Sheridan Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$18,100
Accounts payable
$27,500
Accounts...
Sheridan Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$18,100
Accounts payable
$27,500
Accounts receivable
$39,100
Notes payable
13,300
Less:
Allowance for doubtful accounts
2,400
36,700
Unearned revenue
3,300
Inventory
61,600
Total current liabilities
$44,100
Prepaid expenses
7,400
Total current assets
$123,800
The following errors in the corporation’s accounting have been
discovered:
1.
Keane collected $3,600 on December 20, 2017 as a down payment
for services to be performed in January, 2018. The company’s
controller recorded the amount...
1 Balance Sheet: Dec. 31, 2018 Dec. 31, 2017
Property, plant, and equipment $ 800,000 $...
1 Balance Sheet: Dec. 31, 2018 Dec. 31, 2017
Property, plant, and equipment $ 800,000 $ 559,000
Accumulated depreciation 142,000 86,000
Income Statement: 2018
Depreciation expense $ 90,000
Loss on sale of property, plant, and equipment 19,000
During the year, PPE with a book value of $48,000 were sold.
In the statement of cash flows, the investing activities section
should show a cash disbursement for "purchases of property, plant,
and equipment" for $ ______
2 Dec. 31, 2018 Dec. 31,...
The current assets and current liabilities sections of the
balance sheet of Tamarisk Company appear as...
The current assets and current liabilities sections of the
balance sheet of Tamarisk Company appear as follows.
TAMARISK COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 40,200
Accounts payable
$ 62,590
Accounts receivable
$90,900
Notes payable
71,980
Less: Allowance for doubtful
accounts
7,330
83,570
$134,570
Inventory
172,890
Prepaid expenses
9,720
$306,380
The following errors in the corporation’s accounting have been
discovered:
1.
January 2018 cash disbursements entered as of December 2017
included payments of accounts payable in the amount of...
SPRING TRAINING INC.
Balance
Sheet
December 31, 2017
ASSETS &nb
SPRING TRAINING INC.
Balance
Sheet
December 31, 2017
ASSETS
LIABILITIES
Cash
$25,000
Accounts
Payable
$50,000
Accounts
Rec.
5,000
Mortgage
Payable
50,000
Inventory
14,000
Supplies
2,000
Total
Liabilities
$100,000
Land
18,000
Buildings
$220,000
STOCKHOLDER
EQUITY
Acc. Depr. <20,000>
200,000
Equipment
200,000
Common Stock $5 Par
$30,000
Acc. Depr <14,000>
186,000
Excess of
Par
$300,000
Retained
Earnings
20,000
Total
Equity
$350,000
TOTAL ASSETS
$450,000
TOTAL LIAB. &
EQUITY ...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
Hardaway Fixtures’ balance sheet at December 31, 2017, included
the following:
Shares issued and outstanding:
Common...
Hardaway Fixtures’ balance sheet at December 31, 2017, included
the following:
Shares issued and outstanding:
Common stock, $1 par $800,000
Nonconvertible preferred stock, $50 par 20,000
On July 21, 2018, Hardaway issued a 25% stock dividend on its
common stock. On December 12, it paid $50,000
cash dividends on the preferred stock. Net income for the year
ended December 31, 2018, was $2,000,000.
Required:
Compute Hardaway’s earnings per share for the year ended December
31, 2018.
Acme Company Balance Sheet As of January 5, 2018 (amounts in
thousands) Cash 13,700 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2018 (amounts in
thousands) Cash 13,700 Accounts Payable 2,000 Accounts Receivable
3,200 Debt 3,600 Inventory 5,100 Other Liabilities 900 Property
Plant & Equipment 15,400 Total Liabilities 6,500 Other Assets
800 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity
31,700 Total Assets 38,200 Total Liabilities & Equity 38,200
Update the balance sheet above to reflect the transactions below,
which occur on January 6, 2018 1. Sell product for $40,000 with
historical cost of...
The unadjusted trial balance for People First as December 31,
2017 is provided on the trial...
The unadjusted trial balance for People First as December 31,
2017 is provided on the trial balance tab.
Information for adjustments is as follows:
As of December 31, 2017, employees had earned $1,800 of unpaid
and unrecorded salaries. The next payday is January 4, at which
time $2,250 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is
$2,000.
The notes payable requires an interest payment to be made every
three months. The amount...
Hardaway Fixtures'
balance sheet at December 31, 2017, included the
following:
Shares
issued and outstanding:
Common...
Hardaway Fixtures'
balance sheet at December 31, 2017, included the
following:
Shares
issued and outstanding:
Common stock, $1
par
$
960,000
Nonconvertible
preferred stock, $50 par
20,000
On July 21, 2018, Hardaway issued a 25% stock dividend on its
common stock. On December 12 it paid $45,000 cash dividends on the
preferred stock. Net income for the year ended December 31, 2018,
was $3,600,000.
Required:
Compute Hardaway's
earnings per share for the year ended December 31, 2018.
(Enter your...