Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,900...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,900 cash to start the business and received 5,000 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,150; December 31, current year, amounts due from customers from sales of books, $43,000; unused portion of store and office equipment, $73,000; December 31, current year, amounts owed to publishers for books purchased, $12,300; one-year note payable to a local bank for $3,200. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends Ending Retained Earnings] to solve for net income.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends Ending Retained Earnings] to solve for net income.) Amount of net income < Required 1 Required 2 > Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,900 cash to start the business and received 5,000 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,150; December 31, current year, amounts due from customers from sales of books, $43,000; unused portion of store and office equipment, $73,000; December 31, current year, amounts owed to publishers for books purchased, $12,300; one-year note payable to a local bank for $3,200. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends Ending Retained Earnings] to solve for net income.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends Ending Retained Earnings] to solve for net income.) Amount of net income < Required 1 Required 2 >
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
Students also viewed these accounting questions
-
Barton Inc. completed its first year of operations on December 31, 2014. Because this is the end of the fiscal year, the company bookkeeper prepared the following tentative statement of earnings: You...
-
Dyer, Inc., completed its first year of operations on December 31, 2013. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income...
-
Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income...
-
Solve exponential equation. Express irrational solutions in exact form and as a decimal rounded to three decimal places. 2 2x + 2 x - 12 = 0
-
Kim Inc. recently noted that its 4% preference shares and 4% participating preference shares, which are both cumulative, have priority as to dividends up to 4% of their par value. Its participating...
-
In Exercises 1 through 6, an initial population P 0 is given along with a renewal rate R, and a survival function S(t). In each case, use the given information to find the population at the end of...
-
Kimberley, Kerry and Kevin, partners trading as Triple K Traders have a partnership deed which includes the following provisions. 1. Salaries are to be allowed: Kimberley, \($54000;\) Kerry,...
-
The comparative balance sheet of Wen Technology, Inc. at December 31, 2013 and 2012, is as follows: The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2013 are as...
-
(a) The following information is given for 3 companies that are identical except for their capital structure: Orange Grape Apple Total invested capital 1,00,000 1,00,000 1,00,000 Debt/assets ratio...
-
Jarlsberg cheese (www.jarlsberg.com) has been well received in the US. Nearly 60 years after entering the US it is now the imported cheese with the biggest market share of its category (Swiss-like...
-
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies,...
-
7 Page 1: 4 1 2 5 8 10 11 12 3 14 15 9 3 6 Question 11 (20 points) Kansas has 5 tornadoes per year on average. V 0.527679 0.811124 0.165358 0.440493 0.968172 Exponential 0.976482 1. Which...
-
After the switch has been open for a long time, the switch is closed at t = 0. Find IL (t) and VL (t) for t >= 0. The desired results will be obtained by solving the question separately in the t and...
-
Quiz Q1: Determine the state equations and of equation for in the system below, u 13 X2 1 -2 1/521 1 Highs
-
Q2. Q3. (a) (i) Q4. (a) (i) (i) = (x, y) 8% (a=x0+,y=yo) 0x (x=x0,y=yo) ad = (l,m) ail(l=lo+1,m=mo) ail(l=lo,m=mo) ad * = f(x) 3 d dx2](x=x0+) = {3\x=x0) dx
-
IEU Let U be a population of size N which is partitioned into 2 strata U and U, of size N and N, respectively. Let J = N Liet, and Ju = N Liet denote the stratum means of a survey variable y in both...
-
Who are the company's primary stakeholders and what are their information needs based on their specific interests in the company's activities and performance? Use the corporate reports and apply...
-
A company pledges their receivables so they may Multiple Choice Charge a factoring fee. Increase sales. Recognize a sale. Collect a pledge fee. Borrow money. Failure by a promissory notes' maker to...
-
On January 1, 2014, Grand Isle Corporation issued $900,000 in bonds that mature in five years. The bonds have a stated interest rate of 10 percent and pay interest on December 31 each year. When the...
-
At December 31, 2014, the records of Duo Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the year). Shares authorized, 5,000,000. Shares...
-
Huang Trucking Company was organized on January 1, 2014. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the...
-
In the section of his 2007 letter to the shareholders of Berkshire Hathaway titled Fanciful FiguresHow Public Companies Juice Earnings, Warren Buffett referred to the investment return assumption...
-
Based on 2012 revenues, the six largest providers of oilfield services are: 1. Schlumberger Ltd. (NYSE: SLB) Revenues: $42.1 billion Net income: $5.5 billion 2. Halliburton (NYSE: HAL) Revenues:...
-
On 21 September 2000, Intel Corporation (NASDAQ -GS: INTC)3 issued a press release containing information about its expected revenue growth for the third quarter of 2000. The announced growth fell...
Study smarter with the SolutionInn App