In alphabetical order below are current asset items for Metlock Company's balance sheet at December 31, 2022. Accounts receivable $216,000 Cash 66,400 Finished goods 98,000 Prepaid expenses 41,600 Raw materials 90,200 Work in process 93,400 Prepare the current assets section. (List Current Assets in order of liquidity.) METLOCK COMPANY Balance Sheet (Partial) $ ASSETS $
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- The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $ 53,000 $ 120,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable $ 62,500 $ 43,800 Bonds payable, due June 2021 0 100,000 Common stock, $10 par 335,000 285,000 Paid-in capital in excess of par - Common stock 74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2021 appears below: Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000…A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 89,000 $ 22,100 Accounts receivable, net 38,200 46,900 Inventory 80,000 88,000 Prepaid expenses 4,900 4,000 Total current assets 212,100 161,000 Furniture 98,800 113,300 Accumulated depreciation—Furniture (15,300) (8,600) Total assets $ 295,600 $ 265,700 Liabilities and Equity Accounts payable $ 13,900 $ 19,600 Wages payable 8,200 4,600 Income taxes payable 1,400 2,600 Total current liabilities 23,500 26,800 Notes payable (long-term) 28,900 69,000 Total liabilities 52,400 95,800 Equity Common stock, $5 par value 215,000 169,100 Retained earnings 28,200 800 Total liabilities and equity $ 295,600 $ 265,700 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 454,900 Cost of goods sold 292,800 Gross profit 162,100…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 187 165…
- Green Moose Industries has the following end-of-year balance sheet: Green Moose Industries Balance Sheet For the Year Ended on December 31 Assets Liabilities Current Assets: Current Liabilities: Accounts payable Accrued liabilities. Notes payable Total Current Liabilities Cash and equivalents Accounts receivable Inventories Total Current Assets Net Fixed Assets: Net plant and equipment (cost minus depreciation) Total Assets O $64,000 $150,000 400,000 350,000 $900,000 O $57,600 Long-Term Bonds O $54,400 $2,100,000 Total Debt O $51,200 Common Equity Common stock Retained earnings Total Common Equity $3,000,000 Total Liabilities and Equity The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Green Moose Industries generated $400,000 net income on sales of $13,500,000. The firm expects sales to increase by 16% this coming year and also expects to maintain its long-run dividend payout ratio of…The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31, 2021, follows. COOKIE & COFFEE CREATIONS INC.Balance SheetOctober 31, 2021 Assets Current assets Cash $86,219 Accounts receivable 3,250 Inventory 17,897 Prepaid expenses 6,300 $113,666 Property, plant, and equipment Furniture and fixtures $12,500 Accumulated depreciation—furniture and fixtures (1,250 ) 11,250 Computer equipment 4,200 Accumulated depreciation—computer equipment (600 ) 3,600 Kitchen equipment 29,000 Accumulated depreciation—kitchen equipment (2,050 ) 26,950 41,800 Total assets $155,466…The comparative balance sheet for the ZYX Company on December 31, 2019 and 2018 is as follows: 12/31/19 12/31/18 Assets: Cash $146,600 $179,800 Accounts Receivable 224,600 242,000 Merchandise Inventory…
- The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 300,000 $ 390,000 Accumulated depreciation—Equipment (148,000) (258,000) Equipment, net $ 152,000 $ 132,000 Buildings $ 500,000 $ 520,000 Accumulated depreciation—Buildings (172,000) (357,000) Buildings, net $ 328,000 $ 163,000 During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000. 1. How much cash did Anders receive from the sale of the building?2. How much depreciation expense was recorded on buildings during 2021?3. What was the cost of buildings purchased by Anders during 2021?19. A listing of the estimated balances in the company's ledger accounts as of December 31, 2023 is given below (as well as in your Excel template): Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) Assets $ 83,365 1,122,900 10,000 9,125 724,000 $1,949,390 Total assets Liabilities and Shareholders' Equity Accounts payable $ 231,563 Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 717,828 $1,949,390 Required: 1. Prepare a monthly master budget for ToyWorks for the year ended December 31, 2024, including the following schedules (Use the Excel template provided!): Sales Budget & Schedule of Cash Receipts Production Budget & Manufacturing Overhead Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Selling and Administrative Expense Budget Ending Finished Goods Inventory Budget Cash Budget 2. Prepare budgeted financial statements at December 31, 2024, using absorption costing.Suppose the following items were taken from the December 31, 2025, assets section of the Boeing Company balance sheet. (All dollars are in millions.) Inventory Notes receivable-due after December 31, 2026 Notes receivable-due before December 31, 2026 Accumulated depreciation-buildings eTextbook and Media List of Accounts Save for Later TS V $16,140 > 5,530 345 12,530 Patents Buildings Cash Prepare the assets section of a classified balance sheet. (List the Current Assets in order of liquidity. Enter amounts in millions) Accounts receivable Debt investments (short-term) BOEING COMPANY Partial Balance Sheet (in millions) Assets $13,040 20,700 $ 7.900 5,590 1,590 Assistance Used Attempts: 0 of 3 used Submit Answer
- The balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: $ 107,800 $ 118,100 94,500 84,500 2,500 Cash 80,000 100,000 5,000 Accounts receivable Inventory Prepaid rent Long-term assets: 505,000 695,000 (278,000) $1,221,600 Land 505,000 810,000 (433,000) $1,174,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $ 104,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 6,300 9,000 89, 500 12,600 5,500 105,000 210,000 Common stock Retained earnings Total liabilities and stockholders' eguity 725,000 225,500 $1,174,800 725,000 179,000 $1,221,600 Additional Information for 2021: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $105,000 In notes payable. 5. The company declares and pays…The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870FDN 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?
