Can you help me get started with this project? 1. Flubber Enterprise has the following transactions: a) Owner invested $50,000 Cash in the Business b) Paid $40,000 Cash for Land c) Bought $500 of Office Supplies on Account d) Received $5,500 Cash from Clients for revenue earned e) Performed services for a client on accou
Accounts Payable 69,000 Notes Payable 3- month 90,000 Accumulated Deprecation - Equipment 14,000 Notes Payable, 5- year, 8% 75,000 Payroll Tax Expense
My credit card balance on April 1st was $40. On April 7th, I made a $10 payment and on April 25th I charged a $25 item. The credit card company charges a finance charge of 2% on the average daily balance. On May 1st what will my balance be?
Dish Corp. acquired 100% of the stock of Towel Company by issuing 10,000 shares of $10 par common stock with a market value of $60 per share. Summarized balance sheet data for the two companies immediately prior to the acquisition are as follows: Dish
On Ace's December 31, 2005, balance sheet, what amount is reported for the Investment in Zach account?
Based on attached word document answer the following: Estimate cash flows in each of the months, and make a balance sheet and an income statement QUESTIONS TO BE ANSWERED (based on following info) 1.) Estimate cash flows in each of the months 2.) Does the Company need to borrow money in any of the months 3.) Make a b
Build an income statement & balance sheet from given data and ratios. I have the income statement correct, but I'm tied up on the balance sheet and I think it's because of the stock part. See attached file for full problem description. PEPPER INDUSTRIES Balance Sheet March 31 Cu
I'm having trouble getting my balance sheet to balance and I'm not sure where I went wrong, this is the question: Prepare a single-step income statement and retained earings statement, as well as a balance sheet. Indicate the likely note disclosure for balance sheet items. Adjusted Trial Balance 31 December 2005 Debit Ba
ERNEST BANKS COMPANY Comparative Balance Sheets December 31 Assets 2006 2005 Cash $ 23,000 $ 13,000 Accounts receivable 24,000 33,000 Merchandise inventory 20,000 27,000 Prepaid expenses 20,000 13,000 Land 40,000 40,000 Property, plant, and equipment 200,000 225,000 Less: Accumulated depreciation (50,000) (67,500) To
Create the following balance sheet for the years 2001 and 2002. The Apricot Company in 2001 had notes payable of $1,200, accounts payable of $2,400, and long term debt of $3,000. In 2002 the notes payable was $1,600, accounts payable was $2,000 and long term debt was $2,800. For assets, Apricot had in 2001 $800 in cash, $400
1. What is a fund balance? 2. What can affect a fund balance?
The December 31, 2003 balance sheet of Pine Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During 2004, the following transactions occurred: sales on account $1,400,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts writte
The proprietors of two businesses, L.L. Sams Company and Melinda Garcia Career Services, have sought business loans from you. To decide whether to make the loans, you have requested their balance sheets (see attached). Solely on the basis of these balance sheets, to which entity would you be more comfortable lending money? Expla
How would each of the following items be reported on the balance sheet? (a)Accrued vacation pay. (b)Estimated taxes payable. (c)Service warranties on appliance sales. (d)Bank overdraft. (e) Employee payroll deductions unremitted. (f) Unpaid bonus to officers. (g) Deposit received from customer to gua
The corporate charter authorizes the issuance of 20,000 shares of preferred $5 stock, $25 par, and 200,000 shares of $10 par common stock. At the end of the current year, the titles and balances of the stockholders' equity accounts are as follows: Common Stock $800,000 Paid-In Capital in Excess of Par--Common Stock 250,0
(Base Year) 2006 2005 2004 Assets Current assets 55,000 56,500 70,000 Plant and equipment (net) 495,000 410,000 440,000 Intangible assets (net) 20,000 27,500 40,000 Total assets 570,000 494,000 550,000 Liabilities & Stockholders' Equity Current liabilities 40,000 35,000 32,50
The Landis corp. had 2004 sales of $100 million. The balance sheet items that vary directly with sales and the profit margin are as follows: Cash - 5% Act/Rec - 15% Inventory - 25% Net fixed assets - 40% Act/Pay - 15% Accruals - 10% Profit margin after taxes - 6% The dividend payout rat is 50 percent of earnings,
Balance sheet disclosures for preferred stock include all of the following except: The number of shares issued. The number of shares outstanding. The liquidating or redemption value. The credit or market value. The number of shares authorized
Can you tell me what was the following annual percentages for AMR 2001-2002 Annual percentage growth in total sales 9% Annual percentage growth in profits Annual percentage growth in EPS Annual percentage growth in dividends per share
Please see the attached sheet. 1. Merrill acquires 100 percent of the outstanding voting shares of Harriss Company on January 1, 2004 for $390,000 in cash and stock. Harriss' book value of stockholders' equity is $280,000 on the acquisition date. Merrill is willing to pay $390,000 for a company with a book value of stockhol
Exercise Summary: You have $10,000 budget per month. You are required to spend as much as possible. The cost of rent is $1,000 per month. Please make-up your own amounts for utilities and other business expenses. For starters, you will need to find three of your favorite cake or cookie recipes. Using these recipes, yo
Practice Problems for final exam 1. Use the basic accounting equation (Assets=Liabilities + Owners Equity) to answer each of the following questions. Show any calculations you make. a) The assets of Bugs Bunny Company are $650,000 and the owners equity is $360,000. Mr. Bunny wants to know--what is the amount of liabil
I need help understanding the problems to use as practice and study material for final exam. (See attached file for full problem description)
My answer to the problem is attached. PLease explain if I am doing something wrong. See the file that is attached. 5. (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expans
The night manager of Majestic Limousine Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2002. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format
Please describe what the balance sheet is. a. How is it constructed/what kinds of items are included? b. Why is it important? c. How does it relate to the other two financial statements?
81. Santo Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 30,000 subscriptions in January at $15 each. What entry is made in January to record the sale of the subscriptions? a. Subscriptions Receivable 450,000 Subscription Revenue 450,000 b. Cash 450,000 Unearned S
Please help with the following problem. In making the annual adjusting entry for uncollectible accounts, a company may utilize a balance sheet approach to make the estimate, or it may use an income statement approach. Explain these two alternative approaches.
16. Listed below in random order are the items to be included in the balance sheet of Juarez Mountain Lodge at December 31, 2002: Equipment $39,200 Buildings $450,000 Land 425,000 Capital Stock 135,000 Accounts Payable 54,800 Cash 21,400 Accounts Receivable 10,600 Furnishings 58,700 Salaries Payable 33,
*Please see attachment for company's 30 June 2003 and 2004 Balance Sheet and other additional information. Required (a) Calculate the operating profit for the year ended 30 June 2004. (b) Prepare a reconciliation of the operating profit for the year ended 30 June 2004 to the net cash flow from operating activities. (c) P