FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?

FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Based on the information below of FDNACCT Co., how much should be recorded as total assets in the Statement of Financial Position? Long-term Payable Notes Payable Property, Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Unearned Income Notes Receivable Prepaid Insurance Accrued Expense Accrued Revenue P500,000 120,000 831,000 50,000 65,000 121,000 76,000 15,345 259,000 56,700 37,890 154,840
Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,150 Receivables 1,780 1,330 Inventory 1,620 1,890 Plant assets 1,930 1,700 Accumulated depreciation (1,200 ) (1,180 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,230 $6,310 Accounts payable $1,210 $920 Accrued liabilities 210 240 Bonds payable 1,370 1,530 Common stock 1,860 1,670 Retained earnings 2,580 1,950 $7,230 $6,310 WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,970 Cost of goods sold 4,680 Gross margin 2,290 Selling and administrative expenses 940 Income from…
How do I find the ROA (return over assets for year 2021 and 2020?
The balance sheet data of Kohler Company at the end of 2021 and 2020 follow: 2021 2020 Cash $ 100,000 $ 140,000 Accounts receivable (net) 240,000 180,000 Inventory 280,000 180,000 Prepaid expenses 40,000 100,000 Buildings and equipment 360,000 300,000 Accumulated depreciation–buildings and equipment (72,000) (32,000) Land 360,000 160,000 Totals $1,308,000 $1,028,000 Accounts payable $272,000 $220,000 Accrued expenses 48,000 72,000 Notes payable–bank, long-term 160,000 Mortgage payable 120,000 Common stock, $10 par 836,000 636,000 Retained earnings (deficit) 32,000 (60,000) $1,308,000 $1,028,000 Land was acquired for $200,000 in exchange for common stock, par $200,000, during the year; all equipment purchased was for cash. Equipment costing $20,000 was sold for $8,000; book value of the equipment was $16,000 and the loss was reported as an ordinary item in net income. Cash dividends…
The balance sheets for Mary Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Mary CompanyBalance Sheet December 31 2021 2020 Cash $ 31,209 $ 10,302 Accounts receivable (net) 43,733 20,503 Inventory 35,350 42,420 Long-term investments 0 15,150 Property, plant & equipment 238,865 151,500 Accumulated depreciation (38,077) (25,250) $311,080 $214,625 Accounts payable $ 17,170 $ 26,765 Accrued liabilities 21,210 17,170 Long-term notes payable 70,700 50,500 Common stock 131,300 90,900 Retained earnings 70,700 29,290 $311,080 $214,625 Additional data: 1. Net income for the year 2021, $61,610. 2. Depreciation on plant assets for the year, $12,827. 3. Sold the long-term…
The Comparative Balance Sheet of XYZ Inc. for December 31, 2019 and 2018 is shown as follows: 12/31/19 12/31/18 Assets Cash $625,760 $585,920 Accounts Receivable 227,840 208,960 Inventories $641,760 $617,120 Investments 0 240,000 Land…
he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…
The following information is from Best Ltd's Statement of Financial Position as at 30 June 2020: 2019 2020 Current assets Cash $8,000 $29,000 Accounts receivable 42,000 38,000 Allowance for doubtful debts (2,400) (4,000) Inventory 34,000 40,000 Prepaid insurance 12,000 4,000 Non-current assets Land 72,000 84,000 Buildings 102,000 108,000 Accumulated depreciation-building (42,000) (46,000) Equipment 56,000 50,000 Accumulated depreciation- equipment (18,000) (22,000) Current liabilities Accounts payable 38,000 34,000 Accrued expense payable 15,000 16,000 Income tax payable 9,000 18,400 Final dividend payable 8,000 10,000 Non-current liabilities Notes payable 82,000 62,000 Equity Share capital 70,000 80,000 General reserve 16,600 30,600 Retained earnings 25,000 30,000 The following information is from Best Ltd's Statement of Profit or Loss for the financial year ended 30 June 2020: Sales revenue $124,000 Gain…
Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $40,000 ) $450,000 Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $320,000 ) Property, plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use ,265,000 Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost 100,000 Prepaid expenses Current liabilities Accounts payable 365,000 Notes payable (due next year) Pension obligation Rent payable 505,000 511,000 340,000 265,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earnings
Bonita Industries's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2018 activities are presented below. December 31, 2021 2020 Assets Cash $ 439000 $ 199000 Short-term investments 600000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1190000 Long-term investments 398000 600000 Plant assets 3400000 2010000 Accumulated depreciation (900000) (900000) Patent 182000 201000 Total assets $6479000 $4300000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1660000 $1460000 Notes payable (nontrade) 582000 — Common stock, $10 par 1587000 1410000 Additional paid-in capital 802000 500000 Retained earnings 1848000 930000 Total liabilities and stockholders' equity $6479000 $4300000 Information relating to 2021 activities:• Net income…
SydMel Ltd Statement of financial position As of 30 June 2020. 2020 2019 Assets Cash at Bank 18000 - Account Receivable 34000 28000 Inventories 112000 96000 Land 40000 80000 Buildings 120000 120000 Accumulated depreciation-Buildings (10000) (6000) Equipment 72000 60000 Accumulated depreciation-Equipment (30000) (18000) Total assets 356000 360500 Liabilities Account Payables 52000 48000 Bank Overdraft - 20000 Equity Share Capital 214000 200000 Retained Earnings 90000 92500 Total liabilities and equity 356000 360500 SydMel Ltd Statement of profit and loss and other comprehensive income For the year ended 30 June 2020. 2020 income $ $ Sales revenue - 445500 Less: expenses Cost of sales 288000 Employee expenses 78000 Interest expenses 5000 Loss on…