Question

In: Accounting

XYZ Corporation began operations on January 1, 2019. The following information is available for XYZ Corporation...

XYZ Corporation began operations on January 1, 2019. The following information is available for XYZ Corporation on December 31, 2019.

Accounts receivable

1,800

Common stock

10,000

Supplies

4,000

Accounts payable

2,000

Retained earnings

?

Supplies expense

200

Rental expense

9,000

Equipment

16,000

Cash

1,400

Notes payable

5,000

Insurance expense

1,000

Dividends

600

Service revenue

17,000

Instructions

Prepare an (1) income statement, (2) a retained earnings statement, and (3) a balance sheet using this information.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax...
Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax financial income of $54,300 and taxable income of $62,830, due to two temporary differences. The income tax rate is 30% for 2019 through 2021, but Congress has enacted a tax rate of 35% for 2022 and beyond. To determine its deferred taxes, Wicks prepared the following schedule of expected future taxable and deductible amounts for the two temporary differences: 2020 2021 2022 2023 Future...
Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time....
Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time. Southern uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2019, 30% in 2020, and 20% in 2021. Pretax accounting income for 2020 – which is the SECOND year of using this machine – is $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 30% for...
Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time....
Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time. Southern uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2019, 30% in 2020, and 20% in 2021. Pretax accounting income for 2021 – which is the THIRD year of using this machine – is $140,000, which includes interest revenues of $20,000 from municipal bonds. In December 31, 2020 the enacted tax...
XYZ Company began operations on January 1, 2020. The company has the following items included in...
XYZ Company began operations on January 1, 2020. The company has the following items included in the owners' equity section of its balance sheet. 8% Preferred Stock, $100 par, 100,000 shares authorized, 25,000 shares issued and outstanding $2,500,000 Common Stock, $3 par, 500,000 shares authorized; 150,000 shares issued and outstanding 450,000 Additional paid-in capital 2,250,000 Total dividends declared and paid were: 2020 $170,000 2021 210,000 2022 240,000 A. Referring to the information above, if XYZ Company's preferred stock were CUMULATIVE,...
PART 1 The following information is available for a company as of January 1, 2019: Accounts...
PART 1 The following information is available for a company as of January 1, 2019: Accounts Receivable $300,000 Allowance for Doubtful Accounts (14,000)    Accounts Receivable (net) 286,000 The following events took place during 2019: During the year, the company sold services for $500,000 cash and $3,000,000 on credit. On December 31, a decision was made to estimate bad debts as 0.5% of credit sales. Accounts Receivable of $1,000 from prior years was determined to be uncollectible and was written...
Winx Company began operations at the beginning of 2018.The following information is available for this...
Winx Company began operations at the beginning of 2018. The following information is available for this company: • Pretax financial income for 2018 is $300,000. • Differences between the 2018 income statement and tax return include: - Depreciation on property, plant and equipment for financial reporting purposes was $20,000 lower than for tax purposes. - Gross profit on construction contracts using the percentage-of-completion method equaled $82,000 in the company’s books. Gross profit on construction contracts for tax purposes was $67,000....
PROBLEMS 1. Rosotti Corporation began operations on January 1, 2005. Cost and sales information for 2005...
PROBLEMS 1. Rosotti Corporation began operations on January 1, 2005. Cost and sales information for 2005 is summarized below. Total costs of operations: Direct materials $60 per unit Direct labor $90 per unit Variable factory overhead $40 per unit Variable selling expenses $11 per unit Variable administrative expenses $10 per unit Sales price $400 per unit Fixed factory overhead costs $1,200,000 Fixed selling expenses $11,900,000 Fixed administrative expenses $12,100,000 Units produced 300,000 Units sold 250,000 Units in ending inventory 50,000...
​Randall's Service Company began operations on January​ 1, 2019. The following Trial Balance was prepared on...
​Randall's Service Company began operations on January​ 1, 2019. The following Trial Balance was prepared on December​ 31, 2019. Capital contributions during the year were $56,000. ​Randall's Service Company Trial Balance December​ 31, 2019 Account Title Debit Credit Cash ​$25,400 Accounts Receivable ​5,000 Prepaid Rent ​1,200 Office Supplies ​3,400 Land ​45,000 Building ​16,500 Equipment ​23,000 Accounts Payable ​$15,000 Unearned Revenue ​5,000 Notes Payable ​25,000 Common Stock 56,000 Dividends 6,500 Service Revenue 79,100 Salaries Expense 34,000 Rent Expense 14,000 Office Expense...
XYZ is a calendar-year corporation that began business on January 1, 2020. For the year, it...
XYZ is a calendar-year corporation that began business on January 1, 2020. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1 Interest income 20,000 2 Capital gains (losses) (4,000 )...
XYZ is a calendar-year corporation that began business on January 1, 2018. For the year, it...
XYZ is a calendar-year corporation that began business on January 1, 2018. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1 Interest income 20,000 2 Capital gains (losses) (4,000 )...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT