The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings) at January 1. The shareholders invested in an additional $10,000 of common stock during the year. Net income for the year is $45,625. Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash ??? Spa supplies 9,230 Fees earned 98,435 Wages expense 26,580 Spa furniture & equipment 56,000 Dividends 38,170 Computers 2,130 Prepare a balance sheet for Rocky's Day Spa for the year ended December 31. Rocky's Day Spa Balance Sheet December 31 Assets

The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings) at January 1. The shareholders invested in an additional $10,000 of common stock during the year. Net income for the year is $45,625. Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash ??? Spa supplies 9,230 Fees earned 98,435 Wages expense 26,580 Spa furniture & equipment 56,000 Dividends 38,170 Computers 2,130 Prepare a balance sheet for Rocky's Day Spa for the year ended December 31. Rocky's Day Spa Balance Sheet December 31 Assets

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Description: How would I prepare the balance sheet? The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 inRetained Earnings) at January

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 19EA: Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600...

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Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is Jupiter Corporations weighted average number of shares for the year?
Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is Brunleigh Corporations weighted average number of shares for the year?
Shareholders' Equity Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $110,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Other Comprehensive Income, $26,000. Prepare the shareholders' equity section of Tinman's year-end balance sheet. Tinman Corporation Partial Balance Sheet December 31 Shareholders' Equity Contributed Capital: Total contributed capital Total Shareholders' Equity
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year.
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATIONBalance SheetAt December 31, Prior Year Stockholders’ equity Contributed capital Common stock (par $10; 5,100 shares) $ 51,000 Paid-in capital 18,000 Total contributed capital 69,000 Retained earnings 42,000 Total stockholders’ equity $ 111,000 During the current year, the following selected transactions (summarized) were completed: Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end). Determined net income, $48,000. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders’ equity for the year ended December 31, current year.
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,500 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 82,500 15,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end). b. Determined net income, $49,000. c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding. 97,500 45,000 $ 142,500 Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. Balances as of December 31, prior year Add: Net income Less: Dividends declared Stock issued Balances as of December 31, current year Required: Prepare a statement of stockholders' equity for the year ended December 31, current…
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
The assets and liabilities of Skittles Corporation at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings was S60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Use this information the answer the questions that follow. Accounts payable $ 1,200 Miscellaneous expense $ 480 Accounts receivable 12,340 Office expense 440 Cash 32,990 Supplies 1,670 Fees earned 75,790 Wages expense 27,170 Land 65,000 Dividends 3,000 Building 143,670 Prepare an income statement for the current year ended March 31. Skittles Corporation Income Statement [ Select ] [ Select ] [ Select ] Expenses:
Selected financial data from the June 30 year-end statements of Safford Company are given below: Total assets $5,300,000 Long-term debt (9% interest rate) $ 730, 000 Total stockholders' equity $ 2,500,000 Interest paid on long-term debt $ 65,700 Net income $ 400,000 Total assets at the beginning of the year were $5, 100,000; total stockholders' equity was $2,300,000. The company's tax rate is 40%. Required: 1. Compute the return on total assets. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) 2. Compute the return on equity. (Round your percentage answer to 1 decimal place (i. e., 0.1234 should be entered as 12.3).) 3. Is financial leverage positive or negative?
During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share. July (a) 1 Journalize the transactions, assuming that the common stock has a par value of $6 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation 2A 3 m tv N Debit alı Credit 4. A 1