Birtle Corporation reports the following statement of financial position Information for 2017 and 2018.Current assetsCashAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsAssets2017$ 9,27923,68342,636$ 75,598$272,847$347,645BIRTLE CORPORATION2017 and 2018 Statement of Financial Position2018$ 11,17325,76046,915$ 83,848$297,967$381,815Current liabilitiesAccounts payableNotes payableLiabilities and Owners' EquityTotalLong-term debtOwners' equityCommon stock and paid-in surplusRetained earningsTotalTotal liabilities and owners' equity2017$ 41,06016, 157$ 57,217$ 40,000$ 50,000200,428$250,428$347,6452018$ 43,80516,843$60,648$ 35,000$ 50,000236,167$286,167$381,815 Prepare the 2017 and 2018 common-size statement of financial position for Birtle. (Round the final answers to 2 decimal places.)Current assetsAssetsAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsLiabilities and Owners' EquityCurrent liabilitiesAccounts payableNotes payableTotalLong-term debtOwners' equityCommon stock and paid-in surplusAccumulated retained earningsTotalTotal liabilities and owners' equity2017$ 9,27923,68342,636$ 75,598$272,047$347,645§ 41,06016,157$ 57,217$ 40,000$50,000200,428$ 258,428%%%%%%%%%%42018$ 11,17325,76046,915$ 83,848$297,967$381,815$ 43,80516,843$ 68,648$ 35,000236,167+286,167$381,815%%%%%

Working Notes for calculation of common-size statement of financial position for BIrtle.

Answered: Birtle Corporation reports the…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 146,750 $ 159,000 Accounts receivable 76,000 89,500 Inventory 90,000 75,500 Prepaid rent 3,000 1,500 Long-term assets: Land 455,000 455,000 Equipment 750,000 645,000 Accumulated depreciation (415,000 ) (258,000 ) Total assets $ 1,105,750 $ 1,167,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 $ 80,500 Interest payable 6,750 13,500 Income tax payable 7,000 4,500 Long-term liabilities: Notes payable 112,500 225,000 Stockholders' equity: Common stock…
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) IVANHOE COMPANYBalance SheetsDecember 3120172016Current assets Cash and cash equivalents$330$360 Accounts receivable (net)640570 Inventory530460 Prepaid expenses120160 Total current assets1,6201,550Investments180180Property, plant, and equipment (net)420380Intangibles and other assets530510 Total assets$2,750$2,620Current liabilities$1,070$960Long-term liabilities480450Stockholders’ equity—common1,2001,210 Total liabilities and stockholders’ equity$2,750$2,620 IVANHOE COMPANYIncome StatementsFor the Year Ended December 3120172016Sales revenue$3,870$3,530Costs and expenses Cost of goods sold1,1251,060 Selling & administrative expenses2,4002,330 Interest expense2520 Total costs and expenses3,5503,410Income before income taxes320120Income tax expense9636Net income$ 224$ 84 Compute the following ratios for 2017 and 2016.…
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.) IVANHOE COMPANYBalance SheetsDecember 3120172016Current assets Cash and cash equivalents$330$360 Accounts receivable (net)640570 Inventory530460 Prepaid expenses120160 Total current assets1,6201,550Investments180180Property, plant, and equipment (net)420380Intangibles and other assets530510 Total assets$2,750$2,620Current liabilities$1,070$960Long-term liabilities480450Stockholders’ equity—common1,2001,210 Total liabilities and stockholders’ equity$2,750$2,620 IVANHOE COMPANYIncome StatementsFor the Year Ended December 3120172016Sales revenue$3,870$3,530Costs and expenses Cost of goods sold1,1251,060 Selling & administrative expenses2,4002,330 Interest expense2520 Total costs and expenses3,5503,410Income before income taxes320120Income tax expense9636Net income$ 224$ 84 Compute the following ratios for 2017 and 2016.…
Birtle Corporation reports the following statement of financial position information for 2017 and 2018. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets 2017 $9,279 23,683 42,636 $ 75,598 $272,047 $347,645 BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position 2018 $ 11,173 25,760 46,915 $ 83,848 $297,967 $381,815 Current liabilities Accounts payable Notes payable Liabilities and Owners? Equity Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity 2017 $ 41,060 16,157 $57,217 $ 40,000 $,50,000 200,428 $250,428 $347,645 2018 $ 43,805 16,843 $ 60,648 $ 35,000 $ 50,000 236,167 $286,167 $381,815 For each account on Birtle Corporation's statement of financial position, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Do not leave…
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…
Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement ofFinancial Position and additional information provided below:INFORMATIONThe financial position of Gatti Limited as at 31 December 2022 is reflected the following statement:Statement of Financial Position as at 31 December 2022 R ASSETSNon-current assets 1 400 000Property, plant and equipment 1 200 000Fixed deposits 200 000Current assets 5 800 000Inventories 3 400 000Accounts receivable 2 000 000Cash and cash equivalents 400 000Total assets 7 200 000 EQUITY AND LIABILITIESEquity 4 680 000Ordinary share capital 3 600 000Retained earnings 1 080 000Non-current liabilities 720 000Long-term loan 720 000Current liabilities 1 800 000Accounts payable 1 800 000Total equity and liabilities 7 200 000 Additional informationThe following must be taken into account for 2023:■ Sales are forecast at R60 000 000, with a profit margin of 10% and a gross margin of 30%. Fifty percent(50%) of the sales is…
The following is the Statement of Financial Position of Target Limited, a real estate company in Accra. Target Limited Statement of Financial Position As at December 31, 2017 2016 GH¢ GH¢ Property, Plant & Equipment 881,121 1,058,283 Investment Property 2,889,327 2,818,287 Total Non-Current Assets…
The following condensed information was reported by Peabody Toys, Inc., for 2018 and 2017:($ in thousands)2018 2017Income statement informationNet sales $5,200 $4,200Net income 180 124Balance sheet informationCurrent assets $ 800 $ 750Property, plant, and equipment (net) 1,100 950Total assets $1,900 $1,700Current liabilities $ 600 $ 450Long-term liabilities 750 750Paid-in capital 400 400Retained earnings 150 100Liabilities and shareholders’ equity $1,900 $1,700Required:1. Determine the following ratios for 2018:a. Profit margin on salesb. Return on assetsc. Return on shareholders’ equity2. Determine the amount of dividends paid to shareholders during 2018.This exercise is based on the Peabody Toys, Inc., data from E 4–27.
Splish Brothers Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 1. 2. $125,020 80,840 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: to $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81,780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI…
Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…
Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…

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