A comparative balance sheet for Talkington Corporation is presented below.AssetsCashAccounts receivableInventoryLandDecember 312020$ 68,00082,000170,00071,000280,000(74,000)$597,0002019$ 22,00066,000189,000110,000200,000(42,000)$545,000EquipmentAccumulated depreciation-equipmentTotalLiabilities and Stockholders' EquityAccounts payableBonds payableCommon stock ($1 par)Retained earnings$34,000250,000164,000149,000$597,000$ 47,000200,000164,000134,000$545,000TotalAdditional information:1. Net income for 2020 was $105,000; there were no gains or losses.2. Cash dividends of $90,000 were declared and paid.3. Bonds payable of $50,000 were issued.Instructions:Compute each of the following:1. Net cash provided by operating activities2. Net cash provided (used) by investing activities3. Net cash provided (used) by financing activities

Name: A comparative balance sheet for Talkington Corporation is presented b
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: A comparative balance sheet for Talkington Corporation is presented below.AssetsCashAccounts receivableInventoryLandDecember 312020$ 68,00082,000170,00071,000280,000(74,000)$597,0002019$ 22,00066,000189,000110,000200,000(42,000)$545,000EquipmentAccu

To calculate net cash flow from operating , investing and financing activities we prepare cash flow…

Business

Accounting

A comparative balance sheet for Talkington Corporation is presented below. Assets Cash Accounts receivable Inventory Land December 31 2020 $ 68,000 82,000 170,000 71,000 280,000 (74,000) $597,000 2019 $ 22,000 66,000 189,000 110,000 200,000 (42,000) $545,000 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 34,000 250,000 164,000 149,000 $597,000 $ 47,000 200,000 164,000 134,000 $545,000 Additional information: 1. Net income for 2020 was $105,000; there were no gains or losses. 2. Cash dividends of $90,000 were declared and paid. 3. Bonds payable of $50,000 were issued. Instructions: Compute each of the following: 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities

