Accounts Payable Accounts Receivable, net Cash Equity Long-term Debt Long-Term Investments Net Property and Equipment Other Assets Other Long-Term Debt Northcutt Clinic as of December 31, 2019 $55,000 $105,000 $60,000 $275,000 $140,000 $165,000 $170,000 $50,000 $80,000 8. What are the total assets of this company?
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- 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 $514,750K. Jackson Corporation Assets Cash Accounts receivable Inventory Net fixed assets Total assets Liabilities and owners' equity. Accounts payable ST Notes payable Long-term debt Owners' Equity Total liabilities and owner's equity Balance Sheet $250,000 450.000 500,000 2.100,000 $3,300.000 $100.000 450.000 1,050,000 1,700.000 $3,300,000 Income Statement Sales (all credit) Cost of goods sold Operating expense Interest expense Income taxes Net income $8,000,000 (4.000.000) (2,900,000) (150,000) (380,000) $570,000 Based on the information for K. Jackson Corporation, the current and acid-test ratios are, respectively. OA2.37 and 1.39. OB2 37 and 1.27 OC2 18 and 1.39 OD.2 18 and 1.27 OE None of the above.Quantitative Problem: Rosnan Industries' 2022 and 2021 balance sheets and income statements are shown below. Balance Sheets: 2022 2021 Assets Cash and equivalents $ 100 $ 85 Accounts receivable 275 300 Inventories 375 250 Total current assets $ 750 $ 635 Net plant and equipment 2,300 1,490 Total assets $ 3,050 $ 2,125 Liabilities and Equity Accounts payable $ 150 $ 85 Accruals 75 50 Notes payable 150 75 Total current liabilities $ 375 $ 210 Long-term debt 450 290 Total liabilities $ 825 $ 500 Common stock 1,225 1,225 Retained earnings 1,000 400 Total common equity $ 2,225 $ 1,625 Total liabilities and equity $ 3,050 $ 2,125 Income Statements: 2022 2021 Sales $ 2,405 $ 1,585 Operating costs excluding depreciation 1,250 1,000 EBITDA $…
- Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,700 Accounts Payable 4,800 Debt 3,800 Other Liabilities 15,800 Total Liabilities 900 Paid-In Capital 2,400 3,700 5,000 11,100 6,000 Retained Earnings 22,900 Total Equity 28,900 40,000 Total Liabilities & 40,000 Equity Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Receive payment of $12,000 owed by a customer 2. Buy $15,000 worth of manufacturing supplies on credit 3. Purchase equipment for $44,000 in cash 4. Issue $80,000 in stock 5. Pay $4,000 owed to a supplier 6. Borrow $58,000 from a bank 7. Buy $15,000 worth of manufacturing supplies on credit What is the final amount in Accounts Payable?The following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) 53,000 41,000 Accounts receivable (net) 103,000 92,000 Inventory 239,000 164,000 Prepaid expenses 25,000 29,000 Land 132,000 132,000 Building and equipment (net) 263,000 188,000 Total assets $884,000 $715,000 Liabilities and Stockholders’ Equity Notes payable (current) $170,000 $101,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 205,000 205,000 Retained earnings 150,000 143,000 Total liabilities and stockholders’ equity $884,000 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $36,767 Accounts receivable 74,993 Accrued liabilities 6,681 Cash 17,378 Intangible assets 41,965 Inventory 83,039 Long-term investments 90,147 Long-term liabilities 70,154 Marketable securities 39,256 Notes payable (short-term) 24,477 Property, plant, and equipment 689,894 Prepaid expenses 1,932 Based on the data for Harding Company, what is the amount of working capital?
- Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Blue Corporation Balance Sheets December 31 Net income 2025 $31,000 $21,000 51,000 95,000 60,000 500,000 $86,000 150,000 370,000 $737,000 $612,000 $81,000 325,000 176,000 $737,000 Blue Corporation Income Statements For the Years Ended December 31 Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) 2024 46,000 100.000 2025 75,000 90,000 315,000 $745,000 41,000 704,000 430,000 2023 $19,000 49,000 126,000 114,000 $612,000 $545,000 69,000 2024 50,000 358,000 $545,000 $71,000 55,000 305,000 $605,000 31,000 574,000 355,000 219,000 151,000 274,000 181,000 $93,000 $68,000Just 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…The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 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).)
- Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…The following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) 53,000 41,000 Accounts receivable (net) 103,000 92,000 Inventory 239,000 164,000 Prepaid expenses 25,000 29,000 Land 132,000 132,000 Building and equipment (net) 263,000 188,000 Total assets $884,000 $715,000 Liabilities and Stockholders’ Equity Notes payable (current) $170,000 $101,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 205,000 205,000 Retained earnings 150,000 143,000 Total liabilities and stockholders’ equity $884,000 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable. Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals $ Debits 65,000 130,000 70,000 210,000 8,000 110,000 430,000 120,000 20,000 Credits $ 110,000 70,000 95,000 160,000 30,000 250,000 330,000 118,000 $1,163,000 $1,163,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $40,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $35,000 that the company has…