ABC Inc.Balance Sheet as at December 31, 2015 and 2016 ($ thousands)Current AssetsCashAccounts ReceivableInventoryTotal Current AssetsFixed AssetsProperty, Plant & EquipmentLess Accumulated DepreciationProperty. Plant & Equipment, netTotal AssetsLiabilities and S/H EquityCurrent LiabilitiesAccounts PayableNotes Payable and short-term deblTotal Current LiabilitiesLong-Term DebtShareholders EquityCommon SharesPaid-In CapitalRetained EarningsTotalTotal Liabilities and S/H EquityABC Inc.Income Statement for 2015 and 2016 ($ thousands)RevenueCost of Goods SoldOperating ExpensesDepreciationEarnings Before Interest & Taxes (EBIT)Interest PaidIncome Before Taxes (EBT)Taxes PaidNet Income (NI)Dividend$ 200450550$1,2002.200(1,000)1,2002015$2,400$ 2000$ 200$ 600300600700$1,600$2,4002015$1,20070030220$ 250150$ 20080$ 1202016$1,45085014020036060$ 300120$ 18080$2016$ 150425625$1,2002,70011.200)1,500$2,700$ 150150300300600800$1.700$2,700700I a) Identify the items the items that you need to adjust to Net Income to determine cash flow fromoperating activitiesictions: On1. Depreciation Expense2. Year over year change in Accounts Receivable (2016 balance over 2015 balance)3. Year over year change in Inventory (2016 balance over 2015 balance)4. Year over year change in Accounts Payable (2016 balance over 2015 balance)b) Calculate cash flow from operating activities (CFO) for 2016$ 180Net IncomeAdd: Depreciation ExpenseAdd: Decrease in Accounts ReceivableLess: Increase in inventoryLess: Decrease in Accounts PayableCash flow from OperationsAccessibility: Investigate$ 200$ 25C)culate cash flow from investing activities for 2016= - (Year over year change in gross balance of fixed asset or Property, Plant & Equipment)= -(2016 Gross balance - 2015 Gross balance) = $(2,700 2,200) = -$500Search($ 75)($ 50)$ 280SAMSUNG13

Cash flow statement is the financial statement that records the inflow and outflow of cash…

ABC Inc. Balance Sheet as at December 31, 2015 and 2016 ($ thousands) Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant & Equipment Less Accumulated Depreciation Property, Plant & Equipment, net Total Assets Liabilities and S/H Equity Current Liabilities Accounts Payable Notes Payable and short-term debt Total Current Liabilities Long-Term Debt Shareholders' Equity Common Shares Pald-In Capital Retained Earnings Total Total Liabilities and S/H Equity ABC Inc. Income Statement for 2015 and 2016 ($ thousands) Revenue Cost of Goods Sold Operating Expenses Depreciation Earnings Before Interest & Taxes (EBIT) Interest Paid Income Before Taxes (EBT) Taxes Paid Net Income (NI) Dividend $ 200 450 550 $1,200 2015 2,200 (1,000) 1,200 $2,400 $ 200 0 $ 200 $ 600 300 600 700 $1,600 $2,400 2015 $1,200 700 30 220 250 $ 200 120 2016 $1,450 850 40 200 $360 Inn 2016 60 300 120 $ 180 80 $ 150 425 625 $1,200 300 600 800 $1,700 $2,700 2,700 (1,200) 1,500 $2,700 $ 150 150 300 700 I

ABC Inc. Balance Sheet as at December 31, 2015 and 2016 ($ thousands) Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant & Equipment Less Accumulated Depreciation Property, Plant & Equipment, net Total Assets Liabilities and S/H Equity Current Liabilities Accounts Payable Notes Payable and short-term debt Total Current Liabilities Long-Term Debt Shareholders' Equity Common Shares Pald-In Capital Retained Earnings Total Total Liabilities and S/H Equity ABC Inc. Income Statement for 2015 and 2016 ($ thousands) Revenue Cost of Goods Sold Operating Expenses Depreciation Earnings Before Interest & Taxes (EBIT) Interest Paid Income Before Taxes (EBT) Taxes Paid Net Income (NI) Dividend $ 200 450 550 $1,200 2015 2,200 (1,000) 1,200 $2,400 $ 200 0 $ 200 $ 600 300 600 700 $1,600 $2,400 2015 $1,200 700 30 220 250 $ 200 120 2016 $1,450 850 40 200 $360 Inn 2016 60 300 120 $ 180 80 $ 150 425 625 $1,200 300 600 800 $1,700 $2,700 2,700 (1,200) 1,500 $2,700 $ 150 150 300 700 I

