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...
Balance sheet data for Kilroy Company for 2022 appears below:
January 1, 2022 December 31, 2022...
Balance sheet data for Kilroy Company for 2022 appears below:
January 1, 2022 December 31, 2022
ASSETS:
Cash 22,000 58,000
Accounts receivable 63,000 15,000
Inventory 78,000 89,000
Land 56,000 91,000
LIABILITIES + EQUITY:
Accounts payable 24,000 33,000
Income taxes payable 17,000 26,000
Notes payable 79,000 67,000
Common stock 70,000 84,000
Retained earnings 29,000 43,000
Kilroy Company's 2022 income statement is given below:
Sales revenue 246,000
Cost of goods sold 159,000
Loss on sale of land 52,000
Income tax expense 14,000...
The financial statements of Simon Co. include the following
items (amounts in thousands):
Income Statement
For...
The financial statements of Simon Co. include the following
items (amounts in thousands):
Income Statement
For the Year Ended December 31, 2017
Net income
$
473
Depreciation and amortization
expense
336
At
December 31
Balance Sheets
2017
2016
Accounts
receivable
$
143
$
186
Inventory
163
135
Accounts payable
33
136
Income taxes payable
73
31
Required:
a. Calculate the net cash flow provided (used)
by operations for Simon Co. for the year ended December 31, 2017.
(Enter your answer...
Prepare Income Statement from following information:
Date
Account Titles
Debit
Credit
2016
$
$
Jan 1...
Prepare Income Statement from following information:
Date
Account Titles
Debit
Credit
2016
$
$
Jan 1
Cash
4,000,000
Common Stock
50,000
Paid-in Capital in Excess of Par: Common Stock
3,950,000
Jan 1
Cash
104,000
Premium on Bonds Payable
4,000
Bonds Payable
100,000
Jan 1
Equipment 1
50,000
Cash
50,000
Jan 1
Equipment 2
550,000
Cash
550,000
Jan 3
Inventory
22,000
Cash
22,000
Apr 1
Building
900,000
Cash
900,000
June 1
Equipment 3
100,000
Cash
100,000
June 1
Inventory
23,000
Cash...
Lansing Company’s 2017 income statement and selected balance
sheet data (for current assets and current liabilities)...
Lansing Company’s 2017 income statement and selected balance
sheet data (for current assets and current liabilities) at December
31, 2016 and 2017, follow.
LANSING COMPANY
Income Statement
For Year Ended December 31, 2017
Sales revenue
$142,200
Expenses
Cost of goods
sold
57,000
Depreciation expense
19,500
Salaries expense
33,000
Rent
expense
10,500
Insurance expense
5,300
Interest expense
5,100
Utilities expense
4,300
Net
income
$7,500
LANSING COMPANY
Selected Balance Sheet Accounts
At December
31
2017
2016
Accounts receivable
$7,100
$8,800
Inventory...
The income statement and selected balance sheet information for
Calendars Incorporated for the year ended December...
The income statement and selected balance sheet information for
Calendars Incorporated for the year ended December 31 is presented
below.
Income Statement
Sales Revenue
$
72,000
Expenses:
Cost of Goods Sold
33,000
Depreciation Expense
15,400
Salaries and Wages
Expense
9,400
Rent Expense
1,900
Insurance Expense
1,000
Interest Expense
900
Utilities Expense
700
Net Income
$
9,700
Selected Balance Sheet Accounts
Ending Balances
Beginning Balances
Inventory
$
435
$
500
Accounts
Receivable
1,500
1,260
Accounts
Payable
1,360
1,620
Salaries...
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 ...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016,...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016, and the increases or decreases
in each account from 2016 to 2017. Also presented is selected
income statement information for the year ended December 31, 2017,
and additional information.
Selected balance sheet accounts
Assets
2017
2016
Increase (Decrease)
Accounts receivable
$33,700
$24,000
$9,700
Property, plant, and equipment
276,400
249,500
26,900
Accumulated depreciation—plant assets
(178,400)
(167,300)
(11,100)
Liabilities and stockholders’ equity
2017
2016
Increase...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and 2017are shown.
Terry Company
Income
Statement
For the year Ended December
31, 2017
Sales
$
390,000
Cost of Goods Sold
235,000
_______
Gross Profit
$
155,000
Wages Expenses
$
63,000
Depreciation Expense
14,000
Other Operating Expenses
26,000
Income Tax Expense
17,000
120,000
______
________
Net Income
$
35,000
...
Presented below is the 2018 income statement and comparative
balance sheet information for Tiger Enterprises.
TIGER...
Presented below is the 2018 income statement and comparative
balance sheet information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2018
($ in thousands)
Sales
revenue
$
7,660
Operating
expenses:
Cost of goods
sold
$
3,470
Depreciation
350
Insurance
210
Administrative
and other
1,910
Total operating
expenses
5,940
Income before
income taxes
1,720
Income tax
expense
710
Net income
$
1,010
Balance Sheet
Information ($ in thousands)
Dec. 31,2018
Dec. 31, 2017
Assets:
Cash
$...