Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
1st Edition
ISBN: 9780134047430
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 22, Problem 22.7E
Statement of
| Michael Hart Associates Balance Sheets At December 31 |
||||
| Assets | Ending | Beginning | ||
| Current Assets | ||||
| Cash | $ 18,869 | $ 44,400 | ||
| Held to-Maturity Debt Investments | 30,988 | 0 | ||
| 24,975 | 27,750 | |||
| Merchandise Inventory | 46,250 | 37,000 | ||
| Prepaid Expenses | 25,000 | 15,000 | ||
| Total Current Assets | $ 146,082 | $ 124,150 | ||
| Noncurrent Assets | ||||
| Land | $ 900,000 | $ 725,000 | ||
| Property. Plant, and Equipment | 1,684,638 | 1,684,638 | ||
| (342,000) | (320,000) | |||
| Indefinite Life Intangible Assets | 0 | 22,575 | ||
| Total Noncurrent Assets | $2,242,638 | $2,112,213 | ||
| Total Assets | $2,388,720 | $2,236,363 | ||
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | $ 74,062 | $ 39,688 | ||
| Dividends Payable | 22,200 | 0 | ||
| Income Taxes Payable | 18,000 | 10,000 | ||
| Total Current Liabilities | $ 114,262 | $ 49,688 | ||
| Noncurrent Liabilities | ||||
| Notes Payable | $ 107,208 | $ 453,610 |
| Total Noncurrent Liabilities | $ 107,208 | $ 453,610 |
| Total Liabilities | $ 221,470 | $ 503,298 |
| Shareholders' Equity | ||
| Common Stock. $1 par value | $ 685,000 | $ 500,750 |
| Additional Paid in Capital in Excess of Par - Common | 890,250 | 733,000 |
| Additional Paid m Capital - Stock Options | 37,000 | 0 |
| 555,000 | 499,315 | |
| Total Shareholders' Equity | $ 2,167,250 | $1,733,065 |
| Total Liabilities and Shareholders' Equity | $2,388,720 | $2,236,363 |
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Required information
[The following information applies to the questions displayed below.]
Simon Company's year-end balance sheets follow.
At December 31
Assets
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
Liabilities and Equity
Accounts payable
Long-term notes payable
Common stock, $10 par value
Retained earnings
Total liabilities and equity
Current Year
Interest expense
Income tax expense
Total costs and expenses
Net income
Earnings per share
$ 26,605
89, 200
114,500
8,568
221, 258
$ 460,131
$ 112,281
84,775
162,500
100,575
1 Year Ago
$ 65,696
89,408
162,500
79,061
$ 460, 131 $ 396,665
Current Year
$ 31,099
62,900
85,000
8,163
209,503
$ 396,665
$364,884
185,433
10,169
7,776
The company's income statements for the current year and one year ago follow. Assume that all sales are on credit:
For Year Ended December 31
Sales
Cost of goods sold
Other operating expenses
$ 598,170
2 Years Ago
$ 32,725
50,800
58,000
3,636
192, 139
$…
Required information
[The following information applies to the questions displayed below.]
Simon Company's year-end balance sheets follow.
At December 31
Assets
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
Liabilities and Equity
Accounts payable
Long-term notes payable.
Common stock, $10 par value
Retained earnings
Total liabilities and equity
Current Year
$ 30,800
88,100
111,000
10,900
280,000
$ 520,800
$ 128,400
98,000
163,500
130,900
$ 520,800
Current Year
1 Year Ago
$ 35,000
61,500
82,400
9,300
250,500
$ 438,700
$ 478,850
243,350
12,100
9,550
$73,750
101,750
163,500
99,700
$438,700
The company's income statements for the Current Year and 1 Year Ago, follow.
For Year Ended December 31
Sales
Cost of goods sold
Other operating expenses
$785,000
Interest expense
Income tax expense
Total costs and expenses
Net income
Earnings per share
For both the Current Year and 1 Year Ago, compute the following ratios:
743,850
$ 41,150
$ 2.52
2…
Subject: acounting
Chapter 22 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
Ch. 22 - Prob. 22.1QCh. 22 - Prob. 22.2QCh. 22 - Prob. 22.3QCh. 22 - Prob. 22.4QCh. 22 - Prob. 22.5QCh. 22 - How do firms reclassify gains and losses on the...Ch. 22 - Prob. 22.7QCh. 22 - Prob. 22.8QCh. 22 - Prob. 22.9QCh. 22 - Prob. 22.10Q
Ch. 22 - Prob. 22.11QCh. 22 - What approach is used in preparing the operating...Ch. 22 - Under the indirect method, do firms subtract bond...Ch. 22 - Do firms subtract pension expense from net income...Ch. 22 - Prob. 22.15QCh. 22 - Prob. 22.16QCh. 22 - Prob. 22.1MCCh. 22 - Prob. 22.2MCCh. 22 - Big Dollars Corporation's comparative financial...Ch. 22 - Prob. 22.4MCCh. 22 - Prob. 22.5MCCh. 22 - Sykes Corporation's comparative balance sheets at...Ch. 22 - Prob. 22.7MCCh. 22 - Prob. 22.8MCCh. 22 - Prob. 22.1BECh. 22 - Prob. 22.2BECh. 22 - Prob. 22.3BECh. 22 - Prob. 22.4BECh. 22 - Prob. 22.5BECh. 22 - Prob. 22.6BECh. 22 - Prob. 22.7BECh. 22 - Operating Activities Section, Indirect Method,...Ch. 22 - Prob. 22.9BECh. 22 - Prob. 22.10BECh. 22 - Prob. 22.11BECh. 22 - Prob. 22.12BECh. 22 - Prob. 22.13BECh. 22 - Operating Activities Section, Indirect Method,...Ch. 22 - Prob. 22.15BECh. 22 - Prob. 22.16BECh. 22 - Prob. 22.17BECh. 22 - Prob. 22.18BECh. 22 - Prob. 22.19BECh. 22 - Prob. 22.20BECh. 22 - Prob. 22.21BECh. 22 - Prob. 22.22BECh. 22 - Complex Transactions, Acquisitions and...Ch. 22 - Prob. 22.24BECh. 22 - Prob. 22.25BECh. 22 - Complex Transactions, Change in Accounts...Ch. 22 - Prob. 22.1ECh. 22 - Prob. 22.2ECh. 22 - Prob. 22.3ECh. 22 - Prob. 22.4ECh. 22 - Prob. 22.5ECh. 22 - Prob. 22.6ECh. 22 - Statement of Cash Flows, Indirect Method,...Ch. 22 - Prob. 22.8ECh. 22 - Prob. 22.9ECh. 22 - Prob. 22.10ECh. 22 - Statement of Cash Flows, Indirect Method....Ch. 22 - Prob. 22.15ECh. 22 - Prob. 22.16ECh. 22 - Prepare Statement of Cash Flows, Direct Method....Ch. 22 - Prob. 22.2PCh. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Prob. 22.11PCh. 22