The comparative balance sheets of Carla Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total CARLA INC. BALANCE SHEETS Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Dec. 31, 2020 $ 46,400 94,730 42,730 20,730 $163,130 $ 23,730 101,400 38,000 $163,130 Jan. 1, 2020 $ 14,400 90,330 24,330 11,000 $118,060 $ 17,330 82,330 18,400 $118,060 Inc./Dec. $32,000 Inc. 4,400 Inc. 18,400 Inc. 9,730 Inc. 6,400 Inc. 19,070 Inc. 19,600 Inc. Net income of $47,730 was reported, and dividends of $28,130 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

The comparative balance sheets of Carla Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total CARLA INC. BALANCE SHEETS Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Dec. 31, 2020 $ 46,400 94,730 42,730 20,730 $163,130 $ 23,730 101,400 38,000 $163,130 Jan. 1, 2020 $ 14,400 90,330 24,330 11,000 $118,060 $ 17,330 82,330 18,400 $118,060 Inc./Dec. $32,000 Inc. 4,400 Inc. 18,400 Inc. 9,730 Inc. 6,400 Inc. 19,070 Inc. 19,600 Inc. Net income of $47,730 was reported, and dividends of $28,130 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The balance sheet data of Marin Company at the end of 2025 and 2024 follow. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings 2025 $30,300 54,500 65,700 15,000 89,400 $65,100 15,200 -0- 29,700 190,200 2024 (17,880) (8,100) 70,300 40,400 $307,320 $257,500 7,120 $307,320 $34,700 45,200 45,300 25,100 74.900 $51.700 18,000 22,700 -0- 160,300 4,800 $257.500 Land was acquired for $29,900 in exchange for common stock, par $29,900, during the year; all equipment purchased was for cash. Equipment costing $13,100 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $9.900 were declared and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a sima 17000
Subject: acounting
.
The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $ 53,000 $ 120,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable $ 62,500 $ 43,800 Bonds payable, due June 2021 0 100,000 Common stock, $10 par 335,000 285,000 Paid-in capital in excess of par - Common stock 74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2021 appears below: Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000…
LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold. Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations. Income taxes Profit $ 25,200 235,800 $ 930,600 558,200 $ 372,400 261,000 $ 111,400 20,600 $ 90,800
What is the Retained earnings - 2020 (restated)?
Here is financial information for Sheridan Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings Assets Current assets Plant assets (net) Total assets December 31, 2022 Liabilities $123,000 395,300 89,279 130,592 166,959 131,470 2022 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) $123,000 December 31, 2021 395,300 $100,000 335,000 73,000 88,000 117,000 157,000 2021 SHERIDAN INC. Condensed Balance Sheets December 31 $100,000 335,000 $518,300 $435,000 Increase or (Decrease) Amount Percentage % % %
The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $ 53,000 $ 120,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable $ 62,500 $ 43,800 Bonds payable, due June 2021 0 100,000 Common stock, $10 par 335,000 285,000 Paid-in capital in excess of par - Common stock 74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2021 appears below: Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000…
What does the vertical analysis reveal on ABC Corporation in terms of Statement of Financial Position
Carla Vista Corporation's comparative balance sheet is presented below. Cash Accounts receivable Inventory Land Buildings Accumulated depreciation-buildings Total Accounts payable Common shares Retained earnings Total a. b. C. d. e. f. CARLA VISTA CORPORATION Balance Sheet December 31 h. i. j. k. Current ratio Acid-test ratio Receivables turnover Collection period Inventory turnover Days sales in inventory Profit margin Asset turnover Return on assets Return on equity 2024 Carla Vista's 2024 income statement included net sales of $110,000, cost of goods sold of $60,000, and profit of $17,000. Calculate the following ratios for 2024. (Round Collection period and Days sales in inventory to O decimal places e.g. 52 and all other answers to 1 decimal place, e.g. 52.7 or 52.7%. Use 365 days for calculation.) Debt to total assets $5,100 13,000 9,500 19,000 90,000 (14,000) $122,600 $11,660 75,000 35,940 $122,600 2023 2024 $3,200 23,700 7,500 25,000 90,000 (9,000) $140,400 $32,600 69,000…
ASSETS Cash Accounts Receivable Inventory Plant and equipment Accumulated Depreciation TOTAL ASSETS LIABILITIES Accounts Payable Accrued Expenses Long Term Notes Payable TOTAL LIABILITIES EQUITIES Common Stock, No Par Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES COMPUTE THE 1. Current Ratio for 2020 & 2021 2. Quick Ratio for 2020 & 2021 2021 45,000.00 212,500.00 155,000.00 1,885,000.00 (480,000.00) 1,817,500.00 55,000.00 112,500.00 250,000.00 417,500.00 1,000,000.00 400,000.00 1,400,000.00 1,817,500.00 2020 50,000.00 207,500.00 140,000.00 1,662,500.00 (375,000.00) 1,685,000.00 47,500.00 110,000.00 237,500.00 395,000.00 1,000,000.00 290,000.00 1,290,000.00 1,685,000.00