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 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

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 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

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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A comparative statement of financial position for Blue Spruce Industries Inc. follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2023 Assets Cash Accounts receivable Inventory. Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1 2. 3. vi December 31 2023 $22,800 122,000 234,000 77,000 269,000 (70,300) $654,500 $52,400 163,800 233,000 205,300 $654,500 No equipment was sold during the year. 2022 $35,800 55,600 191.000 Net income for the fiscal year ended December 31, 2023, was $130,000. Cash dividends of $48,300 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $50,000 were retired through the issuance of common shares. 4. Land was sold at a gain of $4,000 125.000 216.000 (43,500) $579,900 $59,500 213,800 183,000 123.600 $579,900
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The current assets and liabilities sections of the comparative balance sheets of Regent Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income statement: REGENT INC. Comparative Balance Sheet Accounts 2024 2023 Cash $27,720 $29,400 Accounts receivable 17,920 11,480 Inventory 9,100 12,880 Prepaid expenses 2,100 1,624 Accounts payable 12,040 10,080 Accrued expenses payable 1,400 2,240 Dividends payable 6,720 4,760 Income tax payable 1,904 3,304 REGENT INC. Income Statement Year Ended October 31, 2024 Sales $175,000 Cost of goods sold 109,200 Gross profit 65,800 Operating expenses $24,640 Depreciation expense 6,440 Loss on sale of equipment 2,240 33,320 Profit before income tax 32,480 Income tax expense 8,120 Profit for the year $24,360 Instructions Prepare the operating section of the cash flow statement using the direct method.
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
What does the vertical analysis reveal on ABC Corporation in terms of Statement of Financial Position
Use the following balance sheet data to compute the net operating working capital. Cash Accounts Receivable Inventory Current Assets Net fixed assets Total assets $60 160 200 $420 $700 $1,120 Account payable Accruals Notes payable Current liabilities Long-term debt Common equity Retained earnings Total liabilities and equity $180 110 200 $490 250 160 220 $1,120
The information on the following page was obtained from the records of Breanna Incorporated: $ 10, 200 50,800 128,000 9,500 64,500 Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Net sales Equipment Selling, general, and administrative expenses Common stock (8,200 shares) Accounts payable Retained earnings, 1/1/22 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2022 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year ended December 31, 2022. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2022, and a balance sheet at December 31, 2022, for Breanna Incorporated. Based on the financial statements that you have prepared for part a,…
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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.
Wildhorse Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets (net) Land 1. During 2020, the following occurred. 2. 3. 4. 5. 6. 7. WILDHORSE INC. BALANCE SHEET DECEMBER 31, 2019 $8,400 28,800 8. 20,000 67,100 40,300 $164,600 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $9,900 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $30,600 after allowing depreciation of $13,300. Land was purchased through the issuance of $22,800 in bonds. $15,200 25,500 25,000 75,000 23,900 $164,600 Wildhorse Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020. Both…
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The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. Complete this question by entering your answers in the tabs below. a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 19.9 % 13.9 % %6 $208,600 60,000 86,000 3,100 times %6 390,000 390,000 700,000 580,000 (338,000) (178,000)…