Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Make a statement of cashflows in good form. Opening assets are 901,800. Opening liabilities and shareholders equity are also 901,800. H C6 fx This is
Make a statement of cashflows in good form. Opening assets are 901,800. Opening liabilities and shareholders equity are also 901,800.
H C6 fx This is worth a maximum of 75 I really really love Accouting Debit Credits 60,000 22,300 95,000 4,800 16,000 165,000 32,000 425,000 250,000 115,000 261,000 75,000 19,000 10 Company Name 11 As of October 1, 2021 12 13 14 15 Cash 16 Short term Investment 17 Accounts Receivable 18 Allowance for Doubtful Accounts 19 Additional Paid in Capital - Preferred 20 Inventory 21 Automobiles 22 Buildings 23 Land 24 Equipment 25 Accumulated Dep - Building 26 Accumulated Dep - Equipment 27 Accumulated Dep - Automobiles 28 Patent 29 Sales 30 Sales Returns 31 Non Controlling Interest 32 Cost of Goods Sold 33 Accounts Payable 34 Wages Payable 35 Long-Term Note 36 Retained Earnings, Beginning 37 Common Stock 38 Additional Paid in Capital-Common 39 Treasury Stock 40 Wage Expense 41 Rent Expense 42 Utilities Expense 43 Employee Benefit Expense 44 Advertising Expense 45 Preferred Stock 46 Credit Card Expense 3.000 375,000 A B D E F 44 Advertising Expense 7,500 45 Preferred Stock 40,000 46 Credit Card Expense 42,000 47 Sales Discount 3,100 48 Supplies Expense 5,400 49 Accumulated Comprehensive Income 6,000 50 Amortization Expense (First year on Patent) 500 51 Insurance Expense 5,800 52 Rental Revenue 5,000 53 Interest Expense 2,750 54 Dues Expense 7,000 55 Unearned Revenues 5,400 56 Prepaid Insurance - Current 7,000 57 Auto Expense 8,200 58 Interest Income 1,200 59 Good Will 142,000 60 Additional Paid in Capital - Treasury 1,900 61 62 Totals 1,623,550 1.623.550 63 64 65 Important Notes 66 67 1. The income tax rate is 08% 68 2. '$22,000 of the long-term note payable is due in the current year 69 3. The investment account is considered short-term in nature 70 4. At this point no taxes have been accrued 71 5. When I made this I linked my spreadsheet so you may have some small rounding 72 6. List the expenses in order of magnitude (biggest first) 73 7. A cash dividend for $17,000 was declared on 9-29-2021 to be paid 9-30-2021 74 8. The company uses the LIFO inventory method 75 9. Based on the Accounts receivble aging method the allowance should be 9,000 76 10. Annual Depreciation has not been recorded it should be a follows 77 Building 18,000 78 Equipment 11,500 79 Automobile 4.000 80 5,000 3,500 150,000 52,000 13,000 200.000 284,000 233,750 27,000 4,000 41,000 12,000 8.000 5,000 7,500 40,000 42,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started