Current Liabilities Bon Nebo Co. sold 12,000 annual subscription
of magazine 20XX for $51 during December...
Current Liabilities Bon Nebo Co. sold 12,000 annual subscription
of magazine 20XX for $51 during December 20Y8. These new
subscribers will recive monthly issues, beginning in January 20Y9.
In addition, the business had taxable income of $384,000 during the
first calendar quarter of 20Y9. The federal tax rate is 38%. A
quarterly tax payment will be made on April 12, 20Y9. Prepare the
current Liabilities section of the balance sheet for Bon Nebo Co.
on March 31, 20Y9 Bone Nebo...
Current Liabilities Bon Nebo Co. sold 12,000 annual subscription
of magazine 20XX for $51 during December...
Current Liabilities Bon Nebo Co. sold 12,000 annual subscription
of magazine 20XX for $51 during December 20Y8. These new
subscribers will recive monthly issues, beginning in January 20Y9.
In addition, the business had taxable income of $384,000 during the
first calendar quarter of 20Y9. The federal tax rate is 38%. A
quarterly tax payment will be made on April 12, 20Y9. Prepare the
current Liabilities section of the balance sheet for Bon Nebo Co.
on March 31, 20Y9 Bone Nebo...
Current Liabilities Bon Nebo Co. sold 19,000 annual
subscriptions of Bjorn for $49 during December 20Y5....
Current Liabilities Bon Nebo Co. sold 19,000 annual
subscriptions of Bjorn for $49 during December 20Y5. These new
subscribers will receive monthly issues, beginning in January 20Y6.
In addition, the business had taxable income of $588,000 during the
first calendar quarter of 20Y6. The federal tax rate is 38%. A
quarterly tax payment will be made on April 12, 20Y6. Prepare the
“Current liabilities” section of the balance sheet for Bon Nebo Co.
on March 31, 20Y6. Bon Nebo Co....
Budgeted Income Statement and Balance Sheet
As a preliminary to requesting budget estimates of sales, costs,...
Budgeted Income Statement and Balance Sheet
As a preliminary to requesting budget estimates of sales, costs,
and expenses for the fiscal year beginning January 1, 20Y9, the
following tentative trial balance as of December 31, 20Y8, is
prepared by the Accounting Department of Regina Soap Co.:
Cash
$111,000
Accounts Receivable
196,500
Finished Goods
41,300
Work in Process
27,500
Materials
45,200
Prepaid Expenses
3,300
Plant and Equipment
576,100
Accumulated Depreciation—Plant and Equipment
$247,700
Accounts Payable
157,200
Common Stock, $10 par
350,000...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Merrick Equipment Co. for
December 31,...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Merrick Equipment Co. for
December 31, 20Y9 and 20Y8, is as follows:
Dec. 31, 20Y9
Dec. 31, 20Y8
Assets
Cash
$222,710
$208,610
Accounts receivable (net)
80,680
74,920
Inventories
227,760
221,840
Investments
0
85,940
Land
116,820
0
Equipment
251,290
196,120
Accumulated depreciation—equipment
(58,830)
(52,890)
Total assets
$840,430
$734,540
Liabilities and Stockholders'
Equity
Accounts payable
$152,120
$144,700
Accrued expenses payable
15,130
19,100
Dividends payable
8,400
6,610
Common stock, $10 par
45,380
35,990...
Statement of Cash Flows—Indirect Method The comparative balance
sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance
sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is
as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $239,430
$222,980 Accounts receivable (net) 86,740 80,090 Inventories
244,850 237,110 Investments 0 91,860 Land 125,590 0 Equipment
270,150 209,640 Accumulated depreciation—equipment (63,250)
(56,530) Total assets $903,510 $785,150 Liabilities and
Stockholders' Equity Accounts payable $163,540 $154,670 Accrued
expenses payable 16,260 20,410 Dividends payable 9,040 7,070 Common
stock, $10 par 48,790 38,470...
The comparative balance sheet of Merrick Equipment Co. for Dec.
31, 20Y9 and 20Y8, is:
Dec....
The comparative balance sheet of Merrick Equipment Co. for Dec.
31, 20Y9 and 20Y8, is:
Dec. 31,
20Y9
Dec. 31,
20Y8
Assets
Cash
$70,720
$47,940
Accounts receivable (net)
207,230
188,190
Inventories
298,520
289,850
Investments
0
102,000
Land
295,800
0
Equipment
438,600
358,020
Accumulated depreciation—equipment
(99,110)
(84,320)
Total assets
$1,211,760
$901,680
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$205,700
$194,140
Accrued expenses payable (operating expenses)
30,600
26,860
Dividends payable
25,500
20,400
Common stock, $1 par
202,000
102,000
Paid-in capital in...
Riggs Corporation has the following balance sheet information at
December 31, 2016.
Current
liabilities
$
800,000...
Riggs Corporation has the following balance sheet information at
December 31, 2016.
Current
liabilities
$
800,000
Convertible bonds ($1,000 par,
5%)
2,000,000
Common stock ($1 par, 300,000
shares issued
300,000
Additional paid-in capital
2,100,000
Retained earnings
3,230,000
Treasury stock (43,000
shares)
(1,161,000
)
Total liabilities and
shareholders’ equity
$
7,269,000
The convertible bonds were issued at par in 2014 and are
convertible into Riggs’s common stock at a ratio of 15 shares of
stock to 1 bond. In its December...
The following items were selected from among the transactions
completed by Pioneer Co. during the current...
The following items were selected from among the transactions
completed by Pioneer Co. during the current year:
Mar.
1
Purchased merchandise on account
from Galston Co., $360,000, terms n/30.
31
Issued a 30-day, 5% note for
$360,000 to Galston Co., on account.
Apr.
30
Paid Galston Co. the amount owed on
the note of March 31.
Jun.
1
Borrowed $180,000 from Pilati Bank,
issuing a 45-day, 4% note.
Jul.
1
Purchased tools by issuing a
$210,000, 60-day note to Zegna...
The 2013
balance sheet of the Captain Jet Inc. is attached. During 2014, the
following events...
The 2013
balance sheet of the Captain Jet Inc. is attached. During 2014, the
following events occurred.
1. On January 10,
sell merchandise on account to Rayms $9,600 and Fischer $8,800.
Terms 2/10, n/30. Freight $100 for each sale, F.O.B. shipping
point.
2. On January 12,
purchase merchandise on account from Zapfel $3,000 and Liotta
$2,400. Terms 1/10, n/30. Freight $120 for each sale, F.O.B.
destination.
3. Receive checks,
$4,000 from Longhini and $2,000 from Hall, for sales on
account...