The following information is available for Stamos Corporation for the year ended December 31, 2020 Beginning cash balance Accounts payable decrease Depreciation expense Accounts recelvable increase Inventory increase $44,000 3,600 173,000 8,700 12,000 Net income 289,700 Cash received for sale of land at book value 39,000 Cash dividends paid 11,000 Income taxes payable increase 4,900 Cash used to purchase building 270,000 Cash used to purchase treasury stock 25.000
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- Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.Below is the Statement of Financial Position of Camille Corporation for the year 2020.Cash 675,000Accounts receivable (net) 2,695,000Inventory 2,185,000Property, plant, and equipment (net) 10,245,000Accounts payable and accrued liabilities 1,800,000Income tax payable 1,500,000Deferred tax liability 750,000Ordinary share (100,000 @ P15 per share) 1,500,000Preference share (50,000 @ P20 per share) 1,000,000Ordinary share premium 3,000,000Retained earnings, January 1 3,350,000Net sales and other revenue 15,000,000Cost and expenses 10,000,000Income tax expense 2,100,00027,900,000 27,900,000a. Supposed that the given values above are the accounting values of the Camille Corporation, what is its book value per share?b. Suppose that the market value of property, plant, and equipment of Camille Corporation increased by P3 million while all other assets remain the same. How much is the liquidation value per share of Camille Corporation?Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…
- Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate Select one: @a. 1279990X b. 187578 0c Estimate the Free Cash Flow available for ABC corp. at the end of 2019. 60030 2019 d. 1092412 e 30 2018 602000 571500 476990 457912 97680 159000 -30000 40%Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
- Condensed balance sheet and income statement data for Coronado Corporation are presented here. Coronado CorporationBalance SheetsDecember 31 2022 2021 2020 Cash $ 29,700 $ 17,300 $ 17,100 Accounts receivable (net) 49,500 45,800 49,000 Other current assets 89,800 95,700 63,900 Investments 55,100 69,300 45,600 Property, plant, and equipment (net) 500,800 369,900 358,000 $724,900 $598,000 $533,600 Current liabilities $84,500 $80,200 $69,100 Long-term debt 145,100 84,100 49,100 Common stock, $10 par 354,000 321,000 308,000 Retained earnings 141,300 112,700 107,400 $724,900 $598,000 $533,600 Coronado CorporationIncome StatementsFor the Years Ended December 31 2022 2021 Sales $744,500 $606,300 Less: Sales returns and allowances 40,900 29,700 Net…The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the aboveThe following is the excerpt of financial information of SVT Corporation on December 31, 2022: Account Amount Gross profit P5,000,000.00 Operating Expense 120,000.00 Other expense 300,000.00 Income Tax expense 50,000.00 Current Assets 450,000.00 Non-current assets 7,000,000.00 Total Liabilities 750,000.00 What percent is SVT Corporation's return on asset on December 31, 2022? 67.61% cannot be determined 64.71% D 60.8%
- Presented below is selected information pertaining to the Cassie Inc:Cash balance, January 1, 2020- P13,000Accounts receivable, January 1, 2020- P19,000Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000Total assets, January 1, 2020- P75,000Cash investment added, July 1, 2020-P5,000Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000Accounts receivable, December 31, 2020- P36,000Merchandise taken for personal use during 2020- P11,000Total liabilities, December 31, 2020- P41,000How much is the net income for 2020?The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2020 appear below. Madrasah CorporationBalance Sheets Assets Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Cash $ 20,000 $ 13,000 $ 7,000 Inc. Accounts receivable 106,000 88,000 18,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated depreciation—equipment 17,000 11,000 6,000 Inc. Total $148,000 $112,000 Liabilities and Stockholders' Equity Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 28,000 17,000 11,000 Inc. Total $148,000 $112,000 Net income of $44,000 was reported, and dividends of $33,000 were paid in 2020. New equipment was purchased and none was sold. Instructions a. Prepare a statement of cash flows for the year 2020. b. Compute the current ratio (current assets ÷ current liabilities) as of January 1, 2020, and December 31, 2020,…Presented below are a number of balance sheet items for radiant, Inc. for the current year, 2020. Goodwill $ 126,520 Accumulated Depreciation-Equipment $ 292,470 Payroll Taxes Payable 179,111 Inventory 241,320 Bonds payable 301,520 Rent payable (short-term) 46,520 Discount on bonds payable 15,470 Income taxes payable 99,882 Cash 361,520 Rent payable (long-term) 481,520 Land 481,520 Common stock, $1 par value 201,520 Notes receivable 447,220 Preferred stock, $10 par value 151,520 Notes payable (to banks) 266,520 Prepaid expenses 89,440 Accounts payable 491,520 Equipment 1,471,520 Retained earnings ? Debt investments (trading) 122,520 Income taxes receivable 99,150 Accumulated Depreciation-Buildings 270,670 Notes payable (long-term) 1,601,520 Buildings 1,641,520 Prepare a classified balance sheet in good form. Common stock authorized was…