The following are comparative balance sheets for concord company CONCORD CompanyComparative Balance SheetsDecember 31Assets20222021Cash$73,000$33,400Accounts receivable86,50070,900Inventory170,000187,000Land72,900100,300Equipment261,000200,700Accumulated depreciation-equipment(66,000)(34,200)Total$597,400$558,100Liabilities and Stockholders' EquityAccounts payable$35,400$47,000Bonds payable148,800203,600Common stock ($1 par)216,500175,300Retained earnings196,700132,200Total$597,400$558,100Additional information:1.Net income for 2022 was $101,800.2.3.4.Depreciation expense was $31,800.Cash dividends of $37,300 were declared and paid.Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash.5.Common stock was issued at par for $41,200 cash.6.No equipment was sold during 2022.7.Land was sold for its book value.

Increase in Accounts Receivable: 2022 - 2021 = $84,500 - $79,900 = $4,600 (deducted as it's an…

Answered: CONCORD Company Comparative Balance…

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 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 MA000
Balance Sheet December 31, 20X6 (with comparative figures for 20X5) 20X6 $ 25,000 32,000 48,000 15,000 20X5 $ - 24,000 60,000 8,000 150,000 30,000 $ 245,000 $ 212,000 Cash Accounts receivable Inventory Long term investments Property, plant, & equipment Less: accumulated depreciation 170,000 45,000 Total Assets $ 8,000 16,000 35,000 30,000 123,000 $ 245,000 $ 212,000 Bank overdraft $ 24,000 Accounts payable Notes payable Common shares 30,000 30,000 161,000 Retained earnings Total liabilities and equity Given the balance sheet above, prepare a statement of cash flows for Companion Enterprises Ltd. using the indirect method. Net income for 20X6 was $88,000. There were no disposals of capital assets or long-terminvestments.
Use ihe Iollowing limancial statement imiomalion for lefm 13! Comparative Balance Sheet 12/31/20X3 12/31/20X2 Cash 408,000 $ 192,000 Accounts receivable 360,000 216.000 Inventory Property, plant, and equipment Accumulated depreciation 384,000 480,000 608,000 960,000 (320,000) (304,000) $1,544,000 Total Assets $1.440,000 Accounts payable Income taxes payable Bonds payable $ 176,000 2$ 96,000 352,000 392,000 360.000 600,00 Common stock 216,000 216,000 Retained earnings 336,000 240,000 $1,544,000 Total Liabilities and Equity $1.440,000 Income Statement for the Year ended Dec 31, 20X3 Sales revenue $8,400,000 Cost of sales Gross profit Depreciation expense Other operating expenses Income from operations Interest expense 7,152,000 1,248,000 $ 80,000 712.000 792,000 456,000 72,000 Income before taxes 384,000 Income taxes 96,000 Net income $ 288,000 Cash dividends for the year 20X3 were $192,000. > During the year, equipment was sold for $240,000. This equipment cost $352,000 originally and…
Coronado Industries Comparative Balance Sheets . December 31, 2022 2021 Assets: Current Assets: Cash $ 1380000 $1100000 Accounts Receivable (net) 3100000 2170000 Inventory 3950000 2510000 Prepaid Expenses 704000 631000 Total Current Assets 9134000 6411000 Long-Term Investments 450000 Plant Assets: Property, Plant & Equipment 4360000 2879000 Accumulated Depreciation (901000 ) (539000 ) Total Plant Assets 3459000 2340000 Total Assets $13043000 $8751000 . Equities: Current Liabilities: Accounts Payable $2550000 $2190000 Accrued Expenses 617000 566000 Dividends Payable 403000 Total Current Liabilities 3570000 2756000 Long-Term Notes Payable 1648000 Stockholders' Equity:…
Vaughn Manufacturing Balance Sheet December 31, 2021 Assets Equities Cash $ 302000 Accounts payable $ 640000 Accounts receivable (net) 1942000 Income taxes payable 185000 Inventories 2451000 Miscellaneous accrued payables 230000 Plant and equipment, Bonds payable (8%, due 2023) 1850000 net of depreciation 1984000 Preferred stock ($100 par, 6% Patents 262000 cumulative nonparticipating) 752000 Other intangible assets 75200 Common stock (no par, 60,000 Total Assets $7016200 shares authorized, issued and outstanding) 1122000 Retained earnings 2466200 Treasury stock-1500 shares of preferred (229000) Total Equities $7016200 Vaughn Manufacturing Income Statement Year Ended December 31, 2021 Net…
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 155,100 74,800 87,000 2,400 171,800 88,000 72,800 1,200 Accounts receivable Inventory Prepaid rent Long-term assets: Land 440,000 732,00ө (406, ө00) $1,085,300 440, ө0ө 630,000 252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 91,000 6,900 6,400 $ 77,800 13,800 4, 200 115,000 230,000 Common stock 660,000 206,000 $1,085,300 660,000 166,000 $1,151,800 Retained earnings Total liabilities and stockholders' equity Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. %24 %24 %24
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
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…
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…
Problem 17-8 (AICPA Adapted) Sandy Company reported the following comparative statement of financial position at year-end: 2020 Assets 150,000 Cash and cash equivalents Accounts receivable Inventory Prepaid insurance Property, plant and equipment Accumulated depreciation 000'07 000'060'I 000'098 000'0 3,620,000 4,300,000 840,000) 720,000) 5,120,000 4,210,000 Liabilities and Equity Accounts payable Salaries payable Income tax payable Accrued interest payable Bonds payable Share capital Retained earnings Treasury shares 400,000 000'0 000'ss 000's 000'009 000'0 000 3,050,000 1,100,000 140,000) 3,050,000 760,000 5,120,000 4,210,00
Condensed financial data of Coronado Inc. follow. CORONADO INC.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $81,100 $49,000 Accounts receivable 87,700 38,100 Inventory 111,200 102,100 Prepaid expenses 29,000 27,500 Long-term investments 140,900 113,300 Plant assets 285,000 242,400 Accumulated depreciation (46,800) (48,400) Total $688,100 $524,000 Liabilities and Stockholders’ Equity Accounts payable $110,000 $67,400 Accrued expenses payable 16,500 21,500 Bonds payable 119,300 149,300 Common stock 219,900 174,600 Retained earnings 222,400 111,200 Total $688,100 $524,000 CORONADO INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue $376,500 Less:…
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