FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below:
RED, INCORPORATED
Comparative Balance Sheets
December 31, 2024 and 2023 ($ in millions)
2024
2023
Assets
Cash
$ 38
$ 110
Accounts receivable
215
146
Prepaid insurance
13
7
Inventory
280
200
Buildings and equipment
428
364
Less: Accumulated depreciation
(133)
(254)
$ 841
$ 573
Liabilities
Accounts payable
$ 101
$ 128
Accrued liabilities
12
17
Notes payable
64
0
Bonds payable
150
0
Shareholders’ Equity
Common stock
414
414
Retained earnings
100
14
$ 841
$ 573
RED, INCORPORATED
Statement of Income
For Year Ended December 31, 2024
($ in millions)
Revenues
Sales revenue
$ 2,140
Expenses
Cost of goods sold
$ 1,447
Depreciation expense
23
Operating expenses
520
1,990
Net income
$ 150
Additional information from the…
Hello Tutor,
I have completed the following question. Can you verify if it is correct? Thank you.
[2] Using comparative analysis on Balance sheet
ABC Inc., Balance Sheet
Assets
2020
2019
Difference
% changed
Cash
$ 70,000
$ 51,000
Account Receivable
55,000
30,000
Inventory
75,000
61,000
Prepaid Insurance
12,000
12,000
Short term investment
65,000
50,000
Note Receivable
23,000
38,000
Investments
55,000
85,000
Equipment
70,000
48,000
Building
145,000
145,000
Land
40,000
25,000
Total Assets
$610,000
$545,000
Liabilities…
Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below:
RED, INCORPORATED
Comparative Balance Sheets
December 31, 2024 and 2023 ($ in millions)
2024
2023
Assets
Cash
$ 35
$ 134
Accounts receivable
200
143
Prepaid insurance
5
3
Inventory
307
186
Buildings and equipment
422
361
Less: Accumulated depreciation
(130)
(251)
$ 839
$ 576
Liabilities
Accounts payable
$ 98
$ 122
Accrued liabilities
4
9
Notes payable
61
0
Bonds payable
173
0
Shareholders’ Equity
Common stock
411
411
Retained earnings
92
34
$ 839
$ 576
RED, INCORPORATED
Statement of Income
For Year Ended December 31, 2024
($ in millions)
Revenues
Sales revenue
$ 2,110
Expenses
Cost of goods sold
$ 1,424
Depreciation expense
41
Operating expenses
526
1,991
Net income
$ 119
Additional information from the…
Knowledge Booster
Similar questions
- I have been asked to prepare an income statement, how do I know what to include? Question: The following items are taken from the financial statements of Sunland Company for 2022: Accounts payable $10,200 Accounts receivable 12,800 Accumulated depreciation—equipment 37,000 Advertising expense 21,800 Cash 13,000 Common stock 89,000 Depreciation expense 13,300 Dividends 15,100 Equipment 230,000 Insurance expense 3,100 Notes payable 74,000 Prepaid insurance 6,200 Rent expense 15,000 Retained earnings (beginning) 20,400 Salaries and wages expense 33,300 Salaries and wages payable 3,300 Service revenue 138,000 Supplies 3,100 Supplies expense 5,200arrow_forwardPresented here are summarized data from the balance sheets and income statements of Wiper Inc.: Dear Bartleby, can you please assist with the following, the data is included. Thank you. Also I would appreciate you sharing your calculations, so if I have further questions, they can be asked. WIPER INC.Condensed Balance SheetsDecember 31, 2020, 2019, 2018(in millions) 2020 2019 2018Current assets $ 685 $ 917 $ 773 Other assets 2,417 1,924 1,723 Total assets $ 3,102 $ 2,841 $ 2,496 Current liabilities $ 581 $ 816 $ 714 Long-term liabilities 1,510 995 860 Stockholders’ equity 1,011 1,030 922 Total liabilities and stockholders' equity $ 3,102 $ 2,841 $ 2,496 WIPER INC.Selected Income Statement and Other DataFor…arrow_forward2. The following data refers to the 2022 year-end account balances for Mastermind. However, the Retained Earnings balance is as of 12/31/2021. The accounts are listed in alphabetical order. $ Accounts Payable 25,000 Accounts Receivable 8,500 Accumulated Depreciation 175,000 Cash 141,613 Common Stock 100,000 Fixed Assets (gross) 410,000 Inventory 135,000 Long Term Debt 111,000 Retained Earnings (2021) 51,992 Salary Payable 11,000 A. Prepare a classified Balance Sheet for Mastermind. B. Calculate Mastermind’s Net Working Capital.arrow_forward
