accounting

i have to get 100% to pass this test otherwise i will have to take the same test again but with different values. i only need the answers to the questions. JUST ANSWERS
accounting.xlsx

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statements connection
Q:1
Use the starting balance sheet, income statement, and the list of changes to an
Stuart Company
Balance Sheet
As of December 31, 2017
(amounts in thousands)
Cash
Other Assets
Total Assets
37,000 Liabilities
32,000 Equity
69,000 Total Liabilities & Equity
Stuart Company
Income Statement
January 1 to March 31, 2018
(amounts in thousands)
Revenue
Expenses
Net Income
7,500
4,400
3,100
Between January 1 and March 31, 2018:
1. Other Assets decrease by $300,000
2. Liabilities increase by $400,000
3. Paid-In Capital does not change
4. Dividends paid of $200,000
What is the value for Cash on March 31, 2018?
Please specify your answer in the same units as the financial statements.
Q:2
Use the income statement and the list of changes to answer the question.
Stuart Company
Income Statement
January 1 to December 31, 2017
(amounts in thousands)
Revenue
Cost of Goods Sold (COGS)
Gross Income
8,800
2,640
6,160
Sales, General, & Administrative Expenses
880(SG&A)
Depreciation Expense
900
Other Expenses
500
Earnings Before Interest & Taxes (EBIT)
3,880
Interest
110
Pre-Tax Income
3,770
Income Taxes
1,508
Net Income
2,262
Between January 1 and December 31, 2017:
1. Accounts Receivable decrease by $300,000
2. Accounts Payable decrease by $900,000
3. Gross Property, Plant, & Equipment increase by $7,500,000
4. Long Term Debt decreases by $600,000
Assume no other changes
What is the Net Cash Flow?
Please specify your answer in the same units as the income statement.
Q:3
Use the starting balance sheet and statement of cash flows to answer the ques
Stuart Company
Balance Sheet
As of December 31, 2017
(amounts in thousands)
Cash
84,000 Accounts Payable
Accounts Receivable
47,000 Debt
Inventory
42,000 Other Liabilities
Property Plant & Equipment, Gross 243,000 Total Liabilities
Accumulated Depreciation
71,000 Paid-In Capital
Property Plant & Equipment, Net 172,000 Retained Earnings
Other Assets
28,000 Total Equity
Total Assets
373,000 Total Liabilities & Equity
Stuart Company
Statement of Cash Flows
January 1 to March 31, 2018
(amounts in thousands)
Net Income
Depreciation
7,700
1,700
Decrease (Increase) in Accounts Receivable
300
Decrease (Increase) in Inventory
-800
Increase (Decrease) in Accounts Payable
-900
Other Adjustments
0
Net Cash Flow from Operating Activities
8,000
Purchase of Property, Plant, & Equipment
-7,500
Other Adjustments
0
Net Cash Flow from Investing Activities
-7,500
Increase (Decrease) in Debt
-600
Dividends
-800
Other Adjustments
0
Net Cash Flow from Financing Activities
-1,400
Net Cash Flow
-900
What is the value for Total Liabilities & Equity on March 31, 2018?
Please specify your answer in the same units as the financial statements.
Q:4
se the balance sheets and information provided about revenue and expenses to
Nippon Technology
Balance Sheet
As of December 31, 2017
(amounts in thousands)
Cash
137,000 Accounts Payable
Accounts Receivable
32,000 Debt
Inventory
51,000 Other Liabilities
Property Plant & Equipment, Gross 227,000 Total Liabilities
Accumulated Depreciation
73,000 Paid-In Capital
Property Plant & Equipment, Net 154,000 Retained Earnings
Other Assets
8,000 Total Equity
Total Assets
382,000 Total Liabilities & Equity
Nippon Technology
Balance Sheet
As of March 31, 2018
(amounts in thousands)
Cash
140,000
Accounts Receivable
26,000
Inventory
56,000
Property Plant & Equipment, Gross 227,000
Accumulated Depreciation
73,800
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Property Plant & Equipment, Net
Other Assets
Total Assets
153,200 Retained Earnings
12,000 Total Equity
387,200 Total Liabilities & Equity
Revenue and expenses information from January 1 to March 31, 2018 were:
Sales Revenue of $7,900,000
COGS of 40% of Sales
Interest of $80,000
Other Expenses of $600,000
SG&A of $790,000
Tax Rate of 34%
What is the net income in the first quarter of 2018?
Please specify your answer in the same units as the balance sheets and round
T-accounts
Q:1
Consider the following account starting balances and transactions involving the
Use T-accounts to record the starting balances and the offsetting entries for th
The starting balance of Accounts Receivable is $4,400
The starting balance of Cash is $9,100
The starting balance of Inventory is $4,800
1. Receive payment of $12 owed by a customer
2. Buy $18 worth of manufacturing supplies for cash
3. Sell product for $25 in cash with historical cost of $25
What is the final amount in Accounts Receivable?
