The following data, expressed as $104, are the closed ledger accounts showing assets, liabilities, income, and...

The following data, expressed as $10⁴, are the closed ledger accounts showing assets, liabilities, income, and expenses of Blue River Fabricators, Inc., a family owned firm that does not declare dividends. Prepare an income statement and balance sheet for the year. (Hint: some items belong to balance sheet and some are part of income statement) (3 points)

Account Title	$10⁴	Account Title	$10⁴
Cash in bank	1560	Office expense	200
Project income	3000	Manufacturing fixture owned	1000
Interest income, owned securities	100	Account payable	1400
Rental income	600	Interest expense on bank loan	50
Salary and wage expense	2400	Receivable from contracts	1800
Bank loan	2000	Equipment owned	800
Capital stock	8300	Materials expense	150
Retained earnings, January 1	1700	Buildings owned	5000
Securities owned	4000	Taxes, all kind	140

Expert Solution

ekkarill92 answered 2 years ago

The following accounts appear in the ledger of Super Inc. after the books are closed at...

The following accounts appear in the ledger of Super Inc. after the books are closed at December 31, 2019 Common Stock, $1 par value, 800,000 shares authorized, 450,000 shares Issued $450,000 Paid-in-Capital in Excess of Par Value-Common Stock 750,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 400 shares issued 350,000 Retained Earnings 250,000 Treasury Stock (10,000 common shares) 30,000 Paid-in Capital in Excess of Par Value-Preferred Stock Note: Income statement for 2019 is $170,000. Dividends paid $25,000 Instructions:...

The following accounts appear in the ledger of Planter Inc. after the books are closed at...

The following accounts appear in the ledger of Planter Inc. after the books are closed at December 31, 2003. Common Stock, $1 par value, 500,000 shares authorized, 400,000 shares issued $400,000 Treasury Stock (10,000 common shares) 75,000 Long term investments 50,000 Common Stock Dividends Distributable 60,000 Paid-in Capital in Excess of Par Value—Common Stock 550,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 3,000 shares issued 300,000 Deferred income tax 25,000 Retained Earnings 650,000 Paid-in Capital...

CHART OF ACCOUNTS Affordable Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable...

CHART OF ACCOUNTS Affordable Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable EQUITY 31 Common Stock 33 Dividends REVENUE 41 Sales Commissions EXPENSES 51 Rent Expense 52 Office Salaries Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business...

The following is a random list showing the account balances of various assets, liabilities, revenues and...

The following is a random list showing the account balances of various assets, liabilities, revenues and expenses for Jones Painting Company at December 31, 2020, the end of its first year of operations. Accounts receivable 7,100 Acounts payable 2,500 salary expense 3,200 repair expense 700 truck 8,300 equipment 6,700 unearned revenue 3,000 cash 6,100 supplies expense 1,600 service revenue 15,800 Gasoline Expense 3,000 Salary payable 2,100 3. the Statement of owners equity would show an ending balance of A. 21,800...

Solve the following problem. Charts of Accounts: CHART OF ACCOUNTS Rowland Company General Ledger ASSETS 11...

Solve the following problem. Charts of Accounts: CHART OF ACCOUNTS Rowland Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense...

REVISION EXERCISES ACCOUNTS CLASSIFICATION AND NORMAL BALANCE OF ACCOUNTS NAME: Accounts name Assets/Liabilities/Equity/income/Expense normal balance (DR/CR)...

REVISION EXERCISES ACCOUNTS CLASSIFICATION AND NORMAL BALANCE OF ACCOUNTS NAME: Accounts name Assets/Liabilities/Equity/income/Expense normal balance (DR/CR) 1 Cash at Bank 2 Loan Payable 3 Interest payable 4 Salaries expense 5 Prepaid insurance 6 Accounts receivable 7 Office equipment 8 Accumulated depreciation-office equipment 9 Advertising expense 10 Depreciation expense-office equipment 11 Electricity expense 12 Land 13 Salaries payable 14 Building 15 Accumulated depreciation-building 16 Goodwill 17 Sales revenue 18 Interest income 19 Marketing expenses 20 Inventory 21 Allowance for doubtful debts...

7) Which of the following types of accounts typically have a “Credit” balance? a. Assets, liabilities...

7) Which of the following types of accounts typically have a “Credit” balance? a. Assets, liabilities b. Liabilities, expenses c. Revenue, liabilities d. Capital stock, assets 8) Which of the following describes the “classification” and the “normal balance” of the Fee Revenue account? a. Asset, credit b. Liability, credit c. Retained Earnings, debit d. Revenue, credit 9) Amounts ($$) that a business is owed “from” its customers are referred to as: a. Accounts Receivables b. Equities c. Stockholders’ Equity d. ...

Indicate which of the following current assets and current liabilities are operating accounts (O) and thus...

Indicate which of the following current assets and current liabilities are operating accounts (O) and thus included in the adjustment of net income to cash flow from operating activities and which are cash (C), investing (I), or financing (F) accounts. (a) Accounts payable (b) Accounts receivable (c) Notes payable (to bank) (d) Marketable securities (e) Accrued expenses (f) Inventory (g) Prepaid expenses (h) Current portion of long-term debt (i) Dividends payable (j) Income taxes payable (k) Interest payable (l) Certificates...

Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The accounts...

Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31st year end. Accounts receivable $27,000 Office equipment $59,500 Accounts payable 38,500 Office supplies 5,000 Building 45,000 Service revenue 102,000 Cash 60,000 Supplies expense 8,000 Commission expense 24,500 Utilities expense 18,500 Common stock 42,500 Wage expense 65,500 Interest payable 10,800 Deferred revenue 8,200 Land 40,000 Beginning retained earnings was $154,000 and dividends were...

11. The following accounts are listed in order of liquidity... A. Current Assets B. Current Liabilities...

11. The following accounts are listed in order of liquidity... A. Current Assets B. Current Liabilities C. Both A and B D. Long-term assets E. none of the above 13. Retained earnings are found on the... A. Balance Sheet B. Income Statement C. Neither A nor B D. Noth A and B 15. A credit entry has the following effect on a liability account.. A. Increases B. Decreases C. No effect 17. Goldstone LLC purchases a machine on credit a...

Question