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Equipment Accumulated Depreciation 420,000 (180,000) $334,000 555,000 (200,000) $484,000 Total Assets Current Liabilities: Accounts Payable Accrued Expenses Dividends Payable Mortgage Payable (current) Mortgage Payable (long term) Common Stock $15,000 10,000 23,000 20,000 150,000 120,000 $13,000 15,000 26,000 25,000 195,000 140,000 (30,000) 100,000 Treasury Stock Retained Earnings Total Liabilities and Owners' Equity (20,000) 16,000 $334,000 $484,000 Other information: 1. Assume the net income for 20X2 was $140,000.

Equipment Accumulated Depreciation 420,000 (180,000) $334,000 555,000 (200,000) $484,000 Total Assets Current Liabilities: Accounts Payable Accrued Expenses Dividends Payable Mortgage Payable (current) Mortgage Payable (long term) Common Stock $15,000 10,000 23,000 20,000 150,000 120,000 $13,000 15,000 26,000 25,000 195,000 140,000 (30,000) 100,000 Treasury Stock Retained Earnings Total Liabilities and Owners' Equity (20,000) 16,000 $334,000 $484,000 Other information: 1. Assume the net income for 20X2 was $140,000.

FINANCIAL ACCOUNTING
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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**Transcription of Financial Data for Educational Purposes** **Assets:** - **Equipment**: - 20X1: $420,000 - 20X2: $555,000 - **Accumulated Depreciation**: - 20X1: $(180,000) - 20X2: $(200,000) - **Total Assets**: - 20X1: $334,000 - 20X2: $484,000 **Current Liabilities:** - **Accounts Payable**: - 20X1: $15,000 - 20X2: $13,000 - **Accrued Expenses**: - 20X1: $10,000 - 20X2: $15,000 - **Dividends Payable**: - 20X1: $23,000 - 20X2: $26,000 - **Mortgage Payable (current)**: - 20X1: $20,000 - 20X2: $25,000 - **Mortgage Payable (long term)**: - 20X1: $150,000 - 20X2: $195,000 **Owners’ Equity:** - **Common Stock**: - 20X1: $120,000 - 20X2: $140,000 - **Treasury Stock**: - 20X1: $(20,000) - 20X2: $(30,000) - **Retained Earnings**: - 20X1: $16,000 - 20X2: $100,000 **Total Liabilities and Owners’ Equity**: - 20X1: $334,000 - 20X2: $484,000 **Other Information:** 1. Assumed net income for 20X2 was $140,000. 2. Marketable securities costing $5,000 were sold for $8,000 during 20X2. 3. Equipment costing $30,000, with a net book value of $10,000, was sold at a loss of $5,000 during 20X2.
Transcribed Image Text:**Transcription of Financial Data for Educational Purposes** **Assets:** - **Equipment**: - 20X1: $420,000 - 20X2: $555,000 - **Accumulated Depreciation**: - 20X1: $(180,000) - 20X2: $(200,000) - **Total Assets**: - 20X1: $334,000 - 20X2: $484,000 **Current Liabilities:** - **Accounts Payable**: - 20X1: $15,000 - 20X2: $13,000 - **Accrued Expenses**: - 20X1: $10,000 - 20X2: $15,000 - **Dividends Payable**: - 20X1: $23,000 - 20X2: $26,000 - **Mortgage Payable (current)**: - 20X1: $20,000 - 20X2: $25,000 - **Mortgage Payable (long term)**: - 20X1: $150,000 - 20X2: $195,000 **Owners’ Equity:** - **Common Stock**: - 20X1: $120,000 - 20X2: $140,000 - **Treasury Stock**: - 20X1: $(20,000) - 20X2: $(30,000) - **Retained Earnings**: - 20X1: $16,000 - 20X2: $100,000 **Total Liabilities and Owners’ Equity**: - 20X1: $334,000 - 20X2: $484,000 **Other Information:** 1. Assumed net income for 20X2 was $140,000. 2. Marketable securities costing $5,000 were sold for $8,000 during 20X2. 3. Equipment costing $30,000, with a net book value of $10,000, was sold at a loss of $5,000 during 20X2.
**Title: Understanding Unclassified Balance Sheets: A Case Study of Alpha Café** **Problem 3: Unclassified Balance Sheets for Alpha Café** *Balance Sheets for December 31, 20X1 and 20X2* This section provides an overview of the unclassified balance sheets for Alpha Café for the years ending December 31, 20X1 and 20X2. The balance sheets list the financial positions of the café in terms of assets. Here is a transcription of the financial data available: - **Assets:** - **Cash:** - *20X1:* $15,000 - *20X2:* $30,000 - **Marketable Securities:** - *20X1:* $25,000 - *20X2:* $26,000 - **Accounts Receivable:** - *20X1:* $24,000 - *20X2:* $30,000 - **Inventory:** - *20X1:* $20,000 - *20X2:* $18,000 - **Prepaid Expenses:** - *20X1:* $10,000 - *20X2:* $25,000 These figures reflect the varying assets held by Alpha Café over the two-year period. The increase in cash and prepaid expenses from 20X1 to 20X2 could indicate improved liquidity and investment in future expenses, whereas changes in other categories such as inventory and accounts receivable reveal shifts in operational strategies and client interactions. Understanding these changes is crucial for assessing the company's financial health and operational efficiency over the years.
Transcribed Image Text:**Title: Understanding Unclassified Balance Sheets: A Case Study of Alpha Café** **Problem 3: Unclassified Balance Sheets for Alpha Café** *Balance Sheets for December 31, 20X1 and 20X2* This section provides an overview of the unclassified balance sheets for Alpha Café for the years ending December 31, 20X1 and 20X2. The balance sheets list the financial positions of the café in terms of assets. Here is a transcription of the financial data available: - **Assets:** - **Cash:** - *20X1:* $15,000 - *20X2:* $30,000 - **Marketable Securities:** - *20X1:* $25,000 - *20X2:* $26,000 - **Accounts Receivable:** - *20X1:* $24,000 - *20X2:* $30,000 - **Inventory:** - *20X1:* $20,000 - *20X2:* $18,000 - **Prepaid Expenses:** - *20X1:* $10,000 - *20X2:* $25,000 These figures reflect the varying assets held by Alpha Café over the two-year period. The increase in cash and prepaid expenses from 20X1 to 20X2 could indicate improved liquidity and investment in future expenses, whereas changes in other categories such as inventory and accounts receivable reveal shifts in operational strategies and client interactions. Understanding these changes is crucial for assessing the company's financial health and operational efficiency over the years.
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