ACG 2021 Lecture Notes - Lecture 34: Financial Statement, Retained Earnings, Income Statement

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olivecattle778

11 Apr 2018

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Jeremiah company recorded the following cash transactions for the year: Income statement, balance sheet, retained earnings statement, and statement of cash flows. The cost of assets consumed or services used is also known as an expense. The financial statements for allen corporation contained the following account information: The segment of a corporation"s annual report that describes the corporation"s accounting methods is the notes to the financial statements. The payment of dividends is an example of a(n) Paying interest expense and receiving interest revenue are both examples of. Chris"s maid service began the year with total assets of ,000 and stockholders" equity of ,000. During the year the company earned ,000 in net income and paid ,000 in dividends. Total assets at the end of the year were ,000. Jose inc. reports the following balances and amounts. The following information is presented in random order.

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The balance sheet and the income statement for the year endedDecember 31, 2016 for Johnson Inc. follows. During 2016, cash of15,000 was paid for building and equipment, 10,000 was paid forretirement of notes payable, and $68,000.was paid for cashdividends. . During 2016, cash was received from issuance ofstock.

Balance Sheet As of December, 31.
	2016	2015
Cash	$ 25,000	$ 20,000
Accounts receivable, net	60,000	70,000
Inventory	80,000	100,000
Land	50,000	50,000
Building and equipment	130,000*	115,000
Accumulated depreciation	(85,000)	(70,000)
Total assets	$260,000	$285,000

Accounts payable	$ 30,000	$ 35,000
Income taxes payable	4,000	3,000
Wages payable	5,000	3,000
Current notes payable	50,000**	60,000
Common stock	110,000***	100,000
Retained earnings	61,000	84,000
Total liabilities and stockholders's equity	$260,000	$285,000

Income Statement For the Year Ended December 31, 2016

Sales		$500,000
Less expenses:
Cost of goods sold	$330,000
Selling and administrative expenses	90,000
(includes depreciation of $15,000)
Interest expense	5,000
Total expenses		425,000
Income before taxes		$ 75,000
Income tax expense		30,000
Net income		$ 45,000

(Required) Prepare the statement of cash flows for 2016. Presentcash flows from operations using the indirect approach..

plumchimpanzee381

Use the information below for ABC Co. to answer thefollowing questions (#15 â 26).

BalanceSheet December31

2005 2004

Assets

Cash $ 20,000 $ 10,000

Accountsreceivable 160,000 110,000

Inventories 80,000 50,000

PrepaidRent 15,000 10,000

Investments 100,000 75,000

Plantassets 210,000 250,000

Accumulateddepreciation (65,000) (60,000)

Total $520,000 $445,000

Liabilities and Stockholders' Equity

Accountspayable $ 50,000 $ 40,000

Interestpayable 20,000 5,000

Income taxpayable 5,000 10,000

Notepayable 130,000 140,000

Commonstock 155,000 100,000

Retainedearnings 160,000 150,000

Total $520,000 $445,000

Income Statement

For the Year Ended December 31, 2005

Sales $800,000

Cost of goodssold 480,000

GrossProfit 320,000

Operating expenses (including DepreciationExpense) 120,000

Interestexpense 20,000

Income taxexpense 25,000

Total 165,000

Income before Gains andLosses 155,000

Gain on sale of plantassets 5,000

Netincome $ 160,000

Additional information:

Accounts payable pertain to the purchase of inventory.

Plant assets were sold for $40,000. The cost of the plant assetswas $40,000.

All dividends are cash.

For the year 2005:

Cash received/collected from customers is:

Purchases for the year is:

Cash paid to suppliers is:

Depreciation expense is:

mauvesardine68

Problem 1-33Interrelationships among financial statements Crawford Enterprises started the 2014 accounting period with $75,000 of assets (all cash), $15,000 of liabilities, and $25,000 of common stock. During the year, Crawford earned cash revenues of $46,000, paid cash expenses of $26,000, and paid a cash dividend to stockholders of $5,000. Crawford also acquired $15,000 of additional cash from the sale of common stock and paid $10,000 cash to reduce the liability owed to a bank. Required a.Prepare an income statement, statement of changes in stockholdersâ equity, period-end balance sheet, and statement of cash flows for the 2014 accounting period. (Hint: Determine the amount of beginning retained earnings before considering the effects of the current period events. It also might help to record all events under an accounting equation before preparing the statements.) b.Determine the percentage of total assets that were provided by creditors, investors, and earnings. c.Determine the balance in the Revenue, Expense, and Dividends accounts as of January 1, 2015. LO 1-2, 1-3, 1-4, 1-5, 1-6, 1-7 CHECK FIGURES a. Net Income: $19,000 e. Net Cash Flow from Operating Activities: $19,000

lavenderwombat729

ACG 2021 Lecture Notes - Lecture 34: Financial Statement, Retained Earnings, Income Statement

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