These items are taken from the financial statements of Cullumber Ltd. at December 31, 2024: Accounts payable
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Question:
These items are taken from the financial statements of Cullumber Ltd. at December 31, 2024:
Accounts payable | $21,050 | |
Accounts receivable | 22,780 | |
Accumulated depreciationbuildings | 49,600 | |
Accumulated depreciationequipment | 24,470 | |
Buildings | 131,800 | |
Cash | 25,040 | |
Common shares | 142,000 | |
Equipment | 68,100 | |
Income tax expense | 6,500 | |
Interest expense | 4,900 | |
Interest payable | 3,700 | |
Land | 195,970 | |
Long-term investments | 30,970 | |
Mortgage payable | 102,000 | |
Operating expenses | 158,680 | |
Prepaid insurance | 1,400 | |
Retained earnings, January 1 | 118,520 | |
Service revenue | 186,040 | |
Supplies | 1,240 |
Calculate net income and the ending balance of retained earnings at December 31, 2024.
Net income | $enter a dollar amount Correct answer |
---|---|
Retained Earnings | $enter a dollar amount Correct answer |
(b)
Prepare a statement of financial position. Assume that the company will pay $33,500 of the mortgage payable in 2025. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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