Question

In: Accounting

Here are incomplete financial statements for Donavan, Inc. Calculate the missing amounts. DONAVAN, INC. Balance Sheet...

Here are incomplete financial statements for Donavan, Inc. Calculate the missing amounts. DONAVAN, INC. Balance Sheet Assets Cash $ 12,100 Inventory 15,100 Buildings 39,900 Total assets $67,100 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 6,000 Stockholders' Equity Common stock enter a dollar amount (a) Retained earnings enter a dollar amount (b) Total liabilities and stockholders' equity $67,100 DONAVAN, INC. Income Statement Revenues $84,300 Cost of goods sold enter a dollar amount (c) Salaries and wages expense 10,290 Net Income $enter a dollar amount (d) DONAVAN, INC. Retained Earnings Statement Beginning retained earnings $17,100 Add: Net income enter a dollar amount (e) Less: Dividends 4,780 Ending retained earnings $32,100

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet...
Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet Assets Cash $29,600   Supplies (a) Equipment (net) 64,000   Total assets $ (b) Liabilities and Stockholders' Equity Liabilities   Notes payable $24,000   Stockholders' Equity   Common stock 36,000     Retained earnings enter a dollar amount (c) Total liabilities and stockholders' equity $ (d) SHERIDAN COMPANY Income Statement Revenues $61,000   Depreciation expense enter a dollar amount (e) Salaries and wages expense 11,500   Interest expense 2,000   Net income $25,000   SHERIDAN...
Problem 3-8 Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the...
Problem 3-8 Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet. SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2018 ($ in 000s) Assets Current assets: Cash $ 3,250 Accounts receivable 7,500 Allowance for uncollectible accounts (2,400 ) Finished goods inventory 8,000 Prepaid expenses 3,200 Total current assets 19,550 Long-term assets:...
Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for...
Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet. SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000s) Assets Current assets: Cash $ 1,550 Accounts receivable 4,100 Allowance for uncollectible accounts (700 ) Finished goods inventory 6,300 Prepaid expenses 1,500 Total current assets 12,750 Long-term...
Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for...
Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet. SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000s) Assets Current assets: Cash $ 2,950 Accounts receivable 6,900 Allowance for uncollectible accounts (2,100 ) Finished goods inventory 7,700 Prepaid expenses 2,900 Total current assets 18,350 Long-term...
Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for...
Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet. SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000s) Assets Current assets: Cash $ 2,950 Accounts receivable 6,900 Allowance for uncollectible accounts (2,100 ) Finished goods inventory 7,700 Prepaid expenses 2,900 Total current assets 18,350 Long-term...
The most recent financial statements for ABC, Inc. are shown here:                         Income Statement Balance Sheet...
The most recent financial statements for ABC, Inc. are shown here:                         Income Statement Balance Sheet Sales 4,800 Current assets 6,084 Current Liabilities 1,244 Costs 3,840 Fixed assets 5,183 Long-term debt 2,487 Taxable income 960 Equity 7,036 Taxes (35%) 336 Retained earnings 500 Net income 624 Total 11,267 Total 11,267 The company is running at full capacity and the company maintains a constant 50 percent dividend payout ratio. Like every other firm in its industry, next year's sales are projected...
The most recent financial statements for Bello, Inc., are shown here:    Income Statement Balance Sheet...
The most recent financial statements for Bello, Inc., are shown here:    Income Statement Balance Sheet   Sales $ 40,200   Assets $ 148,000   Debt $ 43,500   Costs 27,300   Equity 104,500   Taxable income $ 12,900   Total $ 148,000   Total $ 148,000   Taxes (23%) 2,967   Net income $ 9,933    Assets and costs are proportional to sales; debt and equity are not. A dividend of $3,450 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected...
Morrissey Technologies Inc.'s 2019 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of...
Morrissey Technologies Inc.'s 2019 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2019 Cash $180,000 Accounts payable $360,000 Receivables 360,000 Notes payable 56,000 Inventories 720,000 Accrued liabilities 180,000 Total current assets $1,260,000 Total current liabilities $596,000 Long-term debt 100,000 Fixed assets 1,440,000 Common stock 1,800,000 Retained earnings 204,000 Total assets $2,700,000 Total liabilities and equity $2,700,000 Morrissey Technologies Inc.: Income Statement for December 31, 2019 Sales $3,600,000 Operating costs including depreciation 3,279,720 EBIT $320,280...
Morrissey Technologies Inc.'s 2019 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of...
Morrissey Technologies Inc.'s 2019 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2019 Cash $180,000 Accounts payable $360,000 Receivables 360,000 Notes payable 56,000 Inventories 720,000 Accrued liabilities 180,000 Total current assets $1,260,000 Total current liabilities $596,000 Long-term debt 100,000 Fixed assets 1,440,000 Common stock 1,800,000 Retained earnings 204,000 Total assets $2,700,000 Total liabilities and equity $2,700,000 Morrissey Technologies Inc.: Income Statement for December 31, 2019 Sales $3,600,000 Operating costs including depreciation 3,279,720 EBIT $320,280...
Morrissey Technologies Inc.'s 2019 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of...
Morrissey Technologies Inc.'s 2019 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2019 Cash $180,000 Accounts payable $360,000 Receivables 360,000 Notes payable 56,000 Inventories 720,000 Accrued liabilities 180,000 Total current assets $1,260,000 Total current liabilities $596,000 Long-term debt 100,000 Fixed assets 1,440,000 Common stock 1,800,000 Retained earnings 204,000 Total assets $2,700,000 Total liabilities and equity $2,700,000 Morrissey Technologies Inc.: Income Statement for December 31, 2019 Sales $3,600,000 Operating costs including depreciation 3,279,720 EBIT $320,280...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT