Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: Cash $8,900 Common stock 5,200 Accounts receivable 6,600 Accounts payable 2,000 Additional paid-in capital 3,500 Prepaid insurance 5,200 Unearned revenue 3,500 Retained earnings 6,000 What is the total ending balance as reported on the company’s Statement of Stockholder’s Equity? $fill in the blank 1
Q: The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall…
A: Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…
Q: Exercise 10-15 (Algorithmic) (LO. 2) Barbara incurred the following expenses during 2022: $2,290…
A: All taxpayers are to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of…
Q: Identify who, in the labor market, would be considered in demand of and in supply of labor: A.…
A: Demand is an economic concept that relates to a consumer's desire to purchase goods and services…
Q: Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic…
A: The term "cost of production" refers to the sum total of all expenses that a company must pay in…
Q: Marigold Corp. is considering the purchase of a piece of equipment and has complied the following…
A: The question is based on the concept of Cost Accounting. Payback period is the period in which the…
Q: During the most recent year, Lonely Company had the following data associated with the product it…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Profit for Jim Halliday's Treasures is P250,000 for the current year. The owner withdrew P30,000 per…
A: CAPITAL IS ONE OF THE COMPONENT OF OWNER'S EQUITY ALONG WITH THE RETAINED EARNINGS AND PROFIT…
Q: Lenlen Corporation produces a product through a continuous process in two departments. Materials in…
A: For normal loss discovered at the beginning, the cost of units received from department A and…
Q: Information from the records of Conundrum Company for September was as follows: Sales $307,500…
A: Product cost includes all the direct and indirect expenses directly concerned with the product like…
Q: Blenman Corporation, based in the United States, arranged a 2-year, $1,000,000 loan to fund a…
A: Exchange rate risk occurs when a company's funds are denominated in different currency units. This…
Q: accounting systems and the role of technology in modern-day accounting
A: Answer:- Accounting meaning:- Accounting is basically the process of gathering, analyzing and…
Q: Which of the following is never debited when making closing entries? Revenue Income Summary Accrued…
A: Closing entry are passed at the year end to transfer the ending balances of expenses and revenue to…
Q: Please answer question 1 in its entirety. I am using another question for number 2 Paul…
A: Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…
Q: 1. Create a two way variance analysis 1. Price variance favorable or unfavorable 2. Quantity…
A: Requirement:-1 Calculation of Raw Material Quantity Variance Raw material quantity variance =…
Q: Which of the following is an example of a deferral? O Interest earned on a bank account O A…
A: The deferred revenue and expenditures are the amount of revenue and expenses that would be recorded…
Q: Merry Corp. holds stock in Bright, Inc. This year, Merry Corp. receives a cash dividend of $500 from…
A: Dividend received are generally reported in operating activities. Dividend paid are reported in…
Q: Journalize the following transactions (use a 360-day year in interest calculations): Mar. 1…
A: Interest amount is calculated by considering the amount, rate of interest and the time period the…
Q: 3. What is the carrying amount of accumulated depreciation as of December 31, 2022? Items 3-4, On…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Estimate both the variable costs per unit and the total monthly fixed costs using the high-low…
A: The high low method is way attempted by company to separate the fixed and variable costs from the…
Q: Using the indirect method to prepare the statement of cash flows, ABC Company sold equipment for…
A: Lets understand the basics. Cashflow statement is divided into three main type of activities which…
Q: What is Xi's net cash inflow for March? 1. Prepare a cash flow statement 2. Calculate the cash…
A: Cash flow budget is an estimated statement of all cash receipts and all cash payments that are…
Q: Rights of Creditors The following are data for the AB Partnership and for A and B as individuals.…
A: DISTRIBUTION OF CASH OF AB PARTNESHIP CASE 1 CASE 2 Partneship creditors $ 42000 $ 31000…
Q: a business has the following assets and liabilities: Assets: ▸ 800,000 fixed assets - 120,000 goods…
A: Zakat is a islamic term that means wealth tax. An individual who is muslim and follows islamicis…
Q: Cracker & Company sold merchandise to a customer on credit. The sale price was $8,000. What would…
A: Accounting equation is the main foundation of double-entry book keeping system. It shows the…
Q: 82. Based on the following information, calculate the cost of goods sold and ending inventory using…
A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: On January 1, 2022, the ledger of Vaughn Company contains these liability accounts. Accounts Payable…
A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,…
Q: Stu Reese has a $150,000 7 ½% mortgage. His monthly payment is $1,010.10. His first payment will…
A: Present Value = $150,000 Annual Interest rate = 7.5% Monthly payment = $1,010.10 Monthly payment…
Q: Fayuz Ltd. issued $300,000, 12%, 10-year bonds on July 1, 2020. Interest payments dates are January…
A: Introduction A method of determining depreciation expense, or the method of reimbursing an item over…
Q: Direction: Attached the computation. 1. Mattheus Company had a beginning Work in Process inventory…
A: Weighted Average Method :— In this method, Equivalent units is calculated by adding equivalent units…
Q: Hedging Exposed Liability Position On March 15, 2023, Hunt Brands, a U.S. company, purchased…
A: Hedging is a strategy used to try to limit risks in financial assets. It tries to offset losses in…
Q: What is the nature of an off-balance-sheet activity? How does a bank benefit from such activities?
A: Dear student, since you have posted two different questions at a time, only one question i e the…
Q: Case 3: Support Group Too Much Motors' service department is organized using the support group…
A: Labour pay is the concept through which labour are paid at pre determined rates per hour. Then the…
Q: 2021 2020 2019 2018 2017 Sales $ 489,967 $ 322,347 $ 256,850 $ 180,880 $ 136,000 Cost of goods sold…
A: Trend percent is a method of expressing the financial figures of one accounting period as a…
Q: Case 3: Support Group Too Much Motors' service department is organized using the support group…
A: The flat-rate payment method means to calculate wages on the job's completion i.e. a flat rate of…
Q: Under its current cash sales-only policy JJ sells 186 units per month at a price of $330. the…
A: The net present value of the switch using one-shot approach Monthly benefit = {[$330 (186 + 25)]/(1…
Q: During the current year, 2022, Travis takes out a $40,000 loan, using stock he owns as collateral.…
A: Taxable income is the income of an individual, firm, or company. At this income, the tax liability…
Q: Distinguish between lapping and kiting. Describe audit procedures that can be used to uncover each?
A: The strategies, procedures, and methods employed by auditors during audit procedures enable them to…
Q: 4. Prepare a cash budget by quarter and in total for next year.
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: t or f Full-time students and prisoners are counted as unemployed
A: Explanation : A homemaker is neither part of labour force nor as unemployed. Also, full-time…
Q: (780) (390) Computer equipment 19,600 19,600 Accumulated depreciation—Computer equipment (2,320)…
A: Cash flow statement includes: 1.Cash flows from operating activities 2.Cash flows from investing…
Q: Assuming you have PHP50,000 in excess funds. In which investment vehicle will you put your…
A: IF I CONSIDER OPTION (a) INVESTMENT IN NEWLY LAUNCHED INITIAL PUBLIC OFFERING (IPO) ADVANTAGES…
Q: A-$1,500 unfavorable. B-$3,300 unfavorable. C-$1,500 favorable. D-$3,300 favorable. E-$4,200…
A: Introduction:- Standard costs are estimates of the actual costs in a company’s production process…
Q: A machine with a cost of $62,300 has an estimated residual value of $4,031 and an estimated life of…
A: Depreciation means the expenses written off from value of fixed assets due to natural wear and tear…
Q: Average net accounts receivable Average inventory Net cash provided by operating activities Capital…
A: when compared in the two companies regarding its liquidity solvancy and profitability position ,…
Q: from income? Answer area C
A: It is necessary for any one to pay the proper amount of taxes and by paying taxes one can have good…
Q: Exercise 8-8 (Algo) Record payroll (L08-3) During January, Luxury Cruise Lines incurs employee…
A: All initial records of a business's transactions are kept in a journal. The act of journalising…
Q: On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an…
