Statement of financial position balances as at 31 December 20X8 and 20X9 are provided below for Laurel Inc.As at 31 DecemberAssetsCashShort-term investmentsAccounts receivableInventoriesLong-term investmentsEquipmentAccumulated depreciation.Patent, netTotal assetsLiabilities and Shareholders' EquityAccounts payableShort-term bank debtCommon sharesRetained earningsTotal liabilities and shareholders' equity$Operating activities:20X9Laurel Inc.Statement of Cash FlowsFor the year ended 31 December 20X9258,500333,500547,000723,500208,5001,717,000(467,000)93,50020X8103,000533,500643,500317,0001,017,000(458,500)117,000$ 3,414,500 $ 2,272,500$ 823,500 $357,000Laurel Inc. additional information:.Net earnings for 20x9 were $720,500.Equipment with an original cost of $417,000 and a NBV of $158,500 was sold for $158,500 during the year.Long-term investments were sold for $143,500 during the year..• Short-term investments acquired are treasury bills with an original term of three months.718,5001,197,0001,037,000977,000577,000$3,414,500 $ 2,272,500Required:Prepare an SCF for 20X9 using the indirect method. Note any assumptions made during your SCF preparation. (Deductible amouand Cash outflows should be indicated with minus sign.)mounts Statement of financial position balances as at 31 December 20X8 and 20X9 are provided below for Laurel Inc.As at 31 DecemberAssetsCashShort-term investmentsAccounts receivableInventoriesLong-term investmentsEquipmentAccumulated depreciation.Patent, netTotal assetsLiabilities and Shareholders' EquityAccounts payableShort-term bank debtCommon sharesRetained earningsTotal liabilities and shareholders' equity$Operating activities:20X9Laurel Inc.Statement of Cash FlowsFor the year ended 31 December 20X9258,500333,500547,000723,500208,5001,717,000(467,000)93,50020X8103,000533,500643,500317,0001,017,000(458,500)117,000$ 3,414,500 $ 2,272,500$ 823,500 $357,000Laurel Inc. additional information:.Net earnings for 20x9 were $720,500.Equipment with an original cost of $417,000 and a NBV of $158,500 was sold for $158,500 during the year.Long-term investments were sold for $143,500 during the year..• Short-term investments acquired are treasury bills with an original term of three months.718,5001,197,0001,037,000977,000577,000$3,414,500 $ 2,272,500Required:Prepare an SCF for 20X9 using the indirect method. Note any assumptions made during your SCF preparation. (Deductible amouand Cash outflows should be indicated with minus sign.)mounts

The cash flow from various activities are recorded under the cash flow statement. The operating…

Statement of financial position balances as at 31 December 20X8 and 20x9 are provided below for Laurel Inc. As at 31 December Assets Cash Short-term investments Accounts receivable Inventories Long-term investments Equipment Accumulated depreciation Patent, net Total assets Liabilities and Shareholders' Equity Accounts payable Short-term bank debt Common shares Retained earnings Total liabilities and shareholders' equity Laurel Inc. additional Information: 20x9 $ 258,500 333,500 547,000 723,500 208,500 1,717,000 (467,000) (458,500) 93,500 117,000 $3,414,500 $2,272,500 20x8 103,000 533,500 643,500 317,000 1,017,000 $ 823,500 $ 357,000 1,197,000 1,037,000 $3,414,500 718,500 977,000 $77,000 $2,272,500

Statement of financial position balances as at 31 December 20X8 and 20x9 are provided below for Laurel Inc. As at 31 December Assets Cash Short-term investments Accounts receivable Inventories Long-term investments Equipment Accumulated depreciation Patent, net Total assets Liabilities and Shareholders' Equity Accounts payable Short-term bank debt Common shares Retained earnings Total liabilities and shareholders' equity Laurel Inc. additional Information: 20x9 $ 258,500 333,500 547,000 723,500 208,500 1,717,000 (467,000) (458,500) 93,500 117,000 $3,414,500 $2,272,500 20x8 103,000 533,500 643,500 317,000 1,017,000 $ 823,500 $ 357,000 1,197,000 1,037,000 $3,414,500 718,500 977,000 $77,000 $2,272,500

