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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Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets 2023 2024 Cash $ 24,226 $ 25,900 Accounts receivable Inventory 14,248 27,802 17,000 Notes payable 28,900 Other Total $ 66,276 $ 71,800 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Fixed assets Net plant and equipment $ 342,695 $ 364,200 Total SMOLIRA GOLF CORPORATION 2023 and 2024 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable 2023 $ 24,984 17,000 13,371 $ 55,355 $ 124,000 2024 $ 28,900 12,600 17,500 $ 59,000 $127,662 $ 60,000 189,338 $ 249,338 $ 60,000 169,616 $ 229,616 Total assets $ 408,971 $ 436,000 Total liabilities and owners' equity $ 408,971 $ 436,000 SMOLIRA GOLF CORPORATION 2024 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (23%) Net income $ 390,477 261,500 50,900 $ 78,077 16,100 $ 61,977 14,255 $ 47,722 Dividends…
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What is Ratio Corporation's Fiscal 2021 Times Interest Earned Ratio? 1.41 2.57 4.5 1.63
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Fig Tree Bank has provided the following financial statements for the year ended 2020. Consolidated income statement 2019 2020 Sh ‘000’ sh. ‘000’ Interest income 7,169 8,500 Interest expense 1,217 4,600 Net interest income 5,952 3,900 Fee & commission income 1,308 1,800 Net trading income…
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