Abdallah Company Financial Information Accounting Help
1.Presented below is financial information related to Abdallah Company:
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:
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4.Prepare a statement of cash flows of Stanislaus Co. for the year ending December 31, 2012:
|December 31||December 31|
|Land||€ 58,800||€ 21,000|
|Accounts receivable (net)||84,000||151,200|
|Share capital–ordinary||€ 420,000||€ 487,200|
|Notes payable – Long-term||168,000||302,400|
|Notes payable – Short-term||67,200||29,400|
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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