Q2: The balance sheet items of Mercer Company as of December 31, 2011, follow in random order. You are to prepare a balance sheet for the company. You must compute the amount for Retained Earnings. Office Equipment.... .$ 12,400 . 210,000 Land. . $90,000 Accounts Payable...... 43,800 Accounts Receivable.... Building... . 56,700 Capital Stock .. 75,000 Cash .. 36,300 Notes Payable.. 207,000 Retained Earnings.......
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- The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 and 2019. December 31 2018 2019 Cash . . . . . . . . . . . . . . . . . . . . . . . . $30,000 $ 5,000 Accounts receivable . . . . . . . . . . . 35,000 25,000 Office supplies . . . . . . . . . . . . . . . . 8,000 13,500 Office equipment . . . . . . . . . . . . . . 40,000 40,000 Machinery . . . . . . . . . . . . . . . . . . . 28,000 28,500 December 31 2018 2019 Building . . . . . . . . . . . . . . . . . . $ 0 $250,000 Land . . . . . . . . . . . . . . . . . . . . . 0 50,000 Accounts payable . . . . . . . . . . 4,000 12,000 Note payable . . . . . . . . . . . . . . 0 250,000 Required 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 2. Compute net income for 2019 by comparing total equity amounts for these two years and using the…The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
- MC.03.083.Algo Wu Systems has the following balance sheet. Assume that all current assets are used in operations. How much net operating working capital does the firm have? Cash Accounts receivable Inventory Current assets Net fixed assets Total assets O a. $400 b. $1,770 O c. $2,200 d. $470 e. $830 $ 70 Accounts payable 720 Accruals 510 $1,300 1,000 Notes payable Current liabilities Long-term debt Common equity Retained earnings $2,300 Total liab. & equity $ 250 220 430 Question 3 of 40 $ 900 640 260 500 $2,300Your email will be recorded when you submit this form * Required Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets |Cash Accounts Receivable Inventories Plant & Equipment Less: Accimiulated Depreciation $480 $510 S$90 $960 Revenues S650 7/100 S980 $3140 $2.150 (S1 520)S870) $3.3.40 S3,310 Less: Depreciation expense Less: Other operating expenses Total Assets Liabilities &OE Less: Interest Expense 40 $810 Is17015550 T/S120/S2.80 Income before income taxes INehornts Paable Income Tax Payable Income tax expense $S40 S7100 / SĨ350 Net income Retained FarnenE What is the het dashКеquired: Prepare current assets sectión of the báláncé šhéét. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment. Q8. Ahmed construction began work on a OMR 10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost-recovery method. Page 3 Section C Answer Any ONE Question (1 x 6 marks = 6 marks) Q9. Al-Duqum Construction Company has a contract to construct a OMR 9,000,000 bridge at an estimated cost of OMR 8,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The…
- Prepare Income Statement, Statement of Retained Earnings and Balance Sheet for the year ended December 31, 2020. KEN HENSLEY ENTERPRISES, INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,170 Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,400 Studio supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 7,600 Unexpired insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .500 Prepaid studio rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4,000 Recording equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Accumulated depreciation: recording equipment. . . . . . . . . . . . . . . .…Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio 2020 2019 Cash 122,500 104,700 Accounts Receivable 90,650 80,550 Inventory 66,200 53,000 Prepaid Expense 85,450 106,000 Total Current Assets 364,800 344,250 Property, Plant and Equipment 925,000 786,350 TOTAL ASSETS 1,654,600 1,475,350 Total Current Liability 381,500 423,350 Long-term Liabilities 359,900 230,600 Mabini, Capital 913,200 821,400 Total Liability and Equity 1,654,600 1,475,350 Sales 1,047,050 1,151,755 Cost of Sales 322,750 355,025 Gross Profit 724,300 796,730 Selling Expenses 353,250 388,575 Administrative Expenses 128,150 140,965 Operating Income 242,900 267,190 Interest Income…Given the ledger accounts of Devrij Company as of January 31, 2020: Cash $26,400 Accounts Payable $9,000 Supplies Share Capital-Ordinary 15,600 6,600 Rent Expense 16,800 Accounts Receivable 13,200 Notes Payable 7,200 Service Revenue 31,200 Required: 1. Compute the total of the debit side of the trial balance. (show your computation). 2. Compute the total of the credit side of the trial balance. (show your computation)
- Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: Dear Bartleby, can you please assist with the following, the data is included. Thank you. Also I would appreciate you sharing your calculations, so if I have further questions, they can be asked. WIPER INC.Condensed Balance SheetsDecember 31, 2020, 2019, 2018(in millions) 2020 2019 2018Current assets $ 685 $ 917 $ 773 Other assets 2,417 1,924 1,723 Total assets $ 3,102 $ 2,841 $ 2,496 Current liabilities $ 581 $ 816 $ 714 Long-term liabilities 1,510 995 860 Stockholders’ equity 1,011 1,030 922 Total liabilities and stockholders' equity $ 3,102 $ 2,841 $ 2,496 WIPER INC.Selected Income Statement and Other DataFor…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