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Question 7 - Final Exam Review X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253%252F%252FIms.mheducation.com%252Fmghmiddleware%25... 1 * I R : M Gmail YouTube Maps Translate GE News B Student Study Ce... ... JU Cyls all plhi y! mysouthwest - Ya... 1984 Chapter Su... Google Translate Final Exam Review i Saved Help Save & Exit Submit Check my work 7 Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: 0.5 points Cash receipts: Skipped From customers $450, 000 Interest on note 3, 000 Issue of common stock 50, 000 Total cash receipts $503, 000 eBook Cash disbursements : Purchase of merchandise $220 , 000 Print Annual insurance payment 9 , 000 Payment of salaries 180 , 000 References Dividends paid to shareholders 6, 000 Annual rent payment 12 , 000 Total cash disbursements $427 , 000 Selected balance sheet information: 12/31/2020 12/31/2021 Cash $ 25, 000 $101 , 000 Accounts receivable 42, 000 70, 000 Inventory 60, 000 82 , 000 Prepaid insurance 2, 000 Prepaid rent 7, 000 Interest receivable 1, 50 Note receivable 50 , 000 50 , 000 Equipment 150 , 000 150 , 000 Accumulated depreciation-equipment 40, 000) 55 , 000) Accounts payable (for merchandise) 50, 000 62, 000 Salaries payable 20 , 000 28 , 000 Common stock 200, 000 250 , 000 Dividends 0 6, 000 Mc Graw HillQuestion 7 - Final Exam Review X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... 1 * * I R : M Gmail YouTube Maps Translate = News B Student Study Ce... ..Ju Cyls ull phi y! mysouthwest - Ya.. 1984 Chapter Su... Google Translate Final Exam Review i Saved Help Save & Exit Submit Check my work 7 Additional information: 1. On June 30, 2020, Raintree lent a customer $50,000. Interest at 6% is payable annually on each June 30. Principal is due in 2024. 2. The annual insurance payment is made in advance on March 31. 0.5 3. Annual rent on the company's facilities is paid in advance on September 30. points Skipped Required: 1. Prepare an accrual basis income statement for 2021 (ignore income taxes). eBook RAINTREE CORPORATION Print Income Statement References For the Year Ended December 31, 2021 7 $ 0 Mc Graw HillQuestion 7 - Final Exam Review X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... ( * * I R : M Gmail YouTube Maps Translate = News B Student Study Ce... ..Ju Cyls all plhi y! mysouthwest - Ya... 1984 Chapter Su... Google Translate Final Exam Review i Saved Help Save & Exit Submit Check my work 7 0.5 points Skipped 0 eBook Print $ References 2. Determine the following balance sheet amounts on December 31, 2021: a. Interest receivable b. Prepaid insurance C. Prepaid rent Mc Graw HillQuestion 8 - Final Exam Review X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... ( * * I R : M Gmail YouTube Maps Translate G= News B Student Study Ce... ..Ju Cyls will phi y! mysouthwest - Ya.. 1984 Chapter Su... Google Translate Final Exam Review i Saved Help Save & Exit Submit Check my work 8 The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit 0.5 Accounts payable 90 , 000 Accounts receivable 170 , 000 points Accumulated depreciation-equipment 260, 000 Common stock 490 , 000 Skipped Cash 26, 000 Cost of goods sold 180, 000 Depreciation expense 60, 000 Equipment 700, 000 eBook Interest expense 4, 000 Inventory 150 , 000 Print Note payable (due in six months) 60, 000 Rent expense 30, 000 References Retained earnings $2, 000 Salaries payable 8, 000 Sales revenue 770 , 000 Salaries expense 120, 000 Totals 1, 740, 000 1, 740, 000 Required: Compute Kline's 12/31/2021 total shareholders equity: Shareholders' equity Mc Graw HillQuestion 9 - Final Exam Review X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... ( * * I R : M Gmail YouTube Maps Translate G= News B Student Study Ce... ...JU Cyls all phi y! mysouthwest - Ya... 1984 Chapter Su... Google Translate Final Exam Review i Saved Help Save & Exit Submit Check my work 9 The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit 0.5 Accounts payable 90 , 000 Accounts receivable 170 , 000 points Accumulated depreciation-equipment 260, 000 Common stock 490 , 000 Skipped Cash 26, 000 Cost of goods sold 180, 000 Depreciation expense 60, 000 Equipment 700, 000 eBook Interest expense 4, 000 Inventory 150 , 000 Print Note payable (due in six months) 60, 000 Rent expense 30, 000 References Retained earnings 2, 000 Salaries payable 8, 000 Sales revenue 770 , 000 Salaries expense 120 , 000 Totals 1, 740, 000 1, 740, 000 Required: Compute Kline's 12/31/2021 total current liabilities: Current liabilities Mc Graw HillQuestion 10 - Final Exam Revie X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... 1 % * I R : M Gmail YouTube Maps Translate = News B Student Study Ce... ..Ju Cyls will phi y! mysouthwest - Ya... 1984 Chapter Su... Google Translate Final Exam Review i Saved Help Save & Exit Submit Check my work 10 The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit 0.5 Accounts payable 90 , 000 Accounts receivable 170 , 000 points Accumulated depreciation-equipment 260, 000 Common stock 490 , 000 Skipped Cash 26, 000 Cost of goods sold 180, 000 Depreciation expense 60, 000 Equipment 700, 000 eBook Interest expense 4, 000 Inventory 150 , 000 Print Note payable (due in six months) 60, 000 Rent expense 30, 000 References Retained earnings $2, 000 Salaries payable 8, 000 Sales revenue 770 , 000 Salaries expense 120 , 000 Totals 1, 740, 000 1, 740, 000 Required: Assuming no income taxes, compute Kline's 2021 net income (or loss): (Loss amount should be indicated with a minus sign.) Net income (or loss) Mc Graw Hill Next