WhatsApp Us at: +1(323)283-8111
Email us at: aplusgradewriters2@gmail.com
Accounting Financial Statements
Accounting Financial Statements, The following information is provided for Tanet Corp. for the year ended Dec 31, 2023. Prepare a statement of cash flows, in good form, using the indirect method for operating activities.
- Show your labelled calculation for each amount you have to compute (remember my handy hints!!!)
Tanet Corp. APA.
Statement of Comprehensive Income
For year ending December 31, 2023
Struggling with Assignments? Let Us Help You Succeed!
| Sales | $66,000 |
| Salaries expense | 24,500 |
| Depreciation expense | 4,000 |
| Selling and administrative expenses | 12,000 |
| Interest expense | 3,500 |
| Net income | 22,000 |
| Other comprehensive income | |
| Unrealized gain on debt investments | 2,000 |
| Comprehensive income | $24,000 |
Accounting Financial Statements
Tanet Corp.
Balance Sheets
At December 31, 2023 and 2022
| 2023 | 2022 | ||
| Cash & cash equivalents | $ 71,000 | $ 42,000 | |
| Accounts receivable | 40,000 | 31,000 | |
| Plant assets | 81,000 | 82,000 | |
| Accumulated depreciation | (14,000) | (20,000) | |
| Debt investments | 14,000 | 0 | |
| Total Assets | $192,000 | $135,000 | |
| Salaries payable | $ 5,000 | $ 3,000 | |
| Notes payable, due 2027 | 40,000 | 46,000 | |
| Common stock, par $10 | 101,000 | 61,000 | |
| Paid in capital in excess of par | 17,000 | 9,000 | |
| Retained earnings | 27,000 | 16,000 | |
| Accumulated other comprehensive income | 2,000 | 0 | |
| Total Liabilities & Equity | $192,000 | $135,000 |
Accounting Financial Statements
Additional Info: You will need to deduce some items as well.
All sales are on account.
Sold plant assets for book value of $21,000, cost $31,000.
Also bought plant assets during 2023.
Made principal payments on note of $46,000.
Borrowed $40,000.
Changes to retained earnings are only from net income and cash dividends.
QUESTION 2. SHOW YOUR LABELLED WORK!
Accounting Financial Statements
Provide the requested information for the following situations:
- The following information is available for Williams Company for 2024:
Cash paid for purchases $1,560,000
Decrease in trade accounts payable 100,000
Increase in merchandise inventory 45,000
How much was cost of goods sold for 2024?
- Rayo Company received $36,000 on May 1, 2024 for one year’s rent in advance and recorded the transaction with a credit to a nominal account. What adjusting entry would be written for yearend, December 31, 2024?
Accounting Financial Statements
- Frierson Co. pays all salaried employees every other week. Any overtime is paid in the next pay period. Frierson writes an adjusting entry for salaries only at its December 31 year-end. Data relating to salaries earned in December 2024 are as follows:
- The last payroll was paid on 12/20/24, for the 2-weeks ended 12/20/24.
- Overtime pay earned in the two weeks ended 12/20/24 was $25,000.
- Wednesday, December 25, was a paid holiday. No overtime was earned that week.
- The recurring biweekly salaries total $450,000.
Assuming a five-day workweek, what adjusting entry should Frierson should write for December 31, 2024?
- Fasano Corporation has the following information available for its first year of operations:
Cash paid for merchandise purchases $325,000
Ending merchandise inventory 145,000
Accounts payable (balance at end of year) 50,000
Cash collected from customers 290,000
Accounting Financial Statements
The balance in accounts payable relates only to merchandise purchases. All merchandise items were marked to sell at 30% above cost. What is the ending balance in accounts receivable?
- Accumulated depreciation—equipment at 1/1/24 was $230,000. At 12/31/24, the balance of the account was $280,000. In 2024, one piece of equipment was sold. The equipment had an original cost of $60,000 and was 3/4 depreciated when sold for $20,000.
- Write the entry to record the sale.
- Write the missing adjusting entry
- Allowance for doubtful accounts on 1/1/24 was $50,000. The balance in the allowance account on 12/31/24 after making the annual adjusting entry was $65,000. Bad debts written off during 2024 amounted to $30,000. Provide the missing adjusting entry.
Accounting Financial Statements
Question 3. SHOW YOUR LABELLED CALCULATIONS!!!
- Determine the price for this:
On December 31, Morrow Corp. issued 6%, 15-year, $1,000,000 bonds that pay cash semiannually on June 30 and December 31. The market rate of interest for bonds of similar risk, term, and amount is 7%.
Tell me why the price ends up as it does.
- Using Excel—and each person must supply me with their own Excel file so I can look at how each individual used Excel—
On January 1, 2024, Naquin Corp. buys a truck that costs $44,000. The dealership offered a $10,000 trade-in on the company’s old truck, and Naquin signed an 8% note for the balance. The note requires eight equal quarterly payments starting at the end of the quarter in which the purchase is made (WHY?).
- Determine the payment amount.
- Prepare the amortization table for the loan through maturity.
- Naquin Corp. (from b.) plans to use the truck for 5 years and uses straight-line depreciation. Write all necessary adjusting entries at December 31, 2025.
