What were the liabilities? at December 3131 showedTheStudios atbalance sheetof Unitedassetsof$30,000andshareholders equity of $20,000.What were the liabilities atDecember 31?

Step 1: Definitions Related to the QuestionDefinition of the Accounting EquationThe accounting…

Answered: at December 31 31 showed The Studios at…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

See similar textbooks

Similar questions

ok D Int = Print Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) 0 ferences # Short-term investments Accounts receivable Notes payable Percent Change = Short-term investments Accounts receivable Notes payable Type here to search Esc fo F1 1 X F2 $ Current Year $ 378,252 100,583 @ 2 0 Horizontal Analysis - Calculation of Percent Change Numerator: 1 Current Year F3 20 #m Prior Year $ 236,897 104,503 91,702 3 378,252 $ 100,583 F4 0 S4 Prior Year $ 236,897 104,503 91,702 F5 $ % 5 Denominator: Dollar Change F6 111,355 (3,920) (91,702) DELL F7 A Percent Change 29.4 % (26.7) % (100.0) % 6 F8 & 7 0 F9 * a 8 F10 9
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Investments $242,000 98,000 105,000 5,000 $ 130,000 102,000 90,000 3,000 Long-term assets: Land Equipment Less: Accumulated depreciation 580,000 890,000 (528,000) $1,392,000 580,000 770,000 (368,000) $1,307,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payab le Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 109,000 7,000 9,000 95,000 13,000 6,000 2$ 110,000 220,000 800,000 357,000 $1,392,000 $1,307,000 800,000 173,000 Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $184,000. 2. Sales on account are $1,890,000. 3. Cost of goods sold is $1,394,250.
Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 512,008 $ 392,240 2019 $ 272,200 Cost of goods sold 308,229 245,542 174,208 Gross profit 203,779 146,698 97,992 Selling expenses 72,705 54,129 35,930 Administrative expenses 46,081 34,517 22,593 Total expenses 118,786 88,646 58,523 Income before taxes .84,993 58,052 39,469 Income tax expense 15,809 11,901 8,012 Net income $ 69,184 $ 46,151 $ 31,457 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 54,370 0 $ 36,390 600 $ 48,645 3,870 99,436 90,776 53,339 Total liabilities and equity $ 153,806 $ 127,766 $ 105,854 $ 22,456 $ 19,037 $ 18,524 68,000 68,000 50,000 8,500 8,500 5,556 54,850 32,229 31,774 $ 153,806 $ 127,766 $ 105,854
PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,490.00 % 1 1 4 % $ $1,374.98 $300.00 $
How is the year-end balance of the NCI in Net Income (NCINI) account calculated? O A) NC1% of S's book/reported net income - NCI's % of Amort of Differential. B) NCI% of S's book/reported net income - NCI's % of Amort of Differential - NCI's% of S's dividends. C) NCI% of S's book/reported net income + NCI's % of Amort of Differential. D) NC1% of S's book/reported net income - NCI's % of Amort of Differential + NCI's% of S's dividends.
N1. All info is there
Please do not give solution in image format thanku
Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…
The following data were taken from Mesa Company's balance sheet: Dec. 31, 2019 Dec. 31,2018 $518,000 Total liabilities $547,800 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?
Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets NashAuto Supplies Balance Sheet December 31, 2021 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Common Stock Retained Earnings $ 39000 80000 99000 142000 182000 251000 $197000 (65000) 132000 142000 $1067000 Equity of liabilitior to ho clarified as current liabilities is Total Liabilities and Stockholders $397000 332000 $ 129000 54000 155000 338000 729000 $1067000
Using these data from the comparative balance sheets of Blossom Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable (net) $424,551 enter Accounts receivable in percentages on Dec. 31, 2022 % $ 333,450 enter Accounts receivable in percentages on Dec. 31, 2022 % Inventory 707,585 enter Inventory in percentages on Dec. 31, 2022 % 589,950 enter Inventory in percentages on Dec. 31, 2022 % Total assets 3,011,000 enter Total assets in percentages on Dec. 31, 2022 % 2,565,000 enter Total assets in percentages on Dec. 31, 2022 %
Total debt to total assets% ratio: ?? Round your answer to the nearest hundredth percent Return on equity% ratio: ?? Round your answer to the nearest hundredth percent Asset turnover ratio: ?? Round your answer to the nearest cent

SEE MORE QUESTIONS

Recommended textbooks for you

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

at December 31 31 showed The Studios at balance sheet of United assets of $30,000 and shareholders equity of $20,000. What were the liabilities at December 31?