Abdallah Company Financial Information Accounting Help

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 payable 18,000
Building 28,000
Common stock 30,000
Cash 8,000
Notes payable 45,000
Office equipment 12,000
Retained earnings ?
Trucks 55,000


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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
  2011 2012
Land €  58,800     €  21,000
Equipment 504,000 789,600
Inventory 168,000 201,600
Accounts receivable (net) 84,000 151,200
Cash 42,000 63,000
TOTAL €856,800 €1,226,400


Share capital–ordinary € 420,000    €     487,200
Retained earnings 67,200 205,800
Notes payable – Long-term 168,000 302,400
Notes payable – Short-term 67,200 29,400
Accounts payable 50,400 86,000
Accumulated depreciation 84,000 115,600
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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