Net income for 2015 is ? C2D2 Inc. has the following balances in its general ledger at December 31, 2015.CashInterest PayableDividendsSales$10,000$8,800$10,000$140,000Wages Expense$75,000Common Stock$2,000Accounts Payable$8,000Retained Earnings$38,000Accumulated Depreciation $189,000Depreciation$5,000Fixed Assets$230,000Inventory$23,800Interest Expense$30,000Taxes Payable$15,000Utilities Expense$17,000Based on the above information, C2D2 Inc.'s net income for 2015 is?

Step 1: Define Net IncomeNet income is the residual amount after deducting the costs of goods sold,…

Answered: C2D2 Inc. has the following balances in…

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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The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
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Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…
Following is the balance sheet for 3M Company. At December 31 2015 2014 Cash and cash equivalents $ 1,798 $ 1,897 Marketable securities-current 118 1,439 Accounts receivable, net 4,154 4,238 Inventories 3,518 3,706 Other current assets 1,398 1,023 Total current assets 10,986 12,303 Marketable securities-noncurrent 126 117 Property, plant and equipment--net 8,515 8,489 Goodwill 9,249 7,050 Intangible assets-net 2,601 1,435 Prepaid pension benefits 188 46 1,053 $32,718 1,769 $31,209 Other assets Total assets $ $ Short-term debt & current portion of LT debt Accounts payable 2,044 106 1,694 1,807 Accrued payroll 644 732 Accrued income taxes 332 435 Other current liabilities 2,404 2,884 Total current liabilities 7,118 5,964 Long-term debt 8,753 6,705 Pension and postretirement benefits 3,520 3,843 Other liabilities 1,580 1,555 Total liabilities 20,971 18,067 3M Company shareholders' equity: Common stock 9. Additional paid-in capital Retained earnings 4,791 4,379 36,575 34,317 Treasury stock…
Current Assets: Cash Accounts Receivable Inventory Cullumber Enterprises Balance Sheet and Income Statement Data December 31, 2025 Total Current Assets Property. Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity: Common Stock $195,840 304,640 500,480 1,000,960 1,588,480 (609,280) $1,980,160 $239,360 65,280 108,800 413,440 435,200 848,640 652,800 December 31, 2024 $152,320 391,680 435,200 979,200 1,436,160 (565,760) $1,849,600 $130,560 87,040 97,920 315,520 500,480 816,000 598,400
Selected financial info for Strand Corp is below: Cash Accounts receivable (net) Inventory Land Equipment Accumulated depreciation TOTAL Accounts payable Notes payable- current Notes payable- non-current Common stock Retained earnings TOTAL 2022 2021 $63,000 $42,000 $151,200 $84,000 $201,600 $168,000 $21,000 $58,800 $789,600 $504,000 ($115,600) ($84,000) $1,110,800 $772,800 $86,000 $50,400 $29,400 $67,200 $302,400 $168,000 $487,200 $420,000 $205,800 $67,200 $1,110,800 $772,800 Additional info for 2022: 1) Net Income was $235,200 2) Depreciation expense was recorded 3) Land was sold at its original cost. No other assets were sold 4) Cash dividends were paid 5) Equipment was purchased for cash REQUIRED: A) Prepare a formal Statement of Cash Flows for 2022 B) Prepare a calculation for Free Cash Flow
The following were taken from the books of Amihan Company December 31, 2017: Long-term payable Notes Payable Property, Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expense Inventory Intangible Assets 500,000.00 120,000.00 750,000.00 56,000.00 65,000.00 100,000.00 77,000.00 ? 15,000.00 245,000.00 59,000.00 158,000.00 125,000.00 A. Based on the data given above, identify, classify and compute the following: Current Assets Non Current Assets Total Assets Current Liabilities Non-Current Liabilities Total Liabilities Equity B. Prepare Statement of Financial Position of Amihan Company during year-end.
Balance sheet data of Indigo Company at the end of 2025 and 2024 follow: 2025 Cash Accounts Receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation - buildings and equipment Land Totals Accounts payable Accrued Expenses Noted payable - bank, long-term Mortgage Payable Common stock $10 par Retained earnings (deficit) A-121000 B-0 102000 239000 278000 38000 358000 (71000) 359000 1303000 C-(80000) 270000 48000 D-(32000) 121000 833000 31000 Land was acquired for $198000 in exchange for common stock, par $198000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $10000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $32000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. 2024 141000 180000 179000 107000 301000 (33000) 161000 1036000 In Indigo's…
Given the following financial statement information: $ in millions Income Statement Net Income: $578 Depreciation Expense: $50 Balance Sheet Accounts Receivable Total Inventory Dec. 31, 2022 $38 $112 Accounts Payable $85 Calculate the cash from operating activities. Dec. 31, 2023 $63 $157 $108
The comparative balance sheet of Gus Company at December 31, 2024 and 2023appears below: Assets: 12/31/2024 12/31/2023 Cash $ 53,000 $ 120,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable $ 62,500 $ 43,800 Bonds payable, due June 2024 0…
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…
The following information is taken from French Corporation’s financial statements: December 31 2018 2017 Cash $63,000 $ 27,000 Accounts receivable 102,000 80,000 Allowance for doubtful accounts (4,500) (3,100) Inventory 160,000 175,000 Prepaid expenses 7,500…

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