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.
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Use the accounts and balances from Barker Company to construct statement of changes in stockholders’ equity.
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Use the accounts and balances from Barker Company to construct balance sheet.
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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.)
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Solutions
ekkarill92 answered 2 years agoRelated 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...
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...
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 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...
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