A comparative balance sheet for Shabbona Corporation is presented as follows.   December 31 Assets    2020    2019 Cash    $ 73,000     $ 22,000  Accounts receivable 82,000  66,000  Inventory 180,000  189,000  Land 71,000  110,000  Equipment 260,000  200,000  Accumulated depreciation—equipment  (69,000)  (42,000)  Total $597,000  $545,000  Liabilities and Stockholders' Equity     Accounts payable $  34,000  $  47,000  Bonds payable 150,000  200,000  Common stock ($1 par) 214,000  164,000  Retained earnings  199,000   134,000   Total $597,000  $545,000  Additional information: 1.    Net income for 2020 was $125,000. No gains or losses were recorded in 2020. 2.    Cash dividends of $60,000 were declared and paid. 3.    Bonds payable amounting to $50,000 were retired through issuance of common stock. Instructions a.    Prepare a statement of cash flows for 2020 for Shabbona Corporation. b.    Determine Shabbona Corporation’s current cash debt coverage, cash debt coverage, and free cash flow. Comment on its liquidity and financial flexibility.

You have been provided with the following information for Bee Ltd, a closely-held private company: Bee Ltd Income Statement for the year ending 31/03/2021 $ Sales 1,400,000 Less: Cost of sales 550,000 Gross profit 850,000 Interest on Government Bonds 2,100 Less: 380,000 Depreciation Interest expense 35,600 10,000 Bad Debts 5,000 Loss on sale – equipment 4,000 Insurance 12,200 Other expenses 312,800 472,100 185,295 286,805 70,000 Net Profit before tax Taxation Net Profit after tax Revaluation of Land Comprehensive Net Profit 356,805 Note during the 2021 year: $ Equipment with accumulated depreciation of 11,000 was sold for cash 20,000 Land was revalued upward by The company re-purchased shares at 70,000 100,000 Marketable securities were sold for cash.

the balance sheets for Plasma Screens Corporation and additional information are provided below.  PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020   2021   2020   Assets                 Current assets:                 Cash $ 242,000     $ 130,000     Accounts receivable   98,000       102,000     Inventory   105,000       90,000     Investments   5,000       3,000     Long-term assets:                 Land   580,000       580,000     Equipment   890,000       770,000     Less: Accumulated depreciation   (528,000 )     (368,000 )   Total assets $ 1,392,000     $ 1,307,000     Liabilities and Stockholders' Equity                 Current liabilities:                 Accounts payable $ 109,000     $ 95,000     Interest payable   7,000       13,000     Income tax payable   9,000       6,000     Long-term liabilities:                 Notes payable   110,000       220,000     Stockholders' equity:                 Common stock…

Presented below are data taken from the records of Wildhorse Company.     December 31,2020   December 31,2019 Cash   $15,200   $8,100 Current assets other than cash   84,700   60,600 Long-term investments   10,000   52,900 Plant assets   332,400   215,200     $442,300   $336,800           Accumulated depreciation   $20,100   $40,100 Current liabilities   39,600   22,100 Bonds payable   74,800   –0– Common stock   254,500   254,500 Retained earnings   53,300   20,100     $442,300   $336,800 Additional information: 1.   Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2.   Plant assets that cost $50,500 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings. 3.   Net income as reported on the…

Barakah Company Balance Sheet as at 31st December 2019 Financed by: Fixed Assets (net after depreciation) 2$ $ Paid-up: Share Capital Retained Earnings Reserves 350,500 200,500 150,000 50,000 Land & Buildings 600,000 155,500 75,000 830,500 Equipment Vehicles Fixtures & Fittings Long Term Liabilities 25,000 751,000 Current Assets 125,000 Accounts Receivable 215,000 10,000 110,000 20,000 1,231,000 Inventory Current Other payables Trade creditors Liabilities 100,000 245,500 Prepayments Cash at Bank Cash in Hand Accrued expense 30.000 375,500 1,231.000 Additional Information: i) Work-in-Progress is one sixth of the total Inventory. Prepayments is related to rental of buildings. ii) ii) Bad Debts is 5% for the year. iv) Non Muslim ownership is at 20%. Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.

