Prepare the balance sheet and income statement by rearranging the above items.Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.CashReceivablesInventoriesBALANCE SHEETAssetsLiabilities and Shareholders' Equity$15 Payables$3535 Debt due for repayment2550Total current assets$100 Total current liabilities$60Property, plant, and equipment520Long-term debtTotal liabilities350$410Net fixed assetsTotal assets$520 Shareholders' equity90$620 Total liabilities and shareholders' equity$500

Limitations and Adjustments for Balance Sheet and Income StatementWhile we attempted to construct a…

Answered: Prepare the balance sheet and income…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 3PB: The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: The...

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Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callable
Use a spreadsheet and the following financial information from Mineola Companys financial statements to build a template that automatically calculates the net operating cash flow. It should be suitable for use in preparing the operating section of the statement of cash flows (indirect method) for the year 2018.
Ratio Analysis Consider the following information taken from Chicago Water Slides (CWSs) financial statements: Also, CWSs operating cash flows were $25,658 and $29,748 in 2019 and 2018, respectively. Note: Round all answers to two decimal places. Required: 1. Calculate the current ratios for 2019 and 2018. 2. Calculate the quick ratios for 2019 and 2018. 3. Calculate the cash ratios for 2019 and 2018. 4. Calculate the operating cash flow ratios for 2019 and 2018. 5. CONCEPTUAL CONNECTION Provide some reasons why CWSs liquidity may be considered to be improving and some reasons why it may be worsening.
Use the following excerpts from Indigo Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $225,000.
The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: The noncurrent asset, noncurrent liability, and stockholders equity accounts for 20Y2 are as follows: Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018. Check Figure Net cash flows from operating activities, 172,000
Comprehensive: Balance Sheet from Statement of Cash Flows Mills Company prepared the following balance sheet at the beginning of 2019: Additional information related to the statement of cash flows: 1. The long-term bonds have a face value of 6,000 and were issued on December 31, 2019. 2. The building was purchased on December 30, 2019. 3. The land was sold at its original cost. 4. The common stock which was sold totaled 300 shares and had a par value of 10 per share. Required: Next Level Prepare a classified balance sheet for Mills as of December 31, 2019. (Hint. Review the information on the statement of cash flows and the balances in the beginning balance sheet accounts to determine the impact on the ending balance sheet accounts.)
The following is selected financial data from Block Industries: How much does Block Industries have in current liabilities? A. $19,800 B. $18,300 C. $12,300 D. $25,800
From the balance sheet prepare a proforma income statement where revenues can increase by 2% and the firm can borrow at 5.5% BALANCE SHEET 2021 Cash and cash equivalents 280 Receivables 2588 Inventory 2516 Other CA 189 TOTAL CA 5573 Fixed assets 5024 TOTAL ASSETS 10597 Accounts payable 4713 Short term debt 78 TOTAL CL 4790 LT debt 921 Shareh. Equity 4886 TOTAL LIAB. AND SHARH. EQUITY 10597 INCOME STATEMENT 2021 Sales 19418 COGS 13136 Depreciations 354 SG&A 4952 EBIT 976 Interest Expenses 52 Tax 268 Net income 656 Pro-forma statement Pro Forma Forecasts Actual Projected Projected Projected Projected Projected 2021 2022 2023 2024 2025 2026 COGS/REVENUES SGA/SALES INVENTORIES/COGS OTHER CA/SALES AR/SALES AP/COGS SALES/FIXED ASSETS DEPR/ FIXED ASSETS EQUITY/INVESTED CAPITAL ST DEBT/INVESTED…
construct the following financial statements on each sheets provided- income statement statement of changes in equity statement of cash flow statement of financial position using the following accounts information: Inventory - 570,000Accounts Receivable - 118,800Accounts Payable - 22,000Loans Receivable - 48,000Allowance for Doubtful Accounts - 9,000Interest Receivable - 2,800Common Stock - 720,000Credit Sales - 660,000Cash Sales - 240,000Cost of Goods Sold - 540,000Interest Income - 2,800Selling and Admin Expense - 134,000Bad Debts Expense - 6,200Retained Earnings - 222,600Collection of Receivables - 706,000Loan Granted - 48,000Current Liabilities Paid - 540,000Beginning Cash - 118,000
The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Use this information to answer the questions that follow. Assets Cash and short-term investments $ 30,000Accounts receivable (net) 20,000Inventory 15,000Property, plant, and equipment 185,000Total assets $250,000 Liabilities and Stockholders’ Equity Current liabilities $ 45,000Long-term liabilities 70,000Stockholders’ equity—Common 135,000Total liabilities and stockholders’ equity $250,000 Income Statement Sales $ 85,000 Cost of goods sold 45,000 Gross margin $ 40,000 Operating expenses (15,000)Interest expense (5,000)Net income $ 20,000 Number of shares of common stock outstanding 6,000Market price of common stock $20Total dividends paid $9,000Cash provided by operations $30,000 What would be Asset turnover, turn on total assets, the dividen yield, return on common stockholders equity and the price-earning per…
Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500 Current Assets 50,000 Current Liabilities 40,000 Non-current Assets 90,000 Net Profit 12,000 Shareholders' Equity 65,000 Select one: a. 12.2% b. 18.5% c. 9.23% d. 13.3% Clear my choice 2) Which one of the following defines a cash flow statement correctly? Select one: a. A cash flow statement is a financial statement which estimates cash inflows and cash outflows for a future period. b. A cash flow statement is statement of changes in cash position between the beginning and end of the period. It is a statement which summarises the sources from which cash payments are made during a particular period of time. c. A cash flow statement is a document which report the cash owned by a company in the details of difference…

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