$ 71,60030,90064,7004,000$ 18,00038,20071,7003,300131,200CashAccounts receivable, netInventoryPrepaid expensesTotal current assets171, 20093,500(7,000)$217,700Furniture80,600(12,500)$239, 300Accum. depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilities$ 11,3006,8001,100$ 16,0003,8002,100Notes payable (long-term)Total liabilities19, 20022,80042,00021,90055,80077,700EquityCommon stock, $5 par valueRetained earnings174,10023,200138,7001,300Total liabilities and equity$239, 300$217,700CRUZ, INC.Income StatementFor Year Ended December 31, 2019Sales$372,800239,900132,900Cost of goods soldGross profitOperating expensesDepreciation expenseother expensesIncome before taxes$28,70068,10096,80036,10013.200Tncome taxes expense< Prev3 of 5Next > FUI Tedr Eiueu veLemver$372,800239,900132,900SalesCost of goods soldGross profitOperating expensesDepreciation expenseother expensesIncome before taxes$ 28,70068, 10096, 80036,10013, 200Income taxes expenseNet income$ 22,9001. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in2019?Complete this question by entering your answers in the tabs below.Required 1Required 2Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?Retained EarningsBeg. bal.< Prev3 of 5Next >

Cash Dividend - Cash Dividend is the amount paid to the shareholders of company. It is calculated by…

$ 71,600 30,900 64,700 4,000 $ 18,000 38, 200 71,700 3,300 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 171,200 131, 200 93,500 (7,000) $217,700 Furniture 80,600 (12,500) $239,300 Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,300 6,800 1,100 19,200 22,800 42,000 $ 16,000 3,800 2,100 21,900 55,800 77,700 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 174,100 23,200 $239, 300 138,700 1,300 Total liabilities and equity $217,700

$ 71,600 30,900 64,700 4,000 $ 18,000 38, 200 71,700 3,300 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 171,200 131, 200 93,500 (7,000) $217,700 Furniture 80,600 (12,500) $239,300 Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,300 6,800 1,100 19,200 22,800 42,000 $ 16,000 3,800 2,100 21,900 55,800 77,700 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 174,100 23,200 $239, 300 138,700 1,300 Total liabilities and equity $217,700

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

The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…
Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.
Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…
The amount to be reported as expenses (excluding depreciation) in Seri’s income statement is A. P60,000 B. P100,000 C. P65,000 D. P67,000
1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…
Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
PQ16.08 Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include ??
Prepare an income statement with the information listed below: Accumulated Depreciation $ 35,000Accounts Payable $ 65,000Advertising Expense $ 20,625Prepaid Advertising $ 61,875Common Stock $ 50,000Depreciation Expense $ 12,500Dividend Payable $ 50,000Dividends $ 100,000Income Tax expense $ 48,000Income Tax Payable $ 35,000Interest Expense $ 3,750Interest Revenue $ 500Loss on Disposal of Assets $ 10,000Prepaid Rent $ 56,250Rent Expense $ 18,750Retained Earnings $ 836,875Sales Revenue $ 300,000Utilities Expense $ 8,750Utilities Payable $ 7,000Wage Expense $ 41,250Wages Payable $ 10,125