Listed below in alphabetical order are the balance sheet items of Ivanhoe Company at December 31, 2022. Accounts payable $11,900 Accounts receivable $14,800 Buildings $62,000 Cash $10,700 Common stock $85,000 Equipment $9,500 Land $32,000 Retained earnings $32,100 Prepare a balance sheet and include a complete heading.
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Listed below in alphabetical order are the balance sheet items of Ivanhoe Company at December 31, 2022.
Accounts payable $11,900
Accounts receivable $14,800
Buildings $62,000
Cash $10,700
Common stock $85,000
Equipment $9,500
Land $32,000
Prepare a balance sheet and include a complete heading.
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- 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.The following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) 53,000 41,000 Accounts receivable (net) 103,000 92,000 Inventory 239,000 164,000 Prepaid expenses 25,000 29,000 Land 132,000 132,000 Building and equipment (net) 263,000 188,000 Total assets $884,000 $715,000 Liabilities and Stockholders’ Equity Notes payable (current) $170,000 $101,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 205,000 205,000 Retained earnings 150,000 143,000 Total liabilities and stockholders’ equity $884,000 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…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 comparative balance sheets for Carla Vista Corporation appear below: CARLA VISTA CORPORATION Comparative Balance Sheet at December 31st 2027 2026 Assets Cash $ 17,160 $ 12,840 Accounts receivable 25,440 28,080 Land 24,000 31,200 Building 84,000 84,000 Accumulated depreciation—equipment (18,000) (12,000) Total assets $ 132,600 $ 144,120 Liabilities and Shareholders' Equity Accounts payable $ 14,840 $ 37,320 Common shares 90,000 82,800 Retained earnings 27,760 24,000 Total liabilities and shareholders' equity $ 132,600 $ 144,120 Additional information: 1. Profit for the year ending December 31, 2027 was $27,160. 2. Land was sold for cash of $5,880, resulting in a loss of $1,320 on sale of the land. 3. Cash dividends were declared and paid during the year, $23,400. REQUIRED: Prepare a Statement of Cash Flows, using the indirect method, for the year ended December 31, 2027 in proper format.Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 650 $ 900 $ 700 Other assets 2,750 2,050 1,750 Total assets $ 3,400 $ 2,950 $ 2,450 Current liabilities $ 500 $ 800 $ 700 Long-term liabilities 1,500 1,000 800 Stockholders' equity 1,400 1,150 950 Total liabilities and stockholders' equity $ 3,400 $ 2,950 $ 2,450 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data: Sales $ 3,300 $ 2,900 Operating income 380 300 Interest expense 80 70 Net income 300 230 Other data: Average number of common shares outstanding 44 42 Total dividends paid $ 50 $ 30…The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Liabilities and Equity Cash and equivalents $ 20 Accounts payable $ 140 Accounts receivable 475 Accruals 310 Inventories 890 Notes payable 225 Total current assets $ 1,385 Total current liabilities $ 675 Net plant and equipment 2,560 Long-term bonds 1,500 Total liabilities $ 2,175 Common stock (100 million shares) 270 Retained earnings $ 1,500 Common equity $ 1,770 Total assets $ 3,945 Total liabilities and equity $ 3,945 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales $ 8,500 Operating costs excluding depreciation and amortization 5,650 EBITDA $ 2,850 Depreciation and amortization 500 EBIT $ 2,350 Interest 230 EBT $ 2,120…
- What is the final amount in retained earningsLiberty Corporation reported the following financial statements: The company has 2,500 shares of common stock outstanding and the market price is $20 per share. What is Liberty’s price/earnings ratio? a. 0.08 b. $0.08 c. 12.35 12.35 timesThe following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) 53,000 41,000 Accounts receivable (net) 103,000 92,000 Inventory 239,000 164,000 Prepaid expenses 25,000 29,000 Land 132,000 132,000 Building and equipment (net) 263,000 188,000 Total assets $884,000 $715,000 Liabilities and Stockholders’ Equity Notes payable (current) $170,000 $101,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 205,000 205,000 Retained earnings 150,000 143,000 Total liabilities and stockholders’ equity $884,000 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…
- Lightspeed Industries Balance Sheet As of January 24, 2023 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital Retained Earnings Total Equity 39,000 Total Liabilities & Equity 1,900 3,600 2,000 7,500 7,200 24,300 31,500 39,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Issue $80,000 in stock Jan 26. Borrow $65,000 from a bank Jan 27. Receive payment of $12,000 owed by a customer What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 685 $ 917 $ 773 Other assets 2,417 1,924 1,723 Total assets $ 3,102 $ 2,841 $ 2,496 Current liabilities $ 581 $ 816 $ 714 Long-term liabilities 1,510 995 860 Stockholders’ equity 1,011 1,030 922 Total liabilities and stockholders' equity $ 3,102 $ 2,841 $ 2,496 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data: Sales $ 3,054 $ 2,917 Operating income 300 314 Interest expense 88 69 Net income 203 198 Other data: Average number of common shares outstanding 41.7 47.1 Total dividends paid $ 54.0 $ 52.7…Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…