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- The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,200 Sales Revenue $17,780 Cost of Goods Sold 8,500 Interest Expense 790 Gain on Sale of Land 590 Rule is subject to a 30% income tax rate, and shareholders own 1,200 shares of its capital stock. Required: Prepare the income statement for Rule. RULE CORPORATION Income Statement For the Year Ended December 31, Current Year Other items: Earnings per shareces Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings Using the above information prepare an October statement of retained earnings for Ernst Consulting. $ 2,830 16,540 4,300 7,740 850 670 SJanus Company had the following journal entry: Debit Credit Cash $30,000 Common Stock $30,000 From this entry, we can determine that Janus: a Purchased $30,000 of another company’s common stock b Repurchased $30,000 of their own common stock. c Issued $30,000 of their own common stock d urchased $30,000 of Investments.
- The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Debits CreditsSales revenue $ 1,300,000Interest revenue 30,000Gain on sale of investments 50,000Cost of goods sold $ 720,000Selling expense 160,000General and administrative expense 75,000Interest expense 40,000Income tax expense 130,000 There were 100,000 shares of common stock outstanding throughout 2021.Required:1. Prepare a single-step income statement…An entity disclosed the following information at year-end: Accounts payable, net of debit balances in suppliers’ accounts P100,000 4,000,000 Accrued expenses 1,500,000 Credit balances of customers’ accounts receivable 500,000 Share dividend payable 1,000,000 Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit 400,000 Estimated expenses in redeeming prize coupons 600,000 What amount should be reported as total current liabilities?The following income statement and selected balance sheet account data are available for Treece, ties than for operating activities? Explain. Inc., at December 31, 2018. sh nod TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 Revenue: - Net sales $2,850,000 - Dividend income 104,000 Interest income 70,000 Gain on sales of marketable securities 4,000 Total revenue and gains $3,028,000 Costs and expenses: - Cost of goods sold $1,550,000 Operating expenses 980,000 - Interest expense . 185,000 Income tax expense 90,000 Total costs and expenses 2,805,000 Net income $ 223,000 Beginning of Year End of Year Selected account balances: Accounts receivable 650,000 $ 720,000 Accrued interest receivable 9,000 6,000 Inventories ... 800,000 765,000 20,000 15,000 Short-term prepayments - Accounts payable (merchandise suppliers) Accrued operating expenses payable 570,000 562,000 65,000 94,000 21,000 12,000 Accrued interest payable 22,000 35,000 Accrued income taxes payable
- 1. Shown below are the account balances for Barnie Corp. for their year-end December 31, 2022: Cash $ 10,475 Accounts receivable 16,640 Inventory 98,220 Building 188,600 Accumulated amortization—building 72,600 Accounts payable 9,400 Income taxes payable 5,450 Common shares 154,525 Retained earnings, beginning 40,720 Dividends declared 7,500 Sales revenue 265,000 Cost of goods sold 143,600 Salaries and wages expense 56,900 Amortization expense 12,850 Utilities expense 3,300 Supplies expense 1,970 Income taxes expense 7,640 Required: prepare the: i) the income statement, ii) the statement of retained earnings, and iii) the classified balance sheet for Barnie Corporation.An entity disclosed the following information at year-end: Accounts payable, net of debit balances in suppliers’ accounts P100,000 4,000,000 Accrued expenses 1,500,000 Credit balances of customers’ accounts receivable 500,000 Share dividend payable 1,000,000 Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit 400,000 Estimated expenses in redeeming prize coupons 600,000 What amount should be reported as total current liabilities? a. 6,700,000 b. 6,600,000 c. 7,100,000 d. 7,700,000Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2024: Account Gibson Davis Sales $ (731,000) $ (444,000) Cost of goods sold 334,000 197,000 Operating expenses 256,000 67,000 Dividend income (12,000) 0 Net income $ (153,000) $ (180,000) Retained earnings, 1/1/24 $ (711,000) $ (487,000) Net income (153,000) (180,000) Dividends declared 60,000 20,000 Retained earnings, 12/31/24 $ (804,000) $ (647,000) Cash and receivables $ 120,000 $ 230,000 Inventory 521,000 251,000 Investment in Davis 603,000 0 Buildings (net) 590,000 614,000 Equipment (net) 410,000 444,000 Total assets $ 2,244,000 $ 1,539,000 Liabilities $ (810,000) $ (552,000) Common stock (630,000) (340,000) Retained earnings, 12/31/24 (804,000) (647,000) Total liabilities and stockholders' equity $ (2,244,000) $ (1,539,000) Gibson acquired 60 percent of Davis on April 1, 2024, for $603,000. On that date, equipment owned by Davis…
- Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. a. What was net operating working capital for 2020 and 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2020$ 2021$ 43,000 million 51,790 million b. What was Arlington's 2021 free cash flow? $ 26,900 million c. Construct Arlington's 2021 statement of stockholders' equity. Shares $ Statement of Stockholders' Equity, 2021 Common Stock Amount million $ Balances, 12/31/20 2021 Net Income Cash Dividends Addition to retained earnings Balances, 12/31/21 million $ d. What was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent. $ 20,791 million e. What was Arlington's MVA at year-end 2021? Assume that its stock price at December 31, 2021 was $25. Round your answer to the nearest cent. 6,410 million million $ Retained Earnings…Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ SDuring the current year, Thrasher (a calendar year, accrual basis S corporation) records the following transactions. Sales $1,500,000Cost of goods sold $900,000Long-term capital gain $11,000Short-term capital gain $5,000Salaries $210,000Qualified dividends from stock investments $30,000Rent expense $170,000Advertising expense $20,000Interest expense on business loan $15,000Section 1231 gain $25,000Organizational expenditures $3,000Charitable contributions $5,000Bad debt (trade account receivable deemed to be uncollectible) $10,000Cash dividend distributed to shareholders $120,000 Required: A. Determine Thrasher’s separately stated items for the current year B. Determine Thrasher’s ordinary business income for the current year DO NOT GIVE SOLUTION IN IMAGE FORMAT
