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Income statement and balance sheet of Lauren Company




Question;1. The following information was made available from theincome statement and balance sheet of Lauren Company.Item 12/31/10 12/31/09Accounts Receivable $53,400 58,600Accounts Payable 35,600 32,700Merchandise Inventory 85,000 79,000Sales (2010) 243,000Interest Revenue (2010) 5,600Dividend Revenue (2010) 1,200Tax Expense (2010) 12,300Salaries Expense (2010) 28,000COGS (2010) 65,000Interest Expense (2010) 3,600Operating Expenses 28,500Complete the cash flow from operating activities section for Lauren Company using the direct method for the year ended December 31, 2010.2. Given the following balance sheet, complete a horizontal analysis. Compute the percentage to the nearest tenth of a percent.Jill?s BikesComparative Balance SheetFor Years Ended December 31, 2011 and 2010(in thousands) 2011 2010 Difference PercentageAssetsCurrent AssetsCash and Equivalents $72 $94Accounts Receivable, net 122 104Inventory 288 232Total Current Assets 482 430Property, Plant and Equipment 638 358Total Assets $1,120 $788LiabilitiesCurrent LiabilitiesAccounts Payable $242 $148Accrued Liabilities 48 66Total Current Liabilities 290 214Long-Term Liabilities 346 208Total Liabilities 636 422Stockholders? EquityCommon Stock 70 60Retained Earnings 414 306Total Stockholders? Equity 484 366Total Liabilities andStockholders? Equity $1,120 $7881. Record the following transactions using the accounting equation.Example: Assets = Liabilities + Equity XXXX(cash) XXXX(accounts payable)A. Amanda invests $17,000 cash into her merchandising business.B. She buys $6,500 of office equipment and $3,000 of office supplies with cash from Office Depot.C. Additional purchases were supplies for $35,000 on account from various suppliers.2. Journalize the following transactions and omit the explanations.A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8.B. The corporation paid $60,000 for a two-year lease on April 19.C. The corporation had sales of $45,000, of which $35,000 were on account on April 20.D. The corporation borrowed $25,000 by signing a note payable on April 22.E. The corporation paid $1,250 on one of its accounts payable on April 26.3. Prepare a trial balance from the following information for Learn a New Language, Inc. for December 31, 2012.Accounts payable $5,012Common stock $9,692Cash $3,928Notes payable $1,439Wages expense $777Marketing expense $493Equipment $8,345Accounts receivable $1,142Inventory $8,074Sales $6,6164. Compute the missing information from this post-closing trial balance.Cash $34,689Accounts Receivable 9,467Prepaid Rent 5,000Prepaid Insurance (A)Supplies 944Accounts Payable $5,389Wages Payable (B)Common Stock 37,049Retained Earnings 8,234_______ _______Total $52,356 $52,3565. Journalize the following transactions using the perpetual inventory method.Aug. 6 Purchased $830 of inventory on account from Johnston with terms of 2/10, n/30.Aug. 8 Purchased $2,611 of inventory for cash from Pillner Company.Aug.15 Paid for August 6 purchase from Johnston.Aug. 17 Purchased $1,743 of merchandise on account from Luis Company with Terms of 3/15, n/45.6. Given the following information, prepare a balance sheet for Isaiah?s Tool Shed for the year ending December 31, 2012.Cash $65,750 Retained Earnings $179,319Common Stock $35,000 Equipment $27,500Accounts Receivable $11,478 Accounts Payable $29,450Land $30,000 Inventory $78,311Prepaid Supplies $7,357 Income Taxes Payable $4,209Office Computers $11,345 Other PPE $31,446Accum. Depr. (all) $23,459 Prepaid Insurance $8,250


Paper#45120 | Written in 18-Jul-2015

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