Q:2
Consider the following account starting balances and transactions involving the
Use T-accounts to record the starting balances and the offsetting entries for th
The starting balance of Accounts Payable is $1,200
The starting balance of Cash is $9,000
The starting balance of Debt is $3,600
The starting balance of Inventory is $5,100
1. Buy $15 worth of manufacturing supplies on credit
2. Borrow $65 from a bank
3. Pay $7 owed to a supplier
What is the final amount in Accounts Payable?
Q3
Consider the following account starting balances and transactions involving the
Use T-accounts to record the starting balances and the offsetting entries for th
The starting balance of Cash is $14,700
The starting balance of Inventory is $3,800
The starting balance of Retained Earnings is $22,900
1. Sell product for $35 in cash with historical cost of $28
2. Sell, deliver, and receive payment of $20 for service
3. Consume good or service and pay expense of $3
What is the final amount in Retained Earnings?
Q4
he T-accounts below summarize transactions of Lightspeed Industries from February 22 to F
Cash
Balance
47
8
14,100
80
65
12
6
PP&E, Net
Balance
16,300
47
Accounts Payable
Balance
8
1,900
17
Other Liabilities
Balance
2,000
Accounts Receivable
Balance
3,200
Other Assets
Balance
12
500
Debt
Balance
3,600
65
Paid-In Capital
Balance
7,200
80
Inventory
Balance
5
4,900
17
Retained Earnings
Balance
24,300
1
What is the final amount in Total Assets?
Q5
Siam Traders
Balance Sheet
As of March 11, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
9,100
4,400
4,800
15,600
2,600
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
36,500 Total Liabilities & Equity
Use T-accounts to record the transactions below, which occur on March 12, 20
1. Purchase equipment for $43,000 in cash
2. Receive payment of $11,000 owed by a customer
3. Buy $14,000 worth of manufacturing supplies on credit
What is the final amount in Total Equity?
Please specify your answer in the same units as the balance sheet.
Q6
Stuart Company
Balance Sheet
As of March 11, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
8,400
4,700
4,200
17,200
2,800
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
37,300 Total Liabilities & Equity
Use T-accounts to record the transactions below, which occur on March 12, 20
1. Borrow $52,000 from a bank
2. Purchase equipment for $48,000 in cash
3. Issue $85,000 in stock
4. Buy $15,000 worth of manufacturing supplies on credit
5. Receive payment of $10,000 owed by a customer
What is the final amount in Total Assets?
Please specify your answer in the same units as the balance sheet.
Q7
Dansko Integrated
Balance Sheet
As of March 11, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
9,900
4,500
3,800
16,800
1,600
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
36,600 Total Liabilities & Equity
Use T-accounts to record the transactions below, which occur on March 12, 20
1. Consume good or service and pay expense of $3,000
2. Sell product for $40,000 in cash with historical cost of $32,000
3. Sell, deliver, and receive payment of $25,000 for service
What is the final amount in Total Liabilities & Equity?
Please specify your answer in the same units as the balance sheet.
Journal
Q1
Consider the following account starting balances and journal transactions involv
Use T-accounts to record the starting balances and organize the offsetting entr
The starting balance of Accounts Receivable is $3,200
The starting balance of Cash is $14,100
The starting balance of Inventory is $4,900
Date
Accounts and Explanation
Debit
19-Jan Inventory
17
Cash
Bought manufacturing supplies for cash
20-Jan Cash
25
Inventory
Sold and delivered product to customer at cost
21-Jan Cash
12
Accounts Receivable
Received customer payment
What is the final amount in Cash?
Q2
Consider the following account starting balances and journal transactions involv
Use T-accounts to record the starting balances and organize the offsetting entr
The starting balance of Accounts Payable is $1,900
The starting balance of Cash is $14,100
The starting balance of Debt is $3,600
The starting balance of Inventory is $4,900
Date
Accounts and Explanation
Debit
10-Feb Cash
Debt
Borrowed money from bank
11-Feb Accounts Payable
Cash
Paid money owed to supplier
59
4
12-Feb Inventory
18
Accounts Payable
Bought manufacturing supplies on credit
What is the final amount in Accounts Payable?
Q3
Consider the following account starting balances and journal transactions involv
Use T-accounts to record the starting balances and organize the offsetting entr
The starting balance of Cash is $12,500
The starting balance of Inventory is $5,200
The starting balance of Retained Earnings is $23,900
Date
Accounts and Explanation
Debit
9-Mar Retained Earnings
3
Cash
Consumed good or service and paid expense with cash
10-Mar Cash
20
Inventory
Retained Earnings
Sold and delivered product to customer
11-Mar Cash
35
Retained Earnings
Sold, delivered, and received payment for service with no clear associa
What is the final amount in Retained Earnings?
