|
|
|
|
New Member
|
|
Sep 6, 2006, 11:14 AM
|
|
Financial Accounting Homework Question!
Here's the question:
"The following stockholders' equity accounts are in the ledger of McGrath Corp. at December 31, 2005:
Common Stock ($10 stated value) $1,500,000
Paid-in-Capital from Treasury STock 6,000
Paid-in-Capital in Excess of stated value - common stock 690,000
Paid-in-Capital in Excess of par value - preferred stock 288,400
Preferred Stock (8%, $100 par value, noncumulative) 400,000
Retained Earnings 776,000
Treasury Stock - Common (8,000 shares) 88,000
I'm supposed to prepare a Stockholders' Equity section at Dec. 31, 2005. How do I transfer the numbers? I know what all is supposed to be in this section, but I'm not for sure how to prepare it just with this information only. Please help!
Sincerely,
Ashley
|
|
|
New Member
|
|
Jan 28, 2010, 06:00 PM
|
|
Tony Masasi started his own consulting firm, Masasi Company, Inc. on June 1, 2008. The trial balance at June 30 is as follows.
MASASI COMPANY, INC.
Trial Balance
June 30, 2008
Account Number
Debit
Credit
101 Cash $7,150
112 Accounts Receivable 6,000
126 Supplies 2,000
130 Prepaid Insurance 3,000
157 Office Equipment 15,000
201 Accounts Payable $4,500
209 Unearned Service Revenue 4,000
311 Common Stock 21,750
400 Service Revenue 7,900
726 Salaries Expense 4,000
729 Rent Expense 1,000
$38,150
$38,150
In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company, Inc. also contains the following accounts and account numbers: No. 158 Accumulated Depreciation–Office Equipment, No. 244 Utilities Payable, No. 212 Salaries Payable, No. 711 Depreciation Expense, No. 722 Insurance Expense, No. 732 Utilities Expense, and No. 631 Supplies Expense.
Other data:
Supplies on hand at June 30 are $600.
A utility bill for $150 has not been recorded and will not be paid until next month.
The insurance policy is for a year.
$2,500 of unearned service revenue has been earned at the end of the month.
Salaries of $2,000 are accrued at June 30.
The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months.
Invoices representing $1,000 of services performed during the month have not been recorded as of June 30.
Instructions
(a)How do I prepare the adjusting entries for the month of June?
(b) Post the adjusting entries to ledger account.
(c) Prepare an adjusted trail balance for June 30.
|
|
|
New Member
|
|
Jan 28, 2010, 08:09 PM
|
|
[QUOTE=dewill2774;2199636]Tony Masasi started his own consulting firm, Masasi Company, Inc. on June 1, 2008. The trial balance at June 30 is as follows.
MASASI COMPANY, INC.
Trial Balance
June 30, 2008
Account Number
Debit
Credit
101 Cash $7,150
112 Accounts Receivable 6,000
126 Supplies 2,000
130 Prepaid Insurance 3,000
157 Office Equipment 15,000
201 Accounts Payable $4,500
209 Unearned Service Revenue 4,000
311 Common Stock 21,750
400 Service Revenue 7,900
726 Salaries Expense 4,000
729 Rent Expense 1,000
$38,150
$38,150
In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company, Inc. also contains the following accounts and account numbers: No. 158 Accumulated Depreciation–Office Equipment, No. 244 Utilities Payable, No. 212 Salaries Payable, No. 711 Depreciation Expense, No. 722 Insurance Expense, No. 732 Utilities Expense, and No. 631 Supplies Expense.
Other data:
Supplies on hand at June 30 are $600.
A utility bill for $150 has not been recorded and will not be paid until next month.
The insurance policy is for a year.
$2,500 of unearned service revenue has been earned at the end of the month.
Salaries of $2,000 are accrued at June 30.
The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months.
Invoices representing $1,000 of services performed during the month have not been recorded as of June 30.
Instructions
(a)How do I prepare the adjusting entries for the month of June?
(b) Post the adjusting entries to ledger account.
(c) Prepare an adjusted trail balance for June 30.
(d) Prepare an income sheet.
|
|
|
Uber Member
|
|
Jan 29, 2010, 11:42 PM
|
|
*Please do not tag onto someone else's thread, especially one four years old. The subject is not even related.
*Please do not post twice. Everyone here is volunteers and we are here when we have time around real lives. You can't expect an answer in two hours - it might take several days, and you might never get one.
*You are asking someone to explain an entire chapter's worth, which is about impossible in a forum situation like that. You are going to have to narrow things down. I can give you a link - the stuff you're doing is covered in Ch. 3 & 4 - so obviously this is a lot of material.
Principles of Accounting
|
|
|
New Member
|
|
Jul 6, 2010, 05:26 PM
|
|
the Ramsey Corp. reported the following accounts and in its financial statements'
cash 35,000
inventory 12,200
equipment 19,500
accounts payable 16,350
contributed capital 30,000
retained earnings 18,350
arrange the accounts and balances into the accounts equation using the following equation and then answer the following questions assets=liabilities + owners' equity
1 what is the total of assets
2 what is the total of liabilities
3 what is the total of owners' equity
|
|
|
Uber Member
|
|
Jul 7, 2010, 01:03 AM
|
|
lavellal, please read the first two points I made on the thread above yours. Please do not tag onto someone else's thread, and please do not double-post. I've deleted your duplicate.
Then please read the guidelines for posting homework problems:
https://www.askmehelpdesk.com/financ...-b-u-font.html
|
|
|
New Member
|
|
Sep 25, 2012, 10:57 PM
|
|
Use MS Excel to solve the problems listed below
Financial Statement Preparation: The balance sheet for Rogers Industries for March 31, 2008, appears below. Information relevant to Rogers Industries’ operations for the 2009 fiscal year is given following the balance sheet. Using the data presented:
a. Prepare in good form an income statement for Rogers Industries for the year ended March 31, 2009. Be sure to show earnings per share (EPS).
b. Prepare in good form a balance sheet for Rogers Industries for March 31, 2009.
c. Determine Rogers’ free cash flow from operations (FCFO) for the 2009 fiscal year.
Balance Sheet ($000)
Rogers Industries
March 31, 2008
Assets Liabilities and shareholders’ equity
Cash $ 40 Accounts payable $ 50
Marketable securities 10 Line of credit 80
Accounts receivable 80 Accruals 10
Inventories 100 Total current liabilities $140
Total current assets $230 Long-term debt $270
Gross fixed assets $890 Preferred shares $ 40
Less: Accumulated amortization 240 Common shares (119,000 320
Net fixed assets $650 shares outstanding)
Total assets $880 Retained earnings 110
Total shareholders’ equity $470
Total liabilities and
Shareholders’ equity $880
Rogers Industries
Relevant information for the 2009 fiscal year
1. Sales were $1,200,000
2. Cost of goods sold equals 60 percent of sales
3. Operating expenses equal 15 percent of sales; amortization expense of $20,000 is included in this percentage.
4. Interest expense is 10 percent of the total beginning balance of the line of credit and long-term debt.
5. The firm pays 40 percent taxes on taxable income.
6. Preferred share dividends of $4,000 were paid.
7. Cash and marketable securities are unchanged.
8. Accounts receivable equal 8 percent of sales.
9. Inventory equals 10 percent of sales.
10. The firm acquired $30,000 of additional fixed assets in 2009.
11. Accounts payable equal 5 percent of sales.
12. Line of credit, long-term debt, preferred shares, and common shares remain unchanged.
13. Accruals are unchanged.
14. Cash dividends of $1 per common share were paid to common shareholders.
Submit your answers and the Excel formulas used
|
|
Question Tools |
Search this Question |
|
|
Add your answer here.
Check out some similar questions!
Financial accounting help
[ 4 Answers ]
How would I plug these into T accounts?
Paid $400 for the current month's rent
Purchased repair supplies on credit, $500
Paid salary to a helper, $450
Financial accounting help... Again
[ 1 Answers ]
Acouple more T account question...
Paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).
Accepted cash for repairs completed, $1,860
Thank you
View more questions
Search
|