The partial adjusted account balances of the Raiders Fitness
Center at December 31 are as follows:...
The partial adjusted account balances of the Raiders Fitness
Center at December 31 are as follows:
Accounts
Account Balances
Accounts
Account Balances
Cash
$
16,000
Service
Revenue
$107,000
Accounts
Receivable
15,000
Interest Revenue
13,000
Supplies
4,000
Depreciation
Expense
28,000
Prepaid
Insurance
8,000
Insurance
Expense
12,000
Buildings
300,000
Salaries and Wages
Expense 45,000
Accumulated Depreciation—Building 120,000
Supplies
Expense
5,000
Utilities
Expense
10,000
Accounts
Payable
19,000
Unearned Service
Revenue
7,000
Common
Stock
90,000
Retained
Earnings
115,000
Dividends
10,000
Instructions
Prepare...
Problem 10-1
At December 31, 2016, certain accounts included in the property,
plant, and equipment section...
Problem 10-1
At December 31, 2016, certain accounts included in the property,
plant, and equipment section of Monty Company’s balance sheet had
the following balances.
Land
$239,000
Buildings
901,400
Leasehold improvements
660,000
Equipment
882,000
During 2017, the following transactions occurred.
1.
Land site number 621 was acquired for $859,100. In addition, to
acquire the land Monty paid a $51,100 commission to a real estate
agent. Costs of $44,400 were incurred to clear the land. During the
course of clearing the...
The following are Marin Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with...
The following are Marin Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with a column showing the
increase (decrease) from 2016 to 2017.
COMPARATIVE BALANCE SHEETS
2017
2016
Increase
(Decrease)
Cash
$813,400
$705,900
$107,500
Accounts receivable
1,123,400
1,156,600
(33,200
)
Inventory
1,863,500
1,731,800
131,700
Property, plant, and equipment
3,302,300
2,988,100
314,200
Accumulated depreciation
(1,162,900
)
(1,033,700
)
(129,200
)
Investment in Myers Co.
307,100
276,600
30,500
Loan receivable
252,200
—
252,200
Total assets
$6,499,000
$5,825,300
$673,700
Accounts...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2016 and 2017
2017
2016
Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2016 and 2017
2017
2016
Gross sales
$
19,000
$
15,000
Sales returns and
allowances
1,000
100
Net sales
$
18,000
$
14,900
Cost of merchandise (goods)
sold
12,000
9,000
Gross profit
$
6,000
$
5,900
Operating expenses:
Depreciation
$
700
$
600
Selling and administrative
2,200
2,000
Research
550
500
Miscellaneous
360
300
Total operating expenses
$
3,810
$
3,400
Income before interest and
taxes
$
2,190
$
2,500...
Below is the Income Statement for Lopez Company for the
year-ending December 31, 2017:
Sales (net)...
Below is the Income Statement for Lopez Company for the
year-ending December 31, 2017:
Sales (net)
$500,000
Cost of Goods Sold:
Beginning Inventory
$50,000
Net Purchases
300,000
Goods Available for Sale
350,000
Ending Inventory
40,000
Cost of Goods Sold
310,000
Gross Profit
$190,000
Expenses:
Wages
$35,000
Depreciation
30,000
Advertising
15,000
Administrative
5,000
$85,000
Income from Operations
$105,000
Gain on Sale of Equipment
50,000
Net Income
$155,000
The following balances were derived from the balance sheet:
December 31
December 31
2017...
Sunny Technologies Inc. began operations on January 1, 2016. Its
post-closing trial balance at December 31,...
Sunny Technologies Inc. began operations on January 1, 2016. Its
post-closing trial balance at December 31, 2016 and 2017, is shown
below along with some other information.
Sunny Technologies Inc.
Income Statement
For Year Ended December 31, 2017
Revenues:
Sales
$
628,100
Cost of goods sold
484,100
Gross Profit
144,000
Expenses and other:
Other expenses
$
156,100
Depreciation expense
26,500
Total operating expenses
182,600
Operating Profit (Loss)
(38,600)
Loss on sales of plant assets
21,700
Profit (Loss)
$...
1. Yellow Mango Company had the following transactions during
2016:
• Sales of Php 4,500 on...
1. Yellow Mango Company had the following transactions during
2016:
• Sales of Php 4,500 on account
• Collected Php 2,000 for services to be performed in 2017
• Paid Php 1,625 cash in salaries
• Paid Php 5,000 for insurance effective 2017.
What is Yellow Mango’s 2016 net income/net loss using accrual
accounting?
2. On January 1, 2016, Ms. Scarlet set up a sole proprietorship.
She contributed cash of Php 1,500,000 and secured a loan of Php
220,000 ....
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...
Debby Kauffman and her two colleagues, Jamie Hiatt and Ella
rincon are personal trainers at an...
Debby Kauffman and her two colleagues, Jamie Hiatt and Ella
rincon are personal trainers at an upscale health spa/resot in
Tampa, Florida. They want to start a health club that specializes
in health plants for people in the fifty plus range. The growing
pop in this age range and strong consumer interest in the health
benefits pf phsyical activity have convinced them they can
proitably operate their own club. In addition to many other
deicisions, they need to determine what...
Tax Preparation Problem
Use the following information to complete Phillip and Claire
Dunphy’s
2016 federal income...
Tax Preparation Problem
Use the following information to complete Phillip and Claire
Dunphy’s
2016 federal income tax return. If information is missing, use
reasonable assumptions to fill in the gaps. Ignore the alternative
minimum tax for this problem.
Any required forms, schedules, and instructions can be found at
the IRS website (www.irs.gov). The instructions
can be helpful in completing the forms.
Facts:
Phillip and Claire are married and file a joint return. Phillip
is self-employed as a real estate agent,...