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Longhorn corporation provides low cost food delivery

08/01/2021 Client: saad24vbs Deadline: 7 Days

ACCT&201 Week 2 Homework:


1. Select the financial statement that matches with the description (Related transactions)


Related transactions


Financial Statements


a.


Change in owners’ claims to resources


b.


Profitability of the company


c.


Change in cash as a result of operating, investing, and financing activities


d.


Resources equal creditors’ and owners’ claims to those resources


2. At the beginning of the year (January 1), Buffalo Drilling has $11,000 of common stock outstanding and retained earnings of $8,200. During the year, Buffalo reports net income of $8,500 and pays dividends of $3,200. In addition, Buffalo issues additional common stock for $8,000.


Required:


Prepare the statement of stockholders' equity at the end of the year (December 31).


BUFFALO DRILLING


Statement of Stockholders’ Equity


Common Stock


Retained Earnings


Total Stockholders’ Equity


Beginning balance


Ending balance


3. Wolfpack Construction has the following account balances at the end of the year.


  Accounts


Balances


  Equipment


$


26,000




  Accounts payable




3,000




  Salaries expense




33,000




  Common stock




11,000




  Land




18,000




  Notes payable




20,000




  Service revenue




39,000




  Cash




6,000




  Retained earnings




?




Required:


Use only the appropriate accounts to prepare a balance sheet.


WOLFPACK CONSTRUCTION


Balance Sheet


Assets


Liabilities


Total liabilities


0


Stockholders’ Equity


Total stockholders’ equity


0


Total assets


$0


Total liabilities and stockholders’ equity


$0


4. Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:


















  Cash


$


1,200




Service revenue


$


67,700




  Equipment




29,000




Cost of goods sold (food expense)




53,400




  Accounts payable




4,400




Buildings




40,000




  Delivery expense




2,600




Supplies




3,400




  Salaries expense




5,500




Salaries payable




800






In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.


Show your work


1. Prepare the income statement for Longhorn Corporation.


LONGHORN CORPORATION


Income Statement


Expenses:


Total expenses


0


2. Prepare the statement of stockholders’ equity for Longhorn Corporation.


LONGHORN CORPORATION


Statement of Stockholders’ Equity


Common Stock


Retained Earnings


Total Stockholders’ Equity


Beginning balance


Ending balance


5. Below are incomplete financial statements for Bulldog, Inc. Required:


Calculate the missing amounts.


BULLDOG, INC.


Income Statement


Revenues


$39,000


Expenses:


Salaries


Advertising


6,000


Utilities


4,000


Net income


BULLDOG, INC.


Statement of Stockholders' Equity


Common Stock


Retained Earnings


Total Stockholders' Equity


Beginning balance


$10,000


$7,000


$17,000


Issuances


1,100


1,100


Add: Net income


Less: Dividends


(3,000)


(3,000)


Ending balance


$11,100


$10,000


$21,100


BULLDOG, INC.


Balance Sheet


Assets


Liabilities


Cash


$4,000


Accounts payable


Write in here


Accounts receivable


3,000


Stockholders' Equity


Supplies


9,000


Common stock


Write in here


Equipment


10,000


Retained earnings


Write in here


Total assets


$26,000


Total liabilities and stockholders' equity


Write answer in here


6. Cornhusker Company provides the following information at the end of 2018.










  Cash remaining


$


4,800




  Rent expense for the year




7,000




  Land that has been purchased




21,000




  Retained earnings




12,400




  Utility expense for the year




4,900




  Accounts receivable from customers




7,200




  Service revenue earned during the year




37,000




  Salary expense for the year




13,300




  Accounts payable to suppliers




2,200




  Dividends paid to shareholders during the year




3,200




  Common stock that has been issued prior to 2018




16,000




  Salaries owed at the end of the year




2,400




  Insurance expense for the year




3,500






No common stock is issued during 2018, and the balance of retained earnings at the beginning of 2018 equals $7,300.




Required:


1. Prepare the income statement for Cornhusker Company on December 31, 2018.


CORNHUSKER COMPANY


Income Statement


For the year ended December 31, 2018


Expenses:


Total expenses


2. Prepare the statement of stockholders’ equity for Cornhusker Company on December 31, 2018.


CORNHUSKER COMPANY


Statement of Stockholders’ Equity


For the year ended December 31, 2018


Common Stock


Retained Earnings


Total Stockholders’ Equity


Beginning balance


Ending balance


3. Prepare the balance sheet for Cornhusker Company on December 31, 2018.


CORNHUSKER COMPANY


Balance Sheet


December 31, 2018


Assets


Liabilities


Total liabilities


Stockholders’ Equity


Total stockholders’ equity


Total assets


Total liabilities and stockholders’ equity


7. The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern. Consider the four independent situations below.


1. Jumbo's is a local restaurant. Due to a bad shipment of potatoes, several of the company's customers become ill, and the company receives considerable bad publicity. Revenues are way down, several of its bills are past due, and the company is making plans to close the restaurant at the end of the month. The company continues to report its assets in the balance sheet at historical (original) cost.


2. Gorloks Tax Services is owned and operated by Sam Martin. The company has the usual business assets: land, building, cash, equipment, and supplies. In addition, Sam decides to buy a boat for him and his family to enjoy on the weekends. Sam includes the boat as an asset on the balance sheet of Gorloks Tax Services.


3. Claim Jumpers International, a U.S.-based company, has operations in the United States and in Europe. For the current year, the company purchased two trucks in the United States for $10,000 and three trucks in Europe for €20,000 (euros). Because of the differences in currencies, the company reported "Five Trucks" with no corresponding amount in the balance sheet.


4. Cobbers Etc. sells specialty music equipment ranging from African bongo drums to grand pianos. Because of the fluctuating nature of the business, management decides to publish financial statements only when a substantial amount of activity has taken place. Its last set of financial statements covered a period of 14 months, and the set of financial statements before that covered a period of 18 months.


Required:


For each situation, select which of the underlying assumptions of GAAP is violated.


Situation


Assumption Violated


1.


2.


3.


4.


Chap 2.


1. Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the business has total assets of $37,500.


Accounts


Balances


Land


$9,000


Equipment


Salaries Payable


4,300


Notes Payable


Supplies


2,100


Cash


7,200


Stockholders’ Equity


13,500


Accounts Payable


1,700


Prepaid Rent


3,200


2. Boilermaker House Painting Company incurs the following transactions for September.




Required:


For each transaction, describe the dual effect on the accounting equation. For example, for the first transaction, (1) assets increase and (2) stockholders' equity increases.


Transactions


Dual Effect


1.


Paint houses in the current month for $15,000 on account.


Assets increase and stockholders' equity increases.


2.


Purchase painting equipment for $16,000 cash.


3.


Purchase office supplies on account for $2,500.


4.


Pay employee salaries of $3,200 for the current month.


5.


Purchase advertising to appear in the current month, $1,200.


6.


Pay office rent of $4,400 for the current month.


7.


Receive $10,000 from customers in (1) above.


8.


Receive cash of $5,000 in advance from a customer who plans to have his house painted in the following month.



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