Given the following information about a corporation-'s current year ac.docx

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Given the following information about a corporation\'s current year activities, compute the retained earnings for the current year Retained earnings, December 31 prior year) $250,000 Cost of goods sold $90,000 Other operating expenses $54,000 Cash dividends $30,800 Correction of understatement of net income in prior period (inventory error) $23.000 Stock dividends $20,000 Net income $36,000 Paragraph B I Path: p Solution Given the following information about a corporation\'s current year activities, answer the question below: Retained earnings, December 31 (prior year) $250,000 Cost of goods sold $90,000 Other operating expenses $54,000 Cash dividends $30,800 Correction of understatement of net income in prior period (inventory error) $23,000 Stock dividends $20,000 Net income $36,000 (1) Compute the retained earnings for the current year: ANSWER =$258200 .

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Assignment 08Accounting for ManagersDirections Unless otherwis.docx

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Project Part 2 Using Accounting Information for Decision Making.docx

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Problem 8 The trial balance of Hunter Inc. included the following acc.pdf

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This homework is to be done individually. Word-process solutions within this template. Copy and paste tables from Excel as needed. Show all steps used in arriving at the final answers. Incomplete solutions not accepted Problem 1 Shown below is a tentative income statement after the first year of operations. Income Statement December 31 Rental revenue $89,900 Expenses Salaries and wages expense $22,000 Maintenance expense 8,000 Rent expense 9,200 Utilities expense 5,200 Other expenses 2,000 Total expenses $46,400 Income $43,500 Suppose there are additional transactions shown below, that were not recorded or paid. (a) The Unearned Rental Revenue account includes $6,300 of revenue to be earned in the next year. (b) There were additional wages for the last five days of the year amounting to $650. (c) Maintenance expense excludes $2,300 representing the cost of maintenance supplies during the year (d) The company estimated additional utilities for the last month amounting to $550. (e) Depreciation on equipment amounted to $16,000 for the year. (f) There is interest on a $10,000, one-year, 6 percent note payable dated November 1 st of the year. The interest is payable on the maturity date of the note. (g) The income tax expense is $3,900 and payment of the income tax will be made the following year. Find an adjusting entry for each transaction. If none is required, explain why. Prepare a corrected income statement for the year, including earnings per share. Assume that 5,000 shares of stock are outstanding all year. Compute the net profit margin based on the corrected information. Problem 2 The adjusted trial balance of a company at the end of the accounting year, December 31, showed the following. Account Titles Debit Credit Cash $16,000 Machinery 72,000 Accumulated depreciation $12,800 Accounts payable 5,600 Capital Stock 16,000 Retained earnings 47,200 Service revenue 32,000 Interest expense 3,200 Operating expenses 13,600 Depreciation expense 8,800 Totals $113,600 $113,600 Prepare all the required closing entries for the company at December 31. Calculate the year ending balance in retained earnings. Problem 3 Suppose a company prepares the following unadjusted trial balance as of December 31. Account Titles Debit Credit Cash $19,600 Accounts receivable 7,000 Supplies 1,300 Prepaid insurance 900 Equipment 27,000 Accumulated depreciation $12,000 Other assets 5,100 Accounts payable 2,500 Wages payable Income taxes payable Note payable 5,000 Contributed Capital (3,000 shares outstanding all year) 16,000 .

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Take Assessment: Exam 3 Top of Form Name Exam 3 Instructions Multiple Attempts This Test allows 2 attempts. This is attempt number 1. Force Completion This Test can be saved and resumed later. Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 Question 1 1 points Save The tendency of the rate earned on stockholders' equity to vary disproportionately from the rate earned on total assets is sometimes referred to as leverage. solvency. yield. quick assets. Question 2 1 points Save The independent auditor's report does which of the following? Describes which financial statements are covered by the audit Gives the auditor's opinion regarding the fairness of the financial statements Summarizes what the auditor did States that the financial statements are truthful Question 3 1 points Save The relationship of 120 to 100 can be expressed as 1.2, 1.2:1, or 120%. True False Question 4 1 points Save The terms acid-test ratio and quick ratio refer to the same ratio--the instant debt-paying ability of a company. True False Question 5 1 points Save The percentage analysis of increases and decreases in corresponding items in comparative financial statements is referred to as vertical analysis. True False Question 6 1 points Save The relationship of each asset item as a percent of total assets is an example of horizontal analysis. True False Question 7 1 points Save A balance sheet shows cash, $75,000; marketable securities, $110,000; receivables, $90,000; and $225,000 of inventories. Current liabilities are $200,000. The current ratio is 1.375 to 1. True False Question 8 1 points Save What type of analysis is indicated by the following? Increase (Decrease*) 2011 2010 Amount Percent Current assets $ 380,000 $ 500,000 $(120,000*) (24%)* Fixed assets 1,680,000 1,500,000 180,000 12% Vertical analysis Horizontal analysis Liquidity analysis Common-size analysis Question 9 1 points Save Current position analysis indicates a company's ability to liquidate current liabilities. True False Question 10 1 points Save Which of the following is NOT included in the computation of the quick ratio? Inventory Marketable securities Accounts receivable Cash Question 11 1 points Save Based on the following data for the current year, what is the number of days' sales in inventory (rounded to the nearest whole day)? Net sales on account during year $1,204,000 Cost of merchandise sold during year 630,000 Accounts receivable, beginning of ...

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