Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Learning Team Assignment: Los Lobos Ledger Preparation
12-31
2007
2006
Cash
$ 35,000
$ 32,000
Accounts receivable
33,000
30,000
Allowance for doubtful accounts
(1,300)
(1,100)
Inventory
31,000
47,000
Property, plant, & equipment
100,000
95,000
Accumulated depreciation
(16,500)
(15,000)
Trade accounts payable
(25,000)
(15,500)
Income taxes payable
(21,000)
(29,100)
Deferred income taxes
(5,300)
(4,600)
8% callable bonds payable
(45,000)
(20,000)
Unamortized bond discount
4,500
5,000
Common stock
(50,000)
(40,000)
Additional paid-in capital
(9,100)
(7,500)
Retained earnings
(25,200)
(64,600)
Sales
(558,300)
(778,700)
Cost of goods sold
250,000
380,000
Selling expenses
141,500
172,000
General and administrative expenses
137,000
151,300
Interest expense
4,300
2,600
Income tax expense
20,400
61,200
$-
Additional information:
1. Los Lobos purchased $5,000 in equipment during 2007.
2. Los Lobos allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.
3. Bad debt expense for 2007 was $5,000, and write-offs of uncollectible accounts totaled $4,800.
4. $12, 000 of the debt is current portion.
Cash Sales
$72,600
Collections on Receivables
477,900
Purchases
(219,500)
Purchase of Equipment
(5,000)
Wages
(150,700)
Payments to Suppliers
(126,300)
Tax Payments
(27,800)
Borrowing
Repayment of Debt
Interest Payments
(3,800)
Sale of Stock
11,600
Dividends
(51,000)
The fraud triangle identifies three critical elements
Plant assets costing $36,000 and accumulated depreciation of $26,000 were sold for $13,000 - Prepare a statement of cash flows using the indirect method
In corporations, accountants are responsible for identifying, measuring, recording, and communicating financial and other related information to all interested stakeholders. Write a substantial paragraph (200 to 300 words) answering the following ..
determine the order of production and the amount of each product to be produced given the time available and the demand
scenario company a is a us company with a subsidiary located in country z where various forms of bribery are accepted
Indicate how much income Telephone Sellers should recognize in January, February, March, and April.
in december one of the processing departments at pomainville corporation had beginning work in process inventory of
cedars hospital has average revenue of 180 per patient day. variable costs are 45 per patient day fixed costs total
bay company acquires 60 8 5 year 1000 community bonds on january 1 2014 for 60000.if bay sells all of its community
the financial accounting standards board developed aconceptual framework to provide guidance in the development
Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and..
if management accountants dont have to follow gaap in their reporting and have the freedom of more customized
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd