Abdallah Company Financial Information Accounting Help

Posted on October 31, 2017

Abdallah Company Financial Information Accounting Help

 
1.Presented below is financial information related to Abdallah Company:
 
Revenue -950,000
Comprehensive income -140,000
Net income -105,000
Income from operations -260,000
Selling and administrative expenses -600,000
Income before income tax -240,000
 
Compute the following:
 
(a) other income and expense
 
(b) financing costs
 
(c) income tax
 
(d) other comprehensive income.
 
 
2.Record the following transactions of Reed Co. in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.)
 
a)An insurance policy for two years was acquired on April 1, 2010 for $8,000.
 
b)Rent of $12,000 for six months for a portion of the building was received on November 1, 2010.
 
 
3.Prepare balance sheet in proper form for Golden Tulip hotel Service from the following list of the accounts at November 30 2016:
 

Accounts receivable$10,000
Accounts payable18,000
Building28,000
Common stock30,000
Cash8,000
Notes payable45,000
Office equipment12,000
Retained earnings?
Trucks55,000

 
 

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4.Prepare a statement of cash flows of Stanislaus Co. for the year ending December 31, 2012:
 

 December 31December 31
 20112012
Land€  58,800    €  21,000
Equipment504,000789,600
Inventory168,000201,600
Accounts receivable (net)84,000151,200
Cash42,00063,000
TOTAL€856,800€1,226,400

 

Share capital–ordinary€ 420,000   €     487,200
Retained earnings67,200205,800
Notes payable – Long-term168,000302,400
Notes payable – Short-term67,20029,400
Accounts payable50,40086,000
Accumulated depreciation84,000115,600
TOTAL€856,800€1,226,400

 
Additional data for 2012:
 
a)Net income was €235,200.
 
b)Depreciation was €31,600.
 
c)Land was sold at its original cost.
 
d)Dividends of €96,600 were paid.
 
e)Equipment was purchased for €84,000 cash.
 
f)A long-term note for €201,600 was used to pay for an equipment purchase.
 
g)Share capital–ordinary was issued to pay a €67,200 long-term note payable.

 

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