Core Company had the following assets and liabilities as of December 31: Assets _______________________________________________________ Cash $58,000 Accounts Receivable $25,000 Inventory $20,000 Equipment $50,000 Liabilities Current Portion of Long-Term Debt $20,000 Accounts Payable $12,000 Lung-Term Debt $25,000 _________________________________________________________ Calculate the current ratio, working capital, and quick ratio
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- Core Company had the following assets and liabilities as of December 31:
Assets
_______________________________________________________
Cash $58,000
Inventory $20,000
Equipment $50,000
Liabilities
Current Portion of Long-Term Debt $20,000
Accounts Payable $12,000
Lung-Term Debt $25,000
_________________________________________________________
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- Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.For the year just completed, Hanna Company had net income of $37,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 56,000 $ 83,000 Accounts receivable $ 164,000 $ 200,000 Inventory $ 436,000 $ 364,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities: Accounts payable $ 354,000 $ 384,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 34,000 $ 26,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.)For the year just completed, Hanna Company had net income of $104,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 62,000 $ 81,000 Accounts receivable $ 158,000 $ 180,000 Inventory $ 436,000 $ 346,000 Prepaid expenses $ 11,000 $ 14,500 Current liabilities: Accounts payable $ 352,000 $ 400,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 33,000 $ 28,000 The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows—Indirect Method (partial)
- For the just completed year, Hanna Company had net income of $59,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 60,000 $ 80,000 Accounts receivable $ 152,000 $ 196,000 Inventory $ 448,000 $ 367,000 Prepaid expenses $ 11,500 $ 13,500 Current liabilities: Accounts payable $ 354,000 $ 388,000 Accrued liabilities $ 8,000 $ 12,500 Income taxes payable $ 33,000 $ 27,000 The Accumulated Depreciation account had total credits of $44,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ 25,000 Accounts receivable 56,000 Inventory 81,000 Interest payable $ 10,000 Investment in equity securities 44,000 Land 120,000 Buildings 300,000 Accumulated depreciation—buildings 100,000 Equipment 75,000 Accumulated depreciation—equipment 25,000 Copyright (net) 12,000 Prepaid expenses (next 12 months) 32,000 Accounts payable 65,000 Deferred revenue (next 12 months) 20,000 Notes payable 250,000 Allowance for uncollectible accounts 5,000 Common stock 200,000 Retained earnings 70,000 Totals $ 745,000 $ 745,000 Additional Information: The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. The remaining $20,000 represents the cost of land being held for speculation. The $44,000 balance in the investment in equity securities account represents an investment in the common…Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $70,000 Short-Term Marketable Securities 25,000 Accounts Receivable 14,000 Inventories 47,000 Other Current Assets 10,000 Land 110,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 20,000 Other Intangible Assets 17,000 Prepare the assets section of the company’s balance sheet. Phipps Corporation Balance Sheet December 31 Assets Current Assets: $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total Current Assets $fill in the blank 11 fill in the blank 13 fill in the blank 15 fill in the blank 17 Total Assets $fill in the blank 18
- Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 27,000 Accounts Receivable 13,000 Inventories 48,000 Other Current Assets 10,000 Land 100,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 30,000 Other Intangible Assets 15,000 Prepare the assets section of the company’s balance sheet. Phipps CorporationBalance SheetDecember 31 Assets Current Assets: $Cash Property, Plant, and Equipment, Net Accounts Receivable Inventories Other Current Assets Total Current Assets $fill in the blank 11 Short-Term Marketable Securities Goodwill Other Intangible Assets Total Assets $fill in the blank 18The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 25,468 $ 29,770 $ 31,010 Accounts receivable, net 89,600 62,200 51,000 Merchandise inventory 114,000 83,500 55,000 Prepaid expenses 8,202 7,815 3,446 Plant assets, net 198,754 192,598 175,944 Total assets $ 436,024 $ 375,883 $ 316,400 Liabilities and Equity Accounts payable $ 107,484 $ 62,889 $ 41,347 Long-term notes payable secured bymortgages on plant assets 81,153 85,589 69,225 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 84,887 64,905 43,328 Total liabilities and equity $ 436,024 $ 375,883 $ 316,400 The company’s income statements for the Current Year and…The following information is for Sandoval Company: Sandoval Company Balance Sheet December 31, 2021 Cash $ 25,000 Accounts Payable $ 60,000 Accounts Receivable 50,000 Salaries and Wages Payable 15,000 Prepaid Insurance 30,000 Mortgage Payable 85,000 Inventory 70,000 Total Liabilities 160,000 Land Held for Investment 85,000 Land 120,000 Buildings $100,000 Common Stock $120,000 Less Accumulated Retained Earnings 250,000 370,000 Depreciation (20,000) 80,000…
- The following balances were taken from the books of Schimank Corp. on December 31, 2020: Interest revenue $ 120,400 Accumulated depreciation—equipment $ 56,000 Cash 71,400 Accumulated depreciation—building 39,200 Sales 1,932,000 Notes receivable 217,000 Accounts receivable 210,000 Selling expenses 271,600 Prepaid insurance 28,000 Accounts payable 238,000 Sales returns and allowances 210,000 Bonds payable 140,000 Allowance for doubtful Administrative and general Accounts 9,800 expenses 135,800 Sales discounts 63,000 Accrued liabilities 44,800 Land 140,000 Interest expense 84,000 Equipment 280,000 Notes payable 140,000 Building 196,000 Loss from earthquake damage 210,000 Cost of goods sold 869,400 Common stock 700,000 Retained earnings 29,400 In addition, the company has a gain from the operations of a…The following items were taken from the financial statements of P. Sunland Company. (All amounts are in thousands.) Long-term debt $ 1,100 Accumulated depreciation—equipment $ 5,600 Prepaid insurance 820 Accounts payable 1,000 Equipment 11,100 Notes payable (due after 2021) 400 Stock investments (long-term) 200 Owner’s capital 11,920 Debt investments (short-term) 3,400 Accounts receivable 1,400 Notes payable (due in 2021) 600 Inventory 1,400 Cash 2,300 Prepare a classified balance sheet in good form as of December 31, 2020. (List Current Assets in order of liquidity. Enter amounts in thousands.) P. SUNLAND COMPANYBalance Sheetchoose the accounting period (in thousands) Assets select an opening name for subsection one enter a balance sheet item $ enter a dollar amount enter a balance sheet item enter a dollar amount…The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $ 240,000 Accounts receivable 966,000 Inventory 1,690,000 Estimated returns inventory 22,500 Office supplies 13,500 Prepaid insurance 8,000 Office equipment 830,000 Accumulated depreciation-office equipment 550,000 Store equipment 3,600,000 Accumulated depreciation-store equipment 1,820,000 Accounts payable 326,000 Customer refunds payable 40,000 Salaries payable 41,500 Note payable (final payment due 2024) 300,000 Common stock 500,000 Retained earnings 2,949,100 Dividends 100,000 Sales 11,343,000 Cost of goods sold 7,850,000 Sales salaries expense 916,000 Advertising expense 550,000 Depreciation expense-store equipment 140,000 Miscellaneous selling expense 38,000 Office salaries expense 650,000 Rent expense 94,000 Depreciation expense-office equipment 50,000 Insurance expense 48,000…
