- •94. Lite Travel Company's accounting records include the following information:
- •95. Freeman Company's accounting records include the following information:
- •99. Hogan Company had the following account balances for 2006:
- •100. Hanson Company had the following account balances for 2006:
- •Problems
- •Required:
- •113. The accounting records of Westlake Industries provided the data below.
- •Required:
- •114. Prepare the spreadsheet entries necessary to determine the amount of cash received from customers for each of the four independent situations below.
- •115. Prepare the spreadsheet entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
- •116. Following are the income statement and some additional information for Carolina Consulting Company.
- •Required:
- •117. Following are the income statement and some additional information for Parson Corporation for 2006.
- •Required:
- •118. Partial balance sheets and additional information are listed below for Sowell Company.
- •Required:
- •119. Partial balance sheets and additional information are listed below for Rickey Company.
- •Required:
- •120. Partial balance sheets and additional information are listed below for Monaco Company.
- •Required:
- •121. Partial balance sheets and additional information are listed below for Ensign Company.
- •Required:
- •122. Partial balance sheets and additional information are listed below for Funk Company.
- •Required:
- •123. Partial balance sheets and additional information are listed below for Julius Company.
- •Required:
- •124. Partial balance sheets for Yarborough Company and additional information are found below.
- •Required:
- •125. Partial balance sheets for abc Company and additional information are provided below.
- •Required:
- •126. The accounting records of Harrison Company provided the data below.
- •Required:
- •127. The accounting records of Unlucky Company provided the data below
- •Required:
- •128. The Murdock Corporation reported the following balance sheet data for 2006 and 2005.
- •Required:
- •129. The following are comparative balance sheets and on income statement for Wentworth Company.
- •In its 2005 Annual Report to Shareholders, Henchman & Co. Provided the following Statement of Cash Flows:
115. Prepare the spreadsheet entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
-
Cost of
Inventory
Account
Cash paid
Situation
goods sold
inc (dec)
payable
to suppliers
inc (dec)
1
400,000
6,000
0
2
400,000
0
7,000
3
100,000
6,000
7,000
4
100,000
(6,000)
(7,000)
Answer:
-
(1.)
Cost of goods sold
400,000
Inventory
6,000
Cash
406,000
(2.)
Cost of goods sold
400,000
Accounts payable
7,000
Cash
393,000
(3.)
Cost of goods sold
100,000
Inventory
6,000
Accounts payable
7,000
Cash
99,000
(4.)
Cost of goods sold
100,000
Accounts payable
7,000
Inventory
6,000
Cash
101,000
Learning Objective: 3 Level of Learning: 3
116. Following are the income statement and some additional information for Carolina Consulting Company.
-
Carolina Consulting Company
Income Statement
For the Year Ended December 31, 2006
Net sales
$10,000
Cost of goods sold
(1,500
)
Gross margin
8,500
Operating expenses
$2,000
Depreciation expense
900
(2,900
)
Income before taxes
5,600
Income taxes
(1,600
)
Net income
$4,000
All sales were on credit and accounts receivable decreased by $900 this year compared to last year. Merchandise purchases were on credit with a decrease in accounts payable of $700 during the year. Ending inventory was $500 larger than beginning inventory. Income taxes payable increased $300 during the year. All operating expenses were paid for in cash.