Q4
Stuart Company
Balance Sheet
As of January 3, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
8,400
4,700
4,200
17,200
2,800
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
37,300 Total Liabilities & Equity
Transfer the journal entries to T-accounts for the transactions below, compute
Journal amounts in thousands
Date
Account and Explanation
Debit
4-Jan Cash
52
Debt
Borrowed money from bank
5-Jan Property, Plant & Equipment
48
Cash
Paid cash for machine
6-Jan Cash
85
Paid-In Capital
Issued stock
7-Jan Inventory
15
Accounts Payable
Bought manufacturing supplies on credit
8-Jan Cash
10
Inventory
Retained Earnings
Sold and delivered product to customer
9-Jan Accounts Payable
7
Cash
Paid money owed to supplier
10-Jan Cash
11
Accounts Receivable
Received customer payment
What is the final amount in Total Assets?
Please specify your answer in the same units as the balance sheet.
Q5
Ruston Company
Balance Sheet
As of January 24, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
9,000
3,400
5,100
17,500
600
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
35,600 Total Liabilities & Equity
Record the transactions in a journal, transfer the journal entries to T-accounts,
Jan 25. Borrow $55,000 from a bank
Jan 26. Buy $14,000 worth of manufacturing supplies on credit
Jan 27. Pay $7,000 owed to a supplier
What is the final amount in Total Assets?
Please specify your answer in the same units as the balance sheet.
Q6
Siam Traders
Balance Sheet
As of January 24, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
9,100
4,400
4,800
15,600
2,600
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
36,500 Total Liabilities & Equity
Record the transactions in a journal, transfer the journal entries to T-accounts,
Jan 25. Purchase equipment for $43,000 in cash
Jan 26. Receive payment of $11,000 owed by a customer
Jan 27. Buy $14,000 worth of manufacturing supplies on credit
Jan 28. Issue $70,000 in stock
Jan 29. Pay $8,000 owed to a supplier
What is the final amount in Total Equity?
Please specify your answer in the same units as the balance sheet.
Q7
Nippon Technology
Balance Sheet
As of January 24, 2018
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
13,700
3,200
5,100
15,400
800
Accounts Payable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Assets
Total Equity
38,200 Total Liabilities & Equity
Record the transactions in a journal, transfer the journal entries to T-accounts,
Jan 25. Sell, deliver, and receive payment of $20,000 for service
Jan 26. Consume good or service and pay expense of $2,000
Jan 27. Sell product for $25,000 in cash with historical cost of $20,000
What is the final amount in Total Assets?
Please specify your answer in the same units as the balance sheet.
ent, and the list of changes to answer the question.
22,000
47,000
69,000
as the financial statements.
ges to answer the question.
e by $7,500,000
as the income statement.
of cash flows to answer the question.
28,000
34,000
9,000
71,000
67,000
235,000
302,000
373,000
ity on March 31, 2018?
as the financial statements.
d about revenue and expenses to answer the question.
20,000
36,000
9,000
65,000
72,000
245,000
317,000
382,000
28,000
32,000
8,670
68,670
72,000
246,530
318,530
387,200
ary 1 to March 31, 2018 were:
as the balance sheets and round your answer to the nearest integer
es and transactions involving these accounts.
and the offsetting entries for the transactions.
ost of $25
ceivable?
es and transactions involving these accounts.
and the offsetting entries for the transactions.
1,900
2,400
600
4,900
6,900
24,700
31,600
36,500
w, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer
es on credit
as the balance sheet.
2,800
3,400
900
7,100
6,700
23,500
30,200
37,300
w, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer
es on credit
as the balance sheet.
2,700
3,500
1,000
7,200
8,000
21,400
29,400
36,600
w, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer
of $3,000
cal cost of $32,000
0 for service
& Equity?
as the balance sheet.
es and journal transactions involving these accounts.
and organize the offsetting entries for the transactions.
Credit
17
25
stomer at cost
12
es and journal transactions involving these accounts.
and organize the offsetting entries for the transactions.
Credit
59
4
18
es and journal transactions involving these accounts.
and organize the offsetting entries for the transactions.
Credit
3
aid expense with cash
16
4
35
ment for service with no clear associated cost
2,800
3,400
900
7,100
6,700
23,500
30,200
37,300
he transactions below, compute closing amounts for the T-accounts, and construct a final balance s
Credit
52
48
85
15
8
2
7
11
as the balance sheet.
1,200
3,600
2,100
6,900
5,900
22,800
28,700
35,600
he journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a bala
upplies on credit
as the balance sheet.
1,900
2,400
600
4,900
6,900
24,700
31,600
36,500
he journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a bala
a customer
upplies on credit
as the balance sheet.
2,000
3,600
900
6,500
7,200
24,500
31,700
38,200
he journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a bala
20,000 for service
ense of $2,000
istorical cost of $20,000
as the balance sheet.
onstruct a final balance sheet to answer the question.
nts, and construct a balance sheet to answer the question.
nts, and construct a balance sheet to answer the question.
nts, and construct a balance sheet to answer the question.

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