Required:Prepare the current assets section of Jenkins's balance sheet at the end of 2019.JENKINS COMPANYCurrent Asset Section of Balance SheetDecember 31, 2019Current AssetsCash:On handIn bankMarketable securities (short-term)Accounts receivableLess: Allowance for doubtful accountsInventoryPrepaid items:Prepaid insuranceOffice suppliesTotal current assets00 00 Current AssetsListed here are certain accounts of Jenkins Company at the end of 2019;Debit (Credit)$12,0001,5301,2004,3005,400(1,100)3,380(8,700)15,50097027,20019,000AccountLandPrepaid InsuranceCash on HandNotes Receivable (due 2021)Cash in BankAllowance for Doubtful AccountsMarketable Securities (Short-Term)Accumulated DepreciationAccounts ReceivableOffice SuppliesBuildingsInventory

Introduction: A company's current asset is one that may be sold or used quickly, resulting in the…

Answered: Required: Prepare the current assets…

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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Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $46,976 $3,021 $3,440 $2,320 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Inventories Total assets Adjustment ($ in millions) $ $ Deferred tax liabilities $ Equity $ b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold $ Pretax income $ Income tax expense $ Net income $ c. Compute the common-size inventories percentage with LIFO and with FIFO for 2019. Hint. Compute inventory as percent of total assets. Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). Common size inventories percentage…
Determining Cash Flows from Financing Activities Nichols Inc. reported the following amounts on its balance sheet at the end of 2019 and 2018 for equity: 12/31/2019 12/31/2018 Common stock $210,000 $135,000 Retained earnings 495,300 412,800 Required: Assume that Nichols did not retire any stock during 2019, it reported $105,610 of net income for 2019, and any dividends declared were paid in cash. Determine the amounts Nichols would report in the financing section of the statement of cash flows. Issuance of common stock $fill in the blank 1 Payment of dividends $fill in the blank 2
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
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This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
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How would you prepare a statement of Cash Flows using the following information? Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/Decrease Assets Cash and cash Equivalent $ 51,500.00 $ 45,400.00 $ 6,100.00 Accounts Receivable $ 51,100.00 $ 61,400.00 $ 10,000.00 Inventories $ 61,400.00 $ 51,900.00 $ 9,500.00 Fixed Assets, net $ 160,000.00 $ 110,000.00 $ 50,000.00 Total Assets $ 324,000.00 $ 268,700.00 $ 55,600.00 Liabilities Accounts Payable $ 35,450.00 $ 27,800.00 $ 7,650.00 Accrued liabilities $ 31,000.00 $ 37,550.00 -$ 6,550.00 Long-term notes payable $ 60,000.00 $ 78,540.00 -$ 18,540.00 Stockholders Equity: Common Stock $ 143,050.00 $ 105,110.00 $ 37,940.00 Retained Earnings $ 54,800.00 $ 19,700.00 $…
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