The following items are related to the financial statements of XXX Company for 2025:
Accounts payable $ 10,000
Accounts receivable 11,000
Accumulated depreciation—equipment 38,000
Advertising expense 21,000
Cash 14,000
Common stock 90,000
Depreciation expense 12,000
Dividends on common stock 15,000
Equipment 210,000
Insurance expense 3,000
Notes payable (due in 2026) 10,000
Notes payable (due in 2028) 60,000
Prepaid insurance 6,000
Rent expense 17,000
Retained earnings (beginning) 12,000
Salaries and wages expense 34,000
Salaries and wages payable 3,000
Service revenue 130,000
Supplies 4,000
Supplies expense 6,000
Additional Inofrmation :
– Shares outstanding at begnning of year 5,000
– Shares outstanding at end of year 10,000
instructions:
(a) Calculate the net income.
(b) Calculate the retained earnings balance that would appear on a balance sheet at December
31, 2025.
(c) Prepare a classified balance sheet for XXX Company at December 31, 2025.
(d) Compute the current ratio, debt to assets ratio, and earnings per share value.
Chapter 2 Class Assignment-Wednesday Class
The following items are related to the financial statements of XXX Company for 2025:
Accounts payable
Accounts receivable
Accumulated depreciation—equipment
Advertising expense
Cash
Common stock
Depreciation expense
Dividends on common stock
Equipment
Insurance expense
Notes payable (due in 2026)
Notes payable (due in 2028)
Prepaid insurance
Rent expense
Retained earnings (beginning)
Salaries and wages expense
Salaries and wages payable
Service revenue
Supplies
Supplies expense
$ 10,000
11,000
38,000
21,000
14,000
90,000
12,000
15,000
210,000
3,000
10,000
60,000
6,000
17,000
12,000
34,000
3,000
130,000
4,000
6,000
Additional Inofrmation :
–
Shares outstanding at begnning of year
Shares outstanding at end of year
5,000
10,000
Instructions
(a)
Calculate the net income.
(b)
Calculate the retained earnings balance that would appear on a balance sheet at December
31, 2025.
(c)
Prepare a classified balance sheet for XXX Company at December 31, 2025.
(d)
Compute the current ratio, debt to assets ratio, and earnings per share value.
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