Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets 2020 $34,000 2019 $24,100 278,500 (176,300 ) (168,400) 249,400 Increase (Decrease) $9,900 29,100 (7,900 )
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- Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases in each account from 2020 to 2021. Also presented is selected income statement information for the year ended December 31, 2021, and additional information. Selected Balance Sheet Accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Bonds payable Dividends payable i Common stock, $1 par Additional paid-in capital Retained earnings 2021 Depreciation Gain on sale of equipment Net income $ 38,000 $ 26,000 281,000 249,000 (182,000) (169,000) 55,000 9,000 26,000 10,000 108,000 2020 37,000 14,000 32,000 50,000 5,800 21,000 3,800 93,000 Selected Income Statement Information for the Year Ended December 31, 2021 Sales revenue $ 159,000 Increase. (Decrease) $12,000 32,000 13,000 5,000 3,200 5,000 6,200 15,000 Additional information: a. Accounts receivable relate to sales of merchandise. b. During…Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…Compare the following for the year 2019, 2020 and 2021 for the Acer Company: analysis in words incl. total assets, short term assets, long-term assets, non-current assets, return on assets, equity, equity growth or decrease over the years, Price-Earning ratio, liabilities.
- Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 CULLUMBER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from…Condensed financial data of Whispering Company for 2020 and 2019 are presented below. WHISPERING COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,130 Receivables 1,770 1,290 Inventory 1,620 1,920 Plant assets 1,940 1,680 Accumulated depreciation (1,190 ) (1,170 ) Long-term investments (held-to-maturity) 1,300 1,410 $7,270 $6,260 Accounts payable $1,220 $910 Accrued liabilities 210 260 Bonds payable 1,420 1,530 Common stock 1,890 1,710 Retained earnings 2,530 1,850 $7,270 $6,260 WHISPERING COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,100 Cost of goods sold 4,760 Gross margin 2,340 Selling and administrative expenses 930 Income from…Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,180 Receivables 1,780 1,280 Inventory 1,610 1,920 Plant assets 1,880 1,660 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,310 1,400 $7,120 $6,250 Accounts payable $1,170 $880 Accrued liabilities 190 240 Bonds payable 1,390 1,540 Common stock 1,910 1,730 Retained earnings 2,460 1,860 $7,120 $6,250 FLOUNDER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,020 Cost of goods sold 4,780 Gross margin 2,240 Selling and administrative expenses 910 Income from…
- Condensed financial data of Martinez Company for 2020 and 2019 are presented below. MARTINEZ COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1,130 Receivables 1,740 1,290 Inventory 1,610 1,870 Plant assets 1,930 1,710 Accumulated depreciation (1,210 ) (1,150 ) Long-term investments (held-to-maturity) 1,290 1,440 $7,140 $6,290 Accounts payable $1,180 $900 Accrued liabilities 190 240 Bonds payable 1,410 1,590 Common stock 1,920 1,690 Retained earnings 2,440 1,870 $7,140 $6,290 MARTINEZ COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,650 Gross margin 2,230 Selling and administrative expenses 940 Income from…Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,180 Receivables 1,710 1,320 Inventory 1,590 1,920 Plant assets 1,890 1,710 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,320 1,440 $7,120 $6,380 Accounts payable $1,190 $890 Accrued liabilities 210 260 Bonds payable 1,400 1,580 Common stock 1,940 1,660 Retained earnings 2,380 1,990 $7,120 $6,380 NOVAK COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,720 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Income from operations…The following are Grouper Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. COMPARATIVE BALANCE SHEETS 2. 2020 $815,400 1,121,200 1,862,000 3,287,700 (1,175,000 ) 309,300 248,600 $6,469,200 $1,013,800 29,900 80,700 409,300 500,000 1,497,600 2,937,900 $6,469,200 2019 $702,000 1,174,200 1,719,800 2,938,200 (1,047,300 ) 273,800 $5,760,700 $952,700 50,200 99,000 500,000 1,497,600 2,661,200 $5,760,700 Increase (Decrease) $113,400 (53,000) 142,200 349,500 (127,700 ) 35,500 248,600 $708,500 $61,100 (20,300 ) (18,300 ) 409,300 276,700…
- Condensed financial data of Sweet Company for 2020 and 2019 are presented below. SWEET COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6,290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 SWEET COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,710 Gross margin 2,150 Selling and administrative expenses 920 Income from operations…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…Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,140 Receivables 1,720 1,280 Inventory 1,610 1,900 Plant assets 1,870 1,690 Accumulated depreciation (1,210 ) (1,190 ) Long-term investments (held-to-maturity) 1,270 1,410 $7,090 $6,230 Accounts payable $1,230 $910 Accrued liabilities 200 250 Bonds payable 1,410 1,540 Common stock 1,880 1,710 Retained earnings 2,370 1,820 $7,090 $6,230 FLOUNDER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,680 Gross margin 2,200 Selling and administrative expenses 930 Income from…