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
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![III. 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.
Cash
P4,000
Equipment
Accumulated Depreciation
Notes Payable (payable on June 15, 2022)
Supplies
Net Income
Jin, Drawing
Jin, Capital
Accounts Payable
16,000
500
12,000
200
11,400
10,200
?
3,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c623646-4cc5-4623-b742-ca532ffb1cfb%2Fafc00903-7ca6-46db-8848-67fe551f5cc7%2Fxoku67c_processed.jpeg&w=3840&q=75)
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- 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…Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00Your email will be recorded when you submit this form * Required Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets |Cash Accounts Receivable Inventories Plant & Equipment Less: Accimiulated Depreciation $480 $510 S$90 $960 Revenues S650 7/100 S980 $3140 $2.150 (S1 520)S870) $3.3.40 S3,310 Less: Depreciation expense Less: Other operating expenses Total Assets Liabilities &OE Less: Interest Expense 40 $810 Is17015550 T/S120/S2.80 Income before income taxes INehornts Paable Income Tax Payable Income tax expense $S40 S7100 / SĨ350 Net income Retained FarnenE What is the het dash
- Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio 2020 2019 Cash 122,500 104,700 Accounts Receivable 90,650 80,550 Inventory 66,200 53,000 Prepaid Expense 85,450 106,000 Total Current Assets 364,800 344,250 Property, Plant and Equipment 925,000 786,350 TOTAL ASSETS 1,654,600 1,475,350 Total Current Liability 381,500 423,350 Long-term Liabilities 359,900 230,600 Mabini, Capital 913,200 821,400 Total Liability and Equity 1,654,600 1,475,350 Sales 1,047,050 1,151,755 Cost of Sales 322,750 355,025 Gross Profit 724,300 796,730 Selling Expenses 353,250 388,575 Administrative Expenses 128,150 140,965 Operating Income 242,900 267,190 Interest Income…Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, propare a Statomont of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, 000 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional contribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable 8, 110 Unearned income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Long-term note payable 23, 000 Accounts receivable 575 Merchandise Inventory 15,345 Utlities payable 4, 000Selected 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:
- solve in 15 minutes The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 116 $ 95 Accounts receivable 136 140 Short-term investment 47 14 Inventory 137 135 Land 102 125 Buildings and equipment 695 530 Less: Accumulated depreciation (193 ) (140 ) $ 1,040 899 Liabilities Accounts payable $ 40 $ 48 Salaries payable 2 6 Interest payable 8 5 Income tax payable 5 10 Notes payable 0 33 Bonds payable 296 230 Shareholders’ Equity Common stock 390 330 Paid-in capital—excess of par 187…Presented below is selected information pertaining to the Cassie Inc:Cash balance, January 1, 2020- P13,000Accounts receivable, January 1, 2020- P19,000Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000Total assets, January 1, 2020- P75,000Cash investment added, July 1, 2020-P5,000Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000Accounts receivable, December 31, 2020- P36,000Merchandise taken for personal use during 2020- P11,000Total liabilities, December 31, 2020- P41,000How much is the net income for 2020?Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 580 $ 375 Accounts receivable 600 450 Inventory 900 525 Land 675 600 Building 900 900 Less: Accumulated depreciation (300 ) (270 ) Equipment 2,850 2,250 Less: Accumulated depreciation (525 ) (480 ) Patent 1,200 1,500 $ 6,880 $ 5,850 Liabilities Accounts payable $ 750 $ 450 Accrued liabilities 300 225 Lease liability—land 130 0 Shareholders' Equity Common stock 3,150 3,000 Paid-in capital—excess of par 750 675…
- A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales…If Net Working Capital Current Assets - Current Liabilities, what is Kelley Corp's net working capital for the year ending December 31, 2023, given the following account balances? Accounts Receivable: $40 Equipment: $20 Accumulated Depreciation: $10 Patent: $50 Inventory: $15 Accounts payable: $30 Goodwill: $65 Long-term note payable: $70 =
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