Refer to PA12-4. Additional Data: a. Bought new hockey equipment for cash, $500. b. Borrowed $1,200 cash
Question:
Refer to PA12-4.
Additional Data:
a. Bought new hockey equipment for cash, $500.
b. Borrowed $1,200 cash from the bank during the year.
c. Accounts Payable includes only purchases of services made on credit for operating purposes.
Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash.
Required:
Complete requirements 1 and 2 using the directmethod.
Transcribed Image Text:
2013 2012 Balance Sheet at December 31 as Accounts Receivable Equipment Less: Accumulated Depreciation $6,300 900 5,500 (1,500) $11,200 $4,000 1,750 5,000 (1,250) $9,500 Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings $ 500 $1,000 750 500 5,000 2,250 $11,200 $9,500 500 1,700 5,000 3,500 Income Statement for 2013 Lessons Revenue Wages Expense Depreciation Expense Income Tax Expense Net Income $37,500 35,000 250 1,000 $1,250
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Req 1 HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 2013 Cash flows from o...View the full answer
Answered By
Rohith Bellamkonda
I am studying in IIT Indore,the most prestigious institute of India.I love solving maths and enjoy coding
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Question Posted:
Students also viewed these Managerial Accounting questions
-
Refer to CP12- 4. Required: Complete requirements 1 and 2 using the direct method. Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment $ 8.000 3,500 10,000...
-
Refer to PB12-4. Required: Complete requirements 1 and 2 using the direct method. Current Year Previous Year Balance Sheet at December 31 3.200 1000 100 $4.300 $ 350 1.200 2.750 $4,300 $4.000 500 50...
-
Refer to PA12-4. Required: Complete requirements 1 and 2 using the direct method. 2017 2016 Balance Sheet at December 31 $ 6,000 $4,000 Cash Accounts Receivable 1,000 1,750 Equipment 5,500 5,000...
-
How would your answers in Problem 48 change if partnership revenues were $100,000 instead of $150,000? Data From Problem 48: The KL Partnership is owned equally by Kayla and Lisa. Kaylas basis is...
-
Home produces two goods, computers and wheat, for which capital is specific to computers, land is specific to wheat, and labor is mobile between the two industries. Home has 100 workers and 100 units...
-
Use the last - in , first - out ( LIFO ) cost allocation method, with perpetual inventory updating, to calculate ( a ) sales revenue, ( b ) cost of goods sold, and c ) gross margin for A 7 5 Company,...
-
Identify the speed at which force divergence becomes significant.
-
The first decade of the 21st century witnessed a flurry of losses, bankruptcies, acquisitions, and strategic partnerships in the airline industry. The heavily levered firms in the industry are...
-
Provided below is a trial balance for Juanita's Delivery Service. Juanita's Delivery Service Trial Balance September 30, 20 ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 5,000 Accounts Receivable...
-
Favorable business conditions may bring about certain seemingly unfavorable ratios, and unfavorable business operations may result in apparently favorable ratios. For example, Sanchez Company...
-
Refer to the information in PA12-2. Required: Prepare the cash flows from operating activities section of the 2013 statement of cash flows using the directmethod. Income Statement Selected Balance...
-
Assume the same facts as PA12-4, except for the income statement and additional data item (a). The new income statement is shown on the following page. Instead of item (a) from PA12-4, assume that...
-
What is the purpose of a systems specifications report? In what ways, if any, do the data included in this report differ from the data accumulated by the design team during their feasibility...
-
A company is promising a coupon payment of $47 in 2.68 years. A risk free government bond of the same maturity is yielding 1.3% per year. The credit spread for the promised payment by the company is...
-
2. In the liquidity management section, evaluate how well RBC manages its short-term obligations and cash flows. Use ratios such as the liquidity coverage ratio (LCR), the net stable funding ratio...
-
Consider two stocks: WMT and IBM with the following prop- erties Stock E(tr) (tr) WMT 8% 13% IBM 12% 20% The correlation of the two stock returns is and the risk-free rate is PWMT, IBM = 9%, r = 1%....
-
Discuss various types of insurance as related to an individuals investment and retirement plan. How does this tie in with the overall financial planning process?
-
P(x) D(x) P(x) = 14x + x - 30x + 13, D(x) = 7x - 10 =
-
The sledder shown in Figure P10.55 starts from the top of a frictionless hill and slides down into the valley. What initial speed v i does the sledder need to just make it over the next hill? 30 m...
-
2. Assume a person bends forward to lift a load "with his back" as shown in Figure P12.42a. The person's spine piv- ots mainly at the fifth lumbar vertebra, with the principal supporting force...
-
If you owned some listed shares that had just doubled in value, would you say that you had gained and were better off than before?
-
Here are some qualitative characteristics of useful accounting information: 1. Predictive value 2. Neutral 3. Verifiable 4. Timely Match each qualitative characteristic to one of the following...
-
Here are some qualitative characteristics of useful accounting information: 1. Predictive value 2. Neutral 3. Verifiable 4. Timely Match each qualitative characteristic to one of the following...
-
The following are characteristics, assumptions, principles, or constraints that guide the FASB when it creates accounting standards. Relevance ........... Periodicity assumption Faithful...
-
The market price of a semi-annual pay bond is $957.95. It has 15.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the yield to maturity? The market price of a semi-annual...
-
Compute the accumulated sum of the following payments: (a) $400 every six months for 4 years at 8% compounded semi-annually (b) $250 per month for 5 years at 7.5% compounded monthly.
-
The output is wrong. Sometimes a program lacking input will produce wrong output (as in this case), or no output. Remember to always pre-enter needed input. Type 2 in the input box, then click "Run...
Study smarter with the SolutionInn App