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 27,000 43,000
Accounts receivable 39,000 26,000
Inventory 42,000 88,000
Prepaid insurance 21,000 29,000
Land 37,000 72,000
Equipment 61,000 94,000
Accumulated depreciation <14,000> <25,000>
LIABILITIES + EQUITY:
Accounts payable 33,000 41,000
Income taxes payable 21,000 15,000
Unearned revenue 25,000 39,000
Notes payable 51,000 75,000
Common stock 34,000 93,000
Retained earnings 49,000 64,000
Kilroy Company's 2022 income statement is given below:
Sales revenue 329,000...
Exercise 23-05
Bramble Company’s income statement for the year ended December
31, 2020, contained the following...
Exercise 23-05
Bramble Company’s income statement for the year ended December
31, 2020, contained the following condensed information.
Service revenue
$842,000
Operating expenses (excluding depreciation)
$618,000
Depreciation expense
59,000
Loss on sale of equipment
25,000
702,000
Income before income taxes
140,000
Income tax expense
41,000
Net income
$99,000
Bramble’s balance sheet contained the following comparative data at
December 31.
2020
2019
Accounts receivable
$38,000
$53,000
Accounts payable
42,000
33,000
Income taxes payable
3,900
8,700
(Accounts payable pertains to operating expenses.)...
Selected data for Jacobe Inc. for the month of July 2020 are
presented below:
Description
Amount...
Selected data for Jacobe Inc. for the month of July 2020 are
presented below:
Description
Amount
Work in process inventory, opening
$17,000
Work in process inventory, closing
$12,000
Raw materials inventory, opening
$10,000
Raw materials inventory, closing
$13,000
Assembly line worker's salary
$70,000
Direct material purchases
$34,000
Customer delivery costs
$22,000
Salary of salespeople
$143,000
Depreciation on factory equipment
$34,000
Factory supervisor salary
$49,000
Sales revenue
$516,000
Factory utility costs
$17,000
Marketing and admin costs
$117,000
Finished goods inventory, opening...
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...
GREAT ADVENTURES, INC.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic,...
GREAT ADVENTURES, INC.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing,
TEAM)
$ 533,000
Sales revenue (MU watches)
108,000
Total revenues
$
641,000
Expenses:
Cost of goods
sold (watches)
65,000
Operating
expenses
303,776
Depreciation
expense
45,000
Interest
expense
29,224
Income tax
expense
54,000
Total
expenses
497,000
Net income
$ 144,000
GREAT ADVENTURES, INC.
Balance Sheets
December 31, 2020 and 2019
2020
2019
Increase (I)
or...
LEARNING OUTCOME
# 5 - Part B
Prepare the
Operating Activities section of the Statement of...
LEARNING OUTCOME
# 5 - Part B
Prepare the
Operating Activities section of the Statement of Cash Flows for
Acorn Technologies using the indirect method from the data below.
All yellow cells require text or dollars for the solution to be
complete.
Acorn Technologies
Comparative Balance Sheets
December 31,
2017
2016
Current assets:
Cash and cash
equivalents
$
67,200
$
12,800
Accounts receivable
54,700
50,000
Inventories
53,400
45,000
Prepaid expenses
2,400
6,000
Plant...
As the accountant for MM Group your duties include preparing the
Statement of Cash Flows from...
As the accountant for MM Group your duties include preparing the
Statement of Cash Flows from the information provided below. MM
Group
Comparative Statements of Financial Position
As at June 30
2018
2017
Cash
55,000
45,000
Accounts Receivable
100,000
82,000
Prepaid Expenses
10,000
8,000
Inventory
65,000
60,000
Equity Investments (non-trading)
70,000
80,000
Equipment
50,000
40,000
Building
300,000
300,000
Land
80,000
40,000
730,000
655,000
Allowance for Doubtful...
1. It is time for Jung So Min Corp. to begin its annual budget
preparation for...
1. It is time for Jung So Min Corp. to begin its annual budget
preparation for its upcoming fiscal year, which ends on December
31, 2021. They are in need of temporary assistance in their
accounting office, and have hired you to carry out the task of
preparing the budgets. Jung So Min prepares quarterly budgets, and
then from this information prepares an annual budget.
To assist you in this task, Jung So Min has gathered the
following information:
1)...
What tools could AA leaders have used to increase their
awareness of internal and external issues?...
What tools could AA leaders have used to increase their
awareness of internal and external issues?
???ALASKA AIRLINES: NAVIGATING CHANGE
In the autumn of 2007, Alaska Airlines executives adjourned at
the end of a long and stressful day in the
midst of a multi-day strategic planning session. Most headed
outside to relax, unwind and enjoy a bonfire
on the shore of Semiahmoo Spit, outside the meeting venue in
Blaine, a seaport town in northwest
Washington state.
Meanwhile, several members of...