User Account

All Pages

Prepare income statement-and balance sheet on december

Assignment Help Financial Accounting
Reference no: EM132525219

Question 1: Use the following information available at the end of 2012 to prepare an income statement-and balance sheet on December 31, 2012, for Goldie Company.

Fees for services performed during the year,             $120,000

Accounts payable,                                               $18,500

Accounts receivable,                                            $17,300

Miscellaneous costs for the year,                            $8,700

Supplies on hand,                                                $2,700

Notes payable outstanding,                                   $30,000

Interest cost on the note for the year,                    $3,000

Equipment,                                                         $84,400

Cash on hand,                                                     $11,200

Salaries cost for the year,                                      $71,500

Supplies cost for the year,                                     $9,400

Rent cost for the year,                                         $12,000

Common stock that has been issued,                     $60,000

Retained earnings at the end of the year,               $7,100

Reference no: EM132525219

Questions Cloud

Determine net income from sleep cheap : Retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2017. Determine net income from Sleep Cheap for 2017.
Competence and independence of the audit committee : Give FIVE examples of how the Associated British Foods PLC has complied with the Code regarding the competence and independence of the audit committee.
Information systems infrastructure-evolution and trends : Select a topic from the following list on which you would like to conduct an in-depth investigation: Information systems infrastructure: evolution and trends
How can wil set up a scheduling variance : Wil Fence is a large timber and Christmas tree farmer who is attending a project man-agement class in the spring, his off season. When the class topic came
Prepare income statement-and balance sheet on december : Use information available at the end of 2012 to prepare an income statement-and balance sheet on December 31, 2012, for Goldie Company.
STT100 Statistics for Business Assignment : STT100 Statistics for Business Assignment Help and Solution - Select a country with a SEX RATIO either much HIGHER or Much Lower than the average
Calculate the investor annual percentage rate : Calculate the investor's annual percentage rate of return in terms of the U.S. dollars.
Calculate the investor annual percentage rate of return : Calculate the investor's annual percentage rate of return in terms of the U.S. dollars.
Cloud computing and digital forensics : You have been assigned to investigate whether or not an employee at a local hospital has been accessing patient records and setting information

Reviews

Write a Review

Financial Accounting Questions & Answers

  Maintain an income statement for the year

Prepare an income statement for the year. Kingbird, Inc. did not issue any new stock during the year. Kingbird, Inc.

  Record the necessary entries in journal entry worksheet

Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp.On August 1, 2021, Trico Technologies, an aeronautic electronics company.

  Problem on green valley corporation

"Green valley Corporation was incorporated on June 1, 2020. The company had the following transactions during June:

  Angelo diaz has decided to go into business selling

angelo diaz has decided to go into business selling colourful scarves which are popular among university students. he

  Microcomputers are upgraded

The Tingey Company has 500 obsolete microcomputers that are carried in inventory at a total cost of $720,000. If these microcomputers are upgraded at a total cost of $140,000, they can be sold for a total of $200,000

  Distribution is treated like dividend to the shareholder

ABC Corporation has current E&P of ($200,000). E&P at the beginning of the year was ($100,000). ABC Corp. makes a distribution of $350,000 to its sole shareholder on the least day of the year. The shareholder had a tax basis of $50,000. How much of t..

  Maximum amount that bg corporation should be willing to pay

What is the maximum amount that BG Corporation should be willing to pay to take over SMCorporation (rounded to the nearest thousand dollars)?

  Prepare a cash flow statement using the indirect method

Prepare a Cash Flow Statement using the indirect method and the most recent data is in the first column

  About the transactions

Jennifer opened a day care called Jennifer’s Playtime and had the following transactions. Record the journal entries in debit/credit format. Jennifer contributed the following to the business in exchange for $13,600 in common stock. Cash $5,700; comp..

  Prepare a multiple-step income statement for jackrabbit inc

Prepare a multiple-step income statement for Jackrabbit Inc. from the following single-step statement. Gain on sale of equipment, Interest income and General and admin expenses.

  Calculate vintages return on equity

The total assets to equity ratio for the firm is 2.3. Calculate Vintage's return on equity.

  Illustrate at what amount would the purchase on february

Assuming that Castro uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. Illustrate at what amount would the purchase on February 1 be recorded if the net method were use..

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