Financial Statements Of Lacey Company For 2012
Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Financial Statements Of Lacey Company For 2012
tco a) resources owned by a business are referred to as (points : 3)
question 12.12. (tcos e and f) please prepare the following journal entries. indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. (1) investors invest $500,000 in exchange for 50,000 shares of common stock.
(2) company purchased equipment for $25,000 on account.
(3) company paid rent for $4,000.
(4) company received $15,000 for services not yet performed.
(5) employees work monday through friday and are paid on friday. salary expense is $10,000 per day and this year, december 31 falls on a wednesday. (points : 30)
question 13.13. (tcos b and d) the following items are taken from the financial statements of lacey company for 2012:
advertising expense $14,000 accounts receivable 12,000 cost of goods sold 65,000 accumulated depreciation—equipment 20,000 accounts payable 21,000 cash 44,000 depreciation expense 17,000 common stock 100,000 dividends 25,000 insurance expense 5,000 note payable (due 2014) 70,000 rent expense 4,000 prepaid insurance 17,000 retained earnings (beginning) 22,000 salaries expense 50,000 salaries payable 3,500 net sales 175,000 supplies 4,000 supplies expense 3,000 equipment 210,000 instructions
(a) calculate the net income. (18 points)
(b) calculate the balance of retained earnings that would appear on a balance sheet at december 31, 2012. (7 points)
(c) calculate the gross profit percentage. (5 points) (points : 30)
question 14.14. (tco d) the following items are taken from the financial statements of srw company for 2012:
cash $375,000 accounts receivable 125,000 prepaid insurance 100,000 accounts payable 88,000 unearned service revenue 15,000 equipment, net of accumulated depreciation 177,000 common stock 125,000 retained earnings 12/31/2011 106,000 long-term debt 336,500 service revenue 225,000 cost of goods sold 62,500 rent expense 30,000 supplies expense 8,000 insurance expense 18,000 instructions
(a) please create a classified balance sheet in good form for the year ended 2012. (25 points)
(b) please calculate the current ratio. (5 points)
(points : 30)
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