A comparative balance sheet for Talkington Corporation is presented below. Assets Cash Accounts receivable Inventory Land December 31 2020 $ 68,000 82,000 170,000 71,000 280,000 (74,000) $597,000 2019 $ 22,000 66,000 189,000 110,000 200,000 (42,000) $545,000 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 34,000 250,000 164,000 149,000 $597,000 $ 47,000 200,000 164,000 134,000 $545,000 Additional information: 1. Net income for 2020 was $105,000; there were no gains or losses. 2. Cash dividends of $90,000 were declared and paid. 3. Bonds payable of $50,000 were issued. Instructions: Compute each of the following: 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 10, 620 $ 13, 275 Accounts payable $ 52, 560 $ 60, 750 Accounts receivable 21,420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99,900 $ 125, 775 Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 $ 324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity $ 360,000 $ 450,000 For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter…
Presented below are data taken from the records of Wildhorse Company. December 31,2020 December 31,2019 Cash $15,200 $8,100 Current assets other than cash 84,700 60,600 Long-term investments 10,000 52,900 Plant assets 332,400 215,200 $442,300 $336,800 Accumulated depreciation $20,100 $40,100 Current liabilities 39,600 22,100 Bonds payable 74,800 –0– Common stock 254,500 254,500 Retained earnings 53,300 20,100 $442,300 $336,800 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 $50,500 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the…
The balance sheets for Monitor World Corporation and additional information are provided below. MONITOR WORLD CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $128,400. 2. Sales on account are $1,702,000. 3. Cost of goods sold is $1,276,500. Complete this question by entering your answers in the tabs below. a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio e. Debt to equity ratio 2024 times times $176,400 88,000 100,000 4,500 % Required: 1. Calculate the following risk ratios for 2024: 2. When we compare…
The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $ 53,000 $ 120,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable $ 62,500 $ 43,800 Bonds payable, due June 2021 0 100,000 Common stock, $10 par 335,000 285,000 Paid-in capital in excess of par - Common stock 74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2021 appears below: Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000…
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
Condensed financial data of Granger Inc. follow. Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets GRANGER INC. Comparative Balance Sheets December 31 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 2022 $80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $102,000 16,500 110,000 220,000 234,000 $682,500 2021 $48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $67,300 21,000 146,000 175,000 105,450 $514,750
Vaughn Corporation’s comparative balance sheets are presented below. VAUGHN CORPORATIONComparative Balance SheetsDecember 31 2022 2021 Cash $14,700 $11,000 Accounts receivable 21,100 23,800 Land 20,000 25,600 Buildings 70,000 70,000 Accumulated depreciation—buildings (15,400) (10,700) Total $110,400 $119,700 Accounts payable $12,300 $31,100 Common stock 74,600 70,800 Retained earnings 23,500 17,800 Total $110,400 $119,700 Additional information: 1. Net income was $23,000. Dividends declared and paid were $17,300. 2. No noncash investing and financing activities occurred during 2022. 3. The land was sold for cash of $4,700. (a) Prepare a statement of cash flows for 2022 using the indirect method. (b) Incorrect answer icon…
Shown below are comparative balance sheets for Novak Company. Novak CompanyComparative Balance SheetsDecember 31 Assets 2022 2021 Cash $ 122,400 $ 39,600 Accounts receivable 158,400 136,800 Inventory 300,600 340,200 Land 144,000 180,000 Equipment 468,000 360,000 Accumulated depreciation—equipment (118,800 ) (57,600 ) Total $1,074,600 $999,000 Liabilities and Stockholders’ Equity Accounts payable $ 70,200 $ 77,400 Bonds payable 270,000 360,000 Common stock ($1 par) 388,800 313,200 Retained earnings 345,600 248,400 Total $1,074,600 $999,000 Additional information: 1. Net income for 2022 was $167,400. 2. Depreciation expense was $61,200. 3. Cash dividends of $70,200 were declared and paid. 4. Bonds payable amounting to $90,000…
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets Current liabilities Cash $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners’ equity $ 400,000 $ 500,000 For each account on this company’s balance sheet, show the change in the account during 2021 and note whether…
A comparative balance sheet for Shabbona Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 73,000 $ 22,000 Accounts receivable 82,000 66,000 Inventory 180,000 189,000 Land 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation—equipment (69,000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable $ 34,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 199,000 134,000 Total $597,000 $545,000 Additional information: 1. Net income for 2020 was $125,000. No gains or losses were recorded in 2020. 2. Cash dividends of $60,000 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Instructions a. Prepare a statement of cash flows for 2020 for Shabbona Corporation. b. Determine Shabbona Corporation’s current cash debt coverage,…
The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Liabilities and Equity Cash and equivalents $ 20 Accounts payable $ 140 Accounts receivable 475 Accruals 310 Inventories 890 Notes payable 225 Total current assets $ 1,385 Total current liabilities $ 675 Net plant and equipment 2,560 Long-term bonds 1,500 Total liabilities $ 2,175 Common stock (100 million shares) 270 Retained earnings $ 1,500 Common equity $ 1,770 Total assets $ 3,945 Total liabilities and equity $ 3,945 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales $ 8,500 Operating costs excluding depreciation and amortization 5,650 EBITDA $ 2,850 Depreciation and amortization 500 EBIT $ 2,350 Interest 230 EBT $ 2,120…
Below are the 2018 and 2019 year-end balance sheets for Walker Inc.:. Assets Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total common equity Total liabilities and equity 2019 $200,000 864,000 2,000,000 $3,064,000 6,000,000 $9,064,000 $2,400,000 1,600,000 $3,000,000 2,400,000 2,000,000 664,000 $2,664,000 $9,064,000 2018 $170,000 700,000 1,400,000 $2,270,000 5,600,000 $7,870,000 $1,090,000 800,000 $1,890,000 2,400,000 3,000,000 580,000 $3,580,000 $7,870,000 Walker has never paid a dividend on its common share, and it issued $2,400,000 of 10-year non- callable, long-term debt in 2018. As of the end of 2019, none of the principal on this debt had been repaid. Assume that the company's sales in 2018 and 2019 were the same. Which of the following statements must be correct? O a. Walker issued new common shares in 2019. O b.…