Balance Sheet as of December 31, 2020 Assets Liabilities and Owners' Equity ent assets Current liabilities sh counts receivable $ 21,940 44,880 Accounts payable Notes payable $ 56,100 15,300 entory 104,960 Total $ 71,400 otal $ 171,780 Long-term debt $ 143,000 d assets t plant and Owners' equity Common stock and paid-in $436,000 $ 121,000 oment
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- Condensed financial data of Concord Inc. follow. CONCORD INC.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $80,500 $48,700 Accounts receivable 87,900 38,600 Inventory 111,900 102,100 Prepaid expenses 29,400 27,900 Long-term investments 139,800 113,700 Plant assets 284,200 241,900 Accumulated depreciation (47,700) (49,100) Total $686,000 $523,800 Liabilities and Stockholders’ Equity Accounts payable $106,000 $63,700 Accrued expenses payable 16,500 21,200 Bonds payable 117,100 149,500 Common stock 219,000 175,100 Retained earnings 227,400 114,300 Total $686,000 $523,800 CONCORD INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue $382,500 Less: Cost of goods sold…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 $68,000Balance Sheet as of December 31, 2021 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2021 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends 552 Addition to retained earnings 2$ 828
- Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 102 $ 200 Current liabilities $ 74 $ 96 Net fixed assets 920 1,020 Long-term debt 660 870 INCOME STATEMENT, 2022 (Figures in $ millions) Revenue $ 2,010 Cost of goods sold 1,090 Depreciation 410 Interest expense 252 g. Net fixed assets increased from $920 million to $1,020 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022?........... (M1)Just 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…
- Consider the following abbreviated financial statements for Raines Corp: Current Assets Net fixed assets Raines Corp 2018 and 2019 Partial Balance Sheet Assets 2018 $4,810 2019 $5,930 13,650 16,800 -$3,848.8 -$1,165.8 $381.2 $4,562.8 Liabilities and Owners' Equity 2018 2019 $2,900 $3,150 Current liabilities Common Stock 8,310 8,700 Raines Corp 2019 Income Statement Sales Costs Depreciation Interest paid $25,800 16,050 4,050 The tax rate for 2019 was 34%. Dividends paid during 2019 were $1,300. What is the cash flow from assets for 2019? 1,880Problem 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…Condensed financial data of Crane Inc. follow. CRANE INC.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $117,100 $47,400 Accounts receivable 93,000 32,700 Inventory 111,400 102,700 Prepaid expenses 30,000 25,300 Long-term investments 141,000 113,100 Plant assets 274,700 241,500 Accumulated depreciation (46,100) (51,500) Total $721,100 $511,200 Liabilities and Stockholders’ Equity Accounts payable $111,300 $67,100 Accrued expenses payable 16,100 17,400 Bonds payable 118,400 149,600 Common stock 220,900 174,000 Retained earnings 254,400 103,100 Total $721,100 $511,200 CRANE INC.Income StatementFor the Year Ended December 31, 2022…
- The most recent financial statements for Crosby, Incorporated, appear below. Sales for 2022 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest expense Taxable income Taxes (24%) CROSBY, INCORPORATED 2021 Income Statement Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory $31,335 69,745 $ 20,640 43,580 91,960 $747,000 582,000 18,000 FA $147,000 14,000 $ 133,000 31,920 $ 101,080 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Seved Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total $ 54,800 14,000 $ 68,800 MA000Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 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 2021: 1. Net income is $167,040. 2. Sales on account are $1,813,900. 3. Cost of goods sold is $1,346,550. 2021 $ 215,040 $ 128,000 94,000 100,000 103,000 88,000 4,800 2,800 560,000 560,000 870,000 750,000 (508,000) (348,000) $1,338,840 $1,280,800 $ 106,600 7,000 9,000 120,000 2020 780,000 316,240 $1,338,840 $ 93,000 12,800 5,800 240,000 780,000 149,200 $1,280,800