YEAR 1 YEAR2 ASSETS CURRENT ASSETS Cash 210,000 467,550 Accounts Receivable 930,000 883,200 Merchandise Inventory 220,000 198,500 Supplies 90,000 125,000 TOTAL CURRENT ASSETS 1,450,000 1,674,250 NON-CURRENT ASSETS Office Equipment 1,890,000 2,378,500 Accumulated Depreciation- Office Equipment -800,000 -950,000 TOTAL NON-CURRENT ASSETS 1,090,000 1,428,500 TOTAL ASSETS 2,540,000 3,102,750 LIABILITIES CURRENT LIABILITIES Accounts Payable Salaries Payable 190,000 192,830 140,000 178,500 Interest Payable 60,000 75,000 TOTAL CURRENT LIABILITIES 390,000 446,330 NON-CURRENT LIABILITIES Notes Payable 580,000 450,000 TOTAL NON-CURRENT LIABILITIES 580,000 450,000 TOTAL LIABILITIES 970,000 896,330 OWNER'S EQUITY Shoe Express, Capital 1,570,000 2,206,420 TOTAL LIABILITIES AND OWNER'S EQUITY 2,540,000 3,102,750
Q: Assets Current assets: Cash.. $ (1,100) $ 3,950 Accounts recelvable. 4,100 2,300 Inventory.. 3,250…
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…
Q: Debits $ 38,000 82,000 107,000 Account Title Credits Cash Accounts receivable Inventory Interest…
A: Valley Pump Corporation Balance Sheet December 31, 2021 Assets Current Assets : Cash…
Q: 1.Unclassified Balance Sheets December 31, 2018 and 2019 2018 2019 Cash 10,000 8,000…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: All details are on pics. I need answer for #2
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
Q: .Unclassified Balance Sheets December 31, 2018 and 2019 2018 2019 Cash 10,000 8,000…
A: Shareholders at the end of 2019 include total shareholders excluding treasury stock and including…
Q: 48. Use Oma Bean Corporation's adjusted trial balance to prepare Oma Bean's balance sheet for the…
A: Step 1:Calculate the value of net income:
Q: Swasey Company provided the following partial comparative balance sheets and the incomestatement for…
A: Statement of cash flows forms a part of financial statements of the business and is prepared with a…
Q: Prior Year Current Year Prior Year Current Y $100,000 $120,000 Assets: ods Sold 50,000 60,000 Cash…
A: Current Ratio=current assets/current liability Current Assets=cash+accounts receivable+short term…
Q: Using Table 6–13, create a pro forma balance sheet using the percentage ofsales method. If net…
A: Excel Spreadsheet:
Q: Year 2 Year 1 Balance Sheet $ 1,941 1,881 1,055 2,300 $ 1,892 1,757 1,066 1,905 Cash.. Receivables.…
A: Projected Financial Statements - It is statement which contains estimation of futuristic financial…
Q: Bruce Company Adjusted Trial Balance December 31, 2020 Cash 60,000 Notes Receivable 250,000 Office…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: A company had net income of $248160. Depreciation expense is $22880. During the year, accounts…
A: Increase in assets and decrease in liabilities are subtracted from the net income. Decrease in…
Q: Balance Sheet December 31, 20X6 (with comparative figures for 20X5) 20X6 20X5 $ - $ 25,000 32,000…
A: In the indirect method of cashflow statement, we start with net profit for the year and then compute…
Q: Assets Cash 22500 Accounts Receivable 3000 Inventory 300 Loan Receivable 300 Equipment 5000 Fixtures…
A: The transactions in a business always impact more than one account, if one account is debited then…
Q: The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows: Please…
A: Reconcile the amount of net income with cash flows from operating activities.
Q: 11. ABM company purchased 800,000 in supplies this year. Supplies account increased by ₱200,000…
A: The supplies expense is the amount of supplies used during the period.
