

?

Stockholders' Equity, Jan. 1

?

?

Dividends

1,611

1,219

Common Stock

1,456

1,304

Stockholders' Equity, Dec. 31

?

?

Net Income

1,910

1,306


Stockholders' Equity at January 1, 2018 is

A. $5,740
B. $3,985
C. $4,284
D. $5,895

2. During periods of rising prices, a perpetual inventory system would result in the same dollar amount of ending inventory as a periodic inventory system under which of the following inventory cost flow methods?

Average Cost

LIFO

A.            Yes                          No
B.           Yes                          Yes
C.            No                            No
D.            No                                       Yes

3. Bonita Industries has the following items at year-end:

Cash in bank

$44,000

Petty cash

550

Short-term paper with maturity of 6 months

10,200

Postdated checks

1,940


Bonita should report cash and cash equivalents of

A. $54,750
B. $44,550
C. $52,750
D. $56,690

4. Presented below are data for Sheridan Company

2017

2018

Assets, January 1

$6849

?

Liabilities, January 1

?

$4109

Stockholders' Equity, Jan. 1

?

$4127

Dividends

847

972

Common Stock

904

968

Stockholders' Equity, Dec. 31

?

3401

Net Income

1032

?


Net income for 2018 is

A. $182 income
B. $726 income
C. $246 loss
D. $726 loss

Business   Accounting   
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Homework Answers

Answer #1

Solution:

All the question are independent, so I am solving Problem 1 for Wildhorse Co.

Problem 1 –

Stockholder’s Equity at January 1, 2018 is the ending Stockholders’ Equity at Dec 31, 2017

We can calculate Stockholders Equity at Dec 31, 2017 by using the 2017 data:

$$

Beginning Stockholders Equity Jan 1

(Assets Jan 1 $8,855 - Jan 1 Liabilities $4870)

$3,985

Plus: Net Income for the year 2017

$1,910

Less: Dividend

($1,611)

Stockholders Equity Dec 31

$4,284

Hence, the Stockholders Equity Jan 1, 2018 = $4,284

The correct option is C. $4,284

Hope the above calculations, working and explanations are clear to you and help you in understanding the concept of question.... please rate my answer...in case any doubt, post a comment and I will try to resolve the doubt ASAP…thank you

Pls ask separate question for remaining parts.

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