Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income SA

Blue Spruce Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $21,000 Total assets, December 31 $95,000 Accounts receivable, January 1 17,000 Cash balance, December 31 18,000 Collections from customers during year 202,000 Accounts receivable, December 31 34,000 Capital account balance, January 1 38,000 Merchandise taken for personal use 13,000 Total assets, January 1 66,000 Total liabilities, December 31 41,000 Cash investment by sole proprietor, July 1 4,000 Calculate the net income for 2023. Net income SA

Name: Blue Spruce Video Company, a sole proprietorship, had the following i
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Blue Spruce Video Company, a sole proprietorship, had the following information for 2023:Cash balance, January 1$21,000Total assets, December 31$95,000Accounts receivable, January 117,000Cash balance, December 3118,000Collections from customers duri

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

See similar textbooks

Similar questions

Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000
The following data as of May 1, 2020 were taken from the records of Bravo: Cash 21,000 Accounts Receivable 244,536 Inventories 130.035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 4 Notes Payable 210,000 Bravo, capital 681.976 And the following accounts and balances were taken from the records of Charlie Cash P 32.354 Accounts Receivable 577.890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438.267 Other Assets 13.600 Accounts Payable 253,650 Notes Payable 355,000 Charlie, capital 768,352 Bravo and Charle agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments a) Inventories of P6.500 and P6 700 are worthless in Bravo's and Charlie's respective books b) Accounts Receivable of P25,000 Bravos book and P30,000 in Charlie's book are uncollectib Other assets of P4 000 and PG.000 in Bravo and Charlie's respective books are to be written The adjustment to…
The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other assets 12,000 Accounts Receivable 244,536 Accounts Payable 188,940 Inventories 130,035 Notes Payable 210,000 Land 613,000 Bonbon, capital 681,976 Furniture & Fixtures 60,345 And the following accounts and balances were taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267 Notes Payable 355,000 Furniture and Fixtures 44,789 Caloy, capital 768,352 Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30.000 in Caloy's book are uncollectible. c) Other assets of P4.000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The partnership assumes the…
Five Incorporated maintains its accounting records using the cash basis but presents financial basis using the accrual method. For the year 2021, Five reported cash basis income of 532,000. Other information are as follows: Accounts Receivable, January 1 300,000 Accounts Receivable, December 31 150,000 Accounts Payable, January 1 400,000 Accounts payable, December 31 320,000 What is the accrual basis net income?
The following information relating to Mazoon LLC, for the year ended 31st December 2020 is provided to you and you are requested to calculate sales for the year ending 2020 under CPP method. Details OMR Net monetary assets on 1st January 2020 5,000 Net monetary assets as on 31st December 2020 35,000 Transactions for the year are as given below Cash Sales 40,000 Credit Sales 50,000 Credit Purchases 35,000 Wages 10,000 Other operating expenses 5,000 Interest paid 10,000 General Price Index on 1st January 2020 = 100 General Price Index on 31st December 2020 = 150 Average Index for the year 2020 = 125
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 26,680 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue 17,480 16,88e 168, 08e $ 8,700 7,80e 163, e00 48,500 Conmon Stock Retained Earnings Tatals $228, 080 $228, 000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $154,100, and on account, $62, 200. 1. Зaпиагy 2. February 12 Collect on accounts receivable, $53,508. 3. April 4. May 5. July 6. September 10 Pay on accounts payable, $13,408. 7. October 8. Novenber 20 Issue shares of comman stock in cxchange for $47,000 cash. 9. Decenber 38 Pay $4,880 cash dividends to stockholders. 25 Receive cash in advance from custoners, $14,98e. 6 Purchase supplies on account, $13, 200. 15 Pay property taxes, $1e,5ee. 31 Pay salaries, $143,60e. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal…
The following information relating to Mahira LLC, for the year ended 31st December 2020 is provided to you and you are requested to calculate purchases for the year ending 2020under CPP method. Details OMR Net monetary assets on 1st January 2020 5,000 Net monetary assets as on 31st December 2020 35,000 Transactions for the year are as given below Cash Sales 40,000 Credit Sales 50,000 Credit Purchases 35,000 Wages 10,000 Other operating expenses 5,000 Interest paid 10,000 General Price Index on 1st January 2020 = 100 General Price Index on 31st December 2020 = 150 Average Index for the year 2020 = 125
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 2019 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20YS Cash $337,500 $254,100 Temporary investments 360,200 278,400 Accounts and notes receivable (net) 331,300 303,500 Inventories 463,100 376,200 Prepaid expenses 173,900 107,800 Total current assets $1,666.000 $1,320,000 Accounts payable $284,200 $308.000 Accrued liabilities 205,800 132,000 Total current Fabilities $490,000 $440,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 %24 Working capital Current ratio Quick ratio
The Ledger of Darlene Subay Advertising contained the following account balance as of June 30, 2020.Cash $520,500Accounts Recievable $35,420Notes Recievable $16,800Prepaid Insurance $35,600Equipment $423,500Accounts payable $44,210 Loans Payable $310,000Subay, Capital $668,100Subay, Drawing $120,000Advertising Revenues $332,780Salaries Expense $89,000Marketing Expense $48,200Rent Expense $15,800Supplies Expense $22,000Utilities expense $17,990Miscellaneous Expense $10,280
Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.
The general ledger of Zips Storage at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 24,600Accounts Receivable 15,400Prepaid Insurance 12,000Land 148,000Accounts Payable $ 6,700Deferred Revenue 5,800Common Stock 143,000Retained Earnings 44,500Totals $200,000 $200,000The following is a summary of the transactions for the year:1. January 9 Provide storage services for cash, $134,100, and on account, $52,200.2. February 12 Collect on accounts receivable, $51,500.3. April 25 Receive cash in advance from customers, $12,900.4. May 6 Purchase supplies on account, $9,200.5. July 15 Pay property taxes, $8,500.6. September 10 Pay on accounts payable,…
Tech Supplies Company, Incorporated, is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February 1, 2020, are shown below. Tech Supplies Company, IncorporatedBalance SheetAt February 1, 2020($ in millions)Assets Current assets: Cash and cash equivalents $ 2,126Accounts receivable (net) 1,237Inventory 5,066Other current assets 422Total current assets 8,851Long-term assets 3,708Total assets $ 12,559Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 5,200Other current liabilities 3,975Total current liabilities 9,175Long-term liabilities 2,246Shareholders’ equity 1,138Total liabilities and shareholders’ equity $ 12,559Tech Supplies Company, IncorporatedIncome StatementFor the Year Ended February 1, 2020($ in millions)Revenues $ 39,603Costs and expenses 38,168Operating income 1,435Other income (expense)* (80)Income…