Balance sneet.Data table-x isInsurance Expense$10,000Accounts Receivable$12,000Cash35,000Notes Payable11,000Accounts Payable4,000Wood, Capital, Dec. 31, 2018?Advertising Expense1,800Salaries Expense20,000Service Revenue70,000Equipment32,200Wood, Withdrawals9,000Owner contribution25,000PrintDone Life Photography works weddings and prom-type parties. The balanceof Wood, Capital was $10,000 at December 31, 2017. At December31, 2018, the business's accounting records show these balances:Prepare the following financial statements forLife Photography for the year ended December 31, 2018:а.Income statement.E (Click the icon to view the accounts.)b. Statement of owner's equity.c.Balance sheet.a. Prepare Life Photography's income statement. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)Net Income

The financial statements of the business include the income statement, balance sheet and cash flow…

Data table Insurance Expense $ 10,000 Accounts Receivable $ 12,000 Cash 35,000 Notes Payable 11,000 Accounts Payable 4,000 Wood, Capital, Dec. 31, 2018 ? Advertising Expense 1,800 Salaries Expense 20,000 Service Revenue 70,000 Equipment 32,200 Wood, Withdrawals 9,000 Owner contribution 25,000

Data table Insurance Expense $ 10,000 Accounts Receivable $ 12,000 Cash 35,000 Notes Payable 11,000 Accounts Payable 4,000 Wood, Capital, Dec. 31, 2018 ? Advertising Expense 1,800 Salaries Expense 20,000 Service Revenue 70,000 Equipment 32,200 Wood, Withdrawals 9,000 Owner contribution 25,000

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter3: Financial Statements, Cash Flow, And Taxes

Section: Chapter Questions

Problem 19SP: FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industriess 2017 and 2018 balance sheets (in...

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FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industriess 2017 and 2018 balance sheets (in thousands of dollars) are shown. 2018 2017 Cash 102,850 89,725 Accounts receivable 103,365 85,527 Inventories 38,444 34,982 Total current assets 244,659 210,234 Net fixed assets 67,165 42,436 Total assets 311,824 252,670 Accounts payable 30,761 23,109 Accruals 30,477 22,656 Notes payable 16,717 14,217 Total current liabilities 77,955 59,982 Long-term debt 76,264 63,914 Total liabilities 154,219 123,896 Common stock 100,000 90,000 Retained earnings 57,605 38,774 Total common equity 157,605 128,774 Total liabilities and equity 311,824 252,670 a. Sales for 2018 were 455,150,000, and EBITDA was 15% of sales Furthermore, depreciation and amortization were 11%. of net fixed assets, interest was 8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends Given this information. construct the firms 2018 income statement. b. Construct the statement of stockholders equity for the year ending December 31, 2018, and the 2018 statement of cash flows. c. Calculate 2017 and 2018 net operating working capital (NOWC) and 2018 free cash flow (FCF). Assume the firm has no excess cash. d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid What effect would this have on taxis, paid by the companys shareholders? e. Assume that the firms after-tax cost of capital is 10 5%. What is the firms 2018 EVA? f. Assume that the firms stock price is S22 per share and that at year-end 2018 the firm has 10 million shares outstanding. What is the firms MVA at year-end 2018?
Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
JEY-4322 Inc. reported the following data for last year: JEY-4322 Inc.Balance Sheet Beginning BalanceEnding BalanceAssets Cash$ 128,000$ 139,000Accounts receivable331,000481,000Inventory567,000471,000Plant and equipment, net894,000869,000Investment in Tesla Inc.400,000428,000Land (undeveloped)246,000249,000Total assets$ 2,566,000$ 2,637,000Liabilities and Stockholders' Equity Accounts payable$ 382,000$ 341,000Long-term debt981,000981,000Stockholders' equity1,203,0001,315,000Total liabilities and stockholders' equity$ 2,566,000$ 2,637,000 JEY-4322 Inc.Income StatementSales $ 3,880,000Operating expenses 3,336,800Net operating income 543,200Interest and taxes: Interest expense$ 111,000 Tax expense197,000308,000Net income $ 235,200 JEY-4322 Inc. paid dividends of $123,200 last year. The “Investment in Tesla Inc.” item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%. What was the company’s residual income…
From the following list of accounts, calculate the quick ratio.Cash.......................................Accounts receivable................Inventory................................Prepaid insurance ...................$ 2,0007,00017,0001,000Accounts payable ............................Salary payable .................................Notes payable (due in two years) ....Short-term investments....................$ 5,0009,0008,0005,000a. 1.5b. 1.0c. 1.8d. 2.3
The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.
Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
Flawless Company’s trial balance reflected the following account balances on December 31, 2019: Cash P 1,000,000Accounts payable, net of debit balance in suppliers’ accounts amounting to P25,000 1,000,000Bonds payable 3,400,000Premium on bonds payable 200,000Deferred tax liability 400,000Property dividends payable 400,000Income tax payable 300,000Note payable, due January 31, 2020 500,000Contingent liability 150,000Share dividends payable 320,000Cash dividends payable 210,000Reserve for contingencies 430,000Estimated expense of meeting warranties 335,000Estimated damages as a result of unsatisfactory performance on a contract 268,000Mortgage payable 1,000,000Loans payable (payable in five equal annual installments) 500,000 The P1,000,000 Cash account is net of bank overdraft of P300,000 and unreleased check of P100,000 and includingcustomer’s posted check of P50,000 and sinking fund amounting to P280,000 1. How much is the total current liabilities for the year ended December 31,…
Choose the correct letter of answer: Company F Statement of Financial Positions at December 31, 2020 shows the following: Cash P4,000.00, Marketable Securities P8,000.00, Accounts Receivable P100,000.00, Inventories P120,000.00, Prepaid Expenses P1,000.00, Notes Payable (short term) P5,000.00, Accounts Payable P150,000.00, Accrued Expenses P20,000.00, Income taxes payable P1,000.00, and long-term liabilities P340,000.00. Determine the following: current ratio and quick ratio. a. 1.32 and 0.64b. 1.52 and 0.82c. 1.82 and 0.86d. 1.98 and 1.54e. 2.2 and 2.1
1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000