Question
In: Finance
Below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare...
Below is a list of account balances for Currie Hospital as of
December 31, 2013. Prepare a balance sheet as of December 31, 2013,
in proper form. (Hint: You will need to compute the net assets
account. Assume that all net assets at the beginning of the year
are unrestricted.)
You may use either a Word document or an Excel spreadsheet to
construct the balance sheet.
|
Account |
Balance |
|
|
Gross plant & equipment |
$6,000,000 |
|
|
Accounts payable |
130,000 |
|
|
Inventories |
100,000 |
|
|
Other current liabilities |
70,000 |
|
|
Net accounts receivable |
650,000 |
|
|
Accrued expenses |
100,000 |
|
|
Accumulated depreciation |
200,000 |
|
|
Long-term debt |
5,000,000 |
|
|
Cash |
210,000 |
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jeff jeffy answered 1 year agoRelated Solutions
Below is an alphabetical list of account balances of Crazy Corporation as of December 31, 2019...
Below is an alphabetical list of account balances of Crazy
Corporation as of December 31, 2019 and 2018 prior to the
preparation of closing entries and financial statements.
Account Title
December 31
2019
2018
Debit
Credit
Debit
Credit
Accounts Payable
35,500
31,300
Accounts Receivable
58,800
62,000
Accumulated Depreciation, Equipment
64,400
48,300
Allowance for Doubtful Accounts
2,100
2,000
Cash and Cash Equivalents
17,900
14,000
Common Stock, no-par
88,200
64,000
Cost of Goods Sold
185,100
175,845
Depreciation Expense
16,100
15,295
Dividends
62,200...
Unadjusted account balances at December 31, 2013, for Rapisarda Company are as follows: Particulars Debit Credit...
Unadjusted account balances at December 31, 2013, for Rapisarda
Company are as follows:
Particulars
Debit
Credit
Cash
2,000
Accounts receivable
33,000
Prepaid rent
26,000
Equipment
211,000
Accumulated depreciation (Equipment)
75,000
Other assets
24,000
Accounts payable
12,000
Note payable (due to 10 years)
40,000
Common stock
100,000
Retained earnings, 12/31/2012
11,000
Service revenue
243,000
Rent expense
84,000
Wages expense
97,000
Interest expense
4,000
Totals
481,000
481,000
The following data are not yet recorded:
a. Depreciation on the equipment is $18,350.
b....
Selected ledger account balances for Success Systems follow. For Three Months Ended December 31, 2013...
Selected ledger account balances
for Success Systems follow.
For Three Months
Ended December 31, 2013
For Three Months
Ended March 31, 2014
Office equipment
$
8,300
$
8,300
Accumulated depreciation—Office
equipment
415
830
Computer equipment
24,000
24,000
Accumulated
depreciation—Computer equipment
1,500
3,000
Total revenue
32,234
45,800
Total assets
84,060
120,668
Required
1.
Assume that Success Systems does not acquire additional office
equipment or computer equipment in 2014. Compute amounts for
the year ended December 31, 2014, for Depreciation...
Selected unadjusted account balances at December 31, 2017, are shown below for Demron Servicing. Account Debit...
Selected unadjusted account balances at December 31, 2017, are
shown below for Demron Servicing.
Account
Debit
Credit
Accounts
receivable
$78,000
Allowance for
doubtful accounts
$
1,260
Sales (all on
credit)
552,000
Sales discounts
16,000
Required:
a. Demron estimates that 2% of net credit sales
will prove to be uncollectible. Prepare the adjusting entry
required on December 31, 2017, to estimate uncollectible
receivables. (If no entry is required for a
transaction/event, select "No journal entry required" in...
Selected account balances for the year ended December 31 are provided below for Superior Company: ...
Selected account balances for the year ended December 31 are
provided below for Superior Company:
Selling and administrative salaries
$
103,000
Insurance, factory
7,000
Utilities, factory
63,800
Purchases of raw materials
?
Indirect labour
60,000
Direct labour
97,000
Advertising expense
78,600
Cleaning supplies, factory
7,200
Sales commissions
38,000
Rent, factory building
108,000
Maintenance, factory
30,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of
the Year
End of
the Year
Raw materials
$...
Selected account balances for the year ended December 31 are provided below for Superior Company: ...
Selected account balances for the year ended December 31 are
provided below for Superior Company:
Selling and administrative salaries
$
121,000
Insurance, factory
8,200
Utilities, factory
47,500
Purchases of raw materials
?
Indirect labour
70,000
Direct labour
39,300
Advertising expense
66,000
Cleaning supplies, factory
9,000
Sales commissions
52,500
Rent, factory building
144,000
Maintenance, factory
30,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of
the Year
End of
the Year
Raw materials
$...
Some of the account balances of Mali Company at December 31, 20x0 are shown below: 6%...
Some of the account balances of Mali Company at December 31,
20x0 are shown below:
6% Preferred Stock ($100 par, 2,000
shares authorized)
$
20,000
PCIEP,
Preferred
3,000
Common Stock ($10 par, 100,000 shares
authorized)
500,000
PCIEP,
Common
100,000
Retained
Earnings
304,000
Treasury Stock-Preferred (50 shares at
cost)
5,500
Treasury Stock-Common (1,000 shares at
cost)
16,000
The price of the company’s common stock has been increasing
steadily on...
I. Some of the account balances of Mali Company at December 31, 20x0 are shown below:...
I. Some of the account balances of Mali Company at December 31,
20x0 are shown below: 6% Preferred Stock ($100 par, 2,000 shares
authorized) $ 20,000 PCIEP, Preferred 3,000 Common Stock ($10 par,
100,000 shares authorized) 500,000 PCIEP, Common 100,000 Retained
Earnings 304,000 Treasury Stock-Preferred (50 shares at cost) 5,500
Treasury Stock-Common (1,000 shares at cost) 16,000 The price of
the company’s common stock has been increasing steadily on the
market; it was $21 on January 1, 20x1, advanced to...
Xmet Inc. showed the following alphabetized list of adjusted account balances at December 31, 2014: ...
Xmet Inc. showed the following
alphabetized list of adjusted account balances at December 31,
2014:
Accounts
Payable
26,160
Accounts
Receivable
39,600
Accumulated
depreciation, Equipment
10,840
Accumulated
depreciation, Warehouse
21,680
Cash
8,800
Cash Dividends
20,000
Common Shares
116,000
Equipment
78,800
Income Tax
Expense
41,000
Land
121,600
Notes Payable, due
in 2017
34,000
Operating
Expenses
109,600
Preferred
Shares
39,600
Retained
Earnings
28,120
Revenue
275,800
Warehouse
132,800
Required:
1.
Assuming normal balances, prepare the closing entries at
December 31, 2014, the...
Glenn Corporation had the following list of account balances for the year ended December 31, 2017....
Glenn Corporation had the following list of account
balances for the year ended December 31, 2017.
Net Sales
$1,350,000
Cash
$400,000
Accounts Receivable
120,000
Operating Expenses
380,000
Equipment
300,000
Common Stock
250,000
Accounts Payable
100,000
Interest Income
20,000
Accumulated Depreciation
30,000
Cost of Goods Sold
750,000
Inventories
30,000
Prepaid Rent
10,000
Income Taxes Payable
40,000
Income Taxes Expense
71,000
Notes Payable
Dividends
Interest Expense
200,000
10,000
4,000
Retained Earnings, January 1,
2017
85,000
Required:
Calculate net income for...
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