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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The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Line Item Description Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $17,500 $12,500 Inventory 51,650 44,200 Accounts payable 8,480 5,100 Dividends payable 9,480 6,100 Adjust net income of $75,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000
Assets Line Item Description Amount Cash and short-term investments $42,572 Accounts receivable (net) 33,774 Inventory 37,691 Property, plant, and equipment 215,705 Total assets $329,742 Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $68,960 Long-term liabilities 98,919 Common stock, $10 par 64,740 Retained earnings 97,123 Total liabilities and stockholders’ equity $329,742 Income Statement Line Item Description Amount Sales $91,805 Cost of goods sold (41,312) Gross profit $50,493 Operating expenses (28,002) Net income $22,491 Number of shares of common stock 6,474 Market price of common stock $28 What is the current ratio?
K. Jackson Corporation Assets Cash Accounts receivable Inventory Net fixed assets Total assets Liabilities and owners' equity. Accounts payable ST Notes payable Long-term debt Owners' Equity Total liabilities and owner's equity Balance Sheet $250,000 450.000 500,000 2.100,000 $3,300.000 $100.000 450.000 1,050,000 1,700.000 $3,300,000 Income Statement Sales (all credit) Cost of goods sold Operating expense Interest expense Income taxes Net income $8,000,000 (4.000.000) (2,900,000) (150,000) (380,000) $570,000 Based on the information for K. Jackson Corporation, the current and acid-test ratios are, respectively. OA2.37 and 1.39. OB2 37 and 1.27 OC2 18 and 1.39 OD.2 18 and 1.27 OE None of the above.
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Solar Electric Inc. Balance Sheet 32 Marks ACB As at December 31, 2023 Account Title Debit Credit Assets Current Assets Cash 100,649 Accounts Receivable 35,860 Interest Rceivable 9,113 Prepaid Insurance 7,370 Short-Term Investment- Citi Inc 237,000 Short-Term Investment- Bonds 135,000 Inventory 90,640 Valuation Allowance for Fair Value Adjustment 50,700 Total Current Assets 666,332 Non-current Assets Investment in HSBC Inc. Common Shares 503,840 Long-Term Investment- Bond 145,000 Property, Plant & Equipment 280,000 Accumulated Depreciation 86,000 Total Non-Current Assets 842,840 Total Assets 1,509,172 Liabilities Current Liabilities Accounts Payable 212,400 Interest Payable 31,167 Unearned Revenue 21,000 Total Current Liabilities 264,567 Long-Term Liabilities Bonds Payable 340,000 Discount on Bonds Payable 15,741 Bank Loan 225,000 Total-Long Term Liabilities 549,259 Total Liabilities 813,826 Shareholders Equity Common Shares 362,000 Preferred Shares 80,000 Retained Earnings 348,385…
THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions except par value) December 31, ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $516 and $516, respectively Inventories Prepaid expenses and other current assets Total Current Assets 2022 $9,519 1,043 10,562 1,069 3,487 4,233 3,240 22,591 2021 $9.684 1,242 10,926 1,099 3,512 3,414 2.994 22,545 If we find out that the beverage industry estimates that for 2022 15% of Gross Receivables may not be collected, and this has been a pretty good estimate for the past couple of years. By how much is Coca Cola artificially overstating their 2022 net income? Round your answer to one decimal place. For example, an answer of $73.22 million is simply $3.2 Question 4 of 10
The account balances for KinderMorgan Account Title Balance Accounts Payable $8,990 Accounts Receivable, 1/1/22 4,455 Accumulated Depreciation 21,500 Building 65,000 Cash 10,300 45,000 Common Stock Delivery Truck Depreciation Expense Dividends 9,700 4.210 2,100 Marketable Equity Securities 3,400 Accounts Receivable, 12/31/22 5.250 Determine the Debt to Equity Ratio: 0.1114 0.1694 0.2101 0.1482 O 0.1783 are listed below. All balances are as of December 31, 2022, except where noted: Account Title Balance Inventory, 1/1/22 $2,040 Supplies 7,500 Salaries Expense 11,250 54,005 7,850 Retained Earnings, 1/1/22 23,480 Equipment 15,700 Prepaid Expenses 2,600 Cost of Goods Sold 16,350 Notes Payable (due 2024) 5.400 Inventory, 12/31/22 3,660 Net Revenue Rent Expense