A7 Southwest CompanyBalance Sheet and Income StatementFor the Years Ending December 31, 2020 and 201920202019Current AssetsCash$13,000$?Accounts Receivable19.000 25.000Inventory32,00028,000Total Current Assets64,000 62,800Fixed Assets102,000 92,000Less: Accum. Depreciation(39,000) (36,000)TOTAL ASSETS$127,000 $118.800Current LiabilitiesAccounts PayableWages PayableIncome Tax PayableTotal Current LiabilitiesLong Term Bonds PayableTOTAL LIABILITIESOwner's Equity$15,000 $8.0004,0006.0007,0006.30026,000 20.30028,000 32,00054,000 52.300Common Stock ($10 par)42,000 38.50031,000 28,000Retained EarningsTOTAL LIAB. & OWNER'S EQUITY $127,000 $118.800INCOME STATEMENTSales (all credit sales)$133,000 $125,000Less: COGS60.200 60,200Gross Margin72,800 64,800Less: Operating Expenses47,600 43,400Loss on Sale of Fixed Assets1,4000Net Income Before Taxes23,80021,400Less: Income Taxes9,8008.400NET INCOME$14,000 $13,000ADDITIONAL INFORMATION: Sold a fixed asset with an original cost of $13,000 and accumulated depreciation of $10,000 and purchased a new fixed asset for cash.Cash Flow from Operations in 2020 is:Select one:a. $35,400 xb. $36,100c. $38,200d. $34,700

Computation of Changes In Current Operating Assets & Liabilities 2020 2019 Increase (Decrease)…

Answered: Southwest Company Balance Sheet and…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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GLITTER INC.Condensed Balance SheetsDecember 31 Increase or (Decrease) 2020 2019 Amount Percentage Assets Current assets $124,600 $100,000 $enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Plant assets (net) 394,800 329,000 enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Total assets $519,400 $429,000 $enter a subtotal of the two previous amounts enter your answer in percentages rounded to 1 decimal place % Liabilities Current liabilities $85,994 $73,000 $enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Long-term liabilities 128,828 86,000 enter a dollar amount enter your answer in percentages rounded to 1 decimal place % Total liabilities 214,822 159,000 enter a subtotal…
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Condensed financial data of Coronado Inc. follow. CORONADO INC.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $81,100 $49,000 Accounts receivable 87,700 38,100 Inventory 111,200 102,100 Prepaid expenses 29,000 27,500 Long-term investments 140,900 113,300 Plant assets 285,000 242,400 Accumulated depreciation (46,800) (48,400) Total $688,100 $524,000 Liabilities and Stockholders’ Equity Accounts payable $110,000 $67,400 Accrued expenses payable 16,500 21,500 Bonds payable 119,300 149,300 Common stock 219,900 174,600 Retained earnings 222,400 111,200 Total $688,100 $524,000 CORONADO INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue $376,500 Less:…
Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…
Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…
Condensed financial data of Concord Inc. follow. CONCORD INC.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $80,500 $48,700 Accounts receivable 87,900 38,600 Inventory 111,900 102,100 Prepaid expenses 29,400 27,900 Long-term investments 139,800 113,700 Plant assets 284,200 241,900 Accumulated depreciation (47,700) (49,100) Total $686,000 $523,800 Liabilities and Stockholders’ Equity Accounts payable $106,000 $63,700 Accrued expenses payable 16,500 21,200 Bonds payable 117,100 149,500 Common stock 219,000 175,100 Retained earnings 227,400 114,300 Total $686,000 $523,800 CONCORD INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue $382,500 Less: Cost of goods sold…
CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets 2020 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets $ 75,900 32,600 68, 300 4,200 181,000 $ 18,900 40,100 75,300 3,500 137,800 Furniture Accumulated depreciation-Purniture ৪4, 600 (13,100) $ 252,500 99, 200 (7,500) $ 229,500 Total asseta Liabilities and Equity Accounts payable Wages payable Incone taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Comnon stock, $5 par value Retained earnings $ 11,900 7,100 1,200 20,200 24,800 45,000 $ 16,900 4,000 2,200 23,100 58,400 81,500 177,300 30,200 $ 252,500 141,500 6,500 $ 229,500 Total liabilities and equity CRUZ, INCORPORATED Incone Statement For Year Ended Decenber 31, 2021 Sales $ 392,900 252,900 140,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Incone taxes expense 71,600 30, 200 36, 200 13,900 $ 24,300 Net income
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 155,100 74,800 87,000 2,400 171,800 88,000 72,800 1,200 Accounts receivable Inventory Prepaid rent Long-term assets: Land 440,000 732,00ө (406, ө00) $1,085,300 440, ө0ө 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: 91,000 6,900 6,400 $ 77,800 13,800 4, 200 115,000 230,000 Common stock 660,000 206,000 $1,085,300 660,000 166,000 $1,151,800 Retained earnings Total liabilities and stockholders' equity 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. %24 %24 %24
Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp.Comparative Balance SheetsDecember 31 Assets 2022 2021 Cash $ 72,720 $ 43,560 Accounts receivable 79,020 34,200 Inventory 101,250 92,565 Prepaid expenses 25,560 23,400 Long-term investments 124,200 98,100 Plant assets 256,500 218,250 Accumulated depreciation (45,000 ) (46,800 ) Total $614,250 $463,275 Liabilities and Stockholders’ Equity Accounts payable $ 91,800 $ 60,570 Accrued expenses payable 14,850 18,900 Bonds payable 99,000 131,400 Common stock 198,000 157,500 Retained earnings 210,600 94,905 Total $614,250 $463,275 Whispering Winds Corp.Income Statement DataFor the Year Ended December 31, 2022 Sales revenue…
Avery Corporation Balance Sheet For year ending December 31 2019 2020 2021 ssets Cash & securities 17,643.813 132,468.629 22,281.616 115,121.68 27,594.924 ccounts receivable 112,479.309 100,955.129 10,947.986 251,977.349 ventories 78,867.845 90,512.493 10,222.209 239,202.497 repaid expenses 10,426.653 otal current assets 238,342.442 Flant property and equipment Lcumulated depreciation let property plant and equipment 531,554.881 510,906.018 536,451.319 87,197.29 128,069.772 170,985.877 444,357.591 382,836.246 365,465.442 Other assets 10,222.209 15,639.98 16,421.979 otal Assets 693,782.297 636,818.669 633,864.769 iabilities & Shareholders'Equity ccounts payable ank Loan axes Payable ccrued expenses 54,080.808 31,297.644 27,599.965 45,191.687 112,482.797 26,066.634 15,639.98 37,773.252 150,798.301 27,369.965 26,577.744 139,556.161 32,843.958 248,785.476 otal current liabilities 199,381.098 ong term debt 95,000 55,000 30,000 Common stock 300,000 200,000 150,000 Eetained earnings Total…
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
Е. The income statement , statement of retained earnings and balance sheet of Somerville Company are as follows: Somerville Company Income Statement For the Year Ended December 31, 2019 Amount Percent Net sales 8,281,989 100.0% Less: Cost of goods sold Gross margin Less: Operating expenses Operating income (5,383,293) 2,898,696 (1,323,368) 1,575,328 (50,000) 1,525,328 65.0 35.0 16.0 19.0 Less: Interest expense Income before taxes 0.6 18.4 Less: Income taxes (40%) (610,131) 915.197 7.4 Net income 11.0 Somerville Company Statement of Retained Earnings For the Year Ended December 31, 2019 Balance, beginning of period 1,979,155 Net income 915,197 Total 2,894,352 (80,000) (201,887) 2.612.465 Less: Preferred dividends Dividends to common stockholders Balance, end of period

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