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Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.

Instructions
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)  

Debit 

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Credit

Cash 

$   197,000  

Sales   

$ 8,100,000

Debt Investments (trading) (cost, $145,000) 

153,000  

Cost of Goods Sold 

4,800,000  

Debt Investments (long-term) 

299,000  

Equity Investments (long-term) 

277,000  

Notes Payable (short-term)   

90,000

Accounts Payable   

455,000

Selling Expenses 

2,000,000  

Investment Revenue   

63,000

Land 

260,000  

Buildings 

1,040,000  

Dividends Payable   

136,000

Accrued Liabilities   

96,000

Accounts Receivable 

435,000  

Accumulated Depreciation-Buildings   

152,000

Allowance for Doubtful Accounts   

25,000

Administrative Expenses 

900,000  

Interest Expense 

211,000  

Inventory 

597,000  

Gain (extraordinary)   

80,000

Notes Payable (long-term)   

900,000

Equipment 

600,000  

Bonds Payable   

1,000,000

Accumulated Depreciation-Equipment   

60,000

Franchises 

160,000  

Common Stock ($5 par)   

1,000,000

Treasury Stock 

191,000  

Patents 

195,000  

Retained Earnings   

78,000

Paid-in Capital in Excess of Par   

80,000        Totals 

$12,315,000 

$12,315,000

Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

 

 

(Multiple Step and single-step) Webster Company ($000omited)

Administrate expense     
 Officers’ salaries     4900
Depreciated of office furniture and equipment 3960
Cost of sales good     60570
Rental revenue     17230
Selling expense
Transportation-out     2690
Sales Commissions     7980     
Depreciation of sales equipment     6480
Sales     96500
Income Tax     9070
Interest Expense     1860

(Instructions)
a.     Prepare an income statement for the year 2014 using the multiple-step form. Common shares out-standing for 2014 total 40,550($000 omitted).
b.     Prepare an income statement for the year 2014 using the single step form
c.     Which one do you prefer? Disuses.    (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.
2007 2006
Cash $177,000 $ 78,000
Accounts receivable 180,000 185,000
Investments 52,000 74,000
Equipment 298,000 240,000
Less: Accumulated depreciation (106,000) (89,000)
Current liabilities 134,000 151,000
Capital stock 160,000 160,000
Retained earnings 307,000 177,000
Additional information:
Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.
Instructions
1. Prepare a statement of cash flows for 2007 for Zubin Mehta Corporation.
2. Determine Zubin Mehta Corporation’s free cash flow.

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