Please do not give solution in image format thanku Midwest Financial Consulting provides financial services related to investment selections, retirement planning, and general insuranceneeds. At the end of the year on December 31, 2024, the company reports the following amounts:Advertising expenseBuildingsSalaries expenseAccounts payableCash$32,500140,00064,100.5,4004,500Service revenueInterest expenseUtilities expenseEquipmentNotes payableIn addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $10,000 during theyear. The company also had retained earnings of $21,300 at the beginning of the year and paid dividends of $4,200Required:1. Prepare the income statement for Midwest Financial Consulting.2. Prepare the statement of stockholders' equity for Midwest Financial Consulting3. Prepare the balance sheet for Midwest Financial ConsultingSUF$122,6002,50014,50022,00025,000

Balance Sheet Is One Of The Three Major Financial Statement It Shows The Assets, Liabilities And…

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Business

Accounting

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...

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Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid. 1. 2. 3. 4. The actuarial present value of future benefits earned by employees for services rendered in 2025 amounted to $55,700. The company's funding policy requires a contribution to the pension trustee amounting to $144,323 for 2025. As of January 1, 2025, the company had a projected benefit obligation of $894,700, an accumulated benefit obligation of $792,500, and a debit balance of $402,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $601,400 at the beginning of the year. The actual and expected return on plan assets was $54,300. The settlement rate was 9%. No gains or losses occurred in 2025 and no benefits were paid. Amortization of prior service cost was $49,800 in 2025. Amortization of net gain or loss was not required in 2025.
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600
AGT Inc., had the following condensed Statement of Financial Position(Balance Sheet) at the end of operations for 2019.AGT INC.STATEMENT OF FINANCIAL POSITIONDECEMBER 31, 2019Cash $ 8,500 Other Current Liabilities $ 15,000Other Current Assets 29,000 Long-term Loan payable 25,500Long TermInvestments20,000 Short-term LoanPayable25,000Plant assets (net) 67,500 Capital 75,000Land 40,000 Retained Earnings 24,500$165,000 $165,000 During 2020 the following occurred.1. A tract of land was purchased for $9,000 (cash)2. A short term loan in the amount of $15,000 were retired (paid off).3. The owner invested an additional $10,000 in Capital.4. The Owner withdrew cash totaling $9,375 for personal expenses.5. Net Income was $35,250 after charging depreciation of $13,5006. AGT Inc., purchased land for $22,500 by taking an additionallong term loan.7. AGT Inc. sold part of its long term investments for $12,875. Thistransaction resulted in a gain of $2,000 for the company. This gainwas included in the…
The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE? Select one: a. $856,800. b. $757,200. c. $161,400. d. $350,000. e. None of the above.
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
The following incomplete (columns have missing amounts) penslon spreadsheet is for the current year for First Republic Corporation (FRC). Prior Plan Service ($ in millions) Debit(Credit) Beginning balance Service cost Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (90) (Liability)/Asset (700) 28 62 Interest cost 49 Expected return on assets Gain/los s on assets 68 (2) Amortization of: Prior service cost (7) Net gain/loss Loss on PBO (8) (45) Contributions to fund Retiree benefits paid (65) 730 (81) Ending balance What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension asset of $24 million. Next > 18 of 39 < Prev Question no...pages Question no....pages df MacBook Air
Prepare the Revenue Account and Balance sheet for the year ended 31-3-2020 after taking in consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000 Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Debit Credit Premiums less re- 200,000 insurance Claims less re-insurance 100,000 Share Capital 200,000 Salaries to employees 50,000 Bonus to policy holders 50,000 Audit fees 10,000 Repairs and Rent 5,000 Depreciation 5,000 Commission income 50,000 Furniture 30,000 |Agents balances 50,000 Investments 100,000 Premises 45,000 Loans to other insurance 5,000 companies Total 450,000 450,000
MayeHot Club had the following balances at the beginning of the 2021 accounting period. Equipment = GHS 13,400; subscriptions owing = GHS 1,700; subscriptions in advance = GHS 850; travelling and transport expenses outstanding = GHS 450; insurance and rates prepaid = GHS 250; cash and Bank = GHS 52,500. Determine the accumulated fund as the beginning of the period
Under ABC Company’s accounting system, all insurance premiums paidare charged to insurance expense. Information for the year endedDECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000;renewal of insurance charged to expense during the year applicable forthe period April 1, 2020 - 2021 is P500,000. What is the insurance expenseusing the accrual basis accounting? A. P275,000B. P500,000C. P525,000D. P650,000E. answer not given
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…