Sunland Corporation's comparative balance sheets are as follows.SUNLAND CORPORATIONComparative Balance SheetsDecember 3120222021Cash$16,600$17,700Accounts receivable25,40022,000Investments19,85015,750Equipment59,75070,050Accumulated depreciation-equipment(14,250)(10,100)Total$107,350$115,400Accounts payable$14,450$11,050Bonds payable10,60030,100Common stock50,30045,100Retained earnings32,00029,150Total$107,350$115,400Additional information:1.Net income was $18,450. Dividends declared and paid were $15,600.2.Equipment which cost $10,300 and had accumulated depreciation of $1,900 was sold for $3,500.3.No noncash investing and financing activities occurred during 2022.4.Bonds were retired at their carrying value.

Explanation:Cash Flows from Operating Activities:Net income: $18,450Adjustments to reconcile net…

Answered: Sunland Corporation's comparative…

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 balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 242,000 $ 130,000 Accounts receivable 98,000 102,000 Inventory 105,000 90,000 Investments 5,000 3,000 Long-term assets: Land 580,000 580,000 Equipment 890,000 770,000 Less: Accumulated depreciation (528,000 ) (368,000 ) Total assets $ 1,392,000 $ 1,307,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 109,000 $ 95,000 Interest payable 7,000 13,000 Income tax payable 9,000 6,000 Long-term liabilities: Notes payable 110,000 220,000 Stockholders' equity: Common stock…
This Year Last Year Assets Current assets: Cash $360,000 $310,000 Marketable securities 220,000 80,000 Accounts receivable, net 775,000 700,000 Inventory 925,000 750,000 Other current assets 355,000 195,000 Total current assets 2,635,000 2,035,000 Plant and eqipment, net 1,975,000 1,800,000 Other assets 75,000 100,000 Total assets $4,685,000 $3,935,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $250,000 $225,000 Short-term bank loans 750,000 600,000 Accrued payables 550,000 395,000 Other current liabilities 275,000 223,400 Total current liabilities 1,825,000 1,443,400 Bonds payable, 10% 575,000 400,000 Total liabilities 2,400,000 1,843,400 Stockholders' equity: Common stock 1,150,000 1,150,000 Retained earnings 1,135,000 941,600 Total stockholders' equity 2,285,000 2,091,600 Total liabilities and stockholders' equity $4,685,000 $3,935,000…
Presented below are data taken from the records of Wildhorse Company. December 31,2020 December 31,2019 Cash $15,200 $8,100 Current assets other than cash 84,700 60,600 Long-term investments 10,000 52,900 Plant assets 332,400 215,200 $442,300 $336,800 Accumulated depreciation $20,100 $40,100 Current liabilities 39,600 22,100 Bonds payable 74,800 –0– Common stock 254,500 254,500 Retained earnings 53,300 20,100 $442,300 $336,800 Additional information: 1. Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2. Plant assets that cost $50,500 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the…
Selected financial info for Strand Corp is below: Cash Accounts receivable (net) Inventory Land Equipment Accumulated depreciation TOTAL Accounts payable Notes payable- current Notes payable- non-current Common stock Retained earnings TOTAL 2022 2021 $63,000 $42,000 $151,200 $84,000 $201,600 $168,000 $21,000 $58,800 $789,600 $504,000 ($115,600) ($84,000) $1,110,800 $772,800 $86,000 $50,400 $29,400 $67,200 $302,400 $168,000 $487,200 $420,000 $205,800 $67,200 $1,110,800 $772,800 Additional info for 2022: 1) Net Income was $235,200 2) Depreciation expense was recorded 3) Land was sold at its original cost. No other assets were sold 4) Cash dividends were paid 5) Equipment was purchased for cash REQUIRED: A) Prepare a formal Statement of Cash Flows for 2022 B) Prepare a calculation for Free Cash Flow
Prepare the Cash Flow Statement for the year ended 31 December 2022 using info below The information given below was extracted from the accounting records of Excellence Limited Information from the Statement of Financial Position as at 2022 R 2021 R Ordinary share capital 750 000 580 000 Retained earnings 145 000 60 000 Property, plant and equipment (see note) 475 000 410 000 Investments 248 000 220 000 12.5% Debentures 125 000 120 000 Inventory 320 000 260 000 Trade debtors 57 000 67 500 Bank ? Prepaid expenses 15 500 2 500 Trade creditors 60 000 85 000 Bank overdraft 50 000 South African Revenue Services 25 000 40 000 Extract from the Statement of Comprehensive Income for the year ended 31 December 2022 Profit before interest and tax 342 000 Depreciation on equipment 25 000 Dividends received on investment 30 000 Interest on debentures 22 500…
