PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $155,100 74,800 87,000 2,400 $ 171,800 88, 000 72,800 1, 200 Land 440,000 732,000 (406,000) $1,085,300 440,000 630,000 (252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 24 24 6,900 6,400 91,000 77,800 13,800 4,200 115,000 230,000 660,000 206,000 $1,085, 300 660,000 166,000 $1,151,800 Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000.

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $155,100 74,800 87,000 2,400 $ 171,800 88, 000 72,800 1, 200 Land 440,000 732,000 (406,000) $1,085,300 440,000 630,000 (252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 24 24 6,900 6,400 91,000 77,800 13,800 4,200 115,000 230,000 660,000 206,000 $1,085, 300 660,000 166,000 $1,151,800 Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000.

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

SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
for d) How much cash did Calliope pay wages in 2020? e) How much cash did Calliope pay for rent in 2020? 11
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts Receivable Inventory Current Assets Accum.Depreciation Net Fixed Assets Gross Fixed Assets $16,251,665 $20,567,330 Less $7,460,897 $10,117,819 Total Assets O 11.58% O 44.90% O 8.37% $5,268,485 $10,268,485 O 4.35% $2,574,230 $2,314,672 O 6.02% $529,062 $696,685 $8,371,777 $13,279,842 Total Liabilities and Equity What is the common size value for 2022 Notes Payable? $8,790,768 $10,449,511 $17,162,545 $23,729,353 Current Liabilities 2021 Accounts Payable Notes Payable $1,033,110 $1,987,233 2022 $1,673,992 $2,438,271 $2,707,102 $4,425,504 Long Term Debt $9,242,830 $11,468,302 Total Liabilities $11,949,932 $15,893,806 Common Stock ($0.50 par) $1,300,000 $1,600,000 Capital Surplus $1,148,120 $1,800,969 Retained $2,764,493 $4,434,578 Earnings $17,162,545 $23,729,353
Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Valley Technology Balance Sheet As of March 11, 2020 (amounts in thousands) 9,700 Accounts Payable 4,500 Debt 3,800 Other Liabilities 16,400 Total Liabilities 1,700 Paid-In Capital Retained Earnings Total Equity 36,100 Total Liabilities & Equity 1,500 2,900 800 5,200 7,300 23,600 30,900 36,100 Use T-accounts to record the transactions below, which occur on March 12, 2020, close the T-accounts, and construct a balance sheet to answer the question. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Issue $85,000 in stock 3. Borrow $63,000 from a bank 4. Pay $5,000 owed to a supplier 5. Receive payment of $12,000 owed by a customer What is the final amount in Total Liabilities? Please specify your answer in the same units as the balance sheet.
P. P. Bank loan payable-current portion P. 26,000 21,000 P. P. P. Bank loan payable-non-current portion 382,000 217,000 P. Common shares P. 196,000 89,000 Retained earnings 41,000 26,000 P. P. P. Total liabilities and shareholders' equity $695,000 $396.000 P. P. P. P. Additional information regarding 2021: P. P. 1. Net income was $52,000. P. P. P. 2. A gain of $9,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. A gain on the disposal of $39,000 was recorded when an old building was sold for $57,000 cash. A new building was purchased for $367.000 and depreciation expense on buildings for the year was $60,000. 3. P. P. P. P. Equipment costing $68.000 was purchased while a loss of $9,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $11,000. 4. 5. The company took out $205,000 of new bank loans during the year. 6. Dividends were declared and paid and no…
Loans and borrowings Deferred taxek liability 14,130 10,220- 1,010 960- 15,140 11,180 Current Liabilities Trade payable Current tax 1,260 1,140 1,040 920 payable Interest payable 980- 740k 3,280 40,190 2,800 32,960 Total Equity and Liabilities 2019 £'000 2018 £'000 Sales Cost of sales Distribution costse Administration expenses Gain on disposal of PPE 22,000 (11,800) (3,100) (1,630) 280 16,000 (8,200) (2,600) (1,420) Interest expensee a Тах еexpensee (1,140) (1,820) (760) (1,240) Net profit 2,790 1,780 1. The company disposal of PPE during the year with a book value of £1,000,000. 2. Depreciation of property, plant and equipment for the year was £650,000.4 The intangibles were acquired for cash towards the end of the year and were not sub ject to any amortisation in the current period.e 3. Prepare the statement of cash flows using the indirect method.
The balance sheets for a company and additional information are provided below. A COMPANY Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $160,000 $116,000 Accounts receivable 70,000 88,000 Inventory 91,000 76,000 Investments 3,600 1,600 Long-term assets: Land 440,000 440,000 Equipment 750,000 630,000 Less: Accumulated depreciation (388,000) (228,000) Total assets $1,126,600 $1,123,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $95,200 $81,000 Interest payable 5,500 11,600 Income tax payable 7,500 4,600 Long-term liabilities: Notes payable 120,000 240,000 Stockholders' equity: Common stock 660,000 660,000 Retained earnings 238,400 126,400 Total liabilities and stockholders' equity $1,126,600 $1,123,600 Additional information for 2024: Net income is $112,000. Sales on account are $1,382,500. (All sales are credit sales.) Cost of goods…
KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 81,500 $ 54,000 Accounts receivable, net 80,000 61,000 Inventory 73,800 101,500 Prepaid expenses 5,400 7,400 Total current assets 240,700 223,900 Equipment 134,000 125,000 Accumulated depreciation—Equipment (32,000) (14,000) Total assets $ 342,700 $ 334,900 Liabilities and Equity Accounts payable $ 35,000 $ 45,000 Wages payable 7,000 17,000 Income taxes payable 4,400 5,800 Total current liabilities 46,400 67,800 Notes payable (long term) 32,000 70,000 Total liabilities 78,400 137,800 Equity Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $ 342,700 $ 334,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 728,000 Cost of goods sold 421,000 Gross profit 307,000 Operating expenses (excluding depreciation) 77,000 Depreciation expense 68,600 161,400…
Net Sales COGS Depreciation EBIT Interest Taxable Income Taxes Net Income 2019 Income Statement Dividends Additions to Retained Earnings 147 647.74 3,456 1,895 235 1,326 320 1,006 211.26 794.74
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
Statement of Profit and Loss and Other Comprehensive Income for the years ended 31 December 2024 2023 R'000 R'000 Turnover 1287052 934052 Operating Profit 137342 81768 Net Finance Cost 39264 20862 Operating Profit before taxation 98078 60906 Income tax expense 7027 3048 Profit for the Year 91051 57858 3502 2237 Operating profit includes Depreciation and loss on sale of fixed asset 5/12 Required: a) Prepare the cash flows from operating activities for the company for 2024 using the available information (10 Marks) b) Perform a financial review of the company based on calculating the following financial ratios and explain how it may be interpreted. Debt equity ratio Times interest earned Current ratio Debtors average collection period Inventory turnover Your answer should include an overall assessment of the company (25 Marks) c) List the audit steps to verify the existence of inventory (10 Marks)
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…