Reference no: EM13918733
Barker Company had the following balances in its accounting records as of December 31, 2012:
The following accounting events apply to Barker Company's 2013 fiscal year:
Jan. 1 Acquired $20,000 cash from the issue of common stock.
Feb. 1 Paid $6,000 cash in advance for a one year lease for office space.
Mar. 1 Paid a $2,000 cash dividend to the stockholders.
April 1 Purchased additional land that cost $15,000 cash.
May 1 Made a cash payment on accounts payable of $5,500.
July 1 Received $9,600 cash in advance as a retainer for services to be performed monthly over the coming year.
Sept. 1 Sold land for $30,000 cash that had originally cost $30,000.
Oct. 1 Purchased $2,500 of supplies on account.
Dec. 31 Earned $58,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $46,000.
31 Incurred other operating expenses on account during the year that amounted to $28,000.
31 Recognized accrued salaries expense of $6,500.
31 Had $50 of supplies on hand at the end of the period.
31 The land purchased on April 1 had a market value of $20,000.
31 Recognized $500 of accrued interest revenue.
Required:
Based on the preceding information, answer the following questions for Barker Company. All questions pertain to the 2013 financial statements.
a. Based on the preceding transactions, identify two additional adjustments and describe them.
b. What amount would Barker report for land on the balance sheet?
c. What amount of net cash flow from operating activities would be reported on the statement of cash flows?
d. What amount of rent expense would be reported in the income statement?
e. What amount of total liabilities would be reported on the balance sheet?
f. What amount of supplies expense would be reported on the income statement?
g. What amount of unearned revenue would be reported on the balance sheet?
h. What amount of net cash flow from investing activities would be reported on the statement of cash flows?
i. What amount of total expenses would be reported on the income statement?
j. What amount of service revenue would be reported on the income statement?
k. What amount of cash flows from financing activities would be reported on the statement of cash flows?
l. What amount of net income would be reported on the income statement?
m. What amount of retained earnings would be reported on the balance sheet?
Review the predictor variables
: Review the predictor variables and guess what their role in a credit decision might be. Are there any surprises in the data? Divide the data into training and validation partitions, and develop classification models using the following data mining t..
|
Book value
: Iverycoast Inc. purchased a van on January 1, 2015, for $800,000. Estimated life of the van was 5 years, and its estimated residual value was $90,000. Iverycoast uses the straight-line method of depreciation. Calculate the book value of the van at th..
|
Discuss the effect that technology has had on the workplace
: Can you provide an example of a technological innovation that brought with it a new safety or security risk. Discuss the effect that technology has had on the workplace. Did management foresee this risk?
|
What is floyds reorder point if the firm wants to restrict
: What is Floyd's reorder point if the firm wants to restrict the probability of a stockout on any one cycle to at most 1%? What are the safety stock levels and the annual safety stock costs for the reorder points found in parts (a) and ..
|
What amount would barker report for land
: Based on the preceding information, answer the following questions for Barker Company. All questions pertain to the 2013 financial statements.
|
Comprehensive earnings and retained earnings
: TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS Earnings, Comprehensive Earnings and Retained Earnings
|
How does this information apply to 3m, an innovative company
: Research standardization, flexibility and innovation in product/process design. How does this information apply to 3M, an innovative company with a variety of products? You will need to provide proof of 3M's innovation, flexibility, and/or standar..
|
Using motivation to improve performance
: Motivation is a complex subject, but its understanding and application is central to the success of management and the organization. Imagine that the CEO of your organization (current or past) has tasked you with recommending actions to promote em..
|
Profits and losses equally
: They agreed to admit Ramelow into the business for a one-third interest in the new partnership. He had to bring in a cash contribution of $20,000 for the same. Assuming that Floyd and Merriam shared profits and losses equally before the admission of ..
|