Accounts payableAccounts receivableAdvertising expenseThe following items are taken from the financial statements of Tyler Peterson Films Company for 2021:$10,00011,00021,00014,0006,000CashMortgage Payable (Long-Term)Common stock90,00012,000Depreciation expense15,000210,00038,0003,00070,000DividendsFilming EquipmentAccumulated Depreciation(Equipment)Insurance expenseNotes payablePrepaid insuranceRent expense6,00017,000Retained earnings (beginning)Film Staff Salaries & Wages expenseService revenueSuppliesSupplies expense12,00037,000130,0004,0006,000(1) Calculate the net income.(2) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2021.(3-7) Calculate the (3) current assets, (4) long-term assets, (5) current liabilities, (6) long-term liabilities,and (7)equity amounts of a classified balance sheet for Tyler Peterson Films Company at December31, 2021 assuming the note payable is a long-term liability.(8-11) Compute the (8) current ratio, (9) working capital, (10) debt to assets ratio, and (11) earnings pershare value. The average number of shares outstanding for 2021 was 10,000. (round answers to thenearest tenth 0.00)

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Answered: The following items are taken from the…

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 balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: $ 107,800 $ 118,100 94,500 84,500 2,500 Cash 80,000 100,000 5,000 Accounts receivable Inventory Prepaid rent Long-term assets: 505,000 695,000 (278,000) $1,221,600 Land 505,000 810,000 (433,000) $1,174,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $ 104,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 6,300 9,000 89, 500 12,600 5,500 105,000 210,000 Common stock Retained earnings Total liabilities and stockholders' eguity 725,000 225,500 $1,174,800 725,000 179,000 $1,221,600 Additional Information for 2021: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $105,000 In notes payable. 5. The company declares and pays…
FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?
The following comparative balance sheet is given for Estern Co.: Assets Dec 31, 2021 Dec 31, 2020 Cash $58,500 $351,000 72,000 Notes Receivable 63,000 Supplies & Inventory 81,000 121,500 Prepaid expense 31,500 54,000 Long-term investments 0 81,000 Machines and tools 166,500 144,000 Accumulated depreciation-equipment (63.000) (45,000) Total Assets $639,000 $477.000 Liabilities & Stockholders' Equity Accounts payable $ 76,500 $ 31,500 Bonds payable (long-term) 166,500 211,500 Common Stock 180,000 103,500 Retained Earnings 216.000 130.500 Total Liabilities & Stockholders' Equity $639.000 $477,000 Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $130,500. 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000,…
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
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…
Janice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.
Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for dividends. Cruyff Enterprises Balance Sheets As of December 31, 2020 and 2019 2020 2019 Assets: Cash $18,650 $ 14,900 Accounts Receivable 42,000 36,000 Inventory 60,500 50,000 Prepaid Rent 3,000 1,400 Property, Plant and Equipment 230,000 205,600 Less: Accumulated Depreciation (75,000) (65,000) Total Assets $279,150 $242,900 Liabilities and Stockholders’ Equity: Accounts Payable $26,500 $21,000 Interest Payable 650 400 Unearned Revenue 7,000 10,000 Bonds Payable 37,000 37,000 Common Stock 20,000 15,000 Additional Paid-In Capital 48,000 40,000 Retained Earnings 140,000 119,500…
The following information was extracted from the records of Elwood Ltd as at 30 June 2020. Asset (liability) Carrying amount ($) Tax base ($) Machinery 720,000 600,000 Accounts receivable 262,500 322,500 Prepaid rent 45,000 0 Provision for warranty (86,000) 0 Insurance payable (15,000) 0 Deposit received in advance (54,000) 0 Depreciation rate for machinery is 20% per year. For tax purpose, the depreciation rate is 25%. An allowance for doubtful debts of $60,000 has been raised against accounts receivable for accounting purposes, but such debts are deductible only when written off as uncollectible. Deposits are taxable when received, and warranty costs are deductible when paid. Deferred tax assets and deferred tax liabilities as at 30 June 2019 were $35,000 and $31,250 respectively. The tax rate is 30%. Question Calculate Deferred Tax Assets and Deferred Tax Liabilities as at 30 June 2020. Show your calculations by creating…
The following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) 53,000 41,000 Accounts receivable (net) 103,000 92,000 Inventory 239,000 164,000 Prepaid expenses 25,000 29,000 Land 132,000 132,000 Building and equipment (net) 263,000 188,000 Total assets $884,000 $715,000 Liabilities and Stockholders’ Equity Notes payable (current) $170,000 $101,000 Accounts payable 66,000 54,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 205,000 205,000 Retained earnings 150,000 143,000 Total liabilities and stockholders’ equity $884,000 $715,000 CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31 2022…
A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net $ 62,800 27,000 $ 15,700 33,300 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Wages payable Accounts payable Income taxes payable 56,600 62,500 3,500 2,900 149,900 114,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 209,500 $ 9,900 $ 14,000 5,900 3,300 1,000 1,800 16,800 19,100 20,700 47,800 37,500 66,900 150,000 22,000 121,000 2,500 $ 209,500 $ 190,400 70,500 (10,900) 82,200 (6,200) $ 190,400 Total liabilities and equity CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 $ 326,000 209,800 116,200 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes.…
GALLAGHER CORPORATION Income Statement For the Year Ending December 31, 2021 Sales revenue 950,000 Less: Cost of Goods Sold 600,000 Gross Profit 350,000 Less Operating Expenses 250,000 100,000 Income from Operations Other revenues and expenses 15,000 (3,000) Gain on sale of investments Loss on sale of equipment 12,000 Income before taxes 112,000 Income taxes 45,000 Net Income $ 67,000 Additional Information 1. Equipment costing $10,000 was sold and was 60% depreciated. New equipment was also purchased during the year 2. Cash dividends were declared and paid. 3. Common stock was exchanged for Land. 4. Debt investments costing $35,000 were sold during the year. New debt investment were purchased during the year for $5,000. 5. Accounts receivable are shown net of the allowance for doubtful accounts, because there were no account write-offs during the year. 6. Operating expenses include: Depreciation Expense, $21,000, Amortization Expense, and Interest Expense, $3,300 Instructions: 1.…

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