- •94. Lite Travel Company's accounting records include the following information:
- •95. Freeman Company's accounting records include the following information:
- •99. Hogan Company had the following account balances for 2006:
- •100. Hanson Company had the following account balances for 2006:
- •Problems
- •Required:
- •113. The accounting records of Westlake Industries provided the data below.
- •Required:
- •114. Prepare the spreadsheet entries necessary to determine the amount of cash received from customers for each of the four independent situations below.
- •115. Prepare the spreadsheet entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
- •116. Following are the income statement and some additional information for Carolina Consulting Company.
- •Required:
- •117. Following are the income statement and some additional information for Parson Corporation for 2006.
- •Required:
- •118. Partial balance sheets and additional information are listed below for Sowell Company.
- •Required:
- •119. Partial balance sheets and additional information are listed below for Rickey Company.
- •Required:
- •120. Partial balance sheets and additional information are listed below for Monaco Company.
- •Required:
- •121. Partial balance sheets and additional information are listed below for Ensign Company.
- •Required:
- •122. Partial balance sheets and additional information are listed below for Funk Company.
- •Required:
- •123. Partial balance sheets and additional information are listed below for Julius Company.
- •Required:
- •124. Partial balance sheets for Yarborough Company and additional information are found below.
- •Required:
- •125. Partial balance sheets for abc Company and additional information are provided below.
- •Required:
- •126. The accounting records of Harrison Company provided the data below.
- •Required:
- •127. The accounting records of Unlucky Company provided the data below
- •Required:
- •128. The Murdock Corporation reported the following balance sheet data for 2006 and 2005.
- •Required:
- •129. The following are comparative balance sheets and on income statement for Wentworth Company.
- •In its 2005 Annual Report to Shareholders, Henchman & Co. Provided the following Statement of Cash Flows:
120. Partial balance sheets and additional information are listed below for Monaco Company.
-
Monaco Company
Partial Balance Sheets
as of December 31
Assets
2006
2005
Cash
$40,000
$20,000
Accounts receivable
60,000
90,000
Inventory
25,000
40,000
Liabilities
Accounts payable
$60,000
$72,000
Additional information for 2006:
Net income was $270,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $305,000.
Required:
Calculate the amount of cash paid to merchandise suppliers during 2006.
Answer:
-
Cost of goods sold
305,000
Accounts payable
12,000
Inventory
15,000
Cash (paid to suppliers)
302,000
Learning Objective: 3 Level of Learning: 3
121. Partial balance sheets and additional information are listed below for Ensign Company.
-
Ensign Company
Partial Balance Sheets
as of December 31
Assets
2006
2005
Cash
$20,000
$40,000
Accounts receivable
90,000
60,000
Inventory
20,000
25,000
Liabilities
Accounts payable
$72,000
$58,000
Additional information for 2006:
Net income was $170,000.
Depreciation expense was $30,000.
Sales totaled $400,000.
Cost of goods sold totaled $145,000.
Required:
Calculate the amount of cash paid to merchandise suppliers during 2006.
Answer:
-
Cost of goods sold
145,000
Inventory
5,000
Accounts payable
14,000
Cash (paid to suppliers)
126,000
Learning Objective: 3 Level of Learning: 3
122. Partial balance sheets and additional information are listed below for Funk Company.
-
Funk Company
Partial Balance Sheets
as of December 31
Assets
2006
2005
Cash
$40,000
$20,000
Accounts receivable
94,000
90,000
Inventory
25,000
40,000
Liabilities
Accounts payable
$58,000
$72,000
Additional information for 2006:
Net income was $170,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $325,000.