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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
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
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education