(Answered): 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.

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.

Incorrect answer. Your answer is incorrect. Try again.

Prepare an income statement for the year.

BARFIELD CORPORATION
Income Statement
For the Year Ended July 31, 2014
Entry field with incorrect answer DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues
Entry field with incorrect answer $Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
Entry field with incorrect answer    Dividends    Expenses    Net Income / (Loss)    Retained Earnings, August 1, 2013    Retained Earnings, July 31, 2014    Revenues    Total Expenses    Total Revenues $Entry field with incorrect answer
Entry field with incorrect answer DividendsExpensesNet Income / (Loss)Retained Earnings – August 1, 2013Retained Earnings – July 31, 2014RevenuesTotal ExpensesTotal Revenues
Entry field with incorrect answer $Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
Entry field with incorrect answer    Dividends    Expenses    Net Income / (Loss)    Retained Earnings, August 1, 2013    Retained Earnings, July 31, 2014    Revenues    Total Expenses    Total Revenues Entry field with incorrect answer
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

Incorrect answer. Your answer is incorrect. Try again.

Prepare a retained earnings statement for the year.

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

:Entry field with incorrect answer DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues

$Entry field with incorrect answer
Entry field with incorrect answer AddLess

:Entry field with incorrect answer DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues

Entry field with incorrect answer
Entry field with incorrect answer
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

Incorrect answer. Your answer is incorrect. Try again.

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

BARFIELD CORPORATION
Balance Sheet
July 31, 2014
Assets
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
Entry field with incorrect answer $Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
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
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
Entry field with incorrect answer Entry field with incorrect answer
Entry field with incorrect answer    Add    Less

:Entry field with incorrect answer

Entry field with incorrect answer Entry field with incorrect answer
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
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
Entry field with incorrect answer $Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
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
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
Entry field with incorrect answer Entry field with incorrect answer
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
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
Entry field with incorrect answer Entry field with incorrect answer
Entry field with incorrect answer Entry field with incorrect answer
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
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
SHOW LIST OF ACCOUNTS
LINK TO TEXT

LINK TO TEXT

Incorrect answer. Your answer is incorrect. Try again.

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 %
Click if you would like to Show Work for this question: Open Show Work
SHOW LIST OF ACCOUNTS
LINK TO TEXT

LINK TO TEXT

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%
iWriteHomework
Order NOW for a 10% Discount
Pages (550 words)
Approximate price: -

Why Us?

Top Quality and Well-Researched Papers

All ourbpapers are written from scratch. In fact, Clients who ask for paraphrasing services are highly discouraged. We have writers ready to craft any paper from scratch and deliver quality ahead of time.

Professional and Experienced Academic Writers

Our writers keeps you posted on your papers progress - providing you with paper outline/draft. You are also at liberty to communicate directly with your writer.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time, in many cases quite ahead of time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

× Contact Live Agents