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Unformatted text preview: YORKSHIRE CONSULTING CORPORATION Income Statement For the Year Ending December 31, 20X9 Revenues $ 1,441,960 Services to customers Expenses $ 1,122,492 Wages Rent 148,000 Depreciation 28,000 Supplies 17,968 Interest 20,000 1,336,460 $ 105,500 Net income YORKSHIRE CONSULTING CORPORATION Statement of Retained Earnings For the Year Ending December 31, 20X9 $ 356,476 Beginning retained earnings Plus: Net income 105,500 $ 461,976 Less: Dividends 160,000 $ 301,976 Please click the advert Ending retained earnings We will turn your CV into an opportunity of a lifetime Do you like cars? Would you like to be a part of a successful brand? We will appreciate and reward both your enthusiasm and talent. Send us your CV. You will be surprised where it can take you. Send us your CV on www.employerforlife.com Download free eBooks at bookboon.com 43 Problem 7: Solution Accounting Cycle Exercises IV YORKSHIRE CONSULTING CORPORATION Balance Sheet December 31, 20X9 Assets Current assets $ 667,560 Cash Accounts receivable 430,616 Supplies 18,000 Prepaid rent 8,000 $ 1,124,176 Property, plant & equipment $ 582,800 Equipment Less: Accumulated depreciation (178,640) 404,160 $1,528,336 Total assets Liabilities Current liabilities $ Accounts payable Wages payable 54,360 18,000 Interest payable 6,000 Unearned revenue 48,000 $ 126,360 Long-term liabilities Notes payable 200,000 $ 326,360 Total liabilities Stockholders’ equity $ 900,000 Capital stock Retained earnings 301,976 Total stockholders’ equity 1,201,976 $1,528,336 Total liabilities and equity Download free eBooks at bookboon.com 44 Problem 8 Accounting Cycle Exercises IV Problem 8 Use this randomly arranged data to prepare a classified balance sheet for Wylfa Corporation as of December 31, 20X8. Some of the accounts do not belong in the balance sheet, and 20% of the loan payable matures each June 30. Capital Stock $2,265,000 Patent 825,000 Accumulated depreciation (equipment) (1,432,962) Building 5,972,328 Land held for speculation 468,294 Dividends 150,000 Cash 547,035 Retained earnings 1,940,976 Accounts receivable 170,298 Accounts payable 234,033 Income tax expense 370,002 Prepaid insurance 11,649 Accumulated depreciation (building) (2,966,331) Loan payable 3,000,000 Equipment 2,663,655 Land 836,370 Interest payable 93,351 Inventories 363,024 Cash value of life insurance 75,000 Download free eBooks at bookboon.com 45 Problem 8: Worksheet Accounting Cycle Exercises IV Worksheet 8 WYLFA CORPORATION Balance Sheet December 31, 20X8 Assets Liabilities Download free eBooks at bookboon.com 46 Problem 8: Solution Accounting Cycle Exercises IV Solution 8 WYLFA CORPORATION Balance Sheet December 31, 20X8 Assets Current assets $ 547,035 Cash Accounts receivable 170,298 Inventories 363,024 Prepaid insurance 11,649 $ 1,092,006 Long-term Investments $ Cash value of life insurance Land held for speculation 75,000 468,294 543,294 Property, plant & equipment $ 836,370 Land Building $ 5,972,328 Less: Accumulated depreciation (2,966,331) Equipment $ 2,663,655 Less: Accumulated depreciation (1,432,962) 3,005,997 1,230,693 5,073,060 Intangible assets Patent 825,000 $7,533,360 Total assets Liabilities Current liabilities $ 234,033 Accounts payable Interest payable 93,351 Current portion of loan payable 600,000 $ 927,384 Long-term liabilities Loan payable 2,400,000 $ 3,327,384 Total liabilities Stockholders’ equity Capital stock $ 2,265,000 Retained earnings 1,940,976 Total stockholders’ equity 4,205,976 $7,533,360 Total liabilities and equity 47...
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