Question
In: Accounting
Missing amounts from balance sheet and income statement data One item is omitted in each of...
Missing amounts from balance sheet and income statement data
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships. Determine the missing amounts. (Hint: First, determine the amount of increase or decrease in owner's equity during the year.) Round your answers to the nearest dollar. Enter your answers as positive values.
| Freeman | Heyward | Jones | Ramirez | |||||||||
| Beginning of the year: | ||||||||||||
| Assets | $ 826,700 | $ 967,200 | $ 355,500 | $ | ||||||||
| Liabilities | 496,000 | 502,900 | 270,200 | 450,100 | ||||||||
| End of the year: | ||||||||||||
| Assets | 1,025,100 | 1,354,100 | 320,000 | 930,300 | ||||||||
| Liabilities | 446,400 | 425,600 | 284,400 | 510,200 | ||||||||
| During the year: | ||||||||||||
| Additional common stock issued | 193,400 | 35,600 | 150,000 | |||||||||
| Dividends | 57,900 | 58,000 | 220,100 | |||||||||
| Revenue | 272,800 | 408,900 | 420,100 | |||||||||
| Expenses | 148,800 | 251,500 | 437,300 | 480,100 | ||||||||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the...
Determining Amounts for Items Omitted from Income Statement
One item is omitted in each of the following four lists of
income statement data. Determine the amounts of the missing
items.
Chase Company
Jessup Inc.
Osterman Company
Snyder Co.
Sales
$463,200
$
$1,077,000
$
Cost of goods sold
$
$408,400
$
$411,800
Gross profit
$87,800
$290,600
$295,400
$266,400
One item is omitted in each of the following summaries of balance sheet and income statement...
One item is omitted in each of the following summaries of
balance sheet and income statement data for the following four
different corporations. This information has been collected in the
Microsoft Excel Online file. Open the spreadsheet, perform the
required analysis, and input your answers in the questions
below.
Open spreadsheet
Determine the missing amounts. (Hint: First determine
the amount of increase or decrease in stockholders' equity during
the year.) Round your answers to the nearest dollar. Enter your
answers...
Two items are omitted from each of the following summaries of balance sheet and income statement...
Two items are omitted from each of the following summaries of
balance sheet and income statement data for two proprietorships for
the year 2020, Pharoah's Goods and Cullumber Enterprises.
Determine the missing amounts.
Pharoah's
Goods
Cullumber
Enterprises
Beginning of year:
Total assets
$154,000
$180,600
Total liabilities
119,000
$enter a dollar amount
(c)
Total owner’s equity
$enter a dollar amount
(a)
112,000
End of year:
Total assets
224,000
252,000
Total liabilities
168,000
70,000
Total owner’s equity
56,000
182,000
Changes during year...
Two items are omitted from each of the following summaries of balance sheet and income statement...
Two items are omitted from each of the following summaries of
balance sheet and income statement data for two corporations for
the year 2019, Blue Spruce Corp. and Ayayai Enterprises.
Determine the missing amounts.
Blue Spruce Corp.
Ayayai Enterprises
Beginning of year:
Total assets
$137,740
$183,180
Total liabilities
120,700
(c)
Total stockholders’ equity
(a)
106,500
End of year:
Total assets
227,200
255,600
Total liabilities
170,400
71,000
Total stockholders’ equity
56,800
184,600
Changes during year in stockholders’ equity:
Additional investment
(b)...
Deduce the missing amounts and prepare the income statement.
The following schedule relates the income statement with cash
flows from operating activities, derived by both the direct and
indirect methods. The amounts for income statement elements are
missing.Cash Flows from Operating ActivitiesIncome StatementIndirect MethodDirect MethodNet income$?Adjustments:Sales$?Decrease in accounts
receivable16Cash received from
customers$666Cost of goods sold?Increase in inventory(32)Decrease in accounts
payable(45)Cash paid to suppliers(467)Salaries expense?Increase in salaries
payable17Cash paid to employees(42)Depreciation expense?Depreciation expense23(Not reported—no cash
effect)Insurance expense?Decrease in prepaid
insurance24Cash paid for insurance(20)Loss on sale of land?Loss on sale of...
Horizontal Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of...
Horizontal Analysis of Comparative Financial Statements
Amounts from the comparative income statement and balance sheet
of Miller Electronics Corporation for the last two years are as
follows:
Miller Electronics
Corporation
Comparative Income Statement
For Years Ended December 31, 20-2 and 20-1
20-2
20-1
Net Sales (all on account)
$652,630
$416,530
Cost of goods sold
387,960
250,560
Gross profit
$264,670
$165,970
Administrative expenses
$65,676
$42,758
Selling expenses
66,261
43,915
Total operating expenses
$131,937
$86,673
Operating income
$132,733
$79,297
Interest expense
1,331 ...
Vertical Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of...
Vertical Analysis of Comparative Financial Statements
Amounts from the comparative income statement and balance sheet
of Miller Electronics Corporation for the last two years are as
follows:
Miller Electronics Corporation
Comparative Income Statement
For Years Ended December 31, 20-2 and 20-1
20-2
20-1
Net Sales (all on account)
$662,120
$427,020
Cost of goods sold
395,040
263,840
Gross profit
$267,080
$163,180
Administrative expenses
$63,920
$43,090
Selling expenses
66,123
44,353
Total operating expenses
$130,043
$87,443
Operating income
$137,037
$75,737
Interest expense
1,268 ...
Ratio Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of...
Ratio Analysis of Comparative Financial Statements
Amounts from the comparative income statement and balance sheet
of Miller Electronics Corporation for the last two years are as
follows:
Miller Electronics Corporation
Comparative Income Statement
For Years Ended December 31, 20-2 and 20-1
20-2
20-1
Net Sales (all on account)
$654,280
$421,080
Cost of goods sold
398,290
263,480
Gross profit
$255,990
$157,600
Administrative expenses
$64,477
$43,209
Selling expenses
66,603
43,981
Total operating expenses
$131,080
$87,190
Operating income
$124,910
$70,410
Interest expense
1,251 ...
The summaries of data from the balance sheet, income statement, and retained earnings statement for two...
The summaries of data from the balance sheet, income statement,
and retained earnings statement for two corporations, Cullumber
Corporation and Blossom Enterprises, are presented below for 2022.
Determine the missing amounts. Assume all changes in stockholders'
equity are due to changes in retained earnings.
Cullumber Corporation
Blossom Enterprises
Beginning of year
Total assets
$120,000
$155,000
Total liabilities
89,000
(d) enter a dollar amount
Total stockholders' equity
(a) enter a dollar amount
78,000
End of year
Total assets
(b) enter a...
everal items are omitted from the income statement and cost of goods manufactured statement data for...
everal items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of December.
On
Company
Off
Company
Materials inventory, December 1
$85,120
$108,950
Materials inventory, December 31
(a)
123,110
Materials purchased
216,200
(a)
Cost of direct materials used in production
228,120
(b)
Direct labor
320,900
245,140
Factory overhead
99,590
122,020
Total manufacturing costs incurred in December
(b)
704,910
Total manufacturing costs
812,040
967,480
Work in process inventory, December 1...
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