(Question and Answer): hese financial statement items are for Barfield Corporation at year-end, July 31,

Exercise 2-8

These financial statement items are for Barfield Corporation at year-end, July 31, 2014.

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(Question and Answer): hese financial statement items are for Barfield Corporation at year-end, July 31,
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Salaries and wages payable $ 3,907
Salaries and wages expense 59,185
Supplies expense 17,593
Equipment 20,327
Accounts payable 4,100
Service revenue 67,785
Rent revenue 10,493
Notes payable (due in 2017) 2,960
Common stock 16,000
Cash 30,336
Accounts receivable 10,940
Accumulated depreciation—equipment 7,505
Dividends 4,000
Depreciation expense 5,505
Retained earnings (beginning of the year) 35,136

Barfield Corporation did not issue any new stock during the year.

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Prepare an income statement for the year.

BARFIELD CORPORATION
Income Statement
For the Year Ended July 31, 2014
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Entry field with incorrect answer DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues $Entry field with incorrect answer
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LINK TO TEXT

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Prepare a retained earnings statement for the year.

BARFIELD CORPORATION
Retained Earnings Statement
For the Year Ended July 31, 2014
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Entry field with incorrect answer DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues $Entry field with incorrect answer
SHOW LIST OF ACCOUNTS
LINK TO TEXT

LINK TO TEXT

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Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)

BARFIELD CORPORATION
Balance Sheet
July 31, 2014
Assets
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Liabilities and Stockholders’ Equity
Entry field with incorrect answer Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders’ Equity
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Entry field with incorrect answer    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Revenues    Stockholders’ Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders’ Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Total Stockholders’ Equity Entry field with incorrect answer
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SHOW LIST OF ACCOUNTS
LINK TO TEXT

LINK TO TEXT

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Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.)

Current ratio Entry field with incorrect answer :1
Debt to assets ratio Entry field with incorrect answer %
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Expert Answer

 

BARFIELD CORPORATION
Income Statement
For the Year Ended July 31, 2014
Revenues:
Service revenue 67785
Rent revenue 10493
Total revenues 78278
Expenses
Salaries and wages expense. 59185
Supplies expense 17593
Depreciation expense 5505
Total expenses 82283
Net loss -4005
BARFIELD CORPORATION
Retained Earnings Statement
For the Year Ended July 31, 2014
Retained earnings, August 1, 2013. 35136
Less:   Net loss 4005
Dividends 4000 8005
Retained earnings, July 31, 2014 27131
BARFIELD CORPORATION
Balance Sheet
July 31, 2014
Assets:
Current assets
Cash 30336
Accounts receivable 10940
Total current assets 41276
Property, plant, and equipment
Equipment. 20327
Less:   Accumulated depreciation-equipment 7505 12822
Total assets 54098
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable. 4100
Salaries and wages payable 3907
Total current liabilities 8007
Long-term liabilities
Notes payable 2960
Total liabilities 10967
Stockholders’ equity
Common stock 16000
Retained earnings 27131
Total stockholders’ equity 43131
Total liabilities and stockholders’ equity 54098
Current ratio = 41276/8007= 5.2
Debt to assets ratio = 10967/54098= 20.3%

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