Accounts
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Q 7.
Prepare a 2021 balance sheet for Willis Corporation based on the following information: Cash = $129,000; Patents and copyrights = $630,000; Accounts payable = $211,000;
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- (Appendix 14.1)Pamlico Company has a 500,000, 15%, 3-year note dated January 1, 2019, payable to Forest National Bank. On December 31, 2020, the bank agreed to settle the note and unpaid interest of 75,000 for 50,000 cash and marketable securities having a current market value of 375,000. Pamlicos acquisition cost of the securities is 385,000. Ignoring income taxes, what amount should Pamlico report as a gain from the debt restructuring on its 2020 income statement? a. 65,000 b. 75,000 c. 140,000 d. 150,000PROBLEM 8:Tomas Co. has the following balance sheet as of December 31, 2021.Current assets 180,000.00Fixed assets 120,000.00Total assets 300,000.00Accounts payable 40,000.00Accrued liabilities 20,000.00Notes payable 50,000.00Other Long-term debt 75,000.00Total Equity 115,000.00Total liabilities and equity 300,000.00 In 2021, Tomas Co. reported sales of P1,500,0000, net income of P30,000, and dividends of P18,000. The company expected its sales to increase by 20% by next year and its retention ratio will remain at 40%. Assume that Tomas Co. is operating at full capacity and it uses the AFN approach in determining the amount of external financing needed.How much is the sales for 2022? Using Problem 8, how much is the increase in retained earnings for the purpose of computing the AFN? Using Problem 8, how much external funds needed for the year 2022?26. 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 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments…
- 15) Financial statements of Ehrlich Co. for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 12/31/21 Cash $408,000 $ 192,000 Accounts receivable 360,000 216,000 Inventory 384,000 480,000 Property, plant and equipment $608,000 $960,000 Less accumulated depreciation (320,000) 288,000 (304,000) 656,000 $1,440,000 $1,544,000 Accounts payable…10. The January 31, 2022 Statement of Financial Position of Pink Corporation follows: Cash 800,000 Accounts receivable ( net of P2,000 allowance for bad debts) 3,800,000 Inventory 1,600,000 Property, plant and equipment (net of P6,000,000 accumulated dep'n) 4,000,000 Total assets 10,200,000 Accounts payable 8,250,000 Ordinary shares 5,000,000 Retained earnings (Deficit) (3,050,000) Total Liabilities and Shareholders' equity…10. The January 31, 2022 Statement of Financial Position of Pink Corporation follows: Cash 800,000 Accounts receivable ( net of P2,000 allowance for bad debts) 3,800,000 Inventory 1,600,000 Property, plant and equipment (net of P6,000,000 accumulated dep'n) 4,000,000 Total assets 10,200,000 Accounts payable 8,250,000 Ordinary shares 5,000,000 Retained earnings (Deficit) (3,050,000) Total Liabilities and Shareholders' equity…
- 9.The January 31, 2022 Statement of Financial Position of Pink Corporation follows: Cash 800,000 Accounts receivable ( net of P2,000 allowance for bad debts) 3,800,000 Inventory 1,600,000 Property, plant and equipment (net of P6,000,000 accumulated dep'n) 4,000,000 Total assets 10,200,000 Accounts payable 8,250,000 Ordinary shares 5,000,000 Retained earnings (Deficit) (3,050,000) Total Liabilities and Shareholders' equity…58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as ofDecember 31, 2021.• Cash- P80,000• Accounts receivable (net)- P52,200• Inventories- P57,000• Investments- P76,300• Equipment (net)- P96,000• Patents- P32,000• Accounts payable- P75,000• Long-term liabilities- P100,000• Stockholders' equity- P218,500The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraftof P2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable- debit balances P60,000;(b) accounts receivable- credit balances P4,000;(c) allowance for doubtful accounts P3,800.3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables ofP3,000 were recorded on these goods.4. Investments include investments in equity securities at fair value through P/L- P19,000 andinvestments in equity securities at fair value through OCI- P48,300, and…13) The balance sheets for Ehrlich Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Ehrlich Company Balance Sheet December 31 2021 2020 Cash $ 30,900 $ 10,200 Accounts receivable (net) 43,300 20,300…
- K 11 Mars Corporation reported the following information for the year ended March 31, 2021 Administrative expenses $ 15,000 Cost of goods sold 60,000 Dividends paid by Mars to its shareholders 18,000 Dividends received by Mars from investments 10,000 Error calculating cost of goods sold in 2019 (increase income) 13,000 Interest earned on available-for-sale debt securities 6,000 Unrealized gain on hedging transactions 8,000 Loss on sale of debt securities 14,000 Net Sales 150,000 Retained earnings April 1, 2020 100,000 Selling expenses 12,000 Ignoring income taxes and earnings per share, prepare an Income Statement (multi-step), Statement of Comprehensive Income…Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…
