Assets Cash Accounts receivable Inventory Land BRAMBLE Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. Net income for 2022 was $101,500. 2022 $73,500 86,200 169,600 73,300 259,600 (66,400) $595,800 $35,300 151,500 217,200 191,800 $595,800 2021 $32,900 70,600 187,200 101,200 200,700 (33,900) $558,700 $46,600 203,000 174,700 134,400 $558,700

Assets Cash Accounts receivable Inventory Land BRAMBLE Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. Net income for 2022 was $101,500. 2022 $73,500 86,200 169,600 73,300 259,600 (66,400) $595,800 $35,300 151,500 217,200 191,800 $595,800 2021 $32,900 70,600 187,200 101,200 200,700 (33,900) $558,700 $46,600 203,000 174,700 134,400 $558,700

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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Question Content Area Fortune Corporation’s comparative balance sheet showed noncash current assets and liabilities as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $7,500 $5,200 Merchandise inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust Year 2 net income of $65,000 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.$fill in the blank 1
Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $300,300 $186,760 Property, plant, and equipment 446,160 392,840 Intangible assets 111,540 64,400 Current liabilities 163,020 90,160 Long-term liabilities 368,940 270,480 Common stock 68,640 77,280 Retained earnings 257,400 206,080 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place.
Balance Sheet December 31, 2021 Current Assets: Cash 46,200 Accounts Receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total Assets 957,700 Liabilities and Stockholders' Equity Current liabilities: 158,000 Accounts Payable Stockholders' equity: Common stock 419,800 Retained earnings 379,900 Total stockholders; equty 799,700 Total liabilities and stockholder's equity 957,700 Additional Information The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2022 budget: 1 The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth…
Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares)…
Current assets Cash Accounts receivable Inventory Total Net plant and equipment Total assets Current assets Cash Assets Fixed assets 2017 $ 10,200 30,200 74,600 $ 115,000 Accounts receivable Inventory Total $285,000 $400,000 Assets 2018 Net plant and equipment $ 13,200 38,640 87,120 $ 138,960 $ 341,040 $480,000 $ $ $ 2017 Current liabilities For each account on this company's balance sheet, show the change in the account during 2018 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 "0" wherever required. A negative answer should be indicated by a minus sign.) Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in Retained earnings surplus Liabilities and Owners' Equity 2017 Total 10,2003 30,200 74,600 115,000 Total liabilities and owners' equity 285,000 Sources/Uses $ $ $ $ 46,000 27,800 $ 73,800 $ 40,000 $ 60,000 226,200 $286,200…
Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares) $200,000 $200,000 $200,000…
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Cash Flow Statment Problem no 03
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Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $137,500. Depreciation recorded on store equipment for the year amounted to $22,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $53,350 $48,550 Accounts receivable (net) 38,250 35,880 Merchandise inventory 52,230 54,620 Prepaid expenses 5,870 4,610 Accounts payable (merchandise creditors) 49,990 45,930 Wages payable 27,320 30,000 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Condensed Fronolol dets of Bramble Corp. Followw.. Inventory Long-term Investments Plant assets Accumulated depreciation Tote! Lisbilities and Stockholders' Equity Accrued expenses payable Bonds payabl Common stock Retained sernings Sales revenus Bramble Corp. Comparative Balance Sheets December 31 Total LISA 11 2 Net Income Income tax expense Interest expense Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant casats Additional Information: 20:22 257.100 $718,100 Bramble Corp. Income Statement For the Year Ended December 31, 2022 548.900 102.500 2021 $511400 27.500 7.500 $392 300 $178,200 New plant assats costing $79,800 were purchased for cash during the year. Old plant essets having an original cost of $45,500 and accumulated depreciation of $35,000 ware sold for $3,000 ceah. Bonds payable matured and were paid off at face value for cash. A cash dividend of 523.600 was declared and paid during the year. Further analysis…
P. P. Bank loan payable-current portion P. 26,000 21,000 P. P. P. Bank loan payable-non-current portion 382,000 217,000 P. Common shares P. 196,000 89,000 Retained earnings 41,000 26,000 P. P. P. Total liabilities and shareholders' equity $695,000 $396.000 P. P. P. P. Additional information regarding 2021: P. P. 1. Net income was $52,000. P. P. P. 2. A gain of $9,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. A gain on the disposal of $39,000 was recorded when an old building was sold for $57,000 cash. A new building was purchased for $367.000 and depreciation expense on buildings for the year was $60,000. 3. P. P. P. P. Equipment costing $68.000 was purchased while a loss of $9,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $11,000. 4. 5. The company took out $205,000 of new bank loans during the year. 6. Dividends were declared and paid and no…