Electrelane Company showed the following balances at the end of its first year: Cash $4,000 Prepaid...
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Electrelane Company showed the following balances at the end of its first year: Cash $4,000 Prepaid insurance 7,000 Accounts receivable 5,000 Accounts payable 4,000 Notes payable 6,000 Common stock 2,000 Dividends 1,000 Revenues 32,000 Expenses 25,000 What did ElectrelaneCompany show as total credits on its trial balance? Question 6 (10 points) At June 1, 2021, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed services on account of $30,000 and collected accounts receivable of $22,000. What is the balance in accounts receivable at June 30, 2021? Question 8 (10 points) Balance sheet amounts as of December 31, 2022for Matt Pond's Tutoring Service are listed below. Prepare a balance sheet in good form. Accounts Payable $ 400 Accounts Receivable Cash 300 Common Stock ? 1,000 Question 9 (10 points) Use the accounting equation to answer the following questions. 1. Picaresque Sails Co. has total assets of $140,000 and total liabilities of $45,000. What is stockholders' equity? 2. The Natenal Fun Center has total assets of $225,000 and stockholders' equity of $100,000. What are total liabilities? 3. Okkervil River Restaurant has total liabilities of $50,000 and stockholders' equity of $100,000. What are total assets? Question 13 (10 points) The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2021: Accounts payable $ 9,200 Accounts receivable Cash 5,500 12,000 Common stock 25,000 Dividends 10,000 Equipment 5,000 Interest expense 3,000 Note payable, due 8/31/23 Retained earnings 15,000 Supplies 1,000 Service revenue 39,000 60,000 (a) What are total current assets? (b) What are total current liabilities? Crue Company had the following transactions during 2022: Sales of $4,800 on account to be collected in 2023 Collected $2,000 for services to be performed in 2023 Paid $1,625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2023 What is Crue's2022 net income using accrual accounting-basis? Question 24 (10 points) Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Question 25 (10 points) Net Realizable Lower-of-Cost- Inventory Categories Cost Data Value Data or-Net Realizable Value Camera Camcorders $11,000 $9,900 $9,900 7,800 8,500 7,800 DVDs 14,000 12,000 12,000 $29,700 Garner Supply Company reports net income of $120,000 in 2022. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop. (1) What is the correct net income for 2022? (2) What impact will this error have on the balance sheet at 12/31/22? Electrelane Company showed the following balances at the end of its first year: Cash $4,000 Prepaid insurance 7,000 Accounts receivable 5,000 Accounts payable 4,000 Notes payable 6,000 Common stock 2,000 Dividends 1,000 Revenues 32,000 Expenses 25,000 What did ElectrelaneCompany show as total credits on its trial balance? Question 6 (10 points) At June 1, 2021, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed services on account of $30,000 and collected accounts receivable of $22,000. What is the balance in accounts receivable at June 30, 2021? Question 8 (10 points) Balance sheet amounts as of December 31, 2022for Matt Pond's Tutoring Service are listed below. Prepare a balance sheet in good form. Accounts Payable $ 400 Accounts Receivable Cash 300 Common Stock ? 1,000 Question 9 (10 points) Use the accounting equation to answer the following questions. 1. Picaresque Sails Co. has total assets of $140,000 and total liabilities of $45,000. What is stockholders' equity? 2. The Natenal Fun Center has total assets of $225,000 and stockholders' equity of $100,000. What are total liabilities? 3. Okkervil River Restaurant has total liabilities of $50,000 and stockholders' equity of $100,000. What are total assets? Question 13 (10 points) The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2021: Accounts payable $ 9,200 Accounts receivable Cash 5,500 12,000 Common stock 25,000 Dividends 10,000 Equipment 5,000 Interest expense 3,000 Note payable, due 8/31/23 Retained earnings 15,000 Supplies 1,000 Service revenue 39,000 60,000 (a) What are total current assets? (b) What are total current liabilities? Crue Company had the following transactions during 2022: Sales of $4,800 on account to be collected in 2023 Collected $2,000 for services to be performed in 2023 Paid $1,625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2023 What is Crue's2022 net income using accrual accounting-basis? Question 24 (10 points) Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Question 25 (10 points) Net Realizable Lower-of-Cost- Inventory Categories Cost Data Value Data or-Net Realizable Value Camera Camcorders $11,000 $9,900 $9,900 7,800 8,500 7,800 DVDs 14,000 12,000 12,000 $29,700 Garner Supply Company reports net income of $120,000 in 2022. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop. (1) What is the correct net income for 2022? (2) What impact will this error have on the balance sheet at 12/31/22?
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Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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