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?
1.
Selected balances for Tyner Company are as follows:
2017; 2016
Equipment 100,000; 40,000
Accumulated Depreciation...
1.
Selected balances for Tyner Company are as follows:
2017; 2016
Equipment 100,000; 40,000
Accumulated Depreciation (30,000); (10,000)
A. Tyner sold equipment that originally cost $50,000 at a gain
of $4,000
B. Depreciaton expense for the year was $60,000
C. Tyner had an equipment purchase for cash during the year
Prepare the investing section of hte cash flow statement for
Tyner.
2.
Selected balances for Cole Company are as follows:
2017; 2016
Long-Term Notes Payable 100,000; 150,000
Common Stock 150,000;...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts receivable 50,000 30,000
Inventory 50,000 70,000
Property, plant and equipment (net) 160,000 200,000
Total assets $300,000 $400,000
Liabilities and stockholders equity
Accounts payable $20,000 $30,000
Short term notes payable 40,000 90,000
Bonds payable 80,000 160,000
Common stock 60,000 45,000
Retained earnings 100,000 75,000
Total liabilities and stockholders equity $300,000 $400,000
Income statement (for the year ended December 31, 2007)
Net sales $360,000
Cost...
Ruth invested $100,000 in the Doing Great partnership. The
partnership is now being liquidated and Ruth...
Ruth invested $100,000 in the Doing Great partnership. The
partnership is now being liquidated and Ruth has a deficit balance
of $30,000. Which of the following statement is true?
Ruth responsibility and loss is constrained to the original
$100,000 investment.
Ruth is responsible to pay the partnership additional $30,000,
even if she would need to sell her personal assets in order to
afford this payment.
Ruth should cover her deficit only if she can easily afford
it.
Ruth is legally...
The following selected account balances were taken from ABC Company's general
ledgers for 2019:
January 1,...
The following selected account balances were taken from ABC Company's general
ledgers for 2019:
January 1, 2019 December 31, 2019
Inventory 47,000 56,000
Accounts payable 50,000 28,000
Salaries payable 9,000 4,000
Investments 68,000 75,000
Accounts receivable 69,000 53,000
Land 58,000 88,000
Notes payable 95,000 120,000
Unearned revenue 17,000 25,000
Common stock 100,000 170,000
Retained earnings 23,000 35,000
The following information was taken from ABC Company's 2019 income statement:
Sales revenue $420,000
Cost of goods sold 300,000
Salaries expense 88,000
Net...
The following selected account balances were taken from XYZ Company's
general ledgers for 2022:
January 1,...
The following selected account balances were taken from XYZ Company's
general ledgers for 2022:
January 1, 2022 December 31, 2022
Inventory 47,000 56,000
Accounts payable 50,000 28,000
Salaries payable 4,000 9,000
Investments 69,000 75,000
Accounts receivable 68,000 35,000
Land 58,000 88,000
Notes payable 120,000 95,000
Unearned revenue 17,000 25,000
Common stock 100,000 170,000
Retained earnings 23,000 35,000
The following information was taken from XYZ Company's 2022 income
statement:
Sales revenue $420,000
Cost of goods sold 300,000
Salaries expense 88,000
Net...
The following selected account balances were taken from XYZ Company's
general ledgers for 2022:
January 1,...
The following selected account balances were taken from XYZ Company's
general ledgers for 2022:
January 1, 2022 December 31, 2022
Inventory 47,000 56,000
Accounts payable 50,000 28,000
Salaries payable 4,000 9,000
Investments 69,000 75,000
Accounts receivable 68,000 35,000
Land 58,000 88,000
Notes payable 120,000 95,000
Unearned revenue 17,000 25,000
Common stock 100,000 170,000
Retained earnings 23,000 35,000
The following information was taken from XYZ Company's 2022 income
statement:
Sales revenue $420,000
Cost of goods sold 300,000
Salaries expense 88,000
Net...
Ritchie, a partner in the partnership that carries the name Car
Parts has a 30% participation...
Ritchie, a partner in the partnership that carries the name Car
Parts has a 30% participation in the partnership profits. His
capital account had a net decrease of P48,000 during the year.
During the same year, Ritchie withdrew P104,000 (charged against
his capital account) and contributed property valued at P20,000 to
the partnership.
What was the net income of the business for that year?
Group of answer choices
120,000
440,000
132,000
36,000
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Question 22 pts
On April...
Revision Questions
1. Non-Current
Assets
Provide the journal entries for the following transaction:
Matthew built a...
Revision Questions
1. Non-Current
Assets
Provide the journal entries for the following transaction:
Matthew built a new building to store supplies for his business.
The builder charged $250,000, the electrician cost $10,000 and a
painter cost 5,000. A compulsory fire safety inspection was
conducted and cost $1,000. Matthew is still worried about the
building burning down and has purchased 12 months insurance for
$10,000 which covers the value of the building in case of
destruction.
Matthew calculated that the above...
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account....
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account. The cost of the
goods sold were $60,000.
Bobcat Coffee purchased $80,000 of inventory. All
purchases were on account.
Bobcat Coffee paid salaries of $50,000. This was payment
for salaries of $35,000 and $15,000 that was payable from last
year.
Bobcat Coffee purchased $7,000 of supplies. All of these
purchases were on account.
Bobcat Coffee received $40,000 cash from customers who
had been granted...