Determing Missing information Using the Accounting Equation Use knowledge of accounting relations to determine X, Y, and Z in the following table for Srivastava Company. Current Year Prior Year Beginning retained earnings $189,089 $Y Net income (loss) X 48,192 Dividends 0 15,060 Ending retained earnings $169,634 $Z X $ (19,455) Y $ 0 x Z $ 0 ×

Determing Missing information Using the Accounting Equation Use knowledge of accounting relations to determine X, Y, and Z in the following table for Srivastava Company. Current Year Prior Year Beginning retained earnings $189,089 $Y Net income (loss) X 48,192 Dividends 0 15,060 Ending retained earnings $169,634 $Z X $ (19,455) Y $ 0 x Z $ 0 ×

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 5E: Multiple-Step and Single-Step In coin Statements The following items were derived from Gold...

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* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
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View Policies Current Attempt in Progress The retained earnings statement O will not reflect net loses. O will show an addition to the beginning retained earnings balance for an understatement of net income in a prior year. O will, in some cases, fail to reconcile the beginning and ending retained earnings balances. O is the owners' equity statement for a corporation. eTextbook aid Media Save for Later Attempts: 0 of 2 used Submit Ans %23 % 4. 8. W e y h
Requirement Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic (relevance or representationally faithful) and its related attribute (confirmatory value, completeness, materiality, neutrality, or predictive value) for each of the following uses of accounting information. Use of Accounting Information This year's reported earnings per share is a. $.50 below analysts' forecasts Potential creditors review a company's long- term liabilities footnote to determine that b. entity's ability to assume additional debt. A corporation discloses both favorable and unfavorable tax settlements. C. A company discloses the write-off of an accounts receivable. The receivable due from a major customer accounts for 35% of the d. company's current assets. A financial analyst computes a company's five-year average cost of goods sold in order e. to forecast next year's profit margin. ***** Fundamental Characteristic Attribute
Income Statement Sales CGS Depr EBIT Interest EBT Taxes Net Income Div Add to RE Balance Sheet Cash AR Inven Current Assets Net Fixed Assets Total Assets AP NP Accrued Wages Current Liab LTD Common Stock Retained Earnings Total Common Eq T. Liab & Equity Year 0 $8,000 1.25 5,000 1.25 600 1.25 $2,400 200 $2,200 550 Use 25% $1,650 $1,200 $ 450 AFN $400 1.25 600 1.25 500 1.25 $1,500 2.500 1.25 $4,000 $ 100 200 100 $ 400 800 1,500 70 1.300 $2,800 $4,000 1" Pass Forecast Year 10,000 200 500 750 625 1875 3,125 5,000 200 2nd Pass Forecast Year 10,000 500 750 625 1875 3,125 5,000 200 1. Calculate the proforma income statement and balance sheet assuming 25% growth (use the constant growth method and assume the company is at full capacity). Assume additional funds needed will come from 60% LTD and 40% from a common stock issue. Interest on the debt is 9% and the common stock will sell for $30 per share and pay $1.00 per share in dividends. (Use balance sheet and income statement on page 1)
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