Question
In: Finance
17. The balance in a firm's cash account was $139,252 at the end of 2018. In...
17. The balance in a firm's cash account was $139,252 at the end of 2018. In 2017, a firm had cash flows from operations of $317,848, cash flows from investing activities of negative $483,850 and cash flows from financing activities of $172,500. What was the firm’s beginning cash balance for 2018?
18. A firm reports net sales equal $965,250; gross profit equals
$562,475; interest expense equals $36,750, addition to retained
earnings equal $127,624; dividends paid to preferred and common
stockholders equal $92,000; administrative and operating expenses
equal $195,000. The firm's marginal tax rate is 30 percent. What is
the firm’s net income?
19. House Supply, Inc. has total assets of $3,425,825 of which
$1,286,350 are current assets. Cash makes up 18 percent of the
current assets and accounts receivable makes up another 36 percent
of current assets. House Supply’s gross plant and equipment has an
original cost of $2,467,400 and other long-term assets have a cost
value of $426,700. What is the balance of depreciation on House
Supply’s balance sheet?
20. Cedar Stakes, Inc. has current liabilities of $203,450. Cash
makes up 16 percent of the current assets and accounts receivable
equals $73,489. If Cedar Stakes has net working capital of $80,750,
what is the amount of inventory?
Solutions
jeff jeffy answered 6 months agoRelated Solutions
12/31/17 Balance Sheet Cash $17,000 Account
12/31/17 Balance Sheet
Cash $17,000
Accounts
Receivable
$12,000
Prepaid
Insurance
$5,000
Inventory
$15,000
Total $49,000
Equipment
$100,000
Accumulated
Depreciation
$(20,000)
Total $80,000
Total
Assets
$129,000
Accounts
Payable
$9,000
Income Taxes Payable $3,000
Total
Liabilities
$12,000
Common
Stock
$100,000
Retained
Earnings
$17,000
Total
Equity
$117,000
Total Liabilities &
Equity
$129,000
Additional Information:
Sales for 2018 are expected to be $200,000.
Accounts Receivable turnover is expected to be 12...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of
$46,000 at December 31,
2018, the end of Hanson Company's accounting year. Insurance
expense has a $2,000 balance
at the same point in time.
The following policies are in effect at December 31, 2018:
Policy Type Date Acquired Policy Term Total Premium
Paid When Acquired
Liability 1-31-17 2 years $48,000
Auto 6-30-18 2 years . $9,000
Business interruption . 8-1-18 1 year $840
1. Determine the adjusted balance in prepaid insurance...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of
$46,000 at December 31,
2018, the end of Hanson Company's accounting year. Insurance
expense has a $12,000 balance
at the same point in time. The following policies are in effect
at December 31, 2018:
Policy Date Policy Total Premium
Type Acquired Term Paid when acquired
Liability 1-31-17 2 years $48,000
Auto 6-30-18 2 years 9,000
Business interruption 8-1-18 1 year 840
1. Determine the adjusted balance in prepaid insurance at
December...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of
$46,000 at December 31, 2018, the end of Hanson Company's
accounting year. Insurance expense has an unadjusted $2,000 balance
at the same point in time. Some policies that were in effect have
expired. Some of those were renewed and some were not. The
following policies are in effect at December 31, 2018:
Policy
Date
Policy
Total Premium
Type
Acquired Term Paid
when acquired
Liability
1-31-17
2 years $48,000
Auto
6-30-18 ...
Below are the 2018 and 2019 year-end balance sheets for Tran Enterprises: Assets: 2018 2017 Cash...
