Crawford

How do you simplify the tax system to equally distribute the burden
February 12, 2020
What procedural failures existed that allowed frauds to occur in corporations?
February 12, 2020

Crawford

Enterprises started the 2014 accounting period with $75,000 of assets (all cash), $15,000 of liabilities, and $25,000 of common stock. During the year, Crawford earned cash revenues of $46,000, paid cash expenses of $26,000, and paid a cash dividend to stockholders of $5,000. Crawford also acquired $15,000 of additional cash from the sale of common stock and paid $10,000 cash to reduce the liability owed to a bank.

a. Create an income statement, statement of changes in stockholders’ equity, period-end balance sheet, and statement of cash flows for the 2014 accounting period. (Hint: Determine the amount of beginning retained earnings before considering the effects of the current period events. It also might help to record all events under an accounting equation before preparing the statements.)

b. Determine the percentage of total assets that were provided by creditors, investors, and earnings.

c. Determine the balance in the Revenue, Expense, and Dividends accounts as of January 1, 2015.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Hi there! Click one of our representatives below and we will get back to you as soon as possible.

Chat with us on WhatsApp