The following information are offered to you for X Company
Account Name
2019
2018
Cash
$...
The following information are offered to you for X Company
Account Name
2019
2018
Cash
$ 70,500
$50,300
Accounts Receivable
40,500
48,500
Marketable Securities
6,000
10,000
Inventory
65,000
50,000
Accounts payable
$ 65,000
$ 55,000
Salaries Payable
3,900
7,900
Other information:
· Net
income at the end of 2019 is $50,000.
· Depreciation
expense of 2019 is $15,000.
· A Truck
with a cost of $18,000 and a net book value of $7,000 was sold
during 2019 at $5,000.
Using indirect method, the...
Managerial Accounting Question:
Using the account balances and heading listed below, complete
the Financial Statements (with...
Managerial Accounting Question:
Using the account balances and heading listed below, complete
the Financial Statements (with proper headings) for the fiscal year
ended December 31, 2017 for Mitchell Company
Account Name Amount Account Name Amount
Accounts Payable $40,000 Machinery (net) 12,000
Accounts Receivable (net) 25,000 Marketable Securities 5,000
Accrued Liabilities 5,000 Mortgage Payable 45,000
Administration Expense 17,000 Net Sales 100,000
Bonds Payable 20,000 Notes Payable - Long Term 13,000
Buildings (net) 32,000 Notes Receivable 2,000
Cash 70,000 Other Expense (interest)...
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...
XYZ Ltd. has the following data in 2017 statements:
Net operating income
7,000
tax
15%
Net...
XYZ Ltd. has the following data in 2017 statements:
Net operating income
7,000
tax
15%
Net PPE (2018)
15,000
NOWC (2018)
20,000
Dep 2019
1,200
Net PPE (2019)
18,000
NOWC (2019)
22,000
What is the free cash flow for 2017?
The following is the ending balances of accounts at December 31,
2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31,
2018 for the Vosburgh Electronics Corporation. Account Title Debits
Credits Cash 83,000 Short-term investments 198,000 Accounts
receivable 139,000 Long-term investments 43,000 Inventories 223,000
Loans to employees 48,000 Prepaid expenses (for 2019) 24,000 Land
288,000 Building 1,630,000 Machinery and equipment 645,000 Patent
160,000 Franchise 48,000 Note receivable 290,000 Interest
receivable 20,000 Accumulated depreciation—building 628,000
Accumulated depreciation—equipment 218,000 Accounts payable 197,000
Dividends payable (payable on 1/16/19) 18,000 Interest payable
24,000 Taxes...
The financial statements for Waverley Ltd are provided
below:
Waverley Ltd
Comparative Balance Sheet
As at...
The financial statements for Waverley Ltd are provided
below:
Waverley Ltd
Comparative Balance Sheet
As at 30 June 2019 and 2020
2019
2020
Assets
Cash At Bank
167,000
215,000
Accounts Receivable
213,000
158,000
Inventory
68,000
73,000
Prepaid Rent
4,000
5,000
Buildings
320,000
350,000
Accumulated Depreciation – Buildings
(108,000)
(132,000)
Equipment
67,000
78,000
Accumulated Depreciation – Equipment
(25,000)
(26,000)
706,000
721,000
Liabilities
Accounts Payable
236,000
228,000
Dividend Payable
12,000
13,000
Salary Payable
18,000
20,000
Tax Payable
16,000
17,000
Bank Loan
158,000...
The following are relevant account balances from ABC’s
comparative balance sheet and 2019 income statement.
...
The following are relevant account balances from ABC’s
comparative balance sheet and 2019 income statement.
ABC’s balance sheets:
December 31, 2019
January 1, 2019
Cash
$ 6,000
$ 9,000
Accounts receivable
8,000
12,000
Merchandise inventory
29,000
18,000
Prepaid rent
6,000
4,000
Equipment
100,000
80,000
Accumulated depreciation
(28,000)
(13,000)
Total assets
$121,000
$110,000
Accounts payable
$ 9,000
$ 25,000
Unearned Revenue
6,000
4,000
Common stock
38,000
32,000
Retained earnings
68,000
49,000
Total liabilities and shareholders’ equity...
Given the following adjusted account balances (all normal),
prepare the closing journal entries for Ski Lodge...
Given the following adjusted account balances (all normal),
prepare the closing journal entries for Ski Lodge 2 on December 31,
2018.
Cash
45,000 Prepaid
rent
9,000
Jane Goden,
Capital
85,000
Land
65,000 Service
revenue
75,500
Unearned service
revenue
24,000
Supplies
4,000 Interest expense
5,000
Amortization expense - Vehicle 15,000
Rent
expense
12,500 Salary
expense
46,000
Jane Goden,
Withdrawals
20,000
Note
payable
70,000 Interest
payable 3,000
Acc.
amortization, Building
15,000
Freight Payable
2,200
COGS
1,000...
The adjusted account balances of MacDonald Company, at December
31, 2021, are as follows:
Cash
$12,700...
The adjusted account balances of MacDonald Company, at December
31, 2021, are as follows:
Cash
$12,700
Accounts payable
$12,000
Accounts receivable
22,000
Notes payable
7,000
Prepaid insurance
10,000
Accumulated depreciation–
Equipment
40,000
equipment
14,000
Depreciation expense
7,000
Service revenue
27,000
B. Stine, drawings
1,500
B.MacDonald, capital
22,000
Advertising expense
400
Unearned service revenue
16,000
Rent expense
1,800
Salary expense
2,000
Insurance expense
600
______
$98,000
$98,000
Instructions
a)
Prepare closing entries for December 31, 2021.
b)
Determine the balance in...
The following shows the ending balances of accounts for A
Company as of December 31, 2018....
The following shows the ending balances of accounts for A
Company as of December 31, 2018.
Account
Debits
Credits
Taxes payable
30,000
Inventory
285,000
Investments
140,000
Retained earnings
202,000
Prepaid expenses
148,000
Accumulated depreciation - equipment
110,000
Deferred revenue
80,000
Cash
65,000
Common stock
400,000
Equipment
320,000
Accounts payable
60,000
Accounts receivable
160,000
Notes payable
200,000
Allowance for uncollectible accounts
16,000
Interest payable
20,000
Total
1,118,000
1,118,000
Additional information:
1. Prepaid expenses include $120,000 paid on December 31, 2018
for...