Required: List any corrections that need to be made. Errors can be in classification, lack of disclosure, format, or terminology. Eldorado Bhd. Balance Sheet For the Year Ended June 30, 2019 Assets Current Assets: RM 37,000 62,000 17,000 RM116,000 Accounts Receivable Merchandise Inventory Cash Investments: Marketable Securities Treasury Stock RM 18,000 4,000 22,000 Tangible Assets: Buildings Less: Reserve for Depreciation RM194,000 (34,000) 160,000 Other Assets: Unamortized Portion of Bond Payable Discount 3,000 RM301.000 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Bank Note Payable (due 6/1/2022) RM 26,000 22,000 RM 48,000 Long-Term Liabilities: Bonds Payable 112,000 Capital Stock: Common Stock Earned Surplus RM 49,000 92,000 141,000 RM301.000
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- Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…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…The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019, follows. SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2019 Assets Cash Accounts receivable (net of doubtful accounts of $17,000) Investments $ 217,000 418,000 282,000 Capital assets Accumulated depreciation Total assets Liabilities Accounts payable Accrued liabilities Unearned revenue Bonds payable Total liabilities Net Position Net investment in capital assets Restricted Unrestricted $1,974,000 309,000 1,665,000 2,582,000 113,000 44,000 30,000 720,000 907,000 945,000 234,000 496,000 $1,675,000 otal position The following information pertains to the year ended June 30, 2020: 1. South billed tuition and fees totaling $1,510,000 and provided $251,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $50,000 in funds…
- The partnership business of John Estrada and Peter Arroyo was formed on January 2, 2020. At that date, the following assets were invested as derived from their respective sole proprietor’s books. Book of Estrada Book of ArroyoCash………………………………………………..P145,000 160,000Accounts receivable………………………….. 80,000 50,000Allowance for doubtful accounts………… (5,000) (3,000)Merchandise inventory…………………….. 200,000 190,000 Partner’s agreement as follows:1. Estrada and Arroyo’s adjusted capital contributions must be equal. In the event that one’s contribution will exceed the other, any one of them shall withdraw “Cash” from their respective investment.2. Their respective Accounts…Selected accounts from Han Corporation’s trial balance are as follows. Prepare a partial balance sheet listing only the Fixed Assets section. Han Corporation Abbreviated Trial Balance December 31, 2020 Account Name (Acct. #) Debit Balances Credit Balances Cash 150,000 Short-term Marketable Securities 145,000 Accounts Receivable 26,000 Inventories 90,000 Other Current Assets 10,000 Land 350,000 Buildings 300,000 Accumulated Depreciation: Buildings 40,000 Equipment 145,000 Accumulated Depreciation: Equipment 150,000 Goodwill 40,000 Other Intangible Assets 20,000The following comparative balance sheet is given for Estern Co.: Assets Dec 31, 2021 Dec 31, 2020 Cash $58,500 $351,000 72,000 Notes Receivable 63,000 Supplies & Inventory 81,000 121,500 Prepaid expense 31,500 54,000 Long-term investments 0 81,000 Machines and tools 166,500 144,000 Accumulated depreciation-equipment (63.000) (45,000) Total Assets $639,000 $477.000 Liabilities & Stockholders' Equity Accounts payable $ 76,500 $ 31,500 Bonds payable (long-term) 166,500 211,500 Common Stock 180,000 103,500 Retained Earnings 216.000 130.500 Total Liabilities & Stockholders' Equity $639.000 $477,000 Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $130,500. 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000,…
- Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO)Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February 3, 2019, which the company labels fiscal year 2018. THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Assets Current assets Cash and cash equivalents $1,778 $3,595 Receivables, net 1,936 1,952 Merchandise inventories 13,925 12,748 Other current assets 890 638 Total current assets 18,529 18,933 Net property and equipment 22,375 22,075 Goodwill 2,252 2,275 Other assets 847 1,246 Total assets $44,003 $44,529 THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Liabilities and Stockholders’ Equity Current liabilities Short-term debt $1,339 $1,559 Accounts payable 7,755 7,244 Accrued salaries and…Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow. 2017 2016Cash and cash equivalents R 75,000 R 58,800Trade accounts receivable, net 157,500 193,200Inventory 208,200 253,400Other current assets 18,400 15,500Total current assets R 459,100 R 520,900Total assets R2,650,000 R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
- Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143,420 Equipment 351,000 (2) 291,000 Accumulated depreciation (65.000) (62.400) S847.650 $569,700 Accounts Payable s106,393 S 80,760 Income Taxes Payable 11,450 10,400 Dividends Payable 33,607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 S847,650 $569,700 Income Statement For Year ended December 31 Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270,625) Net Income $209,267Please calculate the verticle and horizontal analysis of the balance sheet. Consolidated Balance Sheets (USD $) 12/31/2020 Vertical Analysis 12/31/2019 Vertical Analysis Horizontal Analysis In Millions, unless otherwise specified Current Assets: Cash and Cash Equivalents $1,723 $1,929 Receivables, net 1,484 1,398 Merchandise Inventories 11,079 11,057 Other Current Assets 1,016 895 Total Current Assets 15,302 15,279 Property and Equipment, at cost 38,513 39,064 Less Accumulated Depreciation and Amortization 15,793 15,716 Net Property and Equipment 22,720 23,348 Goodwill 1,353 1,289 Other Assets 571 602 Total Assets 39,946 40,518 Current Liabilities: Short-Term Debt 290 0 Accounts Payable 5,807 5,797 Accrued Salaries and Related Expenses 1,391 1,428 Sales Taxes Payable 434 396 Deferred Revenue 1,468…Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is