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In: Accounting
Prat Corp. started the 2018 accounting period with $31,000 of assets (all cash), $12,500 of liabilities,...
Prat Corp. started the 2018 accounting period with $31,000 of assets (all cash), $12,500 of liabilities, and $16,000 of common stock. During the year, the Retained Earnings account increased by $16,550. The bookkeeper reported that Prat paid cash expenses of $31,500 and paid a $3,100 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $5,500 cash to reduce the liability owed to the bank, and the business acquired $6,900 of additional cash from the issue of common stock.
a-1. Prepare an income statement for the 2018 accounting period. a-2. Prepare a statement of changes in stockholders’ equity for the 2018 accounting period. a-3. Prepare a period-end balance sheet for the 2018 accounting period. a-4. Prepare a statement of cash flows for the 2018 accounting period.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prat Corp. started the 2018 accounting period with $31,000 of assets (all cash), $12,500 of liabilities,...
Prat Corp. started the 2018 accounting period with $31,000 of
assets (all cash), $12,500 of liabilities, and $16,000 of common
stock. During the year, the Retained Earnings account increased by
$16,550. The bookkeeper reported that Prat paid cash expenses of
$31,500 and paid a $3,100 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $5,500 cash to
reduce the liability owed to the...
Prat Corp. started the 2018 accounting period with $29,000 of assets (all cash), $11,500 of liabilities,...
Prat Corp. started the 2018 accounting period with $29,000 of
assets (all cash), $11,500 of liabilities, and $14,000 of common
stock. During the year, the Retained Earnings account increased by
$15,550. The bookkeeper reported that Prat paid cash expenses of
$30,500 and paid a $2,900 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $4,000 cash to
reduce the liability owed to the...
Prat Corp. started the 2018 accounting period with $34,000 of assets (all cash), $14,000 of liabilities,...
Prat Corp. started the 2018 accounting period with $34,000 of
assets (all cash), $14,000 of liabilities, and $19,000 of common
stock. During the year, the Retained Earnings account increased by
$18,050. The bookkeeper reported that Prat paid cash expenses of
$33,000 and paid a $3,400 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $8,500 cash to
reduce the liability owed to the...
Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities,...
Prat Corp. started the 2018 accounting period with $30,000 of
assets (all cash), $12,000 of liabilities, and $15,000 of common
stock. During the year, the Retained Earnings account increased by
$16,050. The bookkeeper reported that Prat paid cash expenses of
$31,000 and paid a $3,000 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $4,500 cash to
reduce the liability owed to the...
Prat Corp. started the 2018 accounting period with $35,000 of assets (all cash), $14,500 of liabilities,...
Prat Corp. started the 2018 accounting period with $35,000 of
assets (all cash), $14,500 of liabilities, and $20,000 of common
stock. During the year, the Retained Earnings account increased by
$18,550. The bookkeeper reported that Prat paid cash expenses of
$33,500 and paid a $3,500 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $9,500 cash to
reduce the liability owed to the...
1.) If at the end of the accounting period the assets total$8,000, and the liabilities...
1.) If at the end of the accounting period the assets total
$8,000, and the liabilities total $5,000, then what must be the
amount of equity?$3,000$4,000$5,000$1,000None of the above2.)If at the end of the accounting period the liabilities
total $6,000, and equity totals $10,000, then what must be the
total of the assets?$16,000$14,000$15,000$11,000None of the above3.)Which of the following financial statements does
not cover a period of time?Income StatementBalance sheetStatement of retained earningsStatement of cash flowsAll of the above4.)Which of...
Allerton Company acquires all of Deluxe Company’s assets and liabilities for cash on January 1, 2018,...
Allerton Company acquires all of Deluxe Company’s assets and
liabilities for cash on January 1, 2018, and subsequently formally
dissolves Deluxe. At the acquisition date, the following book and
fair values were available for the Deluxe Company accounts:
Book
Values
Fair
Values
Current assets
$
61,000
$
61,000
Building
91,750
44,650
Land
31,000
45,700
Trademark
0
37,600
Goodwill
15,000
?
Liabilities
(63,750
)
(63,750
)
Common stock
(100,000
)
Retained earnings
(35,000
)
1&2. Prepare Allerton’s entry to record its...
SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners’ Equity 2017 2018 2017...
SMOLIRA GOLF CORP.
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
24,056
$
24,200
Accounts payable
$
23,284
$
27,200
Accounts receivable
12,548
15,300
Notes payable
12,000
10,900
Inventory
25,592
27,200
Other
11,671
15,900
Total
$
62,196
$
66,700
Total
$
46,955
$
54,000
Long-term debt
$
90,000
$
93,294
Owners’ equity
Common stock and paid-in
surplus
$
42,000
$
42,000
Accumulated retained
earnings
208,936
242,706
Fixed assets...
International Co. started 2018 with two assets: Cash of §26,000 (Stickles) and Land that originally cost...
International Co. started 2018 with two assets: Cash of §26,000
(Stickles) and Land that originally cost §72,000 when acquired on
April 4, 2015. On May 1, 2018, the company rendered services to a
customer for §36,000, an amount immediately paid in cash. On
October 1, 2018, the company incurred an operating expense of
§22,000 that was immediately paid. No other transactions occurred
during the year so an average exchange rate is not necessary.
Currency exchange rates were as follows:
April...
Corporate Accounting: 20. Big Ltd acquired all the assets and liabilities of Small Ltd on 1...
Corporate Accounting:
20. Big Ltd acquired all the assets and liabilities of Small Ltd
on 1 July 2019. At this date, the assets and liabilities of Rod Ltd
consisted of the following:
Carrying Amount ($)
Fair Value($)
Assets
Cash
250,000
600,000
Accounts receivable
450,000
500,000
Land
200,000
300,000
Vehicle
100,000
200,000
Accumulated depreciation -Vehicle
(20,000)
Liabilities
Accounts payable
150,000
150,000
Loans
200,000
200,000
Equity
Share Capital –@$6 per share
600,000
Reserves
30,000
In exchange for these assets and liabilities,...
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