The table below shows accounting data of ABC company as of 30June 2020. From the data, establish an income statement and a balance sheetfor the company.Note: Company income tax 30%, during the accounting period companies haspaid 5% of interest on the mortgage. Profit is retained for further investmentAdministration expense1500sales 342000insurance expense8500cash 54000cost of good solds92000equipment31000electricity and telephone expense9540accounts payables15020bank overdraft fee2500wages and salaries42100supplies expense700land and buildings325000prepair by a client for a company service4500vehicles54000mortgage250000prepaid rent10000supplies43000account recievables72000

Name: The table below shows accounting data of ABC company as of 30June 2020
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Description: The table below shows accounting data of ABC company as of 30June 2020. From the data, establish an income statement and a balance sheetfor the company.Note: Company income tax 30%, during the accounting period companies haspaid 5% of interest on the

Interest on mortgage = Mortgage x rate of interest = $250,000 x…

Answered: The table below shows accounting data…

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) Bank B reported a debt to equity ratio of 8.5 at the end of year 2019. If the 'bank's total assets at the end of year 2019 was $28 million, how much of its assets were financed with equity?
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Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
Fig Tree Bank has provided the following financial statements for the year ended 2020. Consolidated income statement 2019 2020 Sh ‘000’ sh. ‘000’ Interest income 7,169 8,500 Interest expense 1,217 4,600 Net interest income 5,952 3,900 Fee & commission income 1,308 1,800 Net trading income…
Wildhorse Inc, a greeting card company, had the following statements prepared as of December 31, 2020. WILDHORSE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6.000 $6,900 Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17.900 Inventory 40,300 59,500 Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35.200 ) 45.600 (24,700 ) Copyrights 50,500 Total assets $312.400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term loans payable 8,000 9.900 Long-term loans payable 59.400 68.800 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 57,500 36,000 Total liabilities & stockholders' equity $312,400 $294,700 WILDHORSE INC. INCOMESTATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $337,300 Cost of goods sold 174,000 Gross profit 163,300…
PART I- FMT Company had the following balance sheets and income statements accounts over the last three years (in thousands). 2018 2019 2020 Receivables 1,963 2,870 4,051 Payables 1,862 2,944 3,613 Long-term debt 500 1,000 950 Sales 11,863 14,952 16,349 Inventories 2,031 2,613 3,287 Bank loan 250 900 1,050 Accruals 301 516 587 Cash 561 387 202 Net fixed assets 2,581 4,364 2,793 4,430 Selling, general, and administrative expenses 2,276 2,471 Shareholder's equity 4,223 4,940 5,704 Interest 73 188 200 Cost of goods sold 8,537 11,124 12,016 Таxes 390 452 576 Total assets Current assets Current liabilities ? Total liabilities and shareholder's equity ? ? Gross Profit ? Profit before taxes ? ? Net Income Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statement using the format given in the lecture slides.
nterpret the results of the debt to equity ratio and how the company has managed debt over the last two years. Balance Sheet 2018 2019 Cash $63,000 $201,000 Accounts Receivable 199,000 305,000 Marketable Securities 81,000 42,000 Inventories 441,000 455,000 Prepaids 5,000 9,000 Total Current Assets 789,000 1,012,000 Property, Plant, and Equipment, net 858,000 858,000 Total Assets $1,647,000 $1,870,000 Account Payable $150,000 $100,000 Accruals 101,000 95,000 Total Current Liabilities $251,000 $195,000 Bonds Payable 405,000 575,000 Total Liabilities 656,000 770,000 Common Stocks 700,000 700,000 Retained Earnings 291,000 400,000 Total Stockholders’ Equity 991,000 1,100,000 Total Liabilities & Equity $1,647,000 $1,870,000 Income Statement…
26. Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2020. CORONADO INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $7,000 Accounts receivable 61,400 51,500 Short-term debt investments (available-for-sale) 35,000 18,200 Inventory 40,000 60,500 Prepaid rent 5,000 4,100 Equipment 152,900 131,100 Accumulated depreciation—equipment (35,200 ) (25,100 ) Copyrights 45,800 50,000 Total assets $310,800 $297,300 Accounts payable $46,100 $40,100 Income taxes payable 3,900 5,900 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,100 10,000 Long-term loans payable 60,400 69,300 Common stock, $10 par 100,000 100,000…
The balance sheet and income statement for Cruise Corporation are as follows: Balance Sheet as of December 31, 2020 ASSETS LIABILITIES & EQUITY Cash & marketable securities $2,000 Accounts payable $30,000 Accounts Receivable 35,000 Taxes payable 9,000 Inventory 15,000 Short-term borrowings 12,000 Total current assets $52,000 Total current liabilities $51,000 Net P,P & E $448,000 Long-term debt…

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Administration expense	1500
sales	342000
insurance expense	8500
cash	54000
cost of good solds	92000
equipment	31000
electricity and telephone expense	9540
accounts payables	15020
bank overdraft fee	2500
wages and salaries	42100
supplies expense	700
land and buildings	325000
prepair by a client for a company service	4500
vehicles	54000
mortgage	250000
prepaid rent	10000
supplies	43000
account recievables	72000