The following items are taken from the financial statements of PQR

Question

The following items are taken from the financial statements of PQR

Question # 00302444 Posted By: kimwood Updated on: 06/02/2016 10:26 PM Due on: 07/02/2016

Subject Accounting Topic Accounting Tutorials:

Question

Question 14. 14. (TCO D) The following items are taken from the financial statements of PQR Company for 2012:

Cash	$250,000
Accounts Receivable	150,000
Prepaid Rent	120,000
Accounts Payable	168,000
Unearned Service Revenue	25,000
Equipment, net of accumulated depreciation	333,000
Common Stock	250,000
Retained Earnings 12/31/2011	41,000
Long-term debt	300,000
Service revenue	165,000
Cost of Goods Sold	50,000
Rent expense	24,000
Supplies expense	10,000
Insurance expense	12,000

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)

Question 13. 13. (TCOs B and D) The following items are taken from the financial statements of Ashe Company for 2012:

Equipment	$100,000
Accounts Receivable	12,000
Accounts Payable	9,000
Cost of Goods Sold	72,000
Utilities Expense	11,000
Depreciation Expense	17,000
Insurance Expense	9,000
Common Stock	200,000
Dividends	12,000
Rent Expense	3,000
Note Payable (due 2014)	40,000
Advertising Expense	14,000
Prepaid Insurance	17,000
Retained Earnings (beginning)	44,000
Accumulated Depreciation	50,000
Salaries Expense	60,000
Salaries Payable	3,500
Net sales	205,000
Supplies	4,000
Supplies Expense	5,000

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)

Rating:

4.9/5

Tutorials for this Question

Recent Feedback

Rated By	Feedback	Comments	Rated On
JJ...90		Instant and best chat service	10/25/2016

Get the Solution

Great! We have found the solution of this question!

score 3 · Accepted Answer · 06/02/2016 10:26 PM

Solution: The following items are taken from the financial statements of PQR

Tutorial # 00297836 Posted By: kimwood Posted on: 06/02/2016 10:26 PM

Puchased By: 3

Tutorial Preview

from the financial statements of ...

Get the Solution

Attachments

Question_14.docx (13.08 KB)

The following items are taken from the financial statements of PQR

Solution: The following items are taken from the financial statements of PQR

Related Questions and Answers

Whatsapp our consultant to discuss your concerns happy to help :)

Lisa