Solution with the proper order and each category please Exercise for balance sheet preparationThe following is an alphabetical list of the December 31, 2020 balance sheet acccounts for the Green Manufacturing Company.Accounts payable$ 20,900Interest payable500Accounts receivable15,300Investment in available-for-sale stock16,400Accrued pension costAccumulated depreciation: buildingsAccumulated depreciation: machinery & equipment13,300Land17,000Machinery & equipmentMarketable securities (short-term)32,40057,80030,0008,400Allowance for doubtful accounts1,000Notes payable (short-term)5,000Bond sinking fund7,70029,00092,500Patents (net)Preferred stock, $100 par8,600Bonds payable (due 2024)Buildings30,000Premium on common stocks16,300CashI7,200Premium on preferred stocks7,000Common stocks, $10 par44,100Prepaid insurance2,600Deferred taxes payabie2,800Raw materials10,100Discount on bonds payable2,500Retained earnings28,100Dividends payable5,600Unearned rent5,000Finished goods23,800Unrealized increase in value of available-for-sale stock2,000Income taxes payable2,700Wages payableWork in process8,90014,700Required:Prepare a properly classified balance sheet for the Green Manufacturing Company on December 31, 2020.

The balance sheet represents the financial position of the business.

Answered: 92,500 Premium on common stocks 16,300…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
Partially Completed Spreadsheet Hanks Company has prepared the following changes in account balances for the spreadsheet to support its 2019 statement of cash flows: Additional information: The net income was 1,300. Depreciation expense was 350, and patent amortization expense was 100. At the end of 2019, long-term investments were purchased at a cost of 1,550. Land that cost 700 was sold for 900. On December 31, 2019, bonds payable with a face value of 2,000 were issued for equipment valued at 2,300. Two hundred shares of common stock were issued at 7 per share. Forty shares of common stock were issued as a small stock dividend, the relevant market price being 5 per share. Cash dividends declared and paid totaled 600. Required: On the basis of the preceding information, complete the spreadsheet.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
A comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000 9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…
Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…
Balance Sheet Calculations Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Current assets $ (a) $25,000 Long-term liabilities (b) 34,900 Total contributed capital (c) (g) Long-term investments 19,200 (h) Retained earnings 50,300 61,100 Total liabilities (d) (i) Intangible assets 10,400 9,000 Current liabilities 14,500 12,000 Common stock, $5 par (e) 20,000 Total assets 142,800 (j) Additional paid-in capital 15,000 (k) Property, plant, and equipment (net) 85,700 92,800 Accumulated other comprehensive income 7,000 6,000 Total shareholders' equity (f) (l) Additional information: The company did not issue any common stock during 2020. Required: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Prior Company’s condensed financial statements provide the following information. Prior CompanyBalance Sheet Dec. 31, 2020 000 Dec. 31, 2019 Cash $1,052,000) $1,060,000) Accounts receivable (net) 198,000) 80,000) Short-term investments 80,000) 40,000) Inventory 440,000) 360,000) Prepaid expenses #1,603,000) #1,607,000) Total current assets $0,773,000) $0,547,000) Property, plant, and equipment (net) $1,857,000) $1,853,000) Total assets $1,630,000) $1,400,000) Current liabilities 240,000) 160,000) Bonds payable 400,000) 400,000) Common stockholders’ equity $1,990,000) $1,840,000) Total liabilities and stockholders’ equity $1,630,000) $1,400,000) 00 Income StatementFor the Year Ended 2020 Sales revenue $1,640,000) Cost of goods sold $ (800,000) Gross profit 840,000) Selling and administrative expenses (440,000) Interest expense 00.(40,000) Net income $ 360,000)…
Sheffield Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $8,220, Land $40,800, Patents $16,000, Accounts Receivable $97,530, Prepaid Insurance $6,040, Inventory $34,900, Allowance for Doubtful Accounts $4,520, and Equity Investments (to be sold in the next quarter) $13,510.Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024 : Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $8 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $56 million $280 million 10 vears 7% \table[[\table[[($ in millions)],[PBO]],,Plan Assets,],[Beginning of 2024,$1,000,Beginning of 2024,$800
Balance Sheet Calculations Fermer Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Total shareholders' equity $ (a) $100,700 Accumulated other comprehensive income 4,800 5,000 Current liabilities (b) 9,800 Intangible assets 12,600 12,000 Property, plant, and equipment (net) (c) 87,500 Current assets 18,000 (h) Total contributed capital 51,000 (i) Long-term liabilities (d) 30,200 Retained earnings 40,900 (j) Total assets (e) (k) Common stock, $10 par (f) (l) Working capital 9,900 10,700 Additional paid-in capital (g) 40,000 Long-term investments 23,700 (m) Total liabilities 38,100 (n) Additional information: At the end of 2019, additional paid-in capital is twice the amount of common stock. In 2020, the company issued (sold) 300 shares of common stock. Required: Prepare the correct balance sheet. All the necessary information is provided. 2019 2020 Assets Current assets Long-term…

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