In alphabetical order below are current asset items for Roland Company's balance sheet at December 31, 2020. Accounts receivable $210,000 Cash 83,000 Finished goods 91,000 Prepaid expenses 44,000 Raw materials 89,000 Work in process 88,000 Prepare the current assets section. (List Current Assets in order of liquidity.)
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- Brown Company, had the following statements prepared as of December 31, 2020. Brown CompanyComparative Balance SheetAs of December 31, 2020 and 2019 12/31/20 12/31/19 Cash $160,800 $38,400 Accounts receivable 123,200 49,000 investments (available-for-sale) 112,500 57,900 Inventory 90,000 101,000 factory assets 240,000 212,500 Total assets $726,500 $458,800 Accounts payable $100,000 $66,200 mortgage debt 50,000 77,000 accumulated depreciation 30,000 52,000 Common stock 175,000 131,100 Retained earnings 371,500 133,500 Total liabilities and stockholders' equity $726,500 $458,800 Brown CompanyIncome StatementFor the Year Ending December 31, 2020 Sales revenue $440,000…In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020. Accounts receivable $ 200,000 Cash 62,000 Finished goods 91,000 Prepaid expenses 38,000 Raw materials 83,000 Work in process 87,000 Prepare the current assets section. (List Current Assets in order of liquidity.)The current sections of Oriole Company’s balance sheets at December 31, 2019 and 2020, are presented here.Oriole’s net income for 2020 was $150,500. Depreciation expense was $25,000. 2020 2019 Current assets Cash $107,500 $97,200 Accounts receivable 108,300 77,200 Inventory 159,000 172,100 Prepaid expenses 26,200 25,000 Total current assets $401,000 $371,500 Current liabilities Accrued expenses payable $14,400 $8,100 Accounts payable 85,700 95,900 Total current liabilities $100,100 $104,000 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Oriole CompanyPartial Statement of Cash Flowschoose the…
- The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…The current sections of Larkspur, Inc.'s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur's net income for 2022 was $154,100. Depreciation expense was $26,100. 2022 2021 Current assets Cash $101,100 $97,000 Accounts receivable 81,400 90,600 Inventory 167,000 172,900 Prepaid expenses 26,600 22,800 Total current assets $376,100 $383,300 Current liabilities Accrued expenses payable $15,600 $10,000 Accounts payable 85,800 95,600 Total current liabilities $101,400 $105,600 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g. -15,000 or in parenthesis e.g. (15,000).) Larkspur, Inc. Partial Statement of Cash Flows Adjustments to reconcile net income to $The current sections of Riverbed Corp’s balance sheets at December 31, 2021 and 2022, are presented here. Riverbed Corp’s net income for 2022 was $355,600. Depreciation expense was $58,800. 2022 2021 Current assets Cash $86,800 $ 124,600 Accounts receivable 119,000 96,600 Inventory 109,200 86,800 Prepaid expenses 23,800 26,600 Total current assets $338,800 $334,600 Current liabilities Accrued expenses payable $ 8,400 $ 22,400 Accounts payable 123,200 100,800 Total current liabilities $131,600 $ 123,200 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
- Brown Company, had the following statements prepared as of December 31, 2020. Brown CompanyComparative Balance SheetAs of December 31, 2020 and 2019 12/31/20 12/31/19 Cash $160,800 $38,400 Accounts receivable 123,200 49,000 Inventory 112,500 57,900 investments (available-for-sale) 90,000 101,000 factory assets 240,000 212,500 Total assets $726,500 $458,800 Accounts payable $100,000 $65,200 mortgage debt 50,000 77,000 accumulated depreciation 30,000 52,000 Common stock 175,000 131,100 Retained earnings 371,500 133,500 Total liabilities and stockholders' equity $726,500 $458,800 Brown CompanyIncome StatementFor the Year Ending December 31, 2020 Sales revenue $440,000 Interest and other income (Including gain on sale of investment $5,000) 20,000…The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)The current sections of Waterway Inc's balance sheets at December 31, 2021 and 2022, are presented here. Waterway's net income for 2022 was $150,300. Depreciation expense was $23,900. 2022 2021 Current assets Cash $103,300 $97,000 Accounts receivable 70,400 80,100 Inventory 169,000 172,900 Prepaid expenses 26,900 21,900 Total current assets $369,600 $371,900 Current liabilities Accrued expenses payable $14,000 $6,100 Accounts payable 85,900 92,400 Total current liabilities $99,900 $98,500 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) WATERWAY INC. Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to $
- The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…