Question

In: Accounting

The following information is available for the New York Giants Rental.             Assets at December 31,...

  1. The following information is available for the New York Giants Rental.

           

Assets at December 31, 2004........................................

$152,000

2004 Cash inflows from operating activities..................

105,000

2004 Cash outflows from financing activities................

(44,000)

2004 Cash outflows from investing activities................

(84,000)

2004 Expenses..............................................................

43,000

Equity at December 31, 2003........................................

62,000

Liabilities at December 31, 2004...................................

28,000

2004 Revenues..............................................................

135,000

2004 Withdrawals.........................................................

(30,000)

                        Using the above information prepare an Income Statement, Statement of Owner's Equity, and Statement of Cash Flows for the Skate and Boards Rental for 2004. Also prepare its Balance Sheet as of December 31, 2004.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The following information is available for XYZ Company: January 1, 2012 December 31, 2012 ASSETS Cash...
The following information is available for XYZ Company: January 1, 2012 December 31, 2012 ASSETS Cash $31,000 $20,000 Accounts receivable 74,000 80,000 Supplies 10,000 7,000 Land 50,000 40,000 Equipment 20,000 36,000 Accumulated depreciation 6,000 8,000 Patent 0 6,000 LIABILITIES + EQUITY Accounts payable $15,000 $19,000 Short-term notes payable 22,000 13,000 Salaries payable 17,000 1,000 Common stock 40,000 50,000 Retained earnings 85,000 98,000 During 2012, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing $10,000...
Suppose at December 31 of a recent year, the following information (in thousands) was available for...
Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $175,000; beginning inventory $119,000; cost of goods sold $414,540 and sales revenue $773,000. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.)
Suppose at December 31 of a recent year, the following information (in thousands) was available for...
Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $153,357; beginning inventory $122,003; cost of goods sold $350,824 and sales revenue $820,884. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover = Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.) Days in inventory =
1a). The following information is available for the year ended December 31: The amount of raw...
1a). The following information is available for the year ended December 31: The amount of raw materials used in production for the year is: a. $4,100. b. $5,100. c. $3,500. d. $6,500. e. $4,000 1.b) Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Bard incurred a factory payroll of $150,000, paid in cash, of which $40,000 is...
The following financial information is available for Longmire Lumber Ltd. as at December 31 (in thousands,...
The following financial information is available for Longmire Lumber Ltd. as at December 31 (in thousands, except for per share amounts): 2021 2020 2019 Profit $1,978 $2,131 $2,663 Preferred share dividends (total) $73 $43 $30 Weighted average number of common shares 502 500 501 Dividends per common share $2.50 $2.25 $2.10 Market price per common share $43.00 $49.75 $56.25 (a) Calculate the earnings per share, price-earnings ratio, and payout ratio for the common shareholders for each of the three years....
The following information is available for Gulf Corp. on December 31 for the year just ended....
The following information is available for Gulf Corp. on December 31 for the year just ended. The estimated yearly depreciation on the building is $950. This year's advertising bill for $12,000 is unrecorded and unpaid. Unpaid and unrecorded salaries at year-end totalled $47,500. The estimated yearly depreciation on the furniture is $900. $600 of property taxes have accrued and are unrecorded. A review of the $4,400 unadjusted balance in the supplies account shows a balance on hand at the end...
The following information is available for United Corporation on December 31 for the year just ended....
The following information is available for United Corporation on December 31 for the year just ended. A review of the $12,000 unadjusted balance in the prepaid rent account shows a remaining balance of $8,750 at the end of the year. $2,200 of the television advertising paid for in advance has been used. The yearly depreciation on the building is $150. The yearly depreciation on the equipment is $800. $1,200 of the advertising paid for in advance has been published by...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 5,000 Units sold 4,100 Sales $ 984,000 Materials cost $ 100,000 Variable conversion cost used $ 50,000 Fixed manufacturing cost $ 100,000 Indirect operating costs (fixed) $ 80,500 The variable costing operating income is: ?
The following information is available for Ivanhoe Company for the year ended December 31, 2017. Beginning...
The following information is available for Ivanhoe Company for the year ended December 31, 2017. Beginning cash balance $ 49,635 Accounts payable decrease 4,081 Depreciation expense 178,686 Accounts receivable increase 9,045 Inventory increase 12,133 Net income 313,362 Cash received for sale of land at book value 38,605 Cash dividends paid 13,236 Income taxes payable increase 5,184 Cash used to purchase building 318,767 Cash used to purchase treasury stock 28,678 Cash received from issuing bonds 220,600 Prepare a statement of cash...
The following inventory information is available for Muscat Manufacturing Corporation for the year ended December 31,...
The following inventory information is available for Muscat Manufacturing Corporation for the year ended December 31, 2018:                                                                      Beginning                 Ending             Inventories:             Raw materials                                    $68,000                 $76,000             Work in process                                   36,000                   56,000             Finished goods                                   44,000                   32,000 Total $148,000         $164,000 In addition, the following transactions occurred in 2018: 1.   Raw materials purchased on account, $280,000. 2.   Incurred factory labor, $320,000, all is direct labor. (Credit Factory Wages Payable). 3.   Incurred the following overhead costs during the year:...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT