User Account

All Pages

General ledger of hoffman electric

Assignment Help Accounting Basics
Reference no: EM13256418

At 12/31/07 the general ledger of hoffman electric had the following account balances. All adjusting entries (except forincome taxes @ 35%) have been made. The company had 10,400 sharesof common stock outstanding during the yr. accounts payable 8,950 ,equipmen 80,300, accounts receivable 14,970, gain on sale of land4,800, accrued liabilites 21,000, interest expense 1,420,accumulated depreciation 15,300, merchandise 18,465, advertisingexpense 9,968, land 30,000, cash 9,530 retained earnings, 57,984,common stock 36,000, sales revenue 260,772, cost of goods sold102,690, utilites expense 9,002, depreciation expense 13,510 andwages expense 59,780. I tried to create a income statementwith this information and was wanted to know if what i have iscorrect.

sales revenue           260,772
cost of goods sold     (102,690)
GrossProfit                 158,082
AdvertisingExp          9968
utilitiesex                  9002
depreciationex          13510
gains onsale               4800
interest expense        1420
Incometaxes                 ?

Reference no: EM13256418

Questions Cloud

What are the benefits of organizing the business : You are approached by a client who would like to start his own business. The client plans to take the company public in five years. What are the benefits of organizing the business as a corporation?
Create an income statement for the year ended : The following selected information is taken from therecords of Pickard and Associates. Prepare an income statement for the year endedDecember 31, 2009.
Servant leadership to improve communities and society : Explain why it is important for servant leadership to improve communities and society. Why is leadership courage important to realize these changes?
What is the bonds nominal coupon interest rate : O'Brien Ltd.'s outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal yield to maturity is 9.25%, they pay interest semiannually, and they sell at a price of $850. What is the bond's nominal (annual) coupon interes..
General ledger of hoffman electric : At 12/31/07 the general ledger of hoffman electric had the following account balances. All adjusting entries (except forincome taxes @ 35%) have been made.
What is the weight of the truck : A small ferryboat is 4.00 m wide and 6.00 m long. When a loaded truck pulls onto it, What is the weight of the truck
Employees flexible scheduling : Employees flexible scheduling? What is the p-value for this test?
T accounts of gonzales company : Post the transactions to T accounts and complete the following information.
What are the overall benefits of having professional codes : What are the overall benefits of having professional codes? Do the benefits outweigh the disadvantages of not having them? Find a current case involving ethical standards.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is holly profit margin

The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920.

  Consolidated tax returns

Consolidated Tax Returns

  Define interperiod income tax allocation

Define interperiod income tax allocation and briefly explain the three methods that have been advocated. Conclude by summarizing the generally accepted accounting principles for interperiod income tax allocation.

  When should variances be investigated

When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are some factors that can lead to variances? How can variances be corrected?

  Value-added for a merchandise company

Which of the following activities is most likely to be classified as value-added for a merchandise company?

  Company inventory turnover ratio

Bowa Construction's days sales outstanding is 50 days (on a 365-day basis). The company's accounts receivable equal $100 million and its balance sheet shows inventory equal to $125 million. What is the company's inventory turnover ratio?

  Developing a tax file memorandum

Donovan Corporation, a calender year-end company, operates a profitable division in Jurisdiction A. In January 2010, Jurisdiction A enacted a tax law that changed the tax rate structure from 30% to 35%. Develop a tax file memorandum for a client ba..

  Distinguish between three classes of net assets

Identify and distinguish between the three classes of net assets required by SFAS No.117.

  Determining amount of cash collected from customers

The balance sheet reported a begin n in g balance o f Rs. 23,000 in Accounts Receivable and an endin g balance o f Rs . 16,000 . The inco me statement reported. Sales Revenue of Rs. 230,000. Using this information, what will be the amount of cash c..

  Preferred stock or the current stock

Assume AirJet Best Parts has also a preferred stock issue. The most recent dividend per share paid on the stock was also $1.50, the same as the common stock. Which one would you think has a higher price, the preferred stock or the current stock? E..

  Explain include authority and reasoning

Explain the problem with authority and resoning

  Relevant and two non-relevant costs in decision

In this module you are going to have your final application to your organization. Identify a decision that has recently been made or will be made in the near future in your organization. Identify two relevant and two non-relevant costs in this dec..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd