Kotin Company has prepared the following financial statements for 2022 and 2021: Kotin Company Balance Sheet As of December 31, 2022 and 2021 Cash Accounts Receivable Inventory Prepaid expenses LT Investments Land Plant assets Accumulated depreciation Accounts payable Wages payable Notes payable Common stock- no par Retained earnings Additional Information: A new note was issued for $18,000. 2022 $ 69,600 19,080 18,800 1,000 15,000 14,000 59,000 (24,600) $171.880 $ 21,600 1,080 26,600 21,600 101,000 $171.880 2021 35,400 16,800 28,800 500 6,000 9,000 46,800 (23,400) $119.900 $ 14,400 1,800 12,800 18,000 72,900 $119.900

Kotin Company has prepared the following financial statements for 2022 and 2021: Kotin Company Balance Sheet As of December 31, 2022 and 2021 Cash Accounts Receivable Inventory Prepaid expenses LT Investments Land Plant assets Accumulated depreciation Accounts payable Wages payable Notes payable Common stock- no par Retained earnings Additional Information: A new note was issued for $18,000. 2022 $ 69,600 19,080 18,800 1,000 15,000 14,000 59,000 (24,600) $171.880 $ 21,600 1,080 26,600 21,600 101,000 $171.880 2021 35,400 16,800 28,800 500 6,000 9,000 46,800 (23,400) $119.900 $ 14,400 1,800 12,800 18,000 72,900 $119.900

Name: Kotin Company has prepared the following financial statements for 202
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Kotin Company has prepared the following financial statements for 2022 and 2021:Kotin CompanyBalance SheetAs of December 31, 2022 and 2021CashAccounts ReceivableInventoryPrepaid expensesLT InvestmentsLandPlant assetsAccumulated depreciationAccounts

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

Bethesda Mining Company reports the following balance sheet information. Prepare the 2021 and 2022 common-size balance sheets for the company. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places
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 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 $ $ $ LA $ $ EA $ GA $ EA 40,010 60,281 128,441 228,732 GA 657,747 886,479 191,922 87,020 278,942 241,000 $ 214,000 152,537 $ 366,537 886,479 Saved * % $ % % % ote ote % $ % ote ote ote o % $ $ % GA % % GA SA % $ 199,611 % 138,588 % 338, 199 % 177,750 $ $ $ 2022 $ 51,181 80,639 194,689 326,509 SA SA 589,478 915,987 214,000 186,038 400,038 $ 915,987 % % % % % % % % % 1% % dº 60 dº 60 %…
The bookkeeper of XYZ COMPANY prepared the following statement of financial position: XYZ COMPANY Statement of Financial Position For Year Ended December 31, 2020 Current Assets Current Liabilities Inventory 600,000 Accounts payable Allowance for doubtful accounts P 1,100,000 Accounts receivable 590,000 30,000 Cash Salaries payable Taxes payable Long Term Liabilities Bonds payable (due 2022) Unearned rent (3 months) 180,000 380,000 Treasury shares (at cost) Long Term Investments Temporary investments in 330,000 250,000 1,100,000 marketable securities 580,000 120,000 Investments in held-to- maturity bonds 1,030,000 Plant and Equipment Land 810,000 Owners' Equity Retained earnings Office supplies Buildings and equipment Intangibles Patents (net) 80,000 3,560,000 2,420,000 Accumulated de preciation on 470,000 buildings and equipment 920,000 Prepaid insurance (6 months) 120,000 Premium on ordinary shares 930,000 Discount on bonds payable 100,000 Ordinary share capital, P10 par Total…
Nicole company provided the following balances on december 31, 2020 Accounts Payable. 2,000,000 Payable, due 2021 3,000,000 Discount on Bonds Payable 100,000 Dividend Payable. 600,000 Notes Payable, due 2022. 1,000,000 What amount of current liabilities should be reported on December 31, 2020? Your answer
The balance sheets for Mary Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Mary CompanyBalance Sheet December 31 2021 2020 Cash $ 31,209 $ 10,302 Accounts receivable (net) 43,733 20,503 Inventory 35,350 42,420 Long-term investments 0 15,150 Property, plant & equipment 238,865 151,500 Accumulated depreciation (38,077) (25,250) $311,080 $214,625 Accounts payable $ 17,170 $ 26,765 Accrued liabilities 21,210 17,170 Long-term notes payable 70,700 50,500 Common stock 131,300 90,900 Retained earnings 70,700 29,290 $311,080 $214,625 Additional data: 1. Net income for the year 2021, $61,610. 2. Depreciation on plant assets for the year, $12,827. 3. Sold the long-term…
Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 Cash $ 102,785 $ 89,530 Accounts receivable 103,454 85,552 Inventories 39,771 36,287 Total current assets $ 246,010 $ 211,369 Net fixed assets 63,528 40,673 Total assets $ 309,538 $ 252,042 Accounts payable $ 32,604 $ 24,450 Accruals 29,905 21,470 Notes payable 16,454 13,454 Total current liabilities $ 78,963 $ 59,374 Long-term debt 76,373 65,273 Total liabilities $ 155,336 $ 124,647 Common stock 105,000 95,000 Retained earnings 49,202 32,395 Total common equity $ 154,202 $ 127,395 Total liabilities and equity $ 309,538 $ 252,042 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis…
he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January…
The net income for 2025 was $26,070. Assume that total assets are the same in 2024 and 2025. Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%) (a) (b) (c) (d) Current ratio Acid-test ratio Debt to assets ratio Return on assets % %
Subject: acounting
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 10, 620 $ 13, 275 Accounts payable $ 52, 560 $ 60, 750 Accounts receivable 21,420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99,900 $ 125, 775 Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 $ 324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity $ 360,000 $ 450,000 For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter…
On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Credit Debit $11,200 Accounts Receivable 34,000 Allowance for Uncollectible Accounts $1,800 Inventory 152,000 Land 67,300 Buildings 120,000 Accumulated Depreciation Accounts Payable 9,600 17,700 Common Stock 200,000 Retained Earnings Totals $ 384,500 155,400 $384,500 During January 2024, the following transactions occur: January 1 Borrow $100,000 from Captive Credit Corporation. The installment note bears interest at 7% annually and matures in 5 years. Payments of $1,980 are required at the end of each month for 60 months. January 4 Receive $31,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $11,000. January 15 Pay cash for salaries, $28,900. January 30 Firework sales for the month total $195,000. The cost of the units sold is $112,500. January 31 Pay the first monthly installment of $1,980 related to the $100,000 borrowed on January 1.…