CH 3 Examples, Part 1

Sunland Corporation's comparative balance sheets are as follows. SUNLAND CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $16,600 $17,700 Accounts receivable 25,400 22,000 Investments 19,850 15,750 Equipment 59,750 70,050 Accumulated depreciation-equipment (14,250) (10,100) Total $107,350 $115,400 Accounts payable $14,450 $11,050 Bonds payable 10,600 30,100 Common stock 50,300 45,100 Retained earnings 32,000 29,150 Total $107,350 $115,400 Additional information: 1. Net income was $18,450. Dividends declared and paid were $15,600. 2. Equipment which cost $10,300 and had accumulated depreciation of $1,900 was sold for $3,500. 3. No noncash investing and financing activities occurred during 2022. 4. Bonds were retired at their carrying value.

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Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets   2021     2020   Cash   $12,010     $8,980   Accounts receivable   17,810     19,660   Land   16,800     21,840   Buildings   58,800     58,800   Accumulated depreciation—buildings   (12,600 )   (8,400 ) Total   $92,820     $100,880   Liabilities and Shareholders’ Equity             Accounts payable   $10,390     $26,120   Common shares   63,000     57,960   Retained earnings   19,430     16,800   Total   $92,820     $100,880   Additional information: 1.   Profit was $19,010. Dividends declared and paid were $16,380. 2.   No noncash investing and financing activities occurred during 2021. 3.   The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…

Marina Company                                       Statement of Financial Position                                                     June 30, 2020   AssetsCurrent Assets              Cash                                                        P 21,000.00              Accounts Receivables                               160,000.00              Merchandise Inventory                             300,000.00              Prepaid Expenses                                          9,000.00Total Current Assets                                             P 490,000.00Property, Plant and Equipment                               810,000.00Total Assets                                                        P 1,300,000.00 Liabilities and EquityLiabilities:                Current Liabilities                                  P 200,000.00                Bonds Payable, 10%                                 300,000.00Total Liabilities                                                       P 500,000.00Equity:…

Condensed financial data of Coronado Inc. follow. CORONADO INC.Comparative Balance SheetsDecember 31 Assets   2022   2021 Cash   $81,100     $49,000   Accounts receivable   87,700     38,100   Inventory   111,200     102,100   Prepaid expenses   29,000     27,500   Long-term investments   140,900     113,300   Plant assets   285,000     242,400   Accumulated depreciation   (46,800)     (48,400)      Total   $688,100     $524,000                 Liabilities and Stockholders’ Equity             Accounts payable   $110,000     $67,400   Accrued expenses payable   16,500     21,500   Bonds payable   119,300     149,300   Common stock   219,900     174,600   Retained earnings   222,400     111,200      Total   $688,100     $524,000     CORONADO INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue       $376,500 Less:…

Condensed financial data of Coronado Inc. follow. CORONADO INC.Comparative Balance SheetsDecember 31 Assets   2022   2021 Cash   $81,100     $49,000   Accounts receivable   87,700     38,100   Inventory   111,200     102,100   Prepaid expenses   29,000     27,500   Long-term investments   140,900     113,300   Plant assets   285,000     242,400   Accumulated depreciation   (46,800)     (48,400)      Total   $688,100     $524,000                 Liabilities and Stockholders’ Equity             Accounts payable   $110,000     $67,400   Accrued expenses payable   16,500     21,500   Bonds payable   119,300     149,300   Common stock   219,900     174,600   Retained earnings   222,400     111,200      Total   $688,100     $524,000     CORONADO INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue       $376,500 Less:…

DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)   2021   2020   Assets                 Cash $ 49     $ 24     Accounts receivable   46       53     Less: Allowance for uncollectible accounts   (3 )     (2 )   Dividends receivable   3       2     Inventory   65       60     Long-term investment   21       18     Land   85       60     Buildings and equipment   273       290     Less: Accumulated depreciation   (70 )     (90 )     $ 469     $ 415     Liabilities                 Accounts payable $ 35     $ 43     Salaries payable   3       7     Interest payable   7       2     Income tax payable   8       9     Notes payable   25       0     Bonds payable   115       90     Less: Discount on bonds   (4 )     (5 )   Shareholders' Equity                 Common stock   210       200     Paid-in capital—excess of par   24       20     Retained earnings   54       49     Less: Treasury stock   (8 )     0…

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CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts payable $58,880 Common stock ($10 104,650 184,000 par) Allowance for doubtful accounts (3.450) Retained earnings 293,020 Supplies 10.120 Land 92,000 Buildings 326,600 Accumulated depreciation-buildings (50,600) $535,900 $535,900 During 2025, the following transactions occurred. 1. On January 1. Concord issued 2,760 shares of $40 par. 7% preferred stock for $113,160. 2. On January 1, Concord also issued 2,070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1, 2025, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2025, to Mar 31, 2026. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other…

WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change in net working capital for 2020? (Do not round intermediate calculations.) c-1. In 2020, the company purchased $3,110 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) c-2. In 2020, the company purchased $3,110 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 25 percent. (Do not round intermediate calculations.) d-1. During 2020, the company raised $772 in new…

JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Current assets Liabilities and Owners' Equity Current liabilities 2020 2021 Cash $12,000 $ 17,775 Accounts payable Accounts receivable 12,750 16,425 Notes payable $46,875 $55,575 19,125 24,750 Inventory 50,250 56,925 Total $75,000 $91,125 Total $66,000 $80,325 Long-term debt $30,000 $27,000 Owners' equity Common stock and paid-in surplus $45,000 $45,000 Retained earnings 234,000 297,675 Net plant and equipment $ 300,000 $ $ 358,875 Total $279,000 342,675 $ $ Total assets $375,000 Total liabilities and owners' equity $375,000 450,000 450,000 Prepare the 2021 common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity 2020 2021 $ 12,000 $ 17,775 12,750 16,425 50,250 56,925 $ 69 75,000 $…

Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…

Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…

1. Floyd Corporation was formed and began operations on January 1, 2020. The corpora- tion is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below. The Floyd Corporation Income Statement for the Year Ended December 31, 2020 Gross income from operations Qualified dividends received from a 15 percent- owned domestic corporation Total gross income Cost of goods sold Total income $ 320,000 20,000 340,000 (70,000) 270,000 Other expenses: Compensation of officers Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book (tax depreciation Advertising Payroll taxes Total other expenses Pretax book income Income tax expense Net income $80,000 20,000 9,000 3,000 10,000 3,000 15,000 $90,000) %3D (140,000) 130,000 25,200 $ 104,800

Presented below are data taken from the records of Sheffield Company.     December 31,2020   December 31,2019 Cash   $15,100   $7,900 Current assets other than cash   85,800   59,800 Long-term investments   10,100   53,000 Plant assets   335,200   214,500     $446,200   $335,200           Accumulated depreciation   $20,200   $40,200 Current liabilities   39,600   22,000 Bonds payable   75,800   –0– Common stock   252,800   252,800 Retained earnings   57,800   20,200     $446,200   $335,200 Additional information: 1.   Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2.   Plant assets that cost $49,600 and were 80% depreciated were sold during 2020 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3.   Net income as reported on the…

Presented below are data taken from the records of Sheffield Company.     December 31,2020   December 31,2019 Cash   $15,100   $7,900 Current assets other than cash   85,800   59,800 Long-term investments   10,100   53,000 Plant assets   335,200   214,500     $446,200   $335,200           Accumulated depreciation   $20,200   $40,200 Current liabilities   39,600   22,000 Bonds payable   75,800   –0– Common stock   252,800   252,800 Retained earnings   57,800   20,200     $446,200   $335,200 Additional information: 1.   Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2.   Plant assets that cost $49,600 and were 80% depreciated were sold during 2020 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3.   Net income as reported on the…

Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales   $2,192,500 Cost of goods sold   1,010,500 Selling and administrative expenses   900,500 Interest expense   78,000 Income tax expense   62,500 Net income   $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets     Current assets       Cash   $ 55,100   Debt investments   89,000   Accounts receivable (net)   168,400   Inventory   236,500    Total current assets   549,000 Plant assets (net)   572,500 Total assets   $ 1,121,500 Liabilities and Stockholders’ Equity     Current liabilities       Accounts payable   $ 152,000   Income taxes payable   31,000    Total current liabilities   183,000 Bonds payable   220,740    Total liabilities   403,740 Stockholders’ equity       Common stock   345,000   Retained earnings   372,760…

Global Corp. initially projected the 2019 income statement shown in the table E. Suppose that in 2019, Global launched an aggressive marketing campaign that boosted 2019 sales further by 14.1%. However, their operating margin fell from 5.56% to 4.49% Suppose that they had no other income, interest expenses were unchanged, and taxes were the same percentage of pretax income (26%) as in 2018. a. What was Global's EBIT in 2019? b. What was Global's income in 2019? c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? a. What was Global's EBIT in 2019? Global's EBIT was $ million. (Round to two decimal places.) b. What was Global's income in 2019? Net income was $ million. (Round to two decimal places.) c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? Global's share price in 2019 was $. (Round to the nearest cent.)

Philly Corporation   Philly Corporation Income Statement   Comparative Account Information Relating to Operations For the Year Ended December 31, 2020   For the Year Ended December 31, 2020           2020 2019   Sales Revenue                 680,000     Accounts receivable -net           78,000             65,000   Cost of goods sold                 355,000     Prepaid insurance              5,000                6,000   Salaries expense                     50,000     Equipment         111,100          122,400   Depreciation expense equipment                       6,800     Accumulated Depreciation           13,800             14,600   Interest expense                       8,000     Land           56,000             36,000   Bad debt expense                       2,400     Accounts Payable            59,000             47,000   Loss on sale of equipment                       4,800     Interest payable                   600                1,500   Miscellaneous…

Kindly help me with general accounting question

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Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp.Comparative Balance SheetsDecember 31 Assets   2022     2021   Cash   $ 72,720     $ 43,560   Accounts receivable   79,020     34,200   Inventory   101,250     92,565   Prepaid expenses   25,560     23,400   Long-term investments   124,200     98,100   Plant assets   256,500     218,250   Accumulated depreciation   (45,000 )   (46,800 ) Total   $614,250     $463,275                 Liabilities and Stockholders’ Equity             Accounts payable   $ 91,800     $ 60,570   Accrued expenses payable   14,850     18,900   Bonds payable   99,000     131,400   Common stock   198,000     157,500   Retained earnings   210,600     94,905   Total   $614,250     $463,275     Whispering Winds Corp.Income Statement DataFor the Year Ended December 31, 2022 Sales revenue…

Just Dew It Corporation 2018 and 2019 Balance Sheets Assets Liabilities and Owner’s Equity   2018 2019   2018 2019 Current Assets     Current Liabilities     Cash $11,135 $13,407 Accounts payable $45,166 $48,185 Accounts Receivable  28,419  30,915 Notes payable  17,773  18,257 Inventory  51,163  56,295 Total $62,939 $66,442 Total $90,717 $100,617             Long term debt $44,000 $39,000                   Owners’ equity     Net plant and equipment $326,456 $357,560 Common stock and paid-in surplus $50,000 $50,000       Retained earnings  260,234  302,735       Total $310,234 $352,735             Total assets $417,173 $458,177 Total liabilities and owners’ equity $417,173 $458,177 Prepare the 2019 common-base year balance sheet for Just Dew It.

Just Dew It Corporation 2018 and 2019 Balance Sheets Assets Liabilities and Owner’s Equity   2018 2019   2018 2019 Current Assets     Current Liabilities     Cash $11,135 $13,407 Accounts payable $45,166 $48,185 Accounts Receivable  28,419  30,915 Notes payable  17,773  18,257 Inventory  51,163  56,295 Total $62,939 $66,442 Total $90,717 $100,617             Long term debt $44,000 $39,000                   Owners’ equity     Net plant and equipment $326,456 $357,560 Common stock and paid-in surplus $50,000 $50,000       Retained earnings  260,234  302,735       Total $310,234 $352,735             Total assets $417,173 $458,177 Total liabilities and owners’ equity $417,173 $458,177 For each account on this company’s balance sheet, show the change in the account during 2019 and note…

Just Dew It Corporation 2018 and 2019 Balance Sheets Assets Liabilities and Owner’s Equity   2018 2019   2018 2019 Current Assets     Current Liabilities     Cash $11,135 $13,407 Accounts payable $45,166 $48,185 Accounts Receivable  28,419  30,915 Notes payable  17,773  18,257 Inventory  51,163  56,295 Total $62,939 $66,442 Total $90,717 $100,617             Long term debt $44,000 $39,000                   Owners’ equity     Net plant and equipment $326,456 $357,560 Common stock and paid-in surplus $50,000 $50,000       Retained earnings  260,234  302,735       Total $310,234 $352,735             Total assets $417,173 $458,177 Total liabilities and owners’ equity $417,173 $458,177 Prepare the 2019 combined common-size, common-base year balance sheet for Just Dew It.

