Current Attempt in Progress A comparative balance sheet for Rocker Company appears below: Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: ROCKER COMPANY Comparative Balance Sheet 1. 2. Dec. 31, 2020 $34,000 18,000 25,000 6,000 0 60,000 (20,000) $123,000 $17,000 36,000 40,000 30,000 $123,000 Net income for the year ending December 31, 2020 was $35,000. Cash dividends of $15,000 were declared and paid during the year. Dec. 31, 2019 $11,000 13,000 17,000 9,000 17,000 33,000 (15,000 ) $85,000 $7,000 45,000 23,000 10,000 $85,000

Current Attempt in Progress A comparative balance sheet for Rocker Company appears below: Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: ROCKER COMPANY Comparative Balance Sheet 1. 2. Dec. 31, 2020 $34,000 18,000 25,000 6,000 0 60,000 (20,000) $123,000 $17,000 36,000 40,000 30,000 $123,000 Net income for the year ending December 31, 2020 was $35,000. Cash dividends of $15,000 were declared and paid during the year. Dec. 31, 2019 $11,000 13,000 17,000 9,000 17,000 33,000 (15,000 ) $85,000 $7,000 45,000 23,000 10,000 $85,000

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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Text Predictions: On ABC Inc. Balance Sheet as at December 31, 2015 and 2016 ($ thousands) Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant & Equipment Less Accumulated Depreciation Property, Plant & Equipment, net Total Assets Liabilities and S/H Equity Current Liabilities Accounts Payable Notes Payable and short-term debt Total Current Liabilities Long-Term Debt Shareholders' Equity Common Shares Paid-In Capital Retained Earnings Total Total Liabilities and S/H Equity ABC Inc. Income Statement for 2015 and 2016 ($ thousands) Revenue Cost of Goods Sold Operating Expenses Depreciation Earnings Before Interest & Taxes (EBIT) Interest Paid Income Before Taxes (EBT) Taxes Paid Net Income (NI) Dividend Accessibility: Investigate 2015 $ 200 450 550 $1,200 2.200 (1.000) 1,200 $2,400 $ 200 0 $ 200 $ 600 300 600 700 $1,600 $2,400 2015 $1,200 700 30 220 S 250 50 $ 200 180 $ 120 $ S 2016 $ 150 425 625 $1,200 2016 $1,450 850 40 200 $360 160 $ 300…
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The current assets and liabilities sections of the comparative balance sheets of Regent Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income statement: REGENT INC. Comparative Balance Sheet Accounts 2024 2023 Cash $27,720 $29,400 Accounts receivable 17,920 11,480 Inventory 9,100 12,880 Prepaid expenses 2,100 1,624 Accounts payable 12,040 10,080 Accrued expenses payable 1,400 2,240 Dividends payable 6,720 4,760 Income tax payable 1,904 3,304 REGENT INC. Income Statement Year Ended October 31, 2024 Sales $175,000 Cost of goods sold 109,200 Gross profit 65,800 Operating expenses $24,640 Depreciation expense 6,440 Loss on sale of equipment 2,240 33,320 Profit before income tax 32,480 Income tax expense 8,120 Profit for the year $24,360 Instructions Prepare the operating section of the cash flow statement using the direct method.
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