QUESTION 1
Co. XYZ Balance Sheet
Assets:
Cash and marketable
securities &nbs
QUESTION 1
Co. XYZ Balance Sheet
Assets:
Cash and marketable
securities $300,000
Accounts
receivable 1,125,000
Inventories 1,837,500
Prepaid
expenses 24,000
Total current
assets $3,286,500
Fixed
assets 2,700,000
Less: accumulated
depreciation 1,087,500
Net fixed
assets $1,612,500
Total
assets $4,899,000
Liabilities:
Accounts
payable $240,000
Notes
payable 825,000
Accrued
taxes 42,000
Total current
liabilities $1,107,000
Long-term
debt 975,000
Owner’s
equity 2,817,000
Total liabilities and owner’s
equity $4,899,000
Co. XYZ Income Statement
Net sales (all
credit) $6,375,000
Less: Cost of goods
sold 4,312,500
Selling and administrative
expense 1,387,500
Depreciation
expense 135,000
Interest
expense 127,000
Earnings before
taxes $
412,500
Income
taxes 225,000
Net
income $
188,000
Common stock...
The accounts of the Capitan Company are shown below:
Capitan Company
List of Accounts as on...
The accounts of the Capitan Company are shown below:
Capitan Company
List of Accounts as on
December 31
Accounts payable
$20,000
Accounts receivable
18,000
Accumulated depreciation
11,000
Equity shares
75,000
Cash
85,000
Building and equipment
81,000
Inventory
15,000
Long-Term investment
30,000
Land
27,000
Marketable securities
3,000
Mortgage payable
89,000
Patents
4,000
Prepaid rent
6,000
Retained earnings
?
Supplies
6,000
Taxes payable
11,000
Unearned revenue
19,000
Required:
Prepare a balance sheet at December 31 for the Capitan Company.
Assume that no...
On January 2, 20X7, Victory Co. acquired 60% of the shares of
Sauce Ltd. by issuing...
On January 2, 20X7, Victory Co. acquired 60% of the shares of
Sauce Ltd. by issuing shares valued at $1,200,000. On this date,
Sauce’s building and machinery had estimated remaining useful lives
of 10 years and 5 years respectively. Both Victory and Sauce use
straight-line depreciation. The separate-entity statements of
financial position for Victory and Sauce just prior to the
acquisition are presented below.
Statements of Financial Position
As of January 1, 20X7
Victory Co. Sauce Ltd.
(Carrying Value)
(Carrying...
Financial statements for AAR Company appear below:
AAR Company
Balance Sheet
December 31
Current assets:
...
Financial statements for AAR Company appear below:
AAR Company
Balance Sheet
December 31
Current assets:
Cash and marketable securities
$21,000
Accounts receivable, net
160,000
Inventory
300,000
Prepaid expenses
9,000
Total current assets
490,000
Noncurrent assets:
Plant & equipment, net
810,000
Total assets
$1,300,000
Current liabilities:
Accounts payable
$75,000
Accrued liabilities
25,000
Notes payable, short term
100,000
Total current
liabilities
200,000
Noncurrent liabilities:
Bonds payable
300,000...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title Debits Credits Cash $
45,000 Accounts receivable 39,000 Inventories 80,000 Prepaid rent
for the next 8 months 21,000 Marketable securities (short term)
15,000 Machinery 170,000 Accumulated depreciation—machinery $
16,000 Patent (net of amortization) 84,000 Accounts payable 10,500
Wages payable 6,500 Taxes payable 37,000 Bonds payable (due in 10
years) 190,000 Common stock 150,000 Retained earnings 44,000 Totals
$ 454,000 $ 454,000 Required: Prepare a...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8 months
28,000
Marketable securities (short term)
22,000
Machinery
205,000
Accumulated depreciation—machinery
$
23,000
Patent (net of amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10 years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
Below are the balance sheet accounts
and balances for The Cougar Hotel for the years 20X7...
Below are the balance sheet accounts
and balances for The Cougar Hotel for the years 20X7
and 20X8, please complete the
following:
1.
Organize the information into the correct Balance Sheet
Format. Proper format
includes:
a. Headings
b. Dates
c.
Subtotals/Totals
d. Vertical
Analysis
e. Horizontal
Analysis
20X7
20X8
Accounts
Payable
100,000
500,000
Accounts
Receivable
500,000
100,000
Accumulated
Depreciation
(7,000,000) (12,000,000)
Building
20,000,000 25,000,000
Cash
600,000
400,000
Common
Stock
20,000,000 25,000,000
Current Portion of
Mortgage
1,250,000
1,250,000
Equipment
10,000,000 12,000,000...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation. Account Title Debits Credits Cash
47,000 Accounts receivable 41,000 Inventories 82,000 Prepaid rent
for the next 8 months 23,000 Marketable securities (short term)
17,000 Machinery 180,000 Accumulated depreciation—machinery 18,000
Patent (net of amortization) 86,000 Accounts payable 11,500 Wages
payable 7,500 Taxes payable 39,000 Bonds payable (due in 10 years)
210,000 Common stock 100,000 Retained earnings 90,000 Totals
476,000 476,000 Required: Prepare a classified balance sheet for...
The following is a
December 31, 2018, post-closing trial balance for the Jackson
Corporation.
Account
Title...
The following is a
December 31, 2018, post-closing trial balance for the Jackson
Corporation.
Account
Title
Debits
Credits
Cash
$
51,000
Accounts
receivable
45,000
Inventories
86,000
Prepaid rent for
the next 8 months
27,000
Marketable
securities (short term)
21,000
Machinery
200,000
Accumulated
depreciation—machinery
$
22,000
Patent (net of
amortization)
90,000
Accounts
payable
13,500
Wages
payable
9,500
Taxes
payable
43,000
Bonds payable
(due in 10 years)
250,000
Common
stock
140,000
Retained
earnings
42,000
Totals
$
520,000
$
520,000
Required:
Prepare a...
Balance Sheet
The following balance sheet contains errors.
ATLAS SERVICES CO.
Balance Sheet
For the Year...
Balance Sheet
The following balance sheet contains errors.
ATLAS SERVICES CO.
Balance Sheet
For the Year Ended May 31,
20Y5
Assets
Current assets:
Cash
$ 12,000
Accounts payable
47,900
Supplies
4,800
Prepaid insurance
17,400
Land
400,000
Total current assets
$482,100
Property, plant, and equipment:
Building
$ 225,000
Equipment
90,000
Total property, plant, and equipment
315,000
Total assets
$797,100
Liabilities
Current liabilities:
Accounts receivable
$ 40,800
Accumulated depreciation—building
54,600
Accumulated depreciation—equipment
32,400
Net loss
44,200
Total liabilities
$172,000
Stockholders’ Equity
Wages...