Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The assets and liabilities of Toronto Service Inc. as of December 31, 2008, and revenue and expenses for the year ended December 31, 2008 are listed below:
Accounts Payable
$21,000
Property tax expense
$5,000
Accounts Receivable
25,000
Rent expense
3,000
Advertising expense
10,000
Salary expense
85,000
Building
140,000
Salary payable
12,000
Cash
Service Revenue
200,000
Furniture
20,000
Share Capital
75,000
Interest expense
4,000
Supplies
Land
98,000
Note Payable
95,000
Beginning Retained Earnings were $50,000 and dividends totaled $50,000 for the year. Required: a. Prepare the Income Statement for the year ended December 31, 2008. b. Prepare the Statement of Retained Earnings for the year. c. Prepare the Balance Sheet at December 31, 2008. d. Based on the financial statements prepared, answer the following questions:
1.Was Toronto Service Inc. profitable during 2008? If so by how much? 2.Did Retained Earnings increase or decrease? What is the amount of the change? 3.Which is the greater total, liabilities or total equity? Who owns more of the company's assets, the creditors or the shareholders?
What is the balance in Cartwright's capital account at the end of that year?
Write the journal entries for 20X2 on BID's books related to its investment In TIC Corporation, using the equity method.
Evaluated warranty costs are expensed for accounting purposes when incurred. depreciation for accounting and income tax purposes differs because of dissimilar bases of carrying the related property.
Evaluate the machine capability
What is the recognized profit or loss on the sale of the building and the character of the profit?
ABC Company sells widgets in three varieties (red, yellow and blue) but has lost money for the past three years.
What would be the financial impact of spending this additional money on advertising for the month of February
Write a program that Pulls four quarterly sales figure
Evaluate the amount of cash expected to be collected in July
Determine the economic order quantity? Consider that they could get a 10 percent discount per bedpan if they order at least 1000 at a time. Should they take advantage of this discount?
Under FAS 123R, how would this transaction be reported in SAS's 12/31/09 year-end financial statements-would these terminated options result in some sort of an adjustment? If there is an adjustment, please make the appropriate entry or entries?
An unfavorable labor rate variance can occur if workers with high hourly wage rates are assigned to work on products whose standards assume workers with low hourly wage rates.Throughput time is the amount of time required to process raw materials i..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd