Question
In: Accounting
The POL Company had started its operations in 2016. The balance sheet for December 31, 2016,...
The POL Company had started its operations in 2016. The balance sheet for December 31, 2016, showed the following accounts balances (there were no other accounts listed):
Accounts receivables 45
Unearned revenue 40
Accumulated depreciation 10
Common stock 500
Retained earnings 57
Property plant and equipment (gross) 200
Inventory 75
Accounts payable 40
Cash 309
Prepaid rent ______
During 2017 the following transactions occurred:
1. POL purchased $375 worth of inventory on account.
2.Payments on Accounts payable were $365.
3.Cash sales were $260; credit sales were $360.
4.Ending inventory was $59.
5.Depreciation expense was $20.
6.Collections from customers (not including cash sales) were $312.
7. The Prepaid rent had expired during the year.
8. POL hired one employee, who worked for the entire year at $4 per month. At the end of the year, POL owes its employee $6.
9.Dividend of $24 was declared and paid during 2017.
10. On the last day of the year, POL gave a loan of $50 to its twin sister company, CLA.
11.Unearned revenue account remained intact during 2017.
a.What was the balance of the Prepaid rent account on December 31, 2016?
b.Record journal entries for all transactions occurred during 2017.
c.Prepare an Income Statement for the year ended December 31, 2017.
d. Prepare a Balance Sheet for December 31, 2017.
Solutions
ekkarill92 answered 9 months agoRelated Solutions
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The December 31, 2016, balance sheet of the Kramer Company had
Accounts Receivable of $650,000 and a credit balance in Allowance
for Doubtful Accounts of $33,000. During 2017, the following
transactions occurred: sales on account $1,550,000; sales returns
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Journalize the 2017 transactions. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually.)
Account Titles and Explanation...
Name________________________________ The December 31, 2016 balance sheet of Benson Company had Accounts Receiv
Name________________________________
The December 31, 2016 balance sheet of Benson Company had
Accounts Receivable of $450,000 and a credit balance in Allowance
for Doubtful Accounts of $33,000. During 2017, the following
transactions occurred:
Sales on account $1,600,000
Sales returns and allowances, $75,000
Collections from customers,
$1,450,000
Accounts written off $35,000
Previously written off accounts of
$6,000 were collected
(a) Journalize the 2017
transactions. Disregard any impact on inventory. (6
points)
Date
Account Titles
Debit
Credit
(b) If Benson uses...
Larkspur Inc. had the following balance sheet at December 31, 2016. LARKSPUR INC. BALANCE SHEET DECEMBER...
Larkspur Inc. had the following balance sheet at December 31,
2016.
LARKSPUR INC.
BALANCE SHEET
DECEMBER 31, 2016
Cash
$ 20,990
Accounts payable
$ 30,990
Accounts receivable
22,190
Notes payable (long-term)
41,990
Investments
32,990
Common stock
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Plant assets (net)
81,000
Retained earnings
24,190
Land
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$ 198,160
$ 198,160
During 2017, the following occurred.
1.
Larkspur Inc. sold part of its
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gain of $ 3,471 for the firm. The...
Lander Inc. had the following balance sheet on December 31, 2016: LANDER, INC. Balance Sheet December...
Lander Inc. had the following balance sheet on December 31,
2016:
LANDER, INC.
Balance Sheet
December 31, 2016
Cash
$49,830
Accounts payable
$37,180
Accounts receivable
$20,790
Bonds payable
$38,500
Investments
$27,500
Common stock
$209,000
Plant assets (net)
$85,800
Retained earnings
$20,240
Land
$121,000
Total Assets
$304,920
Total Liabilities & Equity
$304,920
During 2017 the following occurred:
Lander liquidated its investment portfolio at a loss of
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A tract of land was purchased for $34,100.
An additional $22,000 in common stock...
Balance Sheet Preparation The December 31, 2016, balance sheet accounts of Hitt Company are shown here...
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The December 31, 2016, balance sheet accounts of Hitt Company
are shown here in alphabetical order:
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Equipment
$72,400
Accounts Receivable
21,000
Inventory
37,200
Accumulated Depreciation: Buildings
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Land
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Accumulated Depreciation: Equipment
35,100
Marketable Securities (short-term)
6,100
Additional Paid-in Capital on Common Stock
24,000
Patents (net)
9,500
Additional Paid-in Capital on Preferred Stock
11,500
Preferred Stock, $100 par
21,000
Allowance for Doubtful Accounts
800
Retained Earnings
53,740
Bonds Payable (due 2024)
77,000
Revenues
107,000...
The accountant for Becker Company wants to develop a balance sheet as of December 31, 2016....
The accountant for Becker Company wants to develop a balance
sheet as of December 31, 2016. A review of the asset records has
revealed the following information:
a.
Asset A was purchased on July 1,
2014, for $50,000 and has been depreciated on the straight-line
basis using an estimated life of six years and a residual value of
$5,000.
b.
Asset B was purchased on January 1,
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depreciation purposes. Originally,...
The accountant for Becker Company wants to develop a balance sheet as of December 31, 2016....
The accountant for Becker Company wants to develop a balance
sheet as of December 31, 2016. A review of the asset records has
revealed the following information:
a.
Asset A was purchased on July 1, 2014, for $40,000 and has been
depreciated on the straight-line basis using an estimated life of
six years and a residual value of $4,000.
b.
Asset B was purchased on January 1, 2015, for $79,200. The
straight-line method has been used for depreciation purposes.
Originally,...
Walbash Company presents the following December 31, 2016, balance sheet: Walbash Company Sheet of Balances for...
Walbash Company presents the following December 31, 2016,
balance sheet:
Walbash Company
Sheet of Balances for Year Ended December 31, 2016
Current
Assets
$ 44,300
Long-term
investments
13,600
Property, plant, and
equipment
123,500
Intangible
assets
7,700
Other
assets
13,600
______
Total assets
$202,700
Current
liabilities
$ 66,600
Long-term
liabilities
24,100
Contributed capital
17,000
Unrealized
capital
22,500
Retained
earnings
72,500
______
Total
equities
$202,700
The following information is also available:
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Prepare a balance sheet in report form as of December 31, 2016. * Balance sheet data:...
Prepare a balance sheet in report form as of December 31,
2016. *
Balance sheet
data:
Accounts payable
$
194,300
Accounts receivable
545,000
Accumulated depreciation—office
buildings and equipment
1,580,000
Accumulated depreciation—store
buildings and equipment
4,126,000
Allowance for doubtful
accounts
8,450
Available-for-sale investments (at
cost)
260,130
Bonds payable, 5%, due 2024
500,000
Cash
246,000
Common stock, $20 par
(400,000 shares authorized; 100,000
shares issued, 94,600 outstanding)
2,000,000
Dividends:
Cash dividends for common
stock
155,120
Cash dividends for preferred
stock
100,000
Goodwill...
Jafan Retailing, Balance Sheet Statement December 31, 2016 & December 31, 2017 2016 2017 Cash $ ...
Jafan Retailing, Balance Sheet
Statement December 31, 2016 & December 31, 2017
2016
2017
Cash
$ 235,000
$ 400,000
Accounts Receivable
367,200
325,000
Inventory
450,000
500,200
Prepaid Expenses
120,000
160,000
Long-term investment
100,000
300,000
Equiptment (Net)
1,050,000
1,125,000
Total Assets
$ 2,322,200
$ 2,810,200
Accounts Payable
$ 421,000
$ 411,000
Salary Payable
134,000
180,000
Interest Payable
110,000
112,000
Bonds Payable
550,000
560,000
Common Shares...
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