The following information is known about Titan Gym & Fitness, Inc. for the year 2022. What were the Non-current Assets on December 31? Category Expenses Amount ($) $50,000 Dividends Declared $25,000 Retained Earnings (Jan 1) $350,000 Total Assets (Dec 31) $620,000 Current Assets (Dec 31) $180,000 Contributed Capital $0 Current Liabilities (Dec 31) $50,000 Net Increase in Equity (12/31) $120,000
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What were the non current assets on December 31 for this financial accounting question?
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- Assume an investee has the following financial statement information for the three years ending December 31, 2022: (At December 31) Current assets Tangible fixed assets Intangible assets Total assets Current liabilities Noncurrent liabilities Common stock Additional paid-in capital Retained earnings Stockholders' equity 2022 2021 $182,400 $177,600 $132,480 424,000 368,000 360,320 2020 25,600 28,800 32,000 $632,000 $574,400 $524,800 $76,800 $70,400 $64,000 170,400 155,200 140,800 64,000 64,000 64,000 64,000 64,000 64,000 256,000 220,800 192,000 384,000 348,800 320,000 Total liabilities and equity $631,200 $574,400 $524,800 (For the years ended December 31) Revenues Expenses Net income Dividends 2022 2021 2020 $620,800 $588,800 $544,000 560,000 537,600 496,000 $60,800 $51,200 $48,000 $25,600 $22,400 $16,000 Assume that on January 1, 2020, an investor company purchased 100% of the outstanding voting common stock of the investee. On the date of the acquisition, the investee's identifiable…QUESTION 4 REQUIRED 4.1 Use the information provided below to calculate the following ratios. Where applicable, express answers to two decimal places. 4.1.1 Profit margin 4.1.2 Debtors collection period 4.1.3 Return on equity 4.1.4 Acid test ratio 4.1.5 Debt to assets 4.1.6 Return on assets 4.1.7 Interest coverage 4.2 Comment on the current ratio which was 1.56:1 in 2019 and 2.19:1 in 2020. 4.3 Provide two possible reasons for a drop in the gross margin from 27.35% in 2019 to 15.82% in 2020. INFORMATION Extracts of the financial statements of Sibaya Limited are as follows: SIBAYA LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020 Sales (all credit) 2 409 000 Cost of sales (2 028 000) Gross profit Operating expenses Operating profit Interest expense 381 000 (276 000) 105 000 (36 000) Profit before tax 69 000 Income tax (19 320) Profit after tax 49 680Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land Skysong Inc. Balance Sheet December 31, 2024 $8,400 1. During 2025, the following occurred. 29,200 19,800 66,900 40,100 $164,400 A tract of land was purchased for $8,900. Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400
- Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land 1. During 2025, the following occurred. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 (a) 40,100 $164,400 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both…general accountingFollowing are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the Increases or decreases in each account from 2023 to 2024. Also presented is selected Income statement Information for the year ended December 31, 2024, and additional Information. Increase Assets Accounts receivable Selected Balance Sheet Accounts Property, plant, and equipment 2024 2023 (Decrease) $ 70,000 313,000 $ 42,000 265,000 $ 28,000 48,000 Accumulated depreciation Liabilities and stockholders' Equity Bonds payable Dividends payable Common stock, $1 par (214,000) (185,000) 29,000 103,000 82,000 21,000 17,000 12,200 4,800 58,000 37,000 21,000 Additional paid-in capital 18,000 10,200 7,800 Retained earnings 140,000 109,000 31,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 191,000 Depreciation 69,000 Gain on sale of equipment Net income 22,000 64,000 Additional Information: a. Accounts receivable relate to sales of…
- Subject;The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 138,880 $ 118,000 Accounts receivable 74,000 90,000 Inventory 93,000 78,000 Investments 3,800 1,800 Long-term assets: Land 460,000 460,000 Equipment 770,000 650,000 Less: Accumulated depreciation (408,000 ) (248,000 ) Total assets $ 1,131,680 $ 1,149,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 97,600 $ 83,000 Interest payable 5,500 11,800 Income tax payable 7,500 4,800 Long-term liabilities: Notes payable 100,000 200,000 Stockholders' equity: Common stock…Sarasota Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,480 Current liabilities $151,480 Land 31,100 Bonds payable 101,480 Buildings 121,480 Common stock 181,100 Equipment 91,100 Retained earnings 45,100 Accum. depr.-buildings (31,480) Total $479,160 Accum. depr.-equipment (11,000) Patents 41,480 Total $479,160 The following information is available for 2025. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was…
- The comparative statement of financial position for Blossom Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $41,400 Inventory 60,000 73,000 Prepaid expenses 6,000 4,900 Accounts payable 30,600 40,000 Salaries payable 13,600 10,600 Income tax payable 10,800 5,600 Blossom's statement of income reported the following selected information for the year ended March 31, 2024: sales were $810,000, cost of goods sold was $500,000, other operating expenses were $220,000 (which included depreciation expense of $25,000), salaries expense was $51,500, and income tax expense was $15,400. Calculate net cash provided (used) by operating activities using the direct method. BLOSSOM CORPORATION Statement of Cash Flows (Partial) Cash payments $question and multiple options are attachedThe balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 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 $201,200 $126,000 90,000 98,000 101,000 86,000 4,600 2,600 540,000 540,000 850,000 730,000 (488,000) (328,000) $1,298,800 $1,254,600 $105,000 $91,000 Interest payable 8,500 12,600 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 10,500 5,600 100,000 200,000 760,000 760,000 314,800 185,400 Total liabilities and stockholders' equity $1,298,800 $1,254,600 Additional information for 2024: 1. Net income is $129,400. 2. Sales on account are $1,739,000. 3. Cost of goods sold is $1,299,650. Required: 1. Calculate the following risk ratios for…