GM has the following balances at Dec31,2021:   Operating Assets $ 1,200,000 Financial Assets 800,000 Operating Liabilities 200,000 Financial liabilities    1,400,000 Operating Income 200,000 Tax Rate % 40 Net Income 110,000 Preferred Stock dividends 10,000                   Required:   Calculate the following (use 2021 ending balances only):   Return on Net Operating Assets – RNOA Return on Common Equity – ROCE   Justify and analyze your findings in required (1)

The balance sheets for a company and additional information are provided below.  A COMPANY Balance Sheets December 31, 2024 and 2023   2024 2023 Assets     Current assets:     Cash $160,000 $116,000 Accounts receivable 70,000 88,000 Inventory 91,000 76,000 Investments 3,600 1,600 Long-term assets:     Land 440,000 440,000 Equipment 750,000 630,000 Less: Accumulated depreciation (388,000) (228,000) Total assets $1,126,600 $1,123,600 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable $95,200 $81,000 Interest payable 5,500 11,600 Income tax payable 7,500 4,600 Long-term liabilities:     Notes payable 120,000 240,000 Stockholders' equity:     Common stock 660,000 660,000 Retained earnings 238,400 126,400 Total liabilities and stockholders' equity $1,126,600 $1,123,600 Additional information for 2024: Net income is $112,000. Sales on account are $1,382,500. (All sales are credit sales.) Cost of goods…

KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets     Cash $ 81,500 $ 54,000 Accounts receivable, net 80,000 61,000 Inventory 73,800 101,500 Prepaid expenses 5,400 7,400 Total current assets 240,700 223,900 Equipment 134,000 125,000 Accumulated depreciation—Equipment (32,000) (14,000) Total assets $ 342,700 $ 334,900 Liabilities and Equity     Accounts payable $ 35,000 $ 45,000 Wages payable 7,000 17,000 Income taxes payable 4,400 5,800 Total current liabilities 46,400 67,800 Notes payable (long term) 32,000 70,000 Total liabilities 78,400 137,800 Equity     Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $ 342,700 $ 334,900    IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 728,000 Cost of goods sold 421,000 Gross profit 307,000 Operating expenses (excluding depreciation) 77,000 Depreciation expense 68,600   161,400…

Comparative balance sheets at December 31, 2020 and 2021 are show for the company below.    2020 2021 Cash 68,200 131,450 accounts receivable  81,400 86,900 Inventory  129,800 136,400 Prepaid expenses  5,500 6,600 Land 0 70,950 Plant assets  264,400 306,900 Accumulated depreciation  (94,600) (88,000) Franchise 35,200 26,400      Total assets $471,900 $677,600       Accounts payable 45,100 58,300 Notes payable  69,300 63,800 Bonds payable 0 141,900 Common stock 275,000 302,500 Additional paid in capital  50,600 61,600 Retained earnings  31,900 49,500   Total liabilities and equity  $471,900 $677,600   Additional Information:1. A fully depreciated plant asset, which originally cost $22,000 and had no salvage value, was sold for $1,100. 2. Bonds payable were issued at par value. One-half of the bonds were exchanged for land; the remaining one-half was issued for cash. 3. Common stock was sold for cash. 4. The only entries in the Retained…

The following are extracts from the financial statements of Captus Ltd. As at 31 March:     2021 2020   Sh.’000’ Sh.’000’ Sh.’000’ Sh.’000’ Fixed assets: Goodwill Freehold land and building Plant and machinery (NBV) Investment at cost   Current assets: Stocks Accounts receivable Investments Cash at hand and bank   Current liabilities Bank overdraft Accounts payable Proposed dividends Taxation   Net current assets   15% debentures   Capital and reserves: Authorised, issued and paid Sh.10 Ordinary shares Share premium Revaluation reserve Retained profit               10,050 6,140 1,710      200 18,100   (2,390) (5,850) (450)    (820) (9,510)   2,800 16,800 5,860   3,600 29,060                           8,590 37,650   (7,500) 30,150     18,000 1,500 4,500   6,150               8,700 7,800 840      430 17,770   (6,540) (5,250) (380)    (600) (12,770)   2,900 12,000 6,350   3,750 25,000                           5,000 30,000   (9,000) 21,000     15,000 750 -…