Homework Answers
There is some missing information. So suspense has arised.
| ASSETS | Amount | LIABILITIES | Amount | ||
| Current Assets: | Current Liabilities: | ||||
| Accounts Receivable | 52000 | Payroll taxes payable | 1300 | ||
| Cash | 5400 | Accounts payable | 13200 | ||
| Inventory | 86400 | Salaries Payable | 4800 | ||
| Total Current Assets | 143800 | Total Current Liabilities | 19300 | ||
| Long Term Liabilities: | |||||
| Long Term Assets: | Mortgage Payable | 48000 | |||
| Building | 75700 | Short term portion of long term debt | 8300 | ||
| Equipment | 11800 | Equipment loan payable | 10000 | ||
| less: accumulated depreciation | -22400 | Total long Term Liabilities | 66300 | ||
| Total Long Term Assets | 65100 | ||||
| Equity: | |||||
| Common stock | 50000 | ||||
| Suspense | 73300 | ||||
| 208900 | 208900 | ||||
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4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company,...
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company,...
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company, a corporation, using the following information: $22,400 Accumulated depreciation $10,000 Equipment loan payable $1,300 Payroll taxes payable $52,000 Accounts receivable $75,700 Building $5,400 Cash $13,200 Accounts payable $11,800 Equipment $86,400 Inventory $48,000 Mortgage payable $4,800 Management salaries payable Common stock $50,000 $8,300 Short-term portion of long-term debt
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense Insurance expense Interest expense Management salaries expense Payroll tax expense Sales Marketing expense Provision for income taxes Cost of services Rent expense Depreciation expense $12,000 $18,500 $5,200 $65.000 $17.500 $775,000 $26,500 $13,500 $465,000 $40,000 $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: $12,000 Utilities expense $18,500 Insurance expense Interest expense $5,200 Management salaries expense $65,000 $17,500 Payroll tax expense $775,000 Sales $26,500 Marketing expense $13,500 Provision for income taxes $465,000 Cost of services $40,000 Rent expense Depreciation expense $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense $12,000 Insurance expense $18,500 Interest expense $5,200 $65,000 Management salaries expense Payroll tax expense $17,500 $775,000 Sales $26,500 Marketing expense Provision for income taxes $13,500 Cost of services $465,000 Rent expense $40,000 Depreciation expense $8,000
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for ABC Company, an LLC, using the following information: Utilities expense Equipment rental expense Interest expense Management salaries expense Gross sales Sales and marketing expense Payroll tax expense Sales returns and allowances Cost of goods sold Rent expense Depreciation expense $23,000 $25,500 $4,500 $100,000 $905,000 $15,000 $12,300 $1,500 $567,000 $24,000 $3,000
Using the following information for Emergent Corporation, prepare a properly classified balance sheet for July 31,...
Using the following information for Emergent Corporation, prepare a properly classified balance sheet for July 31, 2019. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Additional Paid-in Capital - Common Stock Allowance for Uncollectible Accounts Buildings Cash Fund for Stock Redemption Cash Petty Cash Claim for Income Tax Refund Common Stock ($1 par value) Employees' Payroll Taxes Payable Income Taxes Payable Interest Payable Interest Receivable Inventory, July 31 Investment Trading Securities Investments in Undeveloped Property Land...
2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016:...
2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016: Cash $40,000 Accounts receivable 50,000 Building 100,000 Accumulated depreciation (40,000) Total assets $150,000 Accounts payable $30,000 Long-Term Loan 70,000 Total liabilities 100,000 Shareholders' Equity 50,000 Total Liabilities & Shareholders' Equity $150,000 The company has also provided the following information for the upcoming year: Revenue is expected to be $200,000 and...
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company, a corporation, using the following information: $22,400 Accumulated depreciation $10,000 Equipment loan payable $1,300 Payroll taxes payable $52,000 Accounts receivable $75,700 Building $5,400 Cash $13,200 Accounts payable $11,800 Equipment $86,400 Inventory $48,000 Mortgage payable $4,800 Management salaries payable Common stock $50,000 $8,300 Short-term portion of long-term debt
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense Insurance expense Interest expense Management salaries expense Payroll tax expense Sales Marketing expense Provision for income taxes Cost of services Rent expense Depreciation expense $12,000 $18,500 $5,200 $65.000 $17.500 $775,000 $26,500 $13,500 $465,000 $40,000 $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: $12,000 Utilities expense $18,500 Insurance expense Interest expense $5,200 Management salaries expense $65,000 $17,500 Payroll tax expense $775,000 Sales $26,500 Marketing expense $13,500 Provision for income taxes $465,000 Cost of services $40,000 Rent expense Depreciation expense $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense $12,000 Insurance expense $18,500 Interest expense $5,200 $65,000 Management salaries expense Payroll tax expense $17,500 $775,000 Sales $26,500 Marketing expense Provision for income taxes $13,500 Cost of services $465,000 Rent expense $40,000 Depreciation expense $8,000
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for ABC Company, an LLC, using the following information: Utilities expense Equipment rental expense Interest expense Management salaries expense Gross sales Sales and marketing expense Payroll tax expense Sales returns and allowances Cost of goods sold Rent expense Depreciation expense $23,000 $25,500 $4,500 $100,000 $905,000 $15,000 $12,300 $1,500 $567,000 $24,000 $3,000
Using the following information for Emergent Corporation, prepare a properly classified balance sheet for July 31, 2019. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Additional Paid-in Capital - Common Stock Allowance for Uncollectible Accounts Buildings Cash Fund for Stock Redemption Cash Petty Cash Claim for Income Tax Refund Common Stock ($1 par value) Employees' Payroll Taxes Payable Income Taxes Payable Interest Payable Interest Receivable Inventory, July 31 Investment Trading Securities Investments in Undeveloped Property Land...
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