Below are the 2018 and 2019 year-end balance sheets for Tran
Enterprises:
Assets:
2018
2017
Cash
$ 200,000
$ 170,000
Accounts receivable
864,000
700,000
Inventories
2,000,000
1,400,000
Total current assets
$3,064,000
$2,270,000
Net fixed assets
6,000,000
5,600,000
Total assets
$9,064,000
$7,870,000
Liabilities and equity:
Accounts payable
$1,400,000
$1,090,000
Notes payable to bank
1,600,000
1,800,000
Total current liabilities
$3,000,000
$2,890,000
Long-term debt
2,400,000
2,400,000
Common stock
3,000,000
2,000,000
Retained earnings
664,000
580,000
Total common equity
$3,664,000
$2,580,000
Total liabilities and equity...
The cash account for Corey’s Construction Company at August 31, 2018, indicated a book balance of...
The cash account for Corey’s Construction Company at August 31,
2018, indicated a book balance of $19,885. The bank statement
received by the company indicated a balance of $39,473.63 as at
August 31, 2018. A comparison of the bank statement and the
accompanying cancelled cheques and memos with the records revealed
the following:
A deposit of $6,794.62 was received by the bank on August 31
after the bank statement was prepared.
Cheques #251 for $1,200 and #260 for $1,333.25 were...
The cash account for Corey’s Construction Company at August 31, 2018, indicated a book balance of...
The cash account for Corey’s
Construction Company at August 31, 2018, indicated a book balance
of $19,885. The bank statement received by the company indicated a
balance of $39,473.63 as at August 31, 2018. A comparison of the
bank statement and the accompanying cancelled cheques and memos
with the records revealed the following:
A deposit of $6,794.62 was
received by the bank on August 31 after the bank statement was
prepared.
Cheques #251 for $1,200 and #260
for $1,333.25 were...
COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Account Title Balance Debit Credit Cash $ 12,100...
COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018
Account Title Balance Debit Credit Cash $ 12,100 Accounts
Receivable 1,300 Office Supplies 200 Painting Equipment 13,500
Accounts Payable $ 3,300 Unearned Revenue 1,700 Common Stock 15,000
Dividends 3,500 Service Revenue 15,600 Advertising Expense 550 Rent
Expense 1,800 Salaries Expense 2,400 Utilities Expense 250 Total $
35,600 $ 35,600 P2-29A Requirement 1 Date Accounts and Explanation
Post Ref. Debit Credit July 1 Cash 63,000 Common Stock 63,000 5
Rent Expense 510 Cash...
Below are the year-end balance sheets for Lowell Enterprises: Assets: 2018 2017 Cash $ 200,000 $ ...
Below are the year-end balance sheets for Lowell
Enterprises:
Assets:
2018
2017
Cash
$ 200,000
$ 170,000
Accounts receivable
864,000
700,000
Inventories
2,000,000
1,400,000
Total current assets
$3,064,000
$2,270,000
Net fixed assets
6,000,000
5,600,000
Total assets
$9,064,000
$7,870,000
Liabilities and equity:
Accounts payable
$1,400,000
$1,090,000
Notes payable
1,600,000
1,800,000
Total current liabilities
$3,000,000
$2,890,000
Long-term debt
2,400,000
2,400,000
Common stock
3,000,000
2,000,000
Retained earnings
664,000
580,000
Total common equity
$3,664,000
$2,580,000
Total liabilities and equity...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000...
Green Advertising Services
Adjusted Trial Balance
December 31, 2018
Balance
Account Title
Debit
Credit
Cash
$14,000
Accounts Receivable
15,800
Office Supplies
6,500
Land
18,400
Building
47,900
Accumulated Depreciation—Building
$36,100
Furniture
19,600
Accumulated Depreciation—Furniture
14,100
Accounts Payable
10,600
Salaries Payable
7,200
Unearned Revenue
16,000
Common Stock
30,000
Retained Earnings
31,400
Dividends
18,300
Service Revenue
49,800
Salaries Expense
28,600
Supplies Expense
8,400
Depreciation Expense—Building
2,900
Depreciation Expense—Furniture
1,300
Advertising Expense
13,500
Total
$195,200
$195,200
Requirement 2. Prepare the statement of retained earnings...
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