Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases ordecreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December31, 2020, and additional information.Selected balance sheet accountsAssetsAccounts receivableProperty, plant, and equipmentAccumulated depreciation-plant assetsLiabilities and stockholders' equity.Bonds payableDividends payableCommon stock, $1 parAdditional paid-in capitalRetained earningsDepreciationGain on sale of equipmentNet incomeAdditional information:1.2.3.(a)(b)(c)(d)2020$34,000Proceeds from the sale of equipment.Cash dividends paid.278,500(176,300 ) (168,400)2020Redemption of bonds payable.$49,0008,00022,1009,100104,600Selected income statement information for the year ended December 31, 2020:Sales revenue$154,40038,100201914,700$24,10030,900249,4002019$45,9005,10018,9003,00090,600Payments for purchase of property, plant, and equipment.Increase(Decrease)$9,90029,100(7,900 )Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows forthe following items.Increase$3,1002,900During 2020, equipment costing $45,200 was sold for cash.Accounts receivable relate to sales of merchandise.During 2020, $20,100 of bonds payable were issued in exchange for property, plant, and equipment. There was noamortization of bond discount or premium.3,2006,10014,000ActivityInvestingInvesting VFinancingFinancing$$$$

Operating activities include cash paid for purchasing material incurring various expenses and cash…

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 )

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 )

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

Information for Blake Corporation’s property, plant, and equipment for 2019 is: 1. For each asset classification, prepare schedules showing depreciation and amortization expense, and accumulated depreciation and amortization that would appear on Blake’s income statement for the year ended December 31, 2019, and on the balance sheet at December 31, 2019, respectively 2. Prepare a schedule showing the gain or loss from disposal of assets that would appear in Blake’s income statement for the year ended December 31, 2019. 3. Prepare the property, plant, and equipment section of Blake’s December 31, 2019, balance sheet.
The balance sheet data of Shamrock Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29,700 $35,000 Accounts receivable (net) 54,800 44,600 Inventory 64,700 45,300 Prepaid expenses 14,900 24,700 Equipment 89,400 74,600 Accumulated depreciation—equipment (17,880 ) (7,900 ) Land 69,800 39,800 $305,420 $256,100 Accounts payable $64,700 $51,500 Accrued expenses 14,800 17,800 Notes payable—bank, long-term –0– 22,700 Bonds payable 29,700 –0– Common stock, $10 par 190,600 160,600 Retained earnings 5,620 3,500 $305,420 $256,100 Land was acquired for $30,000 in exchange for common stock, par $30,000, during the year; all equipment purchased was for cash. Equipment costing $13,000 was sold for $3,000; book value of the equipment was…
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total asseta Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 206,000 $3,411,000 $412,000 1,019,000 1,980,000 $3,411,000. The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments; investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable,…
What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?
Carla Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $843,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 708,000 Income before income taxes 135,000 Income tax expense 40,000 Net income $95,000 Carla’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $36,000 $55,000 Accounts payable 43,000 33,000 Income taxes payable 4,200 8,200 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the indirect method.
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…
Lily Company's income statement contained the following condensed Information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,200 Depreciation expense 55,500 Loss on disposal of plant assets Income before income taxes Income tax expense Net income 2021 $75,500 $61,000 2022 Accounts receivable Accounts payable Income taxes payable 12,200 Lily's balance sheets contained the comparative data at December 31, shown below. 41.000 For Income Taxes Cash Flows from Operating Activities Cash Receipts from Customers V Less cash payments: For Operating Expenses 28,300 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis eg. (15,000)) 25,000 6,700 $969,000 Net Cash Provided by Operating Activities 704,700 264,300 39,700 $224,600 LILY…
How do I find the ROA (return over assets for year 2021 and 2020?
The current sections of Vaughn Inc's balance sheets at December 31, 2019 and 2020, are presented here. Vaughn's net income for 2020 was $214,500. Depreciation expense was $48,000. Current assets Cash Accounts receivable Inventory Prepaid expense Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2020 2019 128.000 $126.500 $110,500 100.500 165,500 195,000 50,000 32,500 $470,000 $438.500 $38,000 $16.500 96,500 116,000 $134,500 $132,500 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg. (15,000)) VAUGHN INC. Partial Statement of Cash Flows
Selected financial statement information for 2018, 2019, and 2023 for End Run Corporation is presented below (amounts in millions of dollars): Accounts receivable Current assets Property, plant, and equipment (net) Total assets Current liabilities Long-term debt Sales Cost of goods sold Selling and administrative expenses Income from continuing operations Cash flow from operations Depreciation expense 2020 A. 2020 SAI B. 2020 LVGI C. 2020 TATA D. 2020 Y E. 2020 earnings manipulation probability 10508 30945 11284 68787 29417 8776 101573 92207 3931 946 4837 518 2019 3905 7438 10744 31289 6595 7223 47860 32090 3315 1063 1127 550 2018 2985 5743 10493 26213 6048 7223 33906 27772 2582 739 1863 550 For 2019 and 2020, compute the following amounts relative to Beneish's eight-factor earnings manipulation model:
how the Total Asset Turnover Ratio for pepsi company for year 2019, 2020, 2021 calculated?
Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets $ 486,360 Current liabilities $ 381,360 Investments 641,360 Long-term liabilities 1,001,360 Property, plant, and equipment 1,721,360 Stockholders’ equity 1,771,360 Intangible assets 305,000 $3,154,080 $3,154,080 The following information is presented. 1. The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…