Question

In: Accounting

The following accounts and balances were drawn from the records of Barker Company at December 31,...

The following accounts and balances were drawn from the records of Barker Company at December 31, 2018:

Supplies $ 770 Beginning retained earnings $ 18,000
Cash flow from investing act. (6,900 ) Cash flow from financing act. (5,600 )
Prepaid insurance 2,500 Rent expense 2,600
Service revenue 85,000 Dividends 5,400
Other operating expenses 43,000 Cash 12,300
Supplies expense 240 Accounts receivable 18,000
Insurance expense 1,200 Prepaid rent 4,900
Beginning common stock 900 Unearned revenue 6,900
Cash flow from operating act. 7,000 Land 38,000
Common stock issued 5,700 Accounts payable 12,410

Required

Use the accounts and balances from Barker Company to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows).

Use the accounts and balances from Barker Company to construct an income statement.

BARKER COMPANY
Income Statement
For the Year Ended December 31, 2018
Revenue      
Total revenue $0
Expenses
Total expenses 0
$

Use the accounts and balances from Barker Company to construct statement of changes in stockholders’ equity.

BARKER COMPANY
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2018
Beginning common stock   
Ending common stock $0
Beginning retained earnings
Ending retained earnings 0
Total stockholders’ equity $0

Use the accounts and balances from Barker Company to construct balance sheet.

BARKER COMPANY
Balance Sheet
As of December 31, 2018
Assets   
Total assets $0
Liabilities
Total liabilities $0
Stockholders’ Equity
Total stockholders’ equity 0
Total liabilities and stockholders’ equity $

Use the accounts and balances from Barker Company to construct statement of cash flows (show only totals for each activity on the statement of cash flows). (Amounts to be deducted and cash outflows should be indicated with a minus sign.)

BARKER COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Net change in cash (5,500)
Ending cash balance $12,300

Solutions

Expert Solution


Related Solutions

The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies $ 690 Beginning retained earnings $ 19,000 Cash flow from investing act. (6,400 ) Cash flow from financing act. (5,700 ) Prepaid insurance 2,600 Rent expense 2,800 Service revenue 78,000 Dividends 4,900 Other operating expenses 42,000 Cash 10,900 Supplies expense 290 Accounts receivable 19,000 Insurance expense 1,000 Prepaid rent 5,000 Beginning common stock 1,100 Unearned revenue 6,400 Cash flow from operating act....
6. The following accounts and balances were drawn from the records of Barker Company at December...
6. The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies $ 820 Beginning retained earnings $ 20,000 Cash flow from investing act. (6,400 ) Cash flow from financing act. (5,300 ) Prepaid insurance 2,500 Rent expense 2,300 Service revenue 80,000 Dividends 5,200 Other operating expenses 43,000 Cash 11,900 Supplies expense 230 Accounts receivable 20,000 Insurance expense 1,000 Prepaid rent 4,800 Beginning common stock 1,000 Unearned revenue 6,400 Cash flow from operating...
2. The following selected accounts and account balances were taken from the records of Nowell Company....
2. The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2018, before the closing entries were recorded. Consulting revenue $ 9,300 Cash 8,400 Cash received from common stock issued during 2017 3,600 Travel expense 550 Dividends 1,200 Cash flow from investing activities 3,000 Rent expense 1,450 Payment to reduce debt principal 18,200 Retained earnings, January 1, 2018 14,300 Salary expense 2,500 Cash flow...
The following selected accounts and account balances were taken from the records of Nowell Company. Except...
The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. Consulting revenue $ 10,400 Cash 8,100 Cash received from common stock issued during Year 1 4,000 Travel expense 500 Dividends 1,500 Cash flow from investing activities 2,800 Rent expense 1,100 Payment to reduce debt principal 23,300 Retained earnings, January 1, Year 2 14,600 Salary expense 3,400...
The following accounts are taken from the accounting records of Dory Company at December 31, 2015...
The following accounts are taken from the accounting records of Dory Company at December 31, 2015 after adjustments: Sales revenue $250,000 Sales salaries expense 14,000 Administrative salaries expense 15,000 Depreciation expense: equipment 8,000 Purchases 160,000 Sales returns 1,000 Purchases returns 2,000 Freight-in 10,000 Inventory, 1/1/15 80,000 Retained earnings, 1/1/15 60,000 In addition, the following information is available: · The inventory on December 31, 2015, was $75,000. · Ten thousand shares of common stock were outstanding during the entire year. Dory...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 115,200 $ 141,600 Work-in-process inventory 139,200 134,400 Finished goods inventory 117,120 108,000 Direct materials purchased during the year amount to $717,600, and the cost of goods sold for the year was $2,606,880. Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning inventory Manufacturing costs: Direct...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 98,500 $ 110,700 Work-in-process inventory 107,200 105,100 Finished goods inventory 43,100 46,400 Direct materials purchased during the year amount to $513,400, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $107,200 Manufacturing...
The following data were taken from the records of Samsung Company for the  year ended December 31,...
The following data were taken from the records of Samsung Company for the  year ended December 31, 2019. Raw Materials Inventory,1/1/19 $48,000 Factory Machinery Depreciation $16,000 Raw Materials Inventory, 12/31/19 39,600 Factory Utilities 27,600 Finished Goods Inventory, 1/1/19 96,000 Selling expenses 12,000 Finished Goods Inventory, 12/31/19 75,900 Sales Revenue 534,000 Work in Process Inventory, 1/1/19 19,800 Administrative expenses 14,200 Work in Process Inventory, 12/31/19 18,600 Plant Manager's Salary 58,000 Direct Labor 139,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs...
Waddell Company had the following balances in its accounting records as of December 31, 2015:   ...
Waddell Company had the following balances in its accounting records as of December 31, 2015:      Assets   Liabilities and Equity      Cash $ 55,000      Accounts Payable $ 27,000      Accounts Receivable 53,000      Common Stock 89,000      Land 28,000      Retained Earnings 20,000      Total $ 136,000      Total $ 136,000    The following accounting events apply to Waddell Company's 2016 fiscal year: Jan. 1 Acquired $56,000 cash from the issue of common stock. Feb. 1 Paid $5,700 cash in advance for a one-year lease for...
Metlock Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable $...
Metlock Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable $ 0 Accumulated Depreciation—Equipment 0 Equipment 7,840 Interest Payable 0 Notes Payable 11,200 Prepaid Insurance 2,352 Salaries and Wages Payable 0 Supplies 2,744 Unearned Service Revenue 33,600 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. Metlock Company borrowed $11,200 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when the note...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT