1. XYZ Corporation's most recent balance sheet and income statement appear below: XYZ Corporation Statement of Financial Position As of December 31, 2020 2019 Current Assets Cash P 160,000 P 180,000 300,000 130,000 Accounts receivable Inventory Prepaid expenses Total current assets 240,000 130,000 60,000 590,000 910,000 P1.500,000 P1.540,000 | 60,000 670,000 870,000 Plant and equipment, net Total Assets Current Liabilities: P 150,000 30,000 90,000 270,000 190,000 460,000 Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total Liabilities Stockholders' Equity: Preferred stock, P100 par value, 5% Common stock, P10 par value Additional paid-in-capital – common Retained earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity P 180,000 30,000 90,000 300,000 220,000 520,000 ARS 200,000 100,000 200,000 100,000 140,000 _580,000 1,020,000 P 1,500,000 P1,540,000 140,000 |600,000 1,040,000 XYZ Corporation Income Statement For the Year Ended December 31, 2020 Sales (all on account) Cost of goods sold Gross Margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income P 1,240,000 (820,000) 420,000 (290,000) 130,000 (30,000) 100,000 (30,000) P 70,000
1. XYZ Corporation's most recent balance sheet and income statement appear below: XYZ Corporation Statement of Financial Position As of December 31, 2020 2019 Current Assets Cash P 160,000 P 180,000 300,000 130,000 Accounts receivable Inventory Prepaid expenses Total current assets 240,000 130,000 60,000 590,000 910,000 P1.500,000 P1.540,000 | 60,000 670,000 870,000 Plant and equipment, net Total Assets Current Liabilities: P 150,000 30,000 90,000 270,000 190,000 460,000 Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total Liabilities Stockholders' Equity: Preferred stock, P100 par value, 5% Common stock, P10 par value Additional paid-in-capital – common Retained earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity P 180,000 30,000 90,000 300,000 220,000 520,000 ARS 200,000 100,000 200,000 100,000 140,000 _580,000 1,020,000 P 1,500,000 P1,540,000 140,000 |600,000 1,040,000 XYZ Corporation Income Statement For the Year Ended December 31, 2020 Sales (all on account) Cost of goods sold Gross Margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income P 1,240,000 (820,000) 420,000 (290,000) 130,000 (30,000) 100,000 (30,000) P 70,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.4C
Related questions
Question
Pls answer number 1 letters d,e,f,g with solutions pls
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,