...///// Acme Company Balance Sheet As of January 5, 2023 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300   Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023 1. Sell product for $25,000 with historical cost of $20,000 2. Sell product for $30,000 with historical cost of $24,000 3. Sell product for $20,000 with historical cost of $16,000 What is the final amount in Retained Earnings?   help plz thank u sm

General Account

Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31     2020   2019 Cash   $ 16,350   $ 32,700 Accounts receivable (net)   76,300   65,400 Inventory   65,400   54,500 Plant assets (net)   218,000   196,200     $376,050   $348,800 Accounts payable   $ 54,500   $ 65,400 Mortgage payable (15%)   109,000   109,000 Common stock, $10 par   152,600   130,800 Retained earnings   59,950   43,600     $376,050   $348,800 Additional information for 2020: 1.   Net income was $34,000. 2.   Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3.   Cost of goods sold was $200,600. 4.   Net cash provided by operating activities was $59,000. 5.   Capital expenditures were $26,400, and cash dividends were $16,500. Compute the following ratios at December 31, 2020. (Round current ratio and inventory turnover to 2 decimal places, e.g.…

PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets  $ 1,278  $ 1,403 Current liabilities  $ 566  $ 613 Net fixed assets 5,057 6,120 Long-term debt 2,760 2,939     PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,874 Costs 7,243 Depreciation 1,435 Interest paid 436     a. What is owners' equity for 2020 and 2021?  b. What is the change in net working capital for 2021?  c-1. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell?  c-2. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent.  d-1. During 2021, Parrothead Enterprises raised $564 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year?  d-2. During 2021, Parrothead Enterprises raised $564 in new…

Indigo Corporation Indigo Corporation Balance Sheets December 31 Income Statements For the Years Ended December 31 2020 2019 2020 2019 2018 Sales revenue $ 21,000 $606,000 $ 31,000 $ 19,000 $746,000 Cash Less: Sales returns and allowances 41,000 31,000 Accounts receivable (net) 49,000 51,000 46,000 Other current assets 96,000 Net sales 101,000 70,000 705,000 575,000 76,000 51,000 431,000 Investments 61,000 Cost of goods sold 356,000 500,000 370,000 358,000 Gross profit Plant and equipment (net) 274,000 219,000 $739,000 $614,000 $547,000 Operating expenses (including income taxes) 181,000 151,000 $ 68,000 $ 93,000 $ 86,000 $ 81,000 $ 71,000 Current liabilities Net income Long-term debt 151,000 91,000 56,000 Additional information: Common stock, $10 par 306,000 326,000 316,000 126,000 Retained earnings 176,000 114,000 The market price of Indigo's common stock was $7.00, $7.50, and $8.50 for 2018, 2019, and 2020, respectively. 1. You must compute dividends paid. All dividends were paid in…

View Policies Current Attempt in Progress The comparative statement of financial position for Sunland Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $65,000 $42,000 Inventory 80,000 63,500 Accounts payable 35,000 44,000 Dividends payable 1,400 2,400 Sunland's statement of income reported the following selected information for the year ended March31, 2021: net income was $270,000, depreciation expense was $65,000, and a loss on the disposal of land was $15,000. Sunland uses a perpetual inventory system. Calculate net cash provided (used) by operating activities 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).) SUNLAND CORPORATION Statement of Cash Flows (Partial) Operating activities Adjustments to reconcile net income to

The most recent financial statements for Crosby, Incorporated, appear below. Sales for 2022 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest expense Taxable income Taxes (24%) CROSBY, INCORPORATED 2021 Income Statement Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory $31,335 69,745 $ 20,640 43,580 91,960 $747,000 582,000 18,000 FA $147,000 14,000 $ 133,000 31,920 $ 101,080 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Seved Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total $ 54,800 14,000 $ 68,800 MA000