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts Receivable Inventory Current Assets Accum.Depreciation Net Fixed Assets Gross Fixed Assets $16,251,665 $20,567,330 Less $7,460,897 $10,117,819 Total Assets O 11.58% O 44.90% O 8.37% $5,268,485 $10,268,485 O 4.35% $2,574,230 $2,314,672 O 6.02% $529,062 $696,685 $8,371,777 $13,279,842 Total Liabilities and Equity What is the common size value for 2022 Notes Payable? $8,790,768 $10,449,511 $17,162,545 $23,729,353 Current Liabilities 2021 Accounts Payable Notes Payable $1,033,110 $1,987,233 2022 $1,673,992 $2,438,271 $2,707,102 $4,425,504 Long Term Debt $9,242,830 $11,468,302 Total Liabilities $11,949,932 $15,893,806 Common Stock ($0.50 par) $1,300,000 $1,600,000 Capital Surplus $1,148,120 $1,800,969 Retained $2,764,493 $4,434,578 Earnings $17,162,545 $23,729,353
Barakah Company Balance Sheet as at 31st December 2019 Financed by: Fixed Assets (net after depreciation) 2$ $ Paid-up: Share Capital Retained Earnings Reserves 350,500 200,500 150,000 50,000 Land & Buildings 600,000 155,500 75,000 830,500 Equipment Vehicles Fixtures & Fittings Long Term Liabilities 25,000 751,000 Current Assets 125,000 Accounts Receivable 215,000 10,000 110,000 20,000 1,231,000 Inventory Current Other payables Trade creditors Liabilities 100,000 245,500 Prepayments Cash at Bank Cash in Hand Accrued expense 30.000 375,500 1,231.000 Additional Information: i) Work-in-Progress is one sixth of the total Inventory. Prepayments is related to rental of buildings. ii) ii) Bad Debts is 5% for the year. iv) Non Muslim ownership is at 20%. Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.
Condensed financial data of Granger Inc. follow. Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets GRANGER INC. Comparative Balance Sheets December 31 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 2022 $80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $102,000 16,500 110,000 220,000 234,000 $682,500 2021 $48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $67,300 21,000 146,000 175,000 105,450 $514,750
KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 81,500 $ 54,000 Accounts receivable, net 80,000 61,000 Inventory 73,800 101,500 Prepaid expenses 5,400 7,400 Total current assets 240,700 223,900 Equipment 134,000 125,000 Accumulated depreciation—Equipment (32,000) (14,000) Total assets $ 342,700 $ 334,900 Liabilities and Equity Accounts payable $ 35,000 $ 45,000 Wages payable 7,000 17,000 Income taxes payable 4,400 5,800 Total current liabilities 46,400 67,800 Notes payable (long term) 32,000 70,000 Total liabilities 78,400 137,800 Equity Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $ 342,700 $ 334,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 728,000 Cost of goods sold 421,000 Gross profit 307,000 Operating expenses (excluding depreciation) 77,000 Depreciation expense 68,600 161,400…
The following are taken from the financial statements of Curry Company as of December 2021. Assets: Cash 341,600 Account Receivable 200,000 Inventory 308,400 Property, Plant, Equipment 500,000 Liabilities: Notes payable 280,000 Accounts Payable 781,700 Bonds payable 2,000,000 6. What is the company's current ratio? a. 0.80 b. 0.51 c. 0.21 d. 3.03 7. What is the company's quick ratio? a. 0.51 b. 0.80 c. 1.93 d. 0.32
None
Comparative statement of financial position of Alpha Sdn Bhd as at 31 December 2023 Cash at bank Accounts receivable fless: provision for doubtful Inventories Plant and equipment (NBV) Investment in government securities Total assets Ordinary shares 180 million 10% Preference shares. Retained earnings Accounts payable Tax payable Deferred taxation 10% Debentures Sales Less: Cost of sales Gross profit Operating expenses Operating profit Investment income Profit before tax Taxation Profit after tax Interim dividend paid Profit attributable to members Additional information: I. II. III. Required: b. 2023 BM million a. Prepare the cash flow statement for Alp Show the reconciliation of profit before # # # # 84.00 585.50 33.60 509.20 1.094.70 # Income statement for the year ended 31 December 2023 105.00 815.00 205.90 15.00 37.80 21.00 RM million 860.00 560.00 300.00 224.40 75.60 9.00 84.60 18.80 65.80 34.30 31.50 RM 279.70 258.70 1,094.70 802.20 50.40 219.00 134.40 (26 marks) (14 marks)…

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