Question & Answer: Prepare a halance sheet as of December 31 of each year mare i tament of stockholders' equity for 2016. Clint The a Delivery Sev Sheet on Mar…..

Prepare a halance sheet as of December 31 of each year mare i tament of stockholders equity for 2016. Clint The a Delivery Sev Sheet on March 1, 2016, Amy Dart began Dan t On March aqaal so the aet income less the dividend) centers, and vanous othcr delivery serices using leas Durt invested $20,000 of her own funds in the firm and borowed $8,000 fmm Statement and Balance Sbeet bulk mailings to the post office, neighborhood delivery of LOS delivery of ace-intcrest-bearing aoe payable. The following information is available a he $10,700 Delvey1 earned 2,500 Cash 1,100 Supplies inventory 2.500 Notes payable 1,400 Insurance expense... 6,200 Common stock. 1553 Supplies expense 300 Retained eamings Reguired P1-10A. In Prepare an income statement for the moeth of March. Prepare a balance sheet as of March 31,2016 a h Los PI-7A. Statement of Cash Flows Shown below is sclected information from the financial records of Manle Corporation as of December 31 $165,000 Cash purchage of equipment 350,000 Buildinigs, net 480,000 Cash paid for operating activities. 215,000 Common stock 2.000 810.000 10.000 205.000 from custormers teeEquipment, net e Retained eamings 355,000 Sales revenue. Cash dividends 528,000 Required a Determine which of the above items will appear on the statement of cash flows and then prepure the statement for Mantle Corporation for the year ended December 31, 2016. P1-11A h Comment on the adequacy of Mantles operations to provide cash for its investing and financing Lo3 PI-SA. Ethics In cach of the following cases, (a) identify the aspect of the accounting environment primaniy report good short-term results, and (b) indicate the appropriate responsible for the ethical pressure on the accountant as pressure to achieve a favorable outcome, disclose confidential information, or to behavioral response that the accountant should take. . Patricia Kelly, an accountant for Wooden Company, is reviewing the costs charged to a govemment contract that Wooden worked on this year. Wooden is manufacturing special parts for the govent ment and is allowed to charge the government for its actual manufacturing costs plus a f Kelly nstes dhut $75,000 worth of artobjects parchased for the presidents office is buried atmies the miscellaneous costs charged to the contract. Upon inquiry, the firms vice president repls This sort of thing is done all the time. 2. Barry Maklin, accountant for Smith & Wesson partnership, is working on the 2016 year- financial data. The partnership agreement calls for Smith and Wesson to share the firms20 et income equally, In 2017, the partners will share the net income 60 percent to Smith and- percent to Wesson. Wessom plans to cut back his involvement in the firm. Smith wants Marki delay recording sales revenue from work done at the end of 2016 until January 2017.We have received the cash yet from those services, declares Smith The S·Louis Wheelers, a professional foothall franchise, just signed its first-round draft multiyear contract that is reported in the newspapers as a four-year, $20 million contract. Factor, the Wheelers accountant, receives a call from an agent of another teams first t ound pi

Prepare a halance sheet as of December 31 of each year mare i tament of stockholders’ equity for 2016. Clint The a Delivery Sev Sheet on March 1, 2016, Amy Dart began Dan t On March aqaal so the aet income less the dividend) centers, and vanous othcr delivery serices using leas Durt invested $20,000 of her own funds in the firm and borowed $8,000 fmm Statement and Balance Sbeet bulk mailings to the post office, neighborhood delivery of LOS delivery of ace-intcrest-bearing aoe payable. The following information is available a he $10,700 Delvey1 earned 2,500 Cash 1,100 Supplies inventory 2.500 Notes payable 1,400 Insurance expense… 6,200 Common stock. 1553 Supplies expense 300 Retained eamings Reguired P1-10A. In Prepare an income statement for the moeth of March. Prepare a balance sheet as of March 31,2016 a h Los PI-7A. Statement of Cash Flows Shown below is sclected information from the financial records of Manle Corporation as of December 31 $165,000 Cash purchage of equipment 350,000 Buildinigs, net 480,000 Cash paid for operating activities. 215,000 Common stock 2.000 810.000 10.000 205.000 from custormers teeEquipment, net e Retained eamings 355,000 Sales revenue. Cash dividends 528,000 Required a Determine which of the above items will appear on the statement of cash flows and then prepure the statement for Mantle Corporation for the year ended December 31, 2016. P1-11A h Comment on the adequacy of Mantle’s operations to provide cash for its investing and financing Lo3 PI-SA. Ethics In cach of the following cases, (a) identify the aspect of the accounting environment primaniy report good short-term results, and (b) indicate the appropriate responsible for the ethical pressure on the accountant as pressure to achieve a favorable outcome, disclose confidential information, or to behavioral response that the accountant should take. . Patricia Kelly, an accountant for Wooden Company, is reviewing the costs charged to a govemment contract that Wooden worked on this year. Wooden is manufacturing special parts for the govent ment and is allowed to charge the government for its actual manufacturing costs plus a f Kelly nstes dhut $75,000 worth of artobjects parchased for the president’s office is buried atmies the miscellaneous costs charged to the contract. Upon inquiry, the firm’s vice president repls This sort of thing is done all the time.” 2. Barry Maklin, accountant for Smith & Wesson partnership, is working on the 2016 year- financial data. The partnership agreement calls for Smith and Wesson to share the firms20 et income equally, In 2017, the partners will share the net income 60 percent to Smith and- percent to Wesson. Wessom plans to cut back his involvement in the firm. Smith wants Marki delay recording sales revenue from work done at the end of 2016 until January 2017.”We have received the cash yet from those services,” declares Smith The S·Louis Wheelers, a professional foothall franchise, just signed its first-round draft multiyear contract that is reported in the newspapers as a four-year, $20 million contract. Factor, the Wheelers’ accountant, receives a call from an agent of another team’s first t ound pi

Expert Answer

 

a. income statement
Revenues
Delivery fees earned 23,300
less Expenses
Rent expense 2,500
Advertising expense 1,100
Supplies expense 2,500
Salaries expense 6,200
miscellaneous expense 300
insurance expense 900
total expense 13,500
Net operating income 9,800
b) Balance sheet as on March 31,2016
Assets
Current assets
Cash 12,700
Account receivable 10,700
Supplies inventory 15,800
total assets 39,200
liabilities & Stockholders Equity
liabilities.
Accounts payable 1,400
notes payable 8,000
total liabilities 9,400
Stockholder’s Equity
Common stock 20,000
Retained earnings 9,800
total stockholders Equity 29,800
total liabilities & stockholders Eq 39,200
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