Retained earningsTotalAdditional information:1.2.3.4.5.6.7.$597,400$558,100Net income for 2022 was $101,800.Depreciation expense was $31,800.Cash dividends of $37,300 were declared and paid.Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash.Common stock was issued at par for $41,200 cash.No equipment was sold during 2022.Land was sold for its book value.Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - signe.g. -15,000, or in parenthesis e.g. (15,000).) The following are comparative balance sheets for Concord Company.AssetsCashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotalCONCORD CompanyComparative Balance SheetsDecember 31Liabilities and Stockholders' EquityAccounts payableBonds payableCommon stock ($1 par)Retained earningsTotal2022$73,00086,500170,00072,900261,000(66,000)$597,400$35,400148,800216,500196,700$597.4002021$33,40070,900187,000100,300200,700(34,200)$558,100$47,000203,600175,300132,200$558.100

Introduction: A cash flow statement is one of the financial statements issued by a company that…

The following are comparative balance sheets for Concord Company. Assets Cash Accounts receivable Inventory Land CONCORD Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 2022 $73,000 86,500 170,000 72,900 261,000 (66,000) $597,400 $35,400 148,800 216,500 196,700 65077 100 2021 $33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 $47,000 203,600 175,300 132,200 $550 400

The following are comparative balance sheets for Concord Company. Assets Cash Accounts receivable Inventory Land CONCORD Company Comparative Balance Sheets December 31 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 2022 $73,000 86,500 170,000 72,900 261,000 (66,000) $597,400 $35,400 148,800 216,500 196,700 65077 100 2021 $33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 $47,000 203,600 175,300 132,200 $550 400

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 data are taken from the records of Grouper Company. Cash Current assets other than cash Long-term debt investments Plant assets Accumulated depreciation Current liabilities Bonds payable Common stock Retained earnings Additional information: 1. 2. 3. 4. 5. December 31, December 31, 2025 2024 $15,100 84,300 10,000 334,300 $443,700 $20,100 39,900 74,800 255,400 53,500 $443,700 $8,000 60,600 52,500 214,900 $336,000 $40,400 21,800 -0- 255,400 18,400 $336,000 Held-to-maturity debt securities carried at a cost of $42,500 on December 31, 2024, were sold in 2025 for $34,300. The loss (not unusual) was incorrectly charged directly to Retained Earnings. Plant assets that cost $50,300 and were 80% depreciated were sold during 2025 for $8,000. The loss was incorrectly charged directly to Retained Earnings. Net income as reported on the income statement for the year was $57,100. Dividends paid amounted to $11,740. Depreciation charged for the year was $19,940.
The following are comparative balance sheets for Sunland Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. 3. 4. SUNLAND Company Comparative Balance Sheets December 31 5. 6. 7. 2022 $72,800 86,400 170,200 72,800 260,000 (66,500) $595,700 $35,000 150,800 215,200 194,700 $595,700 2021 $33,300 71,300 186,700 101,600 200,000 (33,800) $559,100 $47,200 203,600 173,000 135,300 $559,100 Net income for 2022 was $102,000. Depreciation expense was $32,700. Cash dividends of $42,600 were declared and paid. Bonds payable with a carrying value of $52,800 were redeemed for $52,800 cash. Common stock was issued at par for $42,200 cash. No equipment was sold during 2022. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash…
Selected data from the comparative statements of financial position of Granger Ltd. are shown below: Cash Accounts receivable Inventory Property, plant, and equipment Intangible assets Total assets Cash Accounts receivable Inventory 2024 Property, plant, and equipment $152,000 606,000 783,000 3,144,000 92,000 2023 $177,000 400,000 595,000 2,793,000 98,000 $4,777,000 $4,063,000 2024 Using horizontal analysis, calculate the percentage of a base-year amount, assuming 2022 is the base year. (Round answers to 1 decimal place, e.g. 5.2%.) % % % 2022 % $75,000 453,000 706,000 2,863,000 0 $4,097,000 2023 % % % % 2022
Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
Following Is the balance sheet of Baird Company for Year 3: BAIRD COMPANY Balance sheet Assets $ 14,550 7,940 12,620 10,900 165,000 (12,100) Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets $198,910 Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Comnon stock $ 8,570 3,200 4,950 22,020 113,800 46,370 Retained earnings Total liabilities and stockholders' equity $198,910 The average number of common stock shares outstanding during Year 3 was 890 shares. Net income for the year was $14,900. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45. a. Current ratio b. Earnings per share c Quick (acid-test) ratio per share d. Return on investment e. Return on equity f. Debt to equity ratio
Use the following Company A Balance Sheet for the next questions 8 and 9 ASSETS Cash Accounts Receivable, net Inventory Other Current Assets Property, Plant and Equipment, net Other Total Assets 1. 1. 2. 3. The Common Size entry for Inventory for Company A is: 54% 33% 18% S 16% $ LIABILITIES AND EQUITY Accounts Payable Accrued Expenses Current portion of LTD Other 1,400,000 1,600,000 1,800,000 500,000 5,300,000 20%Current Liabilities 3,700,000 Long Term Debt 1,000,000 Shareholder's Equity 10,000,000 100% Total Liabilities and Equity 1,200,000 1,500,000 300,000 400,000 3,400,000 2,800,000 3,800,000 $ 10,000,000
Thunder Corporation's balance sheet and income statement appear below: Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income Operating activities: Comparative Balance Sheet Income Statement @ 550 D RSA $ 891 Required: Prepare a statement of cash flows in good form using the indirect method. Note: List any deduction in cash and cash outflows as negative amounts. Thunder Corporation Statement of Cash Flows For This Year Ended December 31 334 $ 116 Santa Ending Balance 72 53 466 206 $ 425 53 $ 425 SER SIS The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase a stock during the year. The company…
Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 549,000 357,600 191,400 128,500 49,000 13,900 8,100 $ 5,800 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 91,150 $ 33,300 Accounts receivable 31,500 45,000 66,500 55,400 Current liabilities 43,400 32,200 2,700 3,500 Inventory Accounts payable Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 49,000 49,000 $ 49,000
What does the vertical analysis reveal on ABC Corporation in terms of Statement of Financial Position
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?
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Sin Comparative Income Statements For Years Ended December 31 2021 $ 420,027 252,856 167,171 59,644 37,802 97,446 69,725 12,969 $ 56,756 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net. Total assets Liabilities and Equity Current liabaties Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 321,775 202,718 KORBIN COMPANY Comparative Balance Sheets December 31 2021 119,057 44,405 28,316 72,721 46,336 9,499 $ 36,837 $ 55,286 0 102,674 $ 157,960 2020 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as answers to 2 decimal places.) 111.77 % 0.00 $ 37,003 700…
Question Content Area The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $41,912 Accounts receivable (net) 29,707 Inventory 28,654 Property, plant and equipment 293,074 Total Assets $393,347 Liabilities and Stockholders' Equity Current liabilities $58,253 Long-term liabilities 97,633 Stockholders' equity-common 237,461 Total Liabilities and stockholders' equity $393,347 Income Statement Sales $80,900 Cost of goods sold 36,405 Gross margin $44,495 Operating expenses 25,209 Net income $19,286 Number of shares of common stock 6,546 Market price of common stock $35 What is the current ratio for this company? Round your answer to two decimal places. Select the correct answer. 1.23 2.22 0.72 1.72