Question

The following information is available for Optimist Company for the year ended December 31, 2011:      ...

The following information is available for Optimist Company for the year ended December 31, 2011:                              
   Accounts payable $2,700                   
   Accumulated depreciation, equipment       4,000                  
   Common stock 3,800                  
   Retained earnings 4,000                  
   Copyrights 2,500                  
   Notes payable (due in 5 years) 7,500                  
   Accounts receivable 1,500                  
   Cash 2,600                  
   Short-term investments 1,000                  
   Equipment 7,500                  
   Investment in long-term bonds 6,900                  
                              
Instructions                              
Use the above information to prepare a classified balance sheet for the year ended December 31, 2011.                              

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Vanguard Company had the following adjusted trial balance at December 31, 2011.                  ...
Vanguard Company had the following adjusted trial balance at December 31, 2011.                                      VARGUARD COMPANY                   Adjusted Trial Balance                   For the year ended December 31, 2011                                      Account titles   Debits   Credits           Cash   $14,800                Accounts Receivable   8,800               Equipment   15,900               Accounts Payable       $4,400           ...
Selected financial information for the Bravo-Zulu Company for the fiscal year ended December 31, 2016 is...
Selected financial information for the Bravo-Zulu Company for the fiscal year ended December 31, 2016 is as follows: Net Income $122,500 Depreciation Expense 50,000 Purchases of plant assets 125,000 Proceeds on disposals of plant assets 25,000 Loss on Disposal of plant assets 7,500 Accounts receivable decreased 2,500 Accounts payable increased 4,000 Interest expense 5,000 Income tax expense 2,500 Additionally, Bravo-Zulu issued stock in exchange for an outstanding note payable of $72,500. The cash balance on January 1, 2016 was $27,000....
The following information is available for Elm Tree Corporation for the year ended December 31, 2015:...
The following information is available for Elm Tree Corporation for the year ended December 31, 2015: Collection of principal on long-term loan to a supplier $25,000 Purchase of equipment for cash 12,000 Proceeds from the sale of long-term investment at carrying amount 28,000 Issue of common shares for cash 23,500 Payment of cash dividends 47,250 Purchase of land by issuing common shares 35,000 In addition, the following information is available from the comparative statements of financial position for Elm Tree...
Use the following information for the year ended December 31, 2022. Prepaid insurance $900 Service revenue...
Use the following information for the year ended December 31, 2022. Prepaid insurance $900 Service revenue $20,000 Operating expenses 14,800 Cash 16,000 Accounts payable 10,800 Dividends 1,600 Accounts receivable 3,700 Notes payable 1,500 Common stock 9,000 Bonds payable 54,000 Retained earnings (beginning) 6,700 Equipment 65,000 Calculate the following: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net income / (net loss) = Ending retained earnings = Total liabilities=
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...
Pharoah Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Pharoah Inc., a greeting card company, had the following statements prepared as of December 31, 2017. PHAROAH INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation—equipment (34,800 ) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900...
Cheyenne Corp.’s income statement for the year ended December 31, 2020, had the following condensed information:...
Cheyenne Corp.’s income statement for the year ended December 31, 2020, had the following condensed information: Service revenue $773,600 Operating expenses (excluding depreciation) $497,000 Depreciation expense 57,000 Unrealized loss on FV-NI investments 4,500 Loss on sale of equipment 12,100 570,600 Income before income taxes 203,000 Income tax expense 52,000 Net income $151,000 There were no purchases or sales of trading (FV-NI) investments during 2020. Cheyenne’s statement of financial position included the following comparative data at December 31: 2020 2019 FV-NI...
The following information is available for Abbott Company for the year ended December 31, 2015: •...
The following information is available for Abbott Company for the year ended December 31, 2015: • Pretax financial income, $700,000. • Installment sales revenue, $10,000 (future taxable). $3,000 and $7,000 of this temporary difference (i.e., the installment revenue) will be reversed in 2016 and 2017, respectively. • The tax rates of 2015, 2016, and 2017 are 30%, 25%, and 25%, respectively. Instructions (a) Compute Abbott’s 2015 taxable income. (b) Prepare the journal entry to record income tax expense, deferred income...
5. Devon’s bookkeeper provided the following balance sheet. DEVON COMPANY Balance Report for the year ended...
5. Devon’s bookkeeper provided the following balance sheet. DEVON COMPANY Balance Report for the year ended December 31, 2016 Current Assets: Cash $ 58,000 Current Liabilities: Accounts payable $ 25,000 Accounts receivable 123,500 Accumulated depreciation: buildings 20,000 Inventory, at higher of cost or market (cost $29,850) 35,800 Wages payable 22,200 Sinking fund for bond retirement 115,000 Additional paid-in capital on common stock 100,000 Long-Term Investments: Long-Term Liabilities: Treasury stock (at cost) 55,500 Bonds payable 100,000 Investments in bonds Marketable securities,...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT