At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $294,000 and Total Liabilities of $113,500. During the year, the company reported total revenues of $347,000 and expenses of $268,500. Also, owner withdrawals during the year totaled $70,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be: Multiple Choice $189,000. $256,000. $186,000. $296,500. $183,000.

Jet Company's summarized financial statement information for the beginning of the year is as follows:

Marketable Securities $50,000

All Other Assets $150,000

Total Liabilities $80,000

Total Stockholders' Equity $120,000

During the year, Jet had Revenue of $77,000, Expenses of $46,000 and paid cash dividends of $7,000. Marketable Securities increased in value by 16% , liabilities remained unchanged for the year and Jet had 15,000 shares outstanding all year. Calculate the information that Jet would report on its financial statements at the end of the year.

TOTAL ASSETS =

TOTAL EQUITY =

Jet Company's summarized financial statement information for the beginning of the year is as follows:

Marketable Securities $50,000

All Other Assets $150,000

Total Liabilities $80,000

Total Stockholders' Equity $120,000

During the year, Jet had Revenue of $77,000, Expenses of $46,000 and paid cash dividends of $7,000. Marketable Securities increased in value by 16% , liabilities remained unchanged for the year and Jet had 15,000 shares outstanding all year. Calculate the information that Jet would report on its financial statements at the end of the year.

Net income =

Total assets =

Total liabilities =

Total equity =

Eps =

Rouxdy Co. signed a 20 – year, 5%, $375,000 mortgage payable for the purchase of a building.

a. Journalize the issuance of the mortgage payable

b. Journalize the first monthly payment of $2,474.83

How to record ( signing an 8%, 15-year mortgage) in the general entries?

it is record as (bonds payable or retained earnings or what exactly?

Riley Incorporated reports the following amounts at the end of the year (all amounts in $000): Cash $16,140 Product Revenues $112,500 Depreciation Expense 3,210 Mortgage Payable 38,000 Taxes Payable 1,020 Treasury Stock 650 Buildings 79,000 Salaries 62,800 Land 40,000 Accumulated Depreciation 21,730 Current Portion - Notes and Mortgage Payable 2,200 Accounts Payable 18,500 Equipment 42,000 Net Accounts Receivable 23,500 Income Tax Expense 3,650 Discounts on Notes Payable 7,950 Interest Expense 4,000 Inventory 6,400 Notes Payable 25,650 Costs of Goods Sold 17,400 Utilities 350 License Revenues 250 Advertising Expense 11,300 Short Term Investments (Securities) 2,500 Prepaid Expense 900 Wages Payable 3,200 In addition, the company had common stock of $75,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and declared/paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders’ equity, and balance sheet.

The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2014, contained the following accounts.
5-year Bonds Payable 8% $2,500,000

Interest Payable 50,000

Premium on Bonds Payable 100,000

Notes Payable (3 months.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due currently) 200,000

Salaries and wages Payable 18,000

Income Taxes Payable (due 3/15 of 2015) 25,000

The total long-term liabilities reported on the balance sheet are

A) $2,865,000. B) $2,850,000. C) $2,965,000. D) $2,950,000.

Rock Hard Software and Hardware reports the following amounts at the end of the year (all amounts in $000): Cash $23,430 Depreciation Expense $4,100 Taxes Payable $712 Mortgage Payable $43,500 Land $62,000 Treasury Stock $2,210 Sales Discounts and Returns $1,258 Accounts Receivable $5,292 Supplies Expenses $355 Bonds Payable $38,000 Accumulated Depreciation $17,250 Income Tax Expense $780 Equipment $29,300 Interest Expense $2,900 Notes Payable $11,000 Cost of Goods Sold $18,344 Current Portion of Bonds Payable $6,200 Current Portion of Mortgage Payable $2,350 Product Sales (Gross) $56,145 Utilities Expense $950 Inventory $12,500 Discount of Bonds Payable $970 Salaries Expense $14,100 Revenues from Software Licenses $1,050 Buildings $52,000 Goodwill $350 Advertising Expenses $5,340 Sales Expenses $7,200 Salaries Payable $412 Marketable Securities $3,450 Accounts Payable $5,340 PrePaid Expenses $750 Deferred Revenues $1,920 In addition, the company had common stock of $42,000 at the beginning of the year and issued an additional $3,500 during the year. The company also had retained earnings of $19,700 at the beginning of the year and declared dividends of $1,500 during the year. Using the account information above develop a Balance Sheet and Income Statement, then answer the next seven questions. The list of accounts is complete so your balance sheet should balance if you have performed the work correctly.

Question #1: Calculate the Net Income After Interest and Taxes

Question #2: Calculate the Total Amount of Current Assets

Question #3: Calculate the Total Amount of Current Liabilities.

Question #4: Calculate the Total Assets for Rock Hard.

Question #5: What is the total amount of the stockholders equity for Rock Hard Software and Hardware.

Question #6Continuing with Rock Hard, what is the amount of Long-Term Liabilities.

Question #7: What is Rock Hard Software and Hardware's Return on Equity (ROE). Chose the best answer from the choices below.

On April 1, Year8, the premium on a one-year insurance policy on equipment was paid.

The premium was $3,000. The company does not have any other insurance policies.

The financial statements as of 12/31/Year8 would report:

In January of the current calendar fiscal year, a company paid $36,000 for insurance coverage for the next three years. After the first ten months of the insurance policy have lapsed, all of the following are true except:

Question 24 options: