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Spence Resources Inc.'s December 31 incomplete balance sheet information follows along with additional information: Accounts payable Accounts receivable, net Cash Common shares* Long-term notes payable due 2026 Inventory Plant assets, net Prepaid expenses 2022 2021 2023 $361,520 $211,300 138,500 261,820 176,616 138,060 72,820 98,734 103,340 461,000 461,000 461,000 276,000 290,000 234,000 315,200 234,000 151,400 783,000 720,000 648,600 27,400 26,760 11,440 *46,100 shares were issued and outstanding for all three years. December 31, 2022 $ 34.00 0.90 Common shares market price Annual cash dividends declared per share 2023 $36.00 1.20 Required: 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.)

Spence Resources Inc.'s December 31 incomplete balance sheet information follows along with additional information: Accounts payable Accounts receivable, net Cash Common shares* Long-term notes payable due 2026 Inventory Plant assets, net Prepaid expenses 2022 2021 2023 $361,520 $211,300 138,500 261,820 176,616 138,060 72,820 98,734 103,340 461,000 461,000 461,000 276,000 290,000 234,000 315,200 234,000 151,400 783,000 720,000 648,600 27,400 26,760 11,440 *46,100 shares were issued and outstanding for all three years. December 31, 2022 $ 34.00 0.90 Common shares market price Annual cash dividends declared per share 2023 $36.00 1.20 Required: 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Spence Resources Inc.'s December 31 incomplete balance sheet information follows along with additional information: Accounts payable Accounts receivable, net Cash Common shares* Long-term notes payable due 2026 Inventory 2023 2022 2021 $361,520 $211,300 138,500 261,820 176,616 138,060 72,820 98,734 103,340 461,000 461,000 290,000 234,000 Common shares market price Annual cash dividends declared per share 315, 200 Plant assets, net 783,000 Prepaid expenses 27,400 *46,100 shares were issued and outstanding for all three years. December 31, 2023 2022 $36.00 $34.00 1.20 0.90 461,000 276,000 Required: 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.) SPENCE RESOURCES INC. Balance Sheet December 31 Assets 234,000 151,400 720,000 648,600 26,760 11,440 2023 2022 2021
Transcribed Image Text:Spence Resources Inc.'s December 31 incomplete balance sheet information follows along with additional information: Accounts payable Accounts receivable, net Cash Common shares* Long-term notes payable due 2026 Inventory 2023 2022 2021 $361,520 $211,300 138,500 261,820 176,616 138,060 72,820 98,734 103,340 461,000 461,000 290,000 234,000 Common shares market price Annual cash dividends declared per share 315, 200 Plant assets, net 783,000 Prepaid expenses 27,400 *46,100 shares were issued and outstanding for all three years. December 31, 2023 2022 $36.00 $34.00 1.20 0.90 461,000 276,000 Required: 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.) SPENCE RESOURCES INC. Balance Sheet December 31 Assets 234,000 151,400 720,000 648,600 26,760 11,440 2023 2022 2021
Current assets Total current assets Total assets Total liabilities Total liabilities Total equity Total liabilities and equity SPENCE RESOURCES INC. Balance Sheet December 31 Assets a. Return on common shareholders' equity b. Price-earnings c. Dividend yield Liabilities Equity Equity S 2023 S $ % $ 2023 0 S 0 0 $ 0 2022 0 $ 0 $ 2022 % 0 $ 0 0 $ 0 0 $ 0 $ 2021 2. To evaluate the company's profitability, calculate the ratios for each year shown in the following schedule and determine whether the change was favourable or unfavourable. (Round EPS and the final answers to 2 decimal places.) Favourable or Unfavourable 0 0 0 0 0 0
Transcribed Image Text:Current assets Total current assets Total assets Total liabilities Total liabilities Total equity Total liabilities and equity SPENCE RESOURCES INC. Balance Sheet December 31 Assets a. Return on common shareholders' equity b. Price-earnings c. Dividend yield Liabilities Equity Equity S 2023 S $ % $ 2023 0 S 0 0 $ 0 2022 0 $ 0 $ 2022 % 0 $ 0 0 $ 0 0 $ 0 $ 2021 2. To evaluate the company's profitability, calculate the ratios for each year shown in the following schedule and determine whether the change was favourable or unfavourable. (Round EPS and the final answers to 2 decimal places.) Favourable or Unfavourable 0 0 0 0 0 0
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