Pine Corp is considering acquiring Beta Company. Beta's balance sheet at December 31, 2023, shows: Assets: Cash: $80,000 Accounts receivable: $120,000 Inventory: $150,000 Equipment (net): $450,000 Total: $800,000 Liabilities and Equity: Current liabilities: $100,000 Long-term debt: $200,000 Common stock: $300,000 Retained earnings: $200,000 Total: $800,000 Additional information: 1. Accounts receivable requires a $6,000 allowance for doubtful accounts 2. Inventory using FIFO would be $180,000 (currently using LIFO) 3. Equipment fair value is $520,000 4. Unrecorded trademark worth $90,000 5. All liabilities are at fair value 6. Purchase price is $1,100,000
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- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Kindly help me Accounting questionBirch Company is considering purchasing EKC Company. EKC's balance sheet at December 31, 2019, is as follows: Cash $51,000 Current liabilities $56,000 Accounts receivable 76,000 Bonds payable 194,000 Inventory 130,000 Common stock 290,000 Property, plant, and equipment (net) 630,000 Retained earnings 347,000 $887,000 $887,000 At December 31, 2019, Birch discovered the following about EKC: No allowance for uncollectible accounts has been established. An allowance of $5,200 is considered appropriate. The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Birch. The FIFO inventory valuation of the December 31, 2019, ending inventory would be $181,000. The fair value of the property, plant, and equipment (net) is $780,000. The company has an unrecorded patent that is worth $100,000. The book values of the current liabilities and bonds payable are the same as their market values. Required: 1. Compute the value…
- Find the Gross fixed assets and Accumulated depreciationC. Reither Co. reports the following information for 2025: sales revenue $700,000 cost of goodssold $500,000, operating expenses $80,000, and an unreliazed holding loss on available-for-sale debt securities of 2025 of $60,000. It declared and paid a cash dividend of $10,000 in 2025. C. Reither Co. has Janaury 1, 2025, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2025. Prepare a statement of stockholders' equity. (Ignore income taxes).C. Reither Co. reports the following information for 2025: sales revenue $700,000 cost of goodssold $500,000, operating expenses $80,000, and an unreliazed holding loss on available-for-sale debt securities of 2025 of $60,000. It declared and paid a cash dividend of $10,000 in 2025. C. Reither Co. has Janaury 1, 2025, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2025. Prepare a statement of stockholders' equity. (Ignore income taxes).
- Presented below is the balance sheet of Sargent Corporation for the current year, 2020. Sargent CorporationBalance SheetDecember 31, 2020 Current assets $ 485,000 Current liabilities $ 380,000 Investments 640,000 Long-term liabilities 1,000,000 Property, plant, and equipment 1,720,000 Stockholders' equity 1,770,000 Intangible assets 305,000 $3,150,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned rent revenue $5,000. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term $80,000 and long-term $270,000; and bond sinking fund $250,000. The cost and fair value of investments in common stock are the same. 3.…On January 1, 2025, Artic Inc. had the following balance sheet: Cash Total Debt investments (available-for-sale) 363,000 $434,000 Assets Interest revenue ARTIC INC. BALANCE SHEET AS OF JANUARY 1, 2025 ARTIC INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 $11,000 Gain on sale of investments Net income $71,000 Common stock (a) The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Artic Inc.'s available-for-sale debt securities at December 31, 2025, was $310,000; its cost was $277,000. No debt securities were purchased during the year. Artic Inc.'s income statement for 2025 was as follows: (Ignore income taxes.) 28,000 $39,000 (Assume all transactions during the year were for cash.) Accumulated other comprehensive income Total Equity $389,000 Debit 45,000 $434,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (Credit account titles are…Skysong Co. reports the following information for 2025: sales revenue $776,200, cost of goods sold $517,000, operating expenses $90,200, and an unrealized holding loss on available-for-sale debt securities for 2025 of $60,700. It declared and paid a cash dividend of $12,430 in 2025. Skysong Co. has January 1, 2025, balances in common stock $369,200; accumulated other comprehensive income $88,300; and retained earnings $98,980. It issued no stock during 2025. Prepare a statement of stockholders' equity. (Ignore income taxes.) > > Total SKYSONG CO. Statement of Stockholders' Equity LA Retained Earnings Accumulated Other Comprehensive Income
- Prepare a 2020 balance sheet for Jarrow Corp. based on the following information: cash = $135,000; patents and copyrights = $630,000; accounts payable = $214,500; accounts receivable = $110,000; tangible net fixed assets = $1,640,000; inventory = $297,000; notes payable = $140,000; accumulated retained earnings = $1,262,000; long-term debt = $853,000. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)The 2021 Balance Sheet of Eighty-Five Ltd. show a total of $100,000 in current assets, which is made up of $35,000 (cash), $15,000 (marketable securities), $20,000 (net receivables) and inventories (that make up the difference). If the company’s current liabilities for the year is $55,000, what is its quick ratio? 1.273. 0.780. 1.000. 1.875.C. Reither Co. reports the following information for 2020: sales revenue $700,000, cost of goods sold $500,000, operating expenses $80,000, and an unrealized holding loss on available-for-sale debt securities for 2020 of $60,000. It declared and paid a cash dividend of $10,000 in 2020. C. Reither Co. has January 1, 2020, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2020. Instructions Prepare a statement of stockholders’ equity. (Ignore income taxes.)