Required informationPreparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting theFinancial Statements [LO 1-2, LO 1-3][The following information applies to the questions displayed below.]Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), thefollowing financial data for the company are available:Accounts PayableAccounts ReceivableCashCommon StockDividendsEquipmentNotes PayableOperating ExpensesOther ExpensesSales RevenueSuppliesPA1-1 (Algo) Part 3✔3. Prepare a balance sheet at December 31.HIGH POWER CORPORATIONBalance Sheet0000$ 33,00010,90014,20059,9902,04088,0001,69059,3007,94093,6005,900

The Balance Sheet is a financial statement that includes assets, liabilities and stockholder's…

Answered: Required information Preparing an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $47,481 $39,900 Long-term debt 44,650 47,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers. Amount of Change Increase/Decrease Percentage Accounts payable $fill in the blank 1 IncreaseDecrease fill in the blank 3 % Long-term debt $fill in the blank 4 IncreaseDecrease fill in the blank 6 %
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
please answer part d,e
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Solomon Company's income statement information follows: Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (Year 1: $197,000) Common stock, December 31 The average number of shares outstanding was 7,700 for Year 3 and 7,000 for Year 2. Required Compute the following ratios for Solomon for Year 3 and Year 2. a. Number of times interest was earned. Note: Round your answer to 2 decimal places. a. Times interest earned b. Earnings per share c. Price-earnings ratio d. Return on average equity e. Net margin Year 3 b. Earnings per share based on the average number of shares outstanding. Note: Round your answer to 2 decimal places. c. Price-earnings ratio (market prices: Year 3, $64 per share; Year 2, $73 per share). Note: Round your answer to 2 decimal places. d. Return on average equity. Note: Round your percentage answer to 2 decimal places (for example, 0.2345 should be entered as 23.45). e. Net margin. Note: Round your…
Income Statement, Statement of stockholders’ equity, and Balance Sheet Viva Travel Service reported assets, liabilities, revenues and expenses for September 30, 20Y6 below. As of October 1, 20Y5, the beginning of the current year, Viva Travel Service reported retained earnings as $60,900, and common stock as $7,500. During the current year, dividends in the amount of $28,600 were paid. Accounts payable $22,290 Accounts receivable 134,312 Common stock 15,000 Cash 240,858 Fees earned 801,300 Miscellaneous expense 6,230 Rent expense 103,770 Supplies 10,380 Supplies expense 16,600 Utilities expense 62,260 Wages expense 296,480 Instructions: Question Content Area 1. Prepare an income statement for the current year ended September 30, 20Y6. Viva Travel ServiceIncome StatementFor the Year Ended September 30, 20Y6 $- Select - Operating expenses: $- Select - - Select - - Select - - Select - - Select -…
The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross profit Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Long-term debt (interest rate: 10%) Common shares (6,000 shares) Retained earningst Year 2 Year 1 $367,950 $310,000 312,178 262,000 55,780 48,000 37,410 33,400 18,370 6,310 14,600 4,800 $ 12,060 $ 9,800 $ 4,270 $ 8,400 16,830 48,350 29,810 $ 99,260 $ 11,820 40,480 24,000 22,960 20,000 42,000 25,000 $ 95,400 $14,200 39,200 24,000 18,000 Required: 1 Complete the following columns for each item in the comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places, Le., 0.1243 should be…
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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