Q: Listed below are items that may appear on a balance sheet. Required:Match each item…
A: The term "balance sheet" type of financial statement that shows an organization's financial status…
Q: Use the following information for Delta Corporation Year 20X1 20X2 Net sales $1,500,000…
A: External Financing Needed: The Amount of external funds required will be equal to the projected…
Q: $ 71,600 30,900 64,700 4,000 $ 18,000 38, 200 71,700 3,300 Cash Accounts receivable, net Inventory…
A: Cash Dividend - Cash Dividend is the amount paid to the shareholders of company. It is calculated by…
Q: Use the following information for Delta Corporation to answer question 1: Year 20X1 20X2 Net…
A: Answer - Formula for ROA = Net income/ Total Assets Given, Net Income = 369812 Total Assets =…
Q: Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet…
A: In this question, we have been given the opening and closing balance of the Balance sheet and an…
Q: The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows:…
A: Following is the statement of cash flow:
Q: $4 30,000 From the balance sheet: 150,000 Cash ... 200,000 Accounts receivable . 500,000 Inventory…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets: Cash Accounts…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 44 $ 36…
A: A financial statement that details the amounts of cash and cash equivalents that enter and leave a…
Q: Surewin Company provided the following information at year-end: Cash…
A: Current assets are those assets which can be sold, consumed or exhausted in the normal operating…
Q: A company had net income of $282,000. Depreciation expense is $26,000. During the year, accounts…
A: Cash flow statement deals with the provision of information about the historical changes in cash and…
Q: Question 5 The Income Statement and additional data of Crawford Properties, Inc., follows: CRAWFORD…
A: Statement of Cash Flow: Statement of cash flow is one of the main financial statement which reports…
Q: YEAR 1 YEAR2 ASSETS CURRENT ASSETS Cash 210,000 467,550 Accounts Receivable 930,000 883,200…
A: Formula: Each individual line item percentage = Each individual line item / Total Assets
Q: Current Yr 1 Yr Ago 2 Yrs Ago At Decenber 31 Assets $ 29,476 69,500 114, 000 9,492 267, 318 $509,…
A: Answer Formula: Days’ Sales in Inventory = (Average Inventory/ Cost of Goods Sold) X 365 Days…
Q: The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as…
A: Workings:
Q: You are a Corporate Credit Analyst for your bank. A new corporate customer in the manufacturing…
A: Liquidity means the availability of liquid assets. Liquid assets mean assets that can easily be…
Q: Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise…
A: The ratio analysis helps to analyse the financial statements of the business. The total assets…
Q: Cash 12.000 Accounts Receivable 7,800 Prepaid Rent 2.200 Equipment 23,200 Accumutated Depreciation…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: peaks Company basis December 31 January 1 9,000,000 Inventory Prepaid expenses Accounts payable…
A: Solution:Expenses are the cost of operations incurred to generate revenues. Mainly there are two…
Q: December 31 Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated…
A: Net Income will be equal to all revenues minus all expenses.
Q: 4. What total amount was paid for expenses during the current year? * 3 points Tripeaks Company used…
A: Solution: Expenses are the cost of operations incurred to generate revenues. Mainly there are two…
Q: Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory,…
A: The income statement is an essential part of the financial statements of the company prepared by…
Q: Statement of cash flows-indirect methodThe comparative balance sheet of Livers Inc. for December 31,…
A: Cash flow statement is a statement which shows all cash inflows and cash outflows related to…
Q: Question 2 The following information relates to Oswald Ltd for their fiscal year ended December 31,…
A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating…
Q: Problem 2: ABC Company was formed on January 1, 2020. The entit following financial statements…
A: Solution: Income Statement using Current Cost Accounting for the year ended 31st December 2020.…
Q: Year Ended 30-Sept-19 30-Sept-20 30-Sept-2 Assets ($) Current Assets Cash And Cash Equivalents…
A: The customer wants $20 million for production equipment and warehousing. Strengths in relation to…
Q: The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:
A: Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to…
Q: 4. What total amount was paid for expenses during the current year? * Tripeaks Company used the…
A: Solution: Expenses are the cost of operations incurred to generate revenues. Mainly there are two…
Q: CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31…
A: Net income under the cash basis of accounting is equal to cash balance as on December 31, 2022 i.e.…
Step by step
Solved in 2 steps with 1 images
- 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 Asset turnoverRefer 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), respectivelyDr.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…
- 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…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 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.A. P1,325,000b. P1,475,000c. P2,075,000d. P1,450,000
- P12.1B (L0 1,2,3,5) (Correct Intangible Asset Account) Dolphin Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021: Instructions 3/1/2020 3/1/2020 4/1/2020 6/30/2020 9/1/2020 12/31/2020 6/30/2021 9/1/2021 Intangible Assets 10-year franchise agreement; expires 2/28/28 Organization costsAdvance payment for 2 years for office space Purchased a patent (8-year life) Cost to develop a patent (10-year life) Net operating loss for 2020Research and development costsLegal fee to successfully defend internally developed patent $ 60,000 7,000 24,000 80,000 40,000 61,000 265,000 13,500 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2021, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore…Question 5The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of…Income 31955 , assets 213000, assets at end year, 259000. What return on assets
- 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…Complete the Form 4562 using the following information provided. Himple RetailFixed Asset Rollforward12/31/2019(book basis) DEPR COST 2017 2018 2019 ACCUM NET BOOK ASSET IN SERVICE METHOD LIFE BASIS DEPR DEPR DEPR DEPR VALUE CASH REGISTER 2/15/2017 SL 5 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 2017 TOTAL ADDITIONS 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 RETAIL FIXTURES 10/12/2018 SL 7 4,750.00 169.64 678.57 848.21 3,901.79 FURNITURE 10/12/2018 SL 7 3,900.00 139.29 557.14 696.43 3,203.57 2018 TOTAL ADDITIONS 8,650.00 - 308.93 1,235.71 1,544.64 7,105.36 TOTAL 18,550.00 1,815.00 2,288.93 3,215.71 7,319.64 11,230.36 DELIVERY TRUCK 6/1/2019 SL 5 37,500.00 4,375.00 4,375.00 33,125.00 DESK AND CABINETRY 6/1/2019 SL 7 11,900.00 991.67 991.67 10,908.33 COMPUTER 6/1/2019 SL 5 2,800.00 326.67 326.67 2,473.33 2019 TOTAL ADDITIONS 52,200.00 - - 5,693.34 5,693.34 46,506.66 TOTAL…Topic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.