III. From the following data, you are asked to prepare a balance sheet using the report form presentation as ofDecember 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of Magic Shop.CashP4,000EquipmentAccumulated DepreciationNotes Payable (payable on June 15, 2022)SuppliesNet IncomeJin, DrawingJin, CapitalAccounts Payable16,00050012,00020011,40010,200?3,000

Lets understand the basics. Statement of financial position is divided into below sections. (1)…

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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

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

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Problem 7E

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Bethesda Mining Company reports the following balance sheet information for 2021 and 2022. Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 58,042 63,781 120,205 $ 242,028 $ 658,447 $ 900,475 $ 188,422 83,520 $ 271,942 $ 234,000 $ 221,000 173,533 $ 394,533 $ 900,475 2022 % $ 73,306 84,139 % % 185,490 %$ 342,935 %$589,828 % $932,763 % $ 196,111 % 135,088 %$ 331,199 % $ 170,750 % $221,000 % 209,814 % $430,814 %$ 932,763 % % % % % de…
Bethesda Mining Company reports the following balance sheet information for 2021 and 2022. Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment Total assets Current liabilities Liabilities and Owners' Equity Accounts payable Notes payable Total Long-term debt Owners' equity BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ $ $ $ $ $ $ $ $ $ 55,526 63,281 121,382 240,189 658,347 898,536 188,922 84,020 272,942 235,000 220,000 170,594 390,594 898,536 % $ % % % $ % $ % $ % % % $ % $ $ % $ % % % 2022 LA LA 70,205 83,639 186,805 340,649 589,778 930,427. 196,611 135,588 332,199 171,750 220,000 206,478 $ 426,478 $…
Using the “Statement of Income” worksheet, center the financial statement titles across the data below and bold the company name Thom-Pierre Consultants (TPC) Quarterly Schedule of Revenue For the year December 31, 2018 QTR1 QTR2 QTR3 QTR4 2018 Sales 290000 320000 320000 490000 1,420,000 Interest 102500 175000 180000 54000 511,500 Investment Income 13000 9500 10000 20000 52,500 Other 16000 25000 19500 29000 89,500 Total 421,500 529,500 529,500 593,000 2,073,500 Thom-Pierre Consultants (TPC) COMPARITIVE INCOME STATEMENT for years ended 31 December 2018 2019 Revenues and gains *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains Expenses and losses **Cost of goods sold 460,000 **Selling…
Analyze, Forecast, and Interpret Income Statement and Balance SheetFollowing are the income statement and balance sheet of ADP Inc. DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $8,505.1 Operating expenses 4,287.5 Systems development and programming costs 381.8 Depreciation and amortization 182.6 Total cost of revenues 4,851.9 Selling, general, and administrative expenses 1,838.5 Interest expense 77.9 Total expenses 6,768.3 Other (income) expense, net (66.7) Earnings before income taxes 1,803.5 Provision for income taxes 427.7 Net earnings $1,375.8 DATA PROCESSING INC. Balance Sheet $ millions June 30, 2019 Current assets Cash and cash equivalents $1,169.5 Accounts receivable, net 1,463.6 Other current assets 311.8 Total current assets before funds held for clients 2,944.9 Funds half for clients 17,660.5 Total current assets 20,605.4 Long-term receivables,…
es Bethesda Mining Company reports the following balance sheet information for 2021 and 2022 Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal pla Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Current liabilities Liabilities and Owners' Equity Accounts payable Notes payable Total Long-term debt Owners' equity BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ $ $ $ $ $ $ $ $ $ 37,354 59,781 129,618 226,753 657,647 884,400 192,422 87,520 279,942 242,000 213,000 149,458 362,458 884,400 % % % % % % % % % % % % % % %
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Bethesda Mining Company reports the following balance sheet information for 2021 and 2022: BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 Liabilities and Owners' 2021 2022 Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Total liabilities and owners' equity Based on the balance sheets given, calculate the following financial ratios for each year: Calculate the following financial ratios for each year: a. 2021 Current ratio 2022 Current ratio b. 2021 Quick ratio 2022 Quick ratio c. 2021 Cash ratio 2022 Cash ratio d. 2021 Debt-equity ratio 2021 Equity multiplier 2022 Debt-equity ratio $ 40,010 $ 51,181 60, 281 80,639 128,441 194, 689 $ 228,732 $ 326,509 a. Current ratio. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. b. Quick ratio. 2022 Equity $ 657,747 $ 589,478 $886,479 $ 915,987 Note: Do not round intermediate calculations and round your…
Bethesda Mining Company reports the following balance sheet information for 2021 and 2022. Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment Total assets Current liabilities Liabilities and Owners' Equity BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 113,146 $ 252,645 $ $ $ 69 72,718 66,781 $ 185,422 80,520 $ 265,942 $ 228,000 $ $ 659,047 911,692 227,000 190,750 417,750 911,692 % $ % % % $ % $ % % $ % $ % 590,128 $ % $ 946,363 69 % $ % % $ % $ 2022 69 91,489 87,139 177,607 356,235 193,111 132,088 325,199 164,750 227,000 229,414 456,414…
Calculate the following ratios for 2025 and 2026. (Round current ratio to 2 decimal places, e.g. 12.61, debts to assets and gross profit rate to 0 decimal places, e.g.12, and all other answers to 1 decimal place, e.g. 12.6%) Please show your work. 1. Current ratio 2. Debts to assets 3. Gross profit rate 4. Profit margin 5. Return on assets (Total assets at November 1, 2024, were $35,180) 6. Return on common stockholder's equity (Total common stockholders' equity at November 1, 2024, was $25, 180. Dividends on preferred stock were $16,800 in 2025 and $18,000 in 2026)
8. Using the following Balance Sheet summary information, for the two years presented calculate: A. working capital B. current ratio 12/31/2018 12/31/2019 Current assets $101,600 33,650 $97,350 32,800 Current liabilities
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From the following data, you are asked to prepare a balance sheet using the report form presentation as of December 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of Magic Shop. P4,000 Cash