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS 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 $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. Complete this question by entering your answers in the tabs below. a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 19.9 % 13.9 % %6 $208,600 60,000 86,000 3,100 times %6 390,000 390,000 700,000 580,000 (338,000) (178,000)…
Weighted Average Cost of Capital The December 31, 2018, partial financial statements taken from the annual report for AT&T Inc. (T ) follow. Consolidated Statements of Income Dollars in millions except per share amounts 2018 2017 Operating revenues Service $152,345 $145,597 Equipment 18,411 14,949 Total operating revenues 170,756 160,546 Operating expenses Equipment 19,786 18,709 Broadcast, programming and operations 26,727 21,159 Other cost of services (exclusive of depreciation and amortization show separately below) 32,906 37,942 Selling, general and administrative 36,765 35,465 Abandonment of network assets 46 2,914 Depreciation and amortization 28,430 24,387 Total operating expenses 144,660 140,576 Operating income 26,096 19,970 Other income (expense): Interest expense (7,957) (6,300) Equity in net income of affiliates (48) (128)…
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The following financial information relates to Cams Limited. Statement of Financial Position as at 31 December 2020 and 2021 2021 Ordinary share capital Retained earnings Property, plant and equipment Investments Debentures 12.5% Inventory Trade debtors Prepaid expenses Trade creditors Bank overdraft SARS (income tax) Shareholders for dividends R 400 000 000 Profit before interest and tax Depreciation on equipment Dividends received on investments Interest on dividends Income tax 55 230 000 165 000 20 000 124 000 37 000 25 21 000 000 5 000 30 000 Statement of comprehensive income for the year 31 December 2021 REGENT BUSINESS SCHOOL (RBS) ACADEMIC AND ASSESSMENT CALENDAR-JANUARY 2022 Note no. 1 for the year ended 31 December 2020 and 2021 Property, plant and equipment Land and building at cost Equipment at carrying value R 295 000 5000 195 000 2021 (R) 200 000 30.000 230 000 110 000 60 000 R 2020 120 000 28 500 1500 42 500 25 000 7 500 20 000 BACHELOR OF COMMERCE IN HUMAN RESOURCE…
cash flow statment Assets Long term investments long-term assets Brand name & Goodwell The comparative statements of financial position of Lopez Inc. at the beginning and the end of the year 2022 appear as follows. Inventory Accounts receivable Cash Total J Equity and Liabilities Share capital ordinary Retained earnings Accounts payable Income Tax payable Total Ć Lopez Inc. Statements of Financial Position Dec.31, 2022 $ 56,000 115,000 50,000 100,000 65,000 12,000 $398,000 $250,000 61,000 53,000 34,000 $398,000 Jan. 1, 2022 $ 40,000 150,000 43,000 60,000 40,000 43,000 $376,000 $ 200,000 91,000 75,000 10,000 $376,000 Additional information Net income $90,000 Deprecation on long term assets $25,000 dividends of $15,000 were paid in 2022 a long-term asset with a net book value of $10,000 were sold at a gain of $17,000 Instructions From the information given above, prepare a Cash Flow Statement for Lopez Inc. for the period ending 31st Dec., 2022 (Using indirect method). Show very clearly…
The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…
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Current Assets Non-Current Assets Total Assets Current Liabilities Non-Current Liabilities Stockholder's Equity Total Liabilities & Stockholder's Equity Required: Patikim Corporation Comparative Financial Condition For the Years Ended Dec. 31, 2017, 2016, & 2015 P P 2017 1,105,500 5,583,120 6,688,620 1,664,415 1,500,000 3,524, 205 6,668,620 P P 2016 1,025,500 P 1. Prepare Comparative Statement 2017, 2016 & 2015 (Increase, Decrease) 2. Prepare Horizontal Analysis 3. Prepare Vertical Analysis 2015 5,822,710 6,848,210 952,918 1,500,000 4,395,293 6,848,210 7,018,600 955,900 6,062,700 7,018,600 1,147,528 1,500,000 4,371,073
The following data are taken from the ledger of PQR Co. Date Particulars Debit Credit 1/1/2017 Balance 6/30/2017 Dividends paid 12/31/2017 Netincome for 2017 2/7/2018 Premium in share capital 4/30/2018 Loss on sale of land 9/30/2018 Dividends paid 12/31/2018 Net income for 2018 12/31/2018 Revaluation surplus 7/1/2019 Gain on sale of treasury stock 12/31/2019 Net income 2019 80,600 25,000 42,500 10,000 5,000 20,000 5,800 40,000 1,600 33,700 Unrealized loss on FV OCI securities 3,400 What is the correct balance of Retained earnings on December 31, 2019?
Splish Brothers Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 1. 2. $125,020 80,840 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: to $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81,780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI…
Comparative balance sheets for Hamilton Company are presented below. Hamilton Company Comparative Balance Sheet Decemebr 31 Assets 2017 2016 Cash 78000 12000 Accoutns Receivable 93000 76000 Inventory 180000 189000 Land 75000 100000 Equipemnt 250000 210000 Accu Dep - Equipment (66,000) (42,000) Total 610000 545000 Liability and Equity Accounts Payable 34000 47000 Bonds Payable 150000 200000 Common Stock ($1 Par ) 214000 164000 Retained Earnings 212000 134000 Total 610000 545000 Additional information: 1. Net income for 2017 was $134000 2. Cash dividends of $65,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.…