- 2. The following data refers to the 2022 year-end account balances for Mastermind. However, the Retained Earnings balance is as of 12/31/2021. The accounts are listed in alphabetical order. $ Accounts Payable 25,000 Accounts Receivable 8,500 Accumulated Depreciation 175,000 Cash 141,613 Common Stock 100,000 Fixed Assets (gross) 410,000 Inventory 135,000 Long Term Debt 111,000 Retained Earnings (2021) 51,992 Salary Payable 11,000 A. Prepare a classified Balance Sheet for Mastermind on Sheet 2 of your spreadsheet. Rename Sheet 2 “Balance Sheet”. Include working Excel formulas for all calculations. B. Calculate Mastermind’s Net Working Capital beneath the balance sheet.arrow_forwardhe current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)arrow_forwardThe comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 2024 2023 Assets Cash $ 121 $ 40 Accounts receivable 43 71 Less: Allowance for uncollectible accounts (5) (4) Dividends receivable 4 3 Inventory 100 95 Long-term investment 54 50 Land 95 85 Buildings and equipment 162 200 Less: Accumulated depreciation (38) (80) $ 536 $ 460 Liabilities Accounts payable $ 46 $ 82 Salaries payable 6 9 Interest payable 7 2 Income tax payable 5 6 Notes payable 10 0 Bonds payable 80 50 Less: Discount on bonds (5) (6) Shareholders' Equity Common stock 210 200 Paid-in capital—excess of par 24 20 Retained earnings 163 97 Less: Treasury stock (10) 0 $ 536 $ 460 DUX COMPANY Income Statement For the Year…arrow_forward
- Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.) Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity. Inventory $17,000 Patents $12,500 Notes receivable—due after December 31, 2019 5,500 Buildings 21,600 Notes receivable—due before December 31, 2019 400 Cash 9,200 Accumulated depreciation—buildings 12,800 Accounts receivable 5,800 Debt investments (short-term) 2,008 Checking my answer: I am confused about the notes receivable.arrow_forwardThe following information applies to questions 2to 3. (Check your ans. with your group members for these questions)!! Black and Partners has listed the following amounts in its statement of financial position (balance sheet) Cash $10,000 Buildings $75,000 Trade payables (creditors) $25,000 Taxes payable within one year $15,000 Trade receivables (debtors) $55,000 Plant and equipment $30,000 Inventory (Stock) $60,000 What is the amount of total current assets? (a) $125,000 (b) $150,000 (c) $180,000 (d) $255,000 What is the amount of total non-current (fixed) assets? (a) $75,000 (b) $105,000 (c) $130,000 (d) $190,000 A business has Capital of $830 000, Net…arrow_forwardDetermine the missing amounts. (Hint: For example, to solve for (a), Assets – Liabilities = Stockholders’ Equity = $35,000.) Ayayai Company Kingbird Company Michelangelo Company Raphael CompanyJanuary 1, 2019 Assets $ 105,000 $154,000 $ (g) $210,000 Liabilities 70,000 (d) 105,000 (j)Stockholders’ equity (a) 84,000 63,000 140,000 December 31, 2019 Assets (b) 191,800 280,000 (k)Liabilities 77,000 105,000 (h) 112,000 Stockholders’ equity 56,000 (e) 182,000 196,000 Stockholders’ equity changes in year Additional investment (c) 21,000 14,000 21,000 Dividends 14,000 (f) 19,600 14,000 Total revenues 490,000 588,000 (i) 700,000 Total expenses 462,000 539,000 478,800 (l)arrow_forward
- i need assistance calculating based on the following data: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 685 $ 917 $ 773 Other assets 2,417 1,924 1,723 Total assets $ 3,102 $ 2,841 $ 2,496 Current liabilities $ 581 $ 816 $ 714 Long-term liabilities 1,510 995 860 Stockholders’ equity 1,011 1,030 922 Total liabilities and stockholders' equity $ 3,102 $ 2,841 $ 2,496 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data: Sales $ 3,054 $ 2,917 Operating income 300 314 Interest expense 88 69 Net income 203 198 Other data: Average number of common shares outstanding 41.7 47.1 Total dividends paid $ 54.0 $ 52.7 If Wiper's stock had a…arrow_forwardThe top part of Rammy's Incorporated's 2022 balance sheet is listed as follows (in millions of dollars). Current assets: Current liabilities: Cash and marketable securities $ 5 Accrued wages and taxes $ 6 Accounts receivable 15 Accounts payable 10 Inventory 95 Notes payable 50 Total $ 115 Total $ 66 What are Mars, Incorporated's current ratio, quick ratio, and cash ratio for 2022? Multiple Choice 1.74242, 0.30303, 0.07576 7.1875, 1.25, 0.3125 1.43939, 0.30303, 0.07576 19.16667, 3.33333, 0.83333arrow_forwardThe comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 2024 2023 Assets Cash $ 114 $ 46 Accounts receivable 45 67 Less: Allowance for uncollectible accounts (5) (4) Dividends receivable 3 2 Inventory 80 75 Long-term investment 48 42 Land 75 65 Buildings and equipment 188 200 Less: Accumulated depreciation (66) (100) $ 482 $ 393 Liabilities Accounts payable $ 10 $ 24 Salaries payable 1 5 Interest payable 8 2 Income tax payable 8 9 Notes payable 10 0 Bonds payable 60 50 Less: Discount on bonds (1) (2) Shareholders' Equity Common stock 210 200 Paid-in capital—excess of par 24 20 Retained earnings 155 85 Less: Treasury stock (3) 0 $ 482 $ 393 DUX COMPANY Income Statement For the Year…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education