AssetsCashAccounts receivableInventoryTotal current assetsEquipmentAccumulated depreciation-EquipmentTotal assetsGOLDEN CORPORATIONComparative Balance SheetsDecember 31Liabilities and EquityAccounts payableIncome taxes payableTotal current liabilitiesEquityCommon stock, $2 par valuePaid-in capital in excess of par value,common stockRetained earningsTotal liabilities and equityGOLDEN CORPORATIONIncome StatementFor Current Year Ended December 31SalesCost of goods soldGross profitOperating expenses (excludingdepreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet incomeAdditional Information on Current Year Transactions$ 180,000107,000625,000CurrentYear124,60087,000542,000912,000753,600378,100315,000(166,000) (112,000)1,124,100$ 119,00044,000163,000$1,872,0001,102,000770,000510,00054,000206,00044,400$ 161,6001,124,100611,200224,800125,100$Problem 16-8AB (Algo) Direct: Statement of cash flows LO P5a. Purchased equipment for $63,100 cash.b. Issued 13,600 shares of common stock for $5 cash per share.c. Declared and paid $105,000 in cash dividends.PriorYear$956,600$ 87,00033, 100120, 100584,000184,00068,500956,600RequiredPrepare a complete statement of cash flows using the direct method for the current year.Note: Amounts to be deducted should be indicated with a minus sign.

Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets GOLDEN CORPORATION Comparative Balance Sheets December 31 Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 180,000 107,000 625,000 542,000 Current Year 912,000 753,600 378,100 315,000 (166,000) (112,000) 1,124,100 $ 1,124,100 1,872,000 1,102,000 770,000 510,000 54,000 206,000 44,400 $ 161,600 $ 119,000 $ 87,000 200 $ 30 44,000 163,000 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. Prior Year em 16-8AB (Algo) Direct: Statement of cash flows LO P5 $ 124,600 87,000 611,200 224,800 125,100 $ $ 956,600 33, 100 120, 100 584,000 184,000 68,500 $ 956,600

Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets GOLDEN CORPORATION Comparative Balance Sheets December 31 Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 180,000 107,000 625,000 542,000 Current Year 912,000 753,600 378,100 315,000 (166,000) (112,000) 1,124,100 $ 1,124,100 1,872,000 1,102,000 770,000 510,000 54,000 206,000 44,400 $ 161,600 $ 119,000 $ 87,000 200 $ 30 44,000 163,000 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. Prior Year em 16-8AB (Algo) Direct: Statement of cash flows LO P5 $ 124,600 87,000 611,200 224,800 125,100 $ $ 956,600 33, 100 120, 100 584,000 184,000 68,500 $ 956,600

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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ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (30%) Net income Multiple Choice O Refer to the tables above. What Is Megaframe Computer's total asset turnover? O MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 O 7.58x 3.6x 2x 1.94x $ 875,000 600,000 $ 275,000 30,000 55,000 $ 190,000 25,000 $ 165,000 49,500 $ 115,500 $ 50,000 70,000 110,000 220,000 $ 450,000 $ 70,000 50,000 130,000 70,000 40,000 90,000 $ 450,000
Sales Revenue Less: Cost of Goods Sold Gross Profits Less: Operating Expenses Operating Profits Less: Interest Expense Net Profits Before Taxes Less: Taxes (40%) Net Profits After Taxes Assets Cash Income Statement Pulp, Paper and Paperboard, Inc. For the Year Ended December 31, 2019 Accounts receivable Inventories Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Liabilities and stockholders' equity Current liabilities Balance Sheet Pulp, Paper and Paperboard, Inc. December 31, 2019 Accounts payable Notes payable Accruals Total current liabilities Long-term debts Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Calculate the following: NP, GP $2,080,976 1,701,000 $ 379,976 273,846 $ 106,130 19,296 S 86,834 34,810 S 52,024 Current Ratio - Quick Ratio Receivable days - Payable days $ 95,000 237,000 243.000 $ 575,000 500,000 75.000 $ 425,000…
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Thunder Corporation's balance sheet and income statement appear below: Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income Operating activities: Comparative Balance Sheet Income Statement @ 550 D RSA $ 891 Required: Prepare a statement of cash flows in good form using the indirect method. Note: List any deduction in cash and cash outflows as negative amounts. Thunder Corporation Statement of Cash Flows For This Year Ended December 31 334 $ 116 Santa Ending Balance 72 53 466 206 $ 425 53 $ 425 SER SIS The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase a stock during the year. The company…
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balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 $ 19,500 37,400 84,640 5,900 350,000 $ 497,440 $ 33,000 56,400 134,500 6,900 304,400 $ 535,200 $ 68,340 86,800 190,000 152,300 $ 497,440 $ 535,200 $ 91,300 115,000 206,000 122,900 statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets Common stock, $5 par value Retained earnings Required: 1a. For both companies compute the (a) current ratio, (b) acid-test ratio, (c) accounts receivable turnover, (d) invent sales in inventory, and () days' sales uncollected. Note: Do not round intermediate calculations. 1b. Identify the company…
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