Answer the below question. Tax rate 21% Estimated taxes paid during the year 1,000 Accounts payable...
Answer the below question.
| Tax rate | 21% |
| Estimated taxes paid during the year | 1,000 |
| Accounts payable | 27,400 |
| Accounts receivable | 8,600 |
| Accumulated depreciation | (21,800) |
| Additional paid-in-capital | 39,900 |
| Beginning retained earnings | 28,400 |
| Cash | 15,000 |
| Common stock | 18,800 |
| Cost of goods sold | 33,000 |
| Depreciation expense | 13,000 |
| Dividends delcared | 2,800 |
| Equipment | 199,200 |
| Inventory | 3,000 |
| Notes payable | 69,300 |
| Salary expense | 24,000 |
| Sales | 94,000 |
| Taxes payable | ??? |
Given the above information, what is the ending balance of taxes payable on the balance sheet?
Homework Answers
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Answer the below question.
Tax rate
21%
Estimated taxes paid during the year
1,000
Accounts payable...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
The following additional data were provided: 1. Dividends declared and paid were $35,000. 2. During the...
The following additional data were provided:
1.
Dividends declared and paid
were $35,000.
2.
During the year equipment was
sold for $17,000 cash. This equipment cost $28,000 originally and
had a book value of $17,000 at the time of sale.
3.
All depreciation expense is
in the operating expenses.
4.
All sales and purchases are
on account.
5.
Accounts payable pertain to
merchandise suppliers.
6.
All operating expenses except
for depreciation were paid in cash.
Prepare a statement of cash...
Acomparative balance sheet for Carson Company appears below: CARSON COMPANY Comparative Balance Sheet Dec. 31,2017 Dec....
Acomparative balance sheet for Carson Company appears below: CARSON COMPANY Comparative Balance Sheet Dec. 31,2017 Dec. 31, 2016 Assets Cash Accounts receivable Inventories Equipment Accumulated depreciation-equipment $18,000 25,000 45,000 70,000 (27,000) $131,000 Liabilities and Stockholders' Equity $33,000 14,000 25,000 78,000 (24,000) $126,000 Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 31,000 24,000 20,000 25,000 31000 $131,000 s 43,000 20,000 10,000 25,000 28,000 Total liabilities and stockholders' equity Additional information: 1. Net income for the year...
prepares a “Statement of Cash Flows” for the year ended December 31, 2018.  
prepares a “Statement of Cash Flows” for the year ended December 31, 2018. Keith corporation balance sheet December 31 Assets 2003 2002 Cash $1,500 $1,000 Marketable securities 1,800 1,200 Accounts receivable 2,000 1,800 Inventories 2,900 2,800 Total current assets $8,200 $6,800 Gross fixed assets $29,500 $28,100 Less: Accumulated depreciation 14,700 13,100 Net fixed assets $14,800 $15,000 Total Assets $23,000 $21,000 Liabilities and Stockholders’ Equity Accounts payable $1,600 $1,500 Notes payable 2,800 2,200 Accruals 200 300 Total current liabilities $4,600 $4,000 Long -term debt $5,000 $5,000 Common stock $10,000 $10,000 Retained earnings 3,400 2,800 Total stockholders’ equity $13,400 $12,800 Total Liabilities and stockholders” equity $23,000 $21,800 Income Statement Data(2003) Depreciation expense $1,600 Earning before interest taxes 2,700 Taxes 933 Net profits...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,514.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,022.00 Interest expense 40,500 41,673.00 Inventories 279,000 288,000 Long-term debt 337,826.00 400,936.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,446.00 Retained earnings 306,000 342,000 Sales 639,000 845,609.00 Taxes 24,750 48,007.00 What is...
i have the answer for this question, however i dont understand how to get "24000" on...
i have the answer for this question, however i dont understand
how to get "24000" on the cash paid for expense". Thanks!
Question 4 (18 marks) The financial statements of Lewis Limited appear below: LEWIS LIMITED Comparative Statement of financial positions 31 December 2017 2016 Assets $ 23,000 44,000 Cash Accounts receivable 26,000 34,000 Merchandise inventory 15,000 20,000 Property, plant, and equipment 50,000 78,000 Accumulated depreciation (20,000) (24,000) Total $120,000 $126.000 Liabilities and Equity $ 15,000 $ 23,000 Accounts payable...
cred Debit $ 9,600 13,000 6,683 165,000 $ 33,990 47,000 Cash Accounts receivable office supplies Trucks...
cred Debit $ 9,600 13,000 6,683 165,000 $ 33,990 47,000 Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense Trucks Salaries expense Office Supplies expense Repairs expense Trucks 13,600 3,000 49,000 -450 138,500 24,000 126,000 21,924 $6,984 9,000 10.449 $363,640 $363,640 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. SON TRICKING COMPANY WILSON...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
The following additional data were provided:
1.
Dividends declared and paid
were $35,000.
2.
During the year equipment was
sold for $17,000 cash. This equipment cost $28,000 originally and
had a book value of $17,000 at the time of sale.
3.
All depreciation expense is
in the operating expenses.
4.
All sales and purchases are
on account.
5.
Accounts payable pertain to
merchandise suppliers.
6.
All operating expenses except
for depreciation were paid in cash.
Prepare a statement of cash...
Acomparative balance sheet for Carson Company appears below: CARSON COMPANY Comparative Balance Sheet Dec. 31,2017 Dec. 31, 2016 Assets Cash Accounts receivable Inventories Equipment Accumulated depreciation-equipment $18,000 25,000 45,000 70,000 (27,000) $131,000 Liabilities and Stockholders' Equity $33,000 14,000 25,000 78,000 (24,000) $126,000 Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 31,000 24,000 20,000 25,000 31000 $131,000 s 43,000 20,000 10,000 25,000 28,000 Total liabilities and stockholders' equity Additional information: 1. Net income for the year...
i have the answer for this question, however i dont understand
how to get "24000" on the cash paid for expense". Thanks!
Question 4 (18 marks) The financial statements of Lewis Limited appear below: LEWIS LIMITED Comparative Statement of financial positions 31 December 2017 2016 Assets $ 23,000 44,000 Cash Accounts receivable 26,000 34,000 Merchandise inventory 15,000 20,000 Property, plant, and equipment 50,000 78,000 Accumulated depreciation (20,000) (24,000) Total $120,000 $126.000 Liabilities and Equity $ 15,000 $ 23,000 Accounts payable...
cred Debit $ 9,600 13,000 6,683 165,000 $ 33,990 47,000 Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense Trucks Salaries expense Office Supplies expense Repairs expense Trucks 13,600 3,000 49,000 -450 138,500 24,000 126,000 21,924 $6,984 9,000 10.449 $363,640 $363,640 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. SON TRICKING COMPANY WILSON...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
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