Question
In: Accounting
The accounting staff of Pearl Inc. has prepared the following pension worksheet. Unfortunately, several entries in...
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the current year...
The accounting staff of Wyoming Outfitters, Inc., has assembled
the following information for the current year ended December 31.
Cash and cash equivalents, Jan. 1 $ 35,800 Cash and cash
equivalents, Dec. 31 120,900 Cash paid to acquire plant assets
23,000 Proceeds from short-term borrowing 10,000 Loans made to
borrowers 4,300 Collections on loans (excluding interest) 4,000
Interest and dividends received 41,400 Cash received from customers
805,000 Proceeds from sales of plant assets 9,000 Dividends paid
54,000 Cash paid to...
5. The accounting staff of Sparks INC has assembled the following information for the year ended...
5. The accounting staff of Sparks INC has assembled the
following information for the year ended December 31, 2019:
Cash Sales
$825,000
Credit sales
2,500,000
Collections on Account Receivable
2,200,000
Cash transferred from the money market fund to the general bank
account
250,000
Interest and dividends received
100,000
Purchases all on account
1,800,000
Payments on accounts payable to merchandise suppliers
1,500,000
Cash payments for operating expenses
1,050,000
Interest paid
180,000
Income taxes paid
95,000
Loans made to borrowers
500,000
Collections...
The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the current year...
The accounting staff of Wyoming Outfitters, Inc., has assembled
the following information for the current year ended December
31.
Cash and cash equivalents, Jan. 1 $ 35,800
Cash and cash equivalents, Dec. 31 105,000
Cash paid to acquire plant assets 25,000
Proceeds from short-term borrowing 10,000
Loans made to borrowers 4,400
Collections on loans (excluding interest) 4,000
Interest and dividends received 27,600
Cash received from customers 795,000
Proceeds from sales of plant assets 9,000
Dividends paid 44,000
Cash paid to...
The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the current year...
The accounting staff of Wyoming Outfitters, Inc., has assembled
the following information for the current year ended December
31.
Cash and cash equivalents, Jan. 1
$
35,800
Cash and cash equivalents, Dec. 31
137,700
Cash paid to acquire plant assets
22,000
Proceeds from short-term borrowing
10,000
Loans made to borrowers
4,200
Collections on loans (excluding interest)
4,000
Interest and dividends received
42,100
Cash received from customers
815,000
Proceeds from sales of plant assets
9,000
Dividends paid
45,000
Cash paid to...
Mr. Earl Pearl, accountant for Margie Knall Co., Inc., has prepared the following product-line income data:...
Mr. Earl Pearl, accountant for Margie Knall Co., Inc., has
prepared the following product-line income data:
Product
Total
A
B
C
Sales
$
109,000
$
49,000
$
25,000
$
35,000
Variable expenses
61,500
30,500
10,500
20,500
Contribution margin
47,500
18,500
14,500
14,500
Fixed expenses:
Rent
6,500
3,000
1,500
2,000
Depreciation
7,500
3,500
1,700
2,300
Utilities
5,050
2,500
550
2,000
Supervisors' salaries
6,050...
Mr. Earl Pearl, accountant for Margie Knall Co., Inc., has prepared the following product-line income data:...
Mr. Earl Pearl, accountant for Margie Knall Co., Inc., has
prepared the following product-line income data:
Product
Total
A
B
C
Sales
$
105,000
$
46,000
$
25,000
$
34,000
Variable expenses
60,200
29,600
10,800
19,800
Contribution margin
44,800
16,400
14,200
14,200
Fixed expenses:
Rent
6,200
2,100
1,800
2,300
Depreciation
7,200
2,600
2,000
2,600
Utilities
4,560
1,600
660
2,300
Supervisors' salaries
5,560...
Pearl Inc., a greeting card company, had the following statements prepared as of December 31, 2020....
Pearl Inc., a greeting card company, had the following
statements prepared as of December 31, 2020.
PEARL INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2020 AND 2019
12/31/20
12/31/19
Cash
$6,100
$7,100
Accounts receivable
62,400
51,000
Short-term debt investments (available-for-sale)
34,700
18,100
Inventory
40,400
60,300
Prepaid rent
4,900
4,000
Equipment
154,100
130,600
Accumulated depreciation—equipment
(34,900
)
(24,800
)
Copyrights
46,400
49,800
Total assets
$314,100
$296,100
Accounts payable
$46,500
$40,200
Income taxes payable
4,000
6,000
Salaries and wages payable
8,100...
Exercise 23-14 Pearl Inc., a greeting card company, had the following statements prepared as of December...
Exercise 23-14
Pearl Inc., a greeting card company, had the following
statements prepared as of December 31, 2017.
PEARL INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,000
$7,100
Accounts receivable
61,400
51,500
Short-term debt investments (available-for-sale)
34,600
18,000
Inventory
40,300
60,200
Prepaid rent
4,900
4,000
Equipment
152,400
130,600
Accumulated depreciation—equipment
(34,800
)
(25,200
)
Copyrights
45,700
49,800
Total assets
$310,500
$296,000
Accounts payable
$46,100
$40,300
Income taxes payable
4,000
6,000
Salaries and wages...
On the “CJE” worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the...
On the “CJE” worksheet, prepare the closing entries in good form
for Grizzlies, Inc. at the end of December 31, 2017. Again, all
numbers should be cell references or formulas, not manually
entered.
Grizzlies,
Inc.
Worksheet
For the Year Ended December
31, 2017
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Income Stmt
Balance Sheet
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
36,000
36,000
36,000
Accounts Receivable
277,000
277,000
...
On the “CJE” worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the...
On the “CJE” worksheet, prepare the closing
entries in good form for Grizzlies, Inc. at the end of
December 31, 2017. Again, all numbers should be cell references or
formulas, not manually entered.
Grizzlies,
Inc.
Income Statement
For the Month Ended December
31, 2017
Dr.
Cr.
Revenues
Sales Revenue
$1,576,150.00
Cost of Goods Sold
975,000.00
Gross Profit
601,150.00
Operating Expenses
Sales Salaries Expense
282,560.00
Office Salaries Expense
153,240.00
Miscellaneous Administrative Expense
5,650.00
Miscellaneous Selling Expense...
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