BRECKER INc.COMPARATIVE BALANCE SHEETAs OF DECEMBER 31, 2014 AND 201312/31/1412/31/13$ 6,00062,00035,00040,0005,000154,000(35,000)46,000$7,00051,00018,00060,0004,000130,000(25,000)50,000CashAccounts receivableShort-term investments (available-for-sale)InventoryPrepaid rentEquipmentAccumulated depreciation-equipmentCopyrightsTotal assets$313,000Accounts payableIncome taxes payableSalaries and wages payableShort-term loans payableLong-term loans payableCommon stock, $10 parContributed capital, common stockRetained earnings$ 46,0004,0008,0008,00060,000100,00030,00057,000$295,000$ 40,0006,0004,00010,00069,000100,00030,00036,000Total liabilities and stockholders' equity$313,000$295,000BRECKER INc.INCOME STATEMENTFOR THE YEAR ENDING DECEMBER 31, 2014$338,150175,000Sales revenueCost of goods soldGross profitOperating expenses163,150120,000Operating incomeInterest expenseGain on sale of equipment43,150$11,4002,0009,400Income before tax33,750Income tax expense6,750Net income$ 27,000Additional information:1. Dividends in the amount of $6,000 were declared and paid during 2014.2. Depreciation expense and amortization expense are included in operating expenses.3. No unrealized gains or losses have occurred on the investments during the year.4. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2014.InstructionsPrepare a statement of cash flows using the indirect method. (Do not prepare a reconciliation schedule.)

Working-Direct Cash Flow Statement Sales $ 3,38,150.00 Less: Increase in…

BRECKER INC. COMPARATIVE BALANCE SHEET As OF DECEMBER 31, 2014 AND 2013 12/31/14 12/31/13 $ 6,000 62,000 35,000 40,000 5,000 154,000 (35,000) 46,000 $ 7,000 51,000 18,000 60,000 4,000 130,000 (25,000) 50,000 Cash Accounts receivable Short-term investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets $313,000 $295,000

BRECKER INC. COMPARATIVE BALANCE SHEET As OF DECEMBER 31, 2014 AND 2013 12/31/14 12/31/13 $ 6,000 62,000 35,000 40,000 5,000 154,000 (35,000) 46,000 $ 7,000 51,000 18,000 60,000 4,000 130,000 (25,000) 50,000 Cash Accounts receivable Short-term investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets $313,000 $295,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (22%) Net income Dividends Addition to retained earnings $2,600 5,200 $45,000 35,000 $10,000 2,200 $ 7,800 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "O" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.)
You are given the following income statement and balance sheet: Income Statement Sales EBT Taxes (40%) Net Income Cash A/R Inventories Total CA Fixed Assets Total Assets $15,000 $800 $320 $480 Balance Sheet $100 $2,000 $4.000 Accounts Payable Debt Common Stock Retained Eamings $6,100 $1,900 $8,000 Total Claims $1,000 $4,000 $2,000 $1,000 $8,000 Now make the following forecast and assumptions for the upcoming year: Sales are expected to increase by $5.400 over the coming year. All assets and accounts payable can be expressed as a percentage of sales. The firm's profit margin will remain at 3.2 percent. The firm has a dividend payout rate of 75 percent. Using the equation method, determine the additional funds needed for the coming yea
Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners' Equity Cash Accounts receivable Inventory Net fixed assets 21,900 24,300 Common stock $ 850 $ 1,210 126 Accounts payable 1,370 Short-term notes payable $ 1,080 $ 970 500 0 4,350 4,610 Long-term debt 11,900 13,500 6,000 6,200 Retained earnings Total assets $28,310 $30,406 Total liabilities and owners' equity 8,830 $28,310 $30,406 9,736 2016 Income Statement Sales Cost of goods sold Depreciation Interest Taxes Net income $30,710 18,470 6,132 744 1,824 $ 3,540 What are the values of the three components of the DuPont identity? Use ending balance sheet values. Multiple Choice
Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…
Current Attempt in Progress Aspect Ltd has the following balance sheet figures. The current ratio is: Total current assets $450 000 Total current liabilities Inventory Bank overdraft O 2:1. O 1.67:1. 3.75:1. 3:1. Save for Later 150 000 200 000 30 000
Current Assets Cash A/R Inventory Total Net Plant & Equip Total Assets Tomson Corporation 2013 and 2014 Statement of Financial Position Assets 2013 $ 8,436 21,530 38.760 $ 68,726 $ 226.706 $295,432 2014 $ 10,157 23,406 42.650 $ 76,213 Current Liabilities A/P Notes Payable Total 1. The current ratio for each year 2. The quick ratio for each year Long-term Debt Owner's Equity Common Stock & Paid-in Surplus Retained Earnings $248,306 Total Total Liabilities & $324,519 Owners Equity Liabilities 3. The cash ratio for each year 4. The NWC to total assets ratio for each year 2013 5. The debt-equity ratio and the equity multiplier for each year 6. The total debt ratio and the long-term debt ratio for each year Round all answers to 2 decimal places. $ 43,050 18.384 $61.434 $ 25.000 $ 40,000 168.998 $ 208,998 $ 295,432 2014 1. Prepare: The 2014 combined common-size, common-base year statement of financial position for Tomson. Round your intermediate calculations to 2 decimal places…
Cash $ 30,000 Marketable securities $ 25,000 Accounts Receivable Inventory Total current Assets Net Fixed Assets Total Assets Accounts Payable $ 120,000 Short-term Notes Payable Accrued Liabilities $ 20,000 Total Current Liabilities Long-Term Debt Total Debt Stockholder's Equity $ 600,000 Total Liabilites and Equity Assumptions: Sales = $1,825,000 Gross profit margin = 30% Inventory Turnover = 7.0 365 days per year DSO = 40 days Current ratio = 1.40 Total Asset Turnover = 1.25 Complete the Balance Sheet below based on the given information
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 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…
Best Buy Co., Inc.Balance SheetAt January 30, 2016($ in millions)AssetsCurrent assets:Cash and cash equivalents $ 1,976Short-term investments 1,305Accounts receivable, net 1,162Merchandise inventories 5,051Other current assets 392Total current assets 9,886Long-term assets 3,633Total assets $13,519Liabilities and Shareholders’ EquityCurrent liabilities:Accounts payable $ 4,450Other current liabilities 2,475Total current liabilities 6,925Long-term liabilities 2,216Shareholders’ equity 4,378Total liabilities and shareholders’ equity $13,519Best Buy Co., Inc.Income StatementFor the Year Ended January 30, 2016($ in millions)Revenues $ 39,528 Costs and expenses 38,153Operating income 1,375 Other income (expense)* (65)Income before income taxes 1,310 Income tax expense 503Net income $ 807*Includes $80 of interest expense.Liquidity and solvency ratios for the industry are as follows:Industry AverageCurrent ratio 1.23Acid-test ratio 0.60Debt to equity 0.70Times interest earned 5.66…
Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets SMOLIRA GOLF, INC. 2016 Income Statement Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes Assets Net income Dividends Retained earnings $ 2,757 $ 2,881 4,712 12,698 5,671 13,672 $20,291 $ 22,100 1. Profit margin n. Return on equity SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 $57,432 $77,723 $12,015 24,206 Short-term solvency ratios a. Current ratio b. Quick ratio Asset utilization ratios d. Total asset turnover e. Inventory turnover Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio Profitability ratios $ 83,529 $105,629 $189,570 127,303 5,223 $ 57,044 1,320 $ 55,724 19,503 $36,221 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated…
Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 70 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 20Y2 $3,329,700 790,400 20Y1 $2,805,000 574,500 (9,800) (40,000) $4,070,300 (9,800) (40,000) $3,329,700 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: 20Y2 20Y1 $5,340,680 $4,920,640 1,737,400 1,598,410 $3,603,280 $1,292,110 1,100,680 $3,322,230 $1,583,590 930,050 $2,392,790 $2,513,640 $1,210,490 $808,590 Other revenue 63,710 51,610 Other expense (interest) (376,000) (207,200)…