rrent Attempt in Progress The following balances were taken from the books of Metlock Corp. on December 31, 2020. Interest revenue $87,450 Accumulated depreciation-equipment $41,450 Cash 52,450 Accumulated depreciation-buildings 29,450 Sales revenue 1,381,450 Notes receivable 156,450 Accounts receivable 151,450 Selling expenses 195,450 Prepaid insurance 21,450 Accounts payable 171,450 Sales returns and allowances 151.450 Bonds payable 101,450 Allowance for doubtful accounts 8,450 Administrative and general expenses 98,450 Sales discounts 46,450 Accrued liabilities 33,450 Land 101,450 Interest expense 61,450 Equipment 201,450 Notes payable 101,450 Buildings 141,450 Loss from earthquake damage 151,450 Cost of goods sold 622,450 Common stock 501,450 Retained earnings 22,450 Assume the total effective tax rate on all items is 20%.
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- Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,400Partially Completed Spreadsheet Hanks Company has prepared the following changes in account balances for the spreadsheet to support its 2019 statement of cash flows: Additional information: The net income was 1,300. Depreciation expense was 350, and patent amortization expense was 100. At the end of 2019, long-term investments were purchased at a cost of 1,550. Land that cost 700 was sold for 900. On December 31, 2019, bonds payable with a face value of 2,000 were issued for equipment valued at 2,300. Two hundred shares of common stock were issued at 7 per share. Forty shares of common stock were issued as a small stock dividend, the relevant market price being 5 per share. Cash dividends declared and paid totaled 600. Required: On the basis of the preceding information, complete the spreadsheet.22. Following are selected balance sheet accounts of Oriole Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase(Decrease) Accounts receivable $33,900 $23,900 $10,000 Property, plant, and equipment 278,300 246,200 32,100 Accumulated depreciation—plant assets (176,800 ) (168,300 ) (8,500 ) Liabilities and stockholders’ equity 2020 2019 Increase Bonds payable $ 48,800 $46,500 $2,300 Dividends payable 8,000 4,900 3,100 Common stock, $1 par 22,000 19,100 2,900 Additional paid-in capital 9,100 3,000 6,100 Retained earnings 103,200 91,800 11,400…
- Balance sheet extracts as at 31/12/2019 & 31/12/2020 2019(RO) 2020(RO) Current assets Inventories 6500 4500 Account receivables 3400 5300 Prepaid Expenses 1220 1550 Current liabilities Account payables 4320 3450 Expense payables 3100 4700 The operating profit for 2020 was RO 22500 and the depreciation for the year was RO7650 The profit on sale of fixed assets RO 4200 . Amortisation of intangible assets OMR 550. Calculate cash flow from operating activityA comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000 9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…28. The balance sheet data of Sweet Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $30,100 $35,100 Accounts receivable (net) 55,000 44,900 Inventory 64,600 45,100 Prepaid expenses 15,000 24,700 Equipment 90,200 74,500 Accumulated depreciation—equipment (18,040 ) (8,000 ) Land 70,200 39,800 $307,060 $256,100 Accounts payable $64,600 $52,500 Accrued expenses 14,800 17,900 Notes payable—bank, long-term –0– 22,900 Bonds payable 30,300 –0– Common stock, $10 par 190,400 160,000 Retained earnings 6,960 2,800 $307,060 $256,100 Land was acquired for $30,400 in exchange for common stock, par $30,400, during the year; all equipment purchased was for cash. Equipment costing $13,200 was sold for $3,100; book value of the equipment was…
- 24. Partially correct answer icon Your answer is partially correct. Condensed financial data of Sheffield Company for 2020 and 2019 are presented below. SHEFFIELD COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6,290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 SHEFFIELD COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,710 Gross margin…Current Attempt in Progress Coronado Industries’ balance sheet at December 31, 2021, is presented below. CORONADO INDUSTRIESBalance SheetDecember 31, 2021 Assets Current Assets Cash $8,850 Accounts receivable 86,730 Finished goods inventory (1,770 units) 28,320 Total current assets 123,900 Property, Plant, and Equipment Equipment $47,200 Less: Accumulated depreciation 11,800 35,400 Total assets $159,300 Liabilities and Stockholders' Equity Liabilities Notes payable $29,500 Accounts payable 53,100 Total liabilities 82,600 Stockholders' Equity Common stock $47,200 Retained earnings 29,500 Total stockholders' equity 76,700…23. Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,180 Receivables 1,710 1,320 Inventory 1,590 1,920 Plant assets 1,890 1,710 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,320 1,440 $7,120 $6,380 Accounts payable $1,190 $890 Accrued liabilities 210 260 Bonds payable 1,400 1,580 Common stock 1,940 1,660 Retained earnings 2,380 1,990 $7,120 $6,380 NOVAK COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,720 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Income from operations…
- XNM Bhd prepared its profit & loss statement and financial position statement as at December 31, 2020 as follows; XNM Bhd Statement of Financial Position As at 31 December 2020 2020 2019 ASSETS RM RM Property, plant and equipment (PPE) 154,000 130,000 Accumulated depreciation – (PPE) (35,000) (25,000) Cash 6,000 9,000 Accounts receivable 62,000 49,000 Short-term investments (Available for sale) 35,000 18,000 Inventories 40,000 60,000 Prepaid rent 5,000 4,000 Copy right 46,000 50,000 Total assets 313,000 295,000 EQUITY AND LIABILITIES Ordinary shares 130,000 130,000 Retained earnings 57,000 36,000 Note payable 8,000 10,000 Long-term loans 60,000 67,000 Interest payable 46,000 42,000 Salaries payable 8,000 4,000 Income tax payable 4,000 6,000 Total liabilities and equity 313,000 295,000 XNM Bhd Statement…A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.GLITTER INC.Condensed Balance SheetsDecember 31 Increase or (Decrease) 2020 2019 Amount Percentage Assets Current assets $124,600 $100,000 $enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Plant assets (net) 394,800 329,000 enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Total assets $519,400 $429,000 $enter a subtotal of the two previous amounts enter your answer in percentages rounded to 1 decimal place % Liabilities Current liabilities $85,994 $73,000 $enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Long-term liabilities 128,828 86,000 enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Total liabilities 214,822 159,000 enter a subtotal…