Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 47,600 $ 15,400 Accounts receivable 61,600 53,200 Inventory 116,900 132,300 Land 56,000 70,000 Equipment 182,000 140,000 Accumulated depreciation-equipment (46,200 ) (22,400 ) Total $417,900 $388,500 Liabilities and Stockholders' Equity Accounts payable $ 27,300 $ 30,100 Bonds payable 105,000 140,000 Common stock ($1 par) 151,200 121,800 Retained earnings 134,400 96,600 Total $417,900 $388,500 Additional information: 1. Net income for 2022 was $65,100. 2. Depreciation expense was $23,800. 3. Cash dividends of $27,300 were declared and paid. 4. Bonds payable amounting to $35,000 were redeemed for cash $35,000. 5. Common stock was issued for $29,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.

Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 47,600 $ 15,400 Accounts receivable 61,600 53,200 Inventory 116,900 132,300 Land 56,000 70,000 Equipment 182,000 140,000 Accumulated depreciation-equipment (46,200 ) (22,400 ) Total $417,900 $388,500 Liabilities and Stockholders' Equity Accounts payable $ 27,300 $ 30,100 Bonds payable 105,000 140,000 Common stock ($1 par) 151,200 121,800 Retained earnings 134,400 96,600 Total $417,900 $388,500 Additional information: 1. Net income for 2022 was $65,100. 2. Depreciation expense was $23,800. 3. Cash dividends of $27,300 were declared and paid. 4. Bonds payable amounting to $35,000 were redeemed for cash $35,000. 5. Common stock was issued for $29,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

CONCORD INC.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $80,500 $48,700 Accounts receivable 87,900 38,600 Inventory 111,900 102,100 Prepaid expenses 29,400 27,900 Long-term investments 139,800 113,700 Plant assets 284,200 241,900 Accumulated depreciation (47,700) (49,100) Total $686,000 $523,800 Liabilities and Stockholders’ Equity Accounts payable $106,000 $63,700 Accrued expenses payable 16,500 21,200 Bonds payable 117,100 149,500 Common stock 219,000 175,100 Retained earnings 227,400 114,300 Total $686,000 $523,800 CONCORD INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue $382,500 Less: Cost of goods sold $135,600 Operating expenses, excluding…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places (b)Acid-test ratioenter the ratio rounded to 2 decimal places…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (i)Earnings per share$enter a dollar amount rounded to 2 decimal places (j)Payout ratioenter percentages rounded to 0 decimal…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Asset turnoverenter the number rounded to 2 decimal places (g)Return on assetsenter percentages rounded to 0 decimal places…
The comparative balance sheet of Gus Company at December 31, 2024 and 2023 appears below:Assets:12/31/202412/31/2023Cash$ 53,000 $ 120,000 Accounts receivable (net)37,000 48,000 Inventories108,500 100,000 Equipment573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable$ 62,500 $ 43,800 Bonds payable, due June 20240 100,000 Common stock, $10 par335,000 285,000 Paid-in capital in excess of par - Common stock74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2024 appears below:Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000 Operating Income 191,700 Interest expense 6,000Income before income tax 185,700 Income tax 60,700 Net income $125,000 Also in 2024, fully depreciated equipment costing $60,000 was scrapped at no salvage…
Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $ 72,720 $ 43,560 Accounts receivable 79,020 34,200 Inventory 101,250 92,565 Prepaid expenses 25,560 23,400 Long-term investments 124,200 98,100 Plant assets 256,500 218,250 Accumulated depreciation (45,000 ) (46,800 ) Total $614,250 $463,275 Liabilities and Stockholders’ Equity Accounts payable $ 91,800 $ 60,570 Accrued expenses payable 14,850 18,900 Bonds payable 99,000 131,400 Common stock 198,000 157,500 Retained earnings 210,600 94,905 Total $614,250 $463,275 Whispering Winds Corp.Income Statement DataFor the Year Ended December 31, 2022 Sales revenue…
Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets Current assets Cash $1,013,530 $917,700 Marketable securities 1,533,990 1,520,760 Accounts receivable (net) 978,200 919,800 Inventories 730,000 569,400 Prepaid expenses 191,756 183,540 Total current assets $4,447,476 $4,111,200 Long-term investments 2,479,894 1,119,115 Property, plant, and equipment (net) 5,330,000 4,797,000 Total assets $12,257,370 $10,027,315 Liabilities Current liabilities $1,347,720 $1,776,965 Long-term liabilities: Mortgage note payable, 8% $1,840,000 $0 Bonds payable, 8% 2,260,000 2,260,000 Total long-term liabilities $4,100,000 $2,260,000 Total liabilities $5,447,720 $4,036,965 Stockholders' Equity Preferred $0.70 stock, $50 par $850,000 $850,000 Common stock, $10 par 970,000 970,000 Retained earnings 4,989,650…
Orbit Limited Statement of Financial Position as at 31 December: 2022 2021 R R ASSETS Non-current assets 11 810 000 7 560 000 Property, plant and equipment 10 025 000 6 250 000 Investments 1 785 000 1 310 000 Current assets 4 190 000 4 690 000 Inventories 1 875 000 2 350 000 Accounts receivable 1 925 000 2 200 000 Cash 390 000 140 000 Total assets 16 000 000 12 250 000 EQUITY AND LIABILITIES Equity ? ? Ordinary share capital 5 480 000 3 680 000 Retained earnings ? ? Non-current liabilities 4 500 000 3 800 000 Loan (20% p.a.) 4 500 000 3 800 000 Current liabilities 2 300 000 1 500 000 Accounts payable 2 300 000 1 500 000 Total equity and liabilities 16 000 000 12 250 000 Statement of Comprehensive Income for the year ended 31 December: 2022 2021 R R Sales 10 800 000 7 150 000 Cost of sales (6 000 000) (3 650 000) Gross profit 4 800 000 3 500 000 Operating expenses (1 800 000) (1 200 000) Depreciation 580 000 200 000…