A: Whenever a lessor and lessee enter into a lease agreement lease accounting is done wherein Right of…
Q: 3. Laura Company carried a provision of P2,000,000 in the draft financial statements on December 31,…
A: As per Indian Accounting Standard (Ind AS) 37 - Provisions, Contingent Liabilities and Contingent…
Q: In order to "roll over" Latin America's high external debts, international lenders like the IMF (the…
A: During the high debt crisis in the United States, IMF and World bank decided to manage these on…
Q: CreatGordon paid the $10,000 balance of his Federal income tax three months late. Determine the…
A: As per IRS, the Interest is charged when a taxpayer fails to pay tax, penalty, and any additions to…
Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year:
Cash | $8,900 |
Common stock | 5,200 |
Accounts receivable | 6,600 |
Accounts payable | 2,000 |
Additional paid-in capital | 3,500 |
Prepaid insurance | 5,200 |
Unearned revenue | 3,500 |
6,000 |
What is the total ending balance as reported on the company’s Statement of
$fill in the blank 1
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Prepare an income statement.Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
- Ernst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of 8,125,000, and total assets of 40,625,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of 75,000,000, and total assets of 169,000,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
- The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 26,680 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue 17,480 16,88e 168, 08e $ 8,700 7,80e 163, e00 48,500 Conmon Stock Retained Earnings Tatals $228, 080 $228, 000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $154,100, and on account, $62, 200. 1. Зaпиагy 2. February 12 Collect on accounts receivable, $53,508. 3. April 4. May 5. July 6. September 10 Pay on accounts payable, $13,408. 7. October 8. Novenber 20 Issue shares of comman stock in cxchange for $47,000 cash. 9. Decenber 38 Pay $4,880 cash dividends to stockholders. 25 Receive cash in advance from custoners, $14,98e. 6 Purchase supplies on account, $13, 200. 15 Pay property taxes, $1e,5ee. 31 Pay salaries, $143,60e. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal…Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000Denna Company's working capltal accounts at the beginning of the year follow Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 85,eee $ 25,600 S 386,000 $ 499, 000 S 18, See $ 227,000 $ 130,eee $ 73,500 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $45,000. a. Issued additional shares of common stock for cash. $230,000. b Sold inventory costing $82.000 for $115,000, on account c. Wrote off uncollectible accounts in the amount of $16,000, reducing the accounts recelvabie balance accordingly d. Declared a cash dividend, $45.000. e Paid accounts payable, $124,000. f Borrowed cash on a short-term note with the bank, $82,500 g. Sold inventory costing $19,500 for $13,000 cash. h. Purchased Inventory on account. $61.250. 1. Pald off all short-term notes due, $212,500. J. Purchased equipment for cash, $87,000. k. Sold marketable…
- Assume that Dennis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock 2. Discount on Bonds Payable 3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials 6. Equity Investments (long-term) 7. Unearned Rent Revenue 8. Work in Progress 9. Copyrights 10. Buildings 11. Notes Receivable (short-term) 12. Cash 13. Salaries and Wages Payable 14. Accumulated Depreciation-Buildings 15. Restricted Cash for Plant Expansion 16. Land Held for Future Plant Site 17. Allowance for Doubtful Accounts 18. Retained Earnings 19. Paid-in Capital in Excess of Par-Common Stock 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in on year) 22. Inventory (finished goods) 23. Accounts Receivable 24. Bonds Payab;e (due in 4 years) Prepare a classified balance sheet in good form. (No monetary amounts are necessary). (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds…Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. What is the financial statement effect to Being Company at the end of the accounting period on December 31? Select one: a. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash InterestReceivable Retained Earnings InterestIncome A) +25 +25 +25 b. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense B) +25 -25 c. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense C) -25 -25 -25 d. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY…On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as…