On December 1, 2022, Splish Brothers Inc. had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,400 4,700 11,900 1,300 22,000 $47,300 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock 4 Retained Earnings During December, the company completed the following summary transactions. Credit $2,200 4,500 1,000 29,000 10,600 $47,300
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- 5. What were total liabilities on December 31, 2021?[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets $ 33,783 $ 39,888 71,898 89,474 10,785 286,555 $ 39,900 56,491 58,411 4,616 256,082 Cash Accounts receivable, net Merchandise inventory 97,913 125,594 10,989 310,097 Prepaid expenses Plant assets, net Total assets $ 578,376 $ 498,600 $ 415,500 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings $ 144,016 $ 54,298 $81,735 113,531 163,500 139,834 109,822 163,500 91,826 163,500 105,876 161,038 Total liabilities and equity $ 578,376 $ 498,600 $ 415,500 For both the current year and one year ago, compute the following ratios: Exercise 17-11 (Algo) Analyzing profitability LO P3 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 751,889 $ 593,334 $ 458,652 Cost of goods sold…The financial statements of New World, Incorporated, provide the following information for the current year: December 31 January 1 Accounts receivable $ 288,000 $ 391,500 Inventory $ 281,250 $ 267,000 Prepaid expenses $ 73,200 $ 70,500 Accounts payable (for merchandise) $ 259,800 $ 251,550 Accrued expenses payable $ 66,150 $ 79,950 Net sales $ 3,172,500 Cost of goods sold $ 1,672,500 Operating expenses (including depreciation of $64,000) $ 382,500 What is New World's net cash flow from operating activities for the current year?
- 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: 1 Year Ago: Current Year Net sales $ 30,400 87,600 113,000 10,500 281,000 $ 522,500 Numerator: $ 128,400 97,500 160,000 136,600 $ 522,500 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 Interest expense Current Year $ 441,000 227,850 12, 200 9,350 1 1 1 Year Ago $ 35,750 62,000 82,000 9,350 249,000 $ 438,100 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: (2) Compute total asset turnover for the current year and one year ago. Total Asset Turnover I $ 75,250 99,500…You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 2,160,000 540,000 $ 144,000 1,239, 840 354,600 1,171,944 1,620,000 Liabilities Liabilities and Equity Accounts payable Loan payable Long-term note payable Equity Common stock Retained earnings $ 723,600 12,000 1,800,000 1,206,000 788,784 $ 2,535,600 1,994,784 $4,530,384 Total assets $4,530,384 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 73,800 units. Budgeted sales in units follow: April, 73,800; May, 70,200; June, 72,000; and July, 73,800. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
- The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 2,160,000 540,000 $ 144,000 1,239, 840 354,600 1,171,944 1,620,000 Liabilities Liabilities and Equity Accounts payable Loan payable Long-term note payable Equity Common stock Retained earnings $ 723,600 12,000 1,800,000 1,206,000 788,784 $ 2,535,600 1,994,784 $4,530,384 Total assets $4,530,384 Total liabilities and equity To prepare a master budget April, May, and June, management gathers the following information. a. Sales for March total 73,800 units. Budgeted sales in units follow: April, 73,800; May, 70,200; June, 72,000; and July, 73,800. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…For the year just completed, Hanna Company had net income of $63,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 64,000 $ 77,000 Accounts receivable $ 154,000 $ 184,000 Inventory $ 433,000 $ 346,000 Prepaid expenses $ 12,000 $ 14,000 Current liabilities: Accounts payable $ 354,000 $ 388,000 Accrued liabilities $ 9,000 $ 11,500 Income taxes payable $ 35,000 $ 26,000 The Accumulated Depreciation account had total credits of $54,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows—Indirect Method (partial)…The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses $ 6,500 35,000 70,000 3,500 115,000 185,000 Total current assets Property and equipment, net Total assets $300,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 50,000 Bonds payable, 10% Total liabilities 80,000 130,000 Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity 30,000 140,000 170,000 Total liabilities and stockholders' equity $300,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $420,000 Cost of goods sold Gross margin Selling and administrative expenses 292,500 127,500 89,500 Net operating income Interest expense Net income before taxes 38.000 8,000 30,000 Income taxes (30%) 9,000 Net income $ 21,000 Account balances at the beginning of the year were: accounts…
- [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 31,600 88,000 112,500 10,650 281,000 $523,750 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 $440,900 $ 379,900 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 49,500 52,500 4,500 235,000 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 Total liabilities and equity $523,750 $440,900 $ 379,900 ces The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago For Year Ended December 31 Sales Current Yr $755,000 $ 620,000 Cost of goods sold other operating expenses Interest expense $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 Income tax expense Total costs and expenses 700,350 561,025 Net income $ 54,650 $…For the year just completed, Hanna Company had net income of $37,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 56,000 $ 83,000 Accounts receivable $ 164,000 $ 200,000 Inventory $ 436,000 $ 364,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities: Accounts payable $ 354,000 $ 384,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 34,000 $ 26,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.)