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$10.00 Accounting Concepts & Applications and Fundamentals of Corporate Finance
Q:Hello out there. I need your assistance with the following Finance/Accounting Equations:
For the following case, use the expanded accounting equation to compute the mission quantity.
Assets Liabilities Capital Stock Retained Earnings
Case A $23,000 $11,000 A $4,500
Case B 17,500 B $4,500 3,600
Case C C 14,000 11,000 27,000
Case D 45,000 29,000 18,000 D
Balance Sheet Preparation
From the following data, prepare a classified balance sheet for Taylorsville Construction Company at December 31, 2009
Accounts payable.................................... $74,300
Accounts receivable................................. 113,500
Buildings........................................... 512,000
Owners' equity, 1/1/09.............................. 314,300
Cash................................................ 153,600
Distributions to owners during 2009................. 48,100
Supplies............................................ 4,250
Land................................................ 90,000
Mortgage payable.................................... 423,400
Net income for 2009................................. 109,450
Owners' equity, 12/31/09............................ ?
________
Income Statement Preparation
The following selected informationis taken from the records of Pickard and Associates.
Accounts payable..............................$143,000
Acounts receivable............................ 95,000
Advertising expense........................... 14,500
Cash.......................................... 63,000
Supplies expense.............................. 31,500
Rent xpense................................... 12,000
Utilities expense............................. 2,500
Income taxes(30% of income before taxes)...... ?
_______
Miscellaneous expense......................... 5,100
Owners' equity................................ 215,000
Salaries expense.............................. 78,000
Fees (revenues)............................... 476,000
Prepare an income statement for the year ended December 31, 2009. (Assume that 11,000 shares of stock are outstanding.)
Retained Earnings Computations
During 2009, Edgemont Corporation had revenues of $230,000 and expenses, including income taxes, of $190,000. On December 31, 2008, Edgemont had assets of $350,000, liabilities of $80,000, and capital stock of $210,000. Edgemont paid a cash dividend of $25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009.
Cash Flow Classifications
FOr each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA, or financing activities (FA) section of a statement of cash flows:
a. Cash receipts from selling merchandise
b. Cash payments for wages and salaries
c. Cash proceeds from sale of stock
d. Cash purchase of equipment
e. Cash dividends paid
f. Cash received from bank loan
g. Cash payment for inventory
h. Cash receipts from services rendered
i. Cash payments for taxes
j. Cash proceeds from sale of property no longerneeded as expansion site
Thank you for your assistance with these equations
