nentals of Financial Accountin Session1 2021/ACT 140/D2 / Course Documents Quiz 126-5-2021 The year-end financial statements of Grunewald Company contained the following elements and corresponding amounts. Assets = $22,000; Common Stock = $5,000; Revenue = $11,000; Dividends = $750; Beginning Retained Earnings $3,750; Ending Retained Earnings = $6,000. Based on this information, the amount of expenses on Grunewald's income statement was %3D %3D a. $8,000 b. $8,750 S5.000
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![ic Calendar My MCBS Library English (en)
amentals of Financial Accountin
mer Session 1 2021/ACT 140/D2/ Course Documents
Quiz 126-5-2021
The year-end financial statements of Grunewald Company contained the following elements
and corresponding amounts. Assets = $22,000; Common Stock = $5,000; Revenue $11,0003;
Dividends = $750; Beginning Retained Earnings $3,750; Ending Retained Earnings=
$6,000. Based on this information, the amount of expenses on Grunewald's income
statement was
a. $8,000
b. $8,750
C. $5,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F177b2a44-65c1-4cc3-bb17-052175ce6eba%2F24096e57-385e-402d-8486-a17bd44e39e1%2Fyrivaa_processed.jpeg&w=3840&q=75)
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- On June 30, 2021, Streeter Company reported the following account balances: Receivables $ 51,050 Current liabilities $ (11,800 ) Inventory 85,750 Long-term liabilities (52,000 ) Buildings (net) 83,400 Common stock (90,000 ) Equipment (net) 33,600 Retained earnings (100,000 ) Total assets $ 253,800 Total liabilities and equities $ (253,800 ) On June 30, 2021, Princeton Company paid $325,900 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,200 in legal fees. Princeton also agreed to pay $58,600 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,700. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $43,400 more than its…Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $55,900; total assets, $189,400; common stock. $87,000, and retained earnings, $29,103.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 311 $455,600 298,450 157,150 99,000 4,400 53,758 21,653 $ 32,097 Sales Cost of goods sold i Gross profit Operating expenses Interest expense Income before taxes Income tax expense. Net income CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $10,000 Accounts payable 8,600 Accrued wages payable 30,400 Income taxes payable: 40,150 Long-term note payable, secured by mortgage on plant assets 2,550 Common stock 148,300 Retained earnings $ 240,000 Total liabilities and equity $ 17,500 5,000 3,900…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 $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners’ equity $ 400,000 $ 500,000 For each account on this company’s balance sheet, show the change in the account during 2021 and note whether…
- The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 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).)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…Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable. Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…
- Below are the 2018 and 2019 year-end balance sheets for Walker Inc.:. Assets Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total common equity Total liabilities and equity 2019 $200,000 864,000 2,000,000 $3,064,000 6,000,000 $9,064,000 $2,400,000 1,600,000 $3,000,000 2,400,000 2,000,000 664,000 $2,664,000 $9,064,000 2018 $170,000 700,000 1,400,000 $2,270,000 5,600,000 $7,870,000 $1,090,000 800,000 $1,890,000 2,400,000 3,000,000 580,000 $3,580,000 $7,870,000 Walker has never paid a dividend on its common share, and it issued $2,400,000 of 10-year non- callable, long-term debt in 2018. As of the end of 2019, none of the principal on this debt had been repaid. Assume that the company's sales in 2018 and 2019 were the same. Which of the following statements must be correct? O a. Walker issued new common shares in 2019. O b.…The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 88,200 Current liabilities 75,250 Long-term liabilities 87,500 Common stock 29,400 Retained earnings $ 280,350 Total liabilities and equities $ (16,100) (74,250) (90,000) (100,000) $ (280,350) On June 30, 2021, Princeton Company paid $315,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,900 in legal fees. Princeton also agreed to pay $66,400 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $23,700. In determining its offer, Princeton noted the following pertaining to Streeter: • It holds a building with a fair value $44,900 more than its book value. • It has developed a customer list appraised…
- Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets, $169,400; common stock, $85,000; and retained earnings, $45,550.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 22,000 Accounts payable 8,800 Accrued wages payable 33,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets 2,850 152,300 Common stock Retained earnings $ 253,500 Total liabilities and equity For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income $ 450,600 298,050 152,550 98,900 4,500 49,150 19,800 $ 29,350 $ 15,500 4,000 3,700…Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $52,900; total assets, $229,400; common stock, $82,000; and retained earnings, $45,833.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit $ 22,000 9,000 33,600 38,150 3,100 149, 300 $255,150 Operating expenses Interest expense Income before taxes Income tax expense Net income $ 455,600 297,650 157,950 99, 200 4,800 53,950 21,733 $32,217 CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings Total liabilities and equity $ 18,500 2,800 3,400…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…
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