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- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivable
- Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders equity. Additional common stock of 75,000 was issued during the year ended May 31, 20Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple and single-step income statements differ.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?(Appendix 21.1) Comprehensive The following are Adair Companys December 31, 2018, post-closing trial balance and the December 31, 2019, adjusted trial balance: A review of the accounting records reveals the following additional information for 2019: Investments in bonds to be held to maturity were purchased at year-end for 8,600. A building was purchased for 28,000. A note payable was issued for 9,000. Common stock was issued for 14,500. Dividends of 6,500 were declared and paid. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support the 2019 statement of cash flows for Adair. 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- 56. A company had the following unadjusted balances on specific accounts for the year ended December 31, 2020: ACCOUNT AMOUNT Accounts Payable, net of debit balances of P 50,000 P 150,000 Accounts Receivable, net of credit balances of P 25,000 P 250,000 Bonds Payable P 453,000 Cash Dividends Payable P 125,000 Stocks Dividend Payable P 156,000 Unearned Subscription Revenue P 654,000 Other details are as follows: Of the Unearned Subscription Revenue balance, 25% were earned during 2020. Bonds Payable is due on July 31, 2025. However, a breach of contract related to the bonds occurred on December 18, 2020 and the payable becomes due on demand. On January 8, 2021, the company and the lender reached a compromise and agreed that the payable will be due on July 31, 2023 instead of the original maturity date. Determine the current liability to be reported on December 31, 2020. 57. A company issued a P3 million three-year…Multiple Company had the following liabilities on December 31, 2021:Accounts payable after deducting debit P 500,000balances in supplier’s accounts of P100,000 Accrued liabilities 150,000Note payable – due March 31, 2022 1,000,000Note payable – due May 1, 2022 800,000Bonds payable – due December 31, 2023 2,000,000On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 20213. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
- 12. Samantha Company had the following account balances at the end of May of the current year: Cash P48,500; Trading Securities P32.800; Receivables P72.300; Inventories P37,490; Machinery & Equipment P678.100: Furniture & Fixtures P100,640; Prepayments P85,280; Building P700,200; Patents P76,460; Trademark P56.790: Accounts Payable P276,420; Unearned Revenues P54,750; Bonds Payable P290,000; Mortgage Payable P12,370; Accrued Expenses P7,890; Interest Income P32.000: Service Revenue P765.340. Compute for the capital:*Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…Balance off the accounts and extract a trial balance for sole trader Airman Co. as at 30 September2020:DR CR£ £Capital 306,070Drawings 26,500Cash at bank 20,000Cash in hand 8,500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1,200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300402,670 402,670Inventory as at 30 September 2020 was £120,000.Required a. Draft an Income Statement for Airman Co. for the year ending 30th September 2020 b. The records show that the Airman Co. has been profitable during 10 years since 2009. Due to COVID-19 outbreak, explain the possible impact of COVID-19 on company Income statement items.