December 31, 2024 and 2023($ in millions)20242023AssetsCash$ 43$ 49Accounts receivable7680Less: Allowance for uncollectible accounts(8)(2)Prepaid expenses53Inventory169160Long-term investment5125Land7272Buildings and equipment297205Less: Accumulated depreciation.(97)(82)Patent1114$ 619$ 524LiabilitiesAccounts payable$ 5$ 15Accrued liabilities36Notes payable220Lease liabilityBonds payableCommon stock8305193Shareholders' EquityPaid-in capital-excess of parRetained earnings5650249205150$ 619155$ 524Required:Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2024. Use the indirect method to presentcash flows from operating activities because you do not have sufficient information to use the direct method. You will need to makereasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will behelpful. (Hint: The right to use a building was acquired with a seven-year lease agreement. Annual lease payments of $9 million arepaid at January 1 of each year starting in 2024.)

### Operating Activities1. **Net Income Adjustment** We start with the company's Net Income,…

Answered: December 31, 2024 and 2023 ($ 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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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
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On January 1, 2020 (the first day of its fiscal year) Pina Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2020 through 2024: 2020: on January 1, acquired the patent for the production process from its inventory for a cash payment of $11,700,000, and determined that the process had an indefinite useful life. on December 31, tested the patent for impairment and determined that its fair value was $13,200,000. 2021: on December 31, tested the patent for impairment and determined that its fair value was $10,500,000. 2022: on December 31, tested the patent for impairment and determined that its fair value was $12,000,000. 2023: on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 5…
Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
Hh1.
2025 2024 Debit Balances Cash $69,500 $51,100 Accounts Receivable 155,000 129,800 Inventory 75,200 61,300 Debt Investments (available-for-sale) 55.200 85,800 Equipment 70,000 48,100 Buildings 145,200 145,200 39,700 25,100 Land Totals $609,800 $546,400 Credit Balances Allowance for Doubtful Accounts $10,000 $8,000 Accumulated Depreciation-Equipment 20,800 13,900 Accumulated Depreciation-Buildings 36,700 27,800 Accounts Payable 66,600 60,200 Income Taxes Payable 12,000 10,100 Long-Term Notes Payable 62,000 70,000 Common Stock 310,000 260,000 Retained Earnings 91,700 96,400 Totals $609,800 $546,400 Additional data: Equipment that cost $10,000 and was 60% depreciated was sold in 2025. Cash dividends were declared and paid during the year. 1. 2. 3. Common stock was issued in exchange for land. that cost $35,300 were sold during the year. Π SUPPC
These are selected account balances on December 31, 2022. Land $150500 Land (held for future use) 226500 Buildings 1135000 Inventory 213000 Equipment 677000 Furniture 153000 Accumulated Depreciation 450000 What is the total amount of property, plant, and equipment that will appear on the balance sheet? $2640500 $2190500 $1892000 $1665500
2019 (Rs. In Thousands) 2020 Assets Freehold Property at Cost 66 48 Plant and machinery (cost less depreciation) 41.6 121 Inventories 60.7 65.7 Sundry Debtors 40.2 49.5 Cash and bank 18.5 33.6 Preliminary Expenses 2.4 1.2 229.4 319 Liabilities Issued Share capital 120 150 Share Premium Account - 10 Capital Reserve - 34 Profit and Loss Account 43 42.4 Sundry Creditors 54.4 65.2 Proposed Dividends 12 17 229.4 319 There is no sale for plant and machinery in year 2020. Depreciation written off during year 2020 was Rs. 15000. Net Profit for the year was Rs. 16,400. dividend paid during 2020 in respect of previous year was Rs. 12,000 . Capital reserve represented a profit on sale of freehold premises. You need to prepare: (i) a Statement showing Changes of Working Capital during 2020; and (ii) A Funds Flow Statement for the same period.
please answer the last part, thanks

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