UNK Corporation uses the following trial balance to prepare…
UNK Corporation uses the following trial balance to prepare its annual financial statements. UNK Corporation Adjusted Trial Balance December 31, 2023 Drs Crs Accounts Payable $45,000 Accounts Receivable $20,000 Accumulated Depreciation – Equipment 50,000 Allowance for Doubtful Accounts 1,000 Cash 64,500 Cash dividends 14,000 Common stock 150,000 Cost of goods sold 82,000 Depreciation expense 7,000 Equipment 250,000 Gain on sale of equipment 2,500 Merchandise inventory 24,000 Notes payable (due 9/30/30) 41,000 Prepaid rent 3,000 Retained earnings 32,000 Salaries and Wages expense 23,000 Sales returns & allowances 10,000 Sales revenue 184,000 Supplies 2,000 Unearned sales revenue 4,000 Utilities expense 10,000 TOTALS $509,500 $509,500 According to the table above, Total stockholders’ equity for the UNK Company at December 31, 2023 is:
Read DetailsKennedy Company issued stock to Ed Kennedy in exchange for h…
Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $25,000 cash in the business. The company recorded revenues of $185,000, expenses of $140,000, and had paid dividends of $10,000. What was Kennedy’s net income for the year?
Read DetailsSelected comparative statement items for Willow Products Com…
Selected comparative statement items for Willow Products Company are presented below. All balance sheet items are as of December 31. Willow uses 365 days for a year when calculating financial ratios Current Year Previous Year Net credit sales 800,000 720,000 Cost of goods sold 480,000 440,000 Interest expense 7,000 5,000 Net income 60,000 42,000 Accounts receivable 120,000 100,000 Inventory 85,000 75,000 Total assets 600,000 500,000 Total common stockholders’ equity 430,000 320,000 The average collection period for Willow Products Company for the Current Year is:
Read DetailsOn January 1, 2023, Pinkley Company sells office furniture f…
On January 1, 2023, Pinkley Company sells office furniture for $150,000 cash. The office furniture originally cost $375,000 when purchased on January 1, 2016. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $37,500. What gain should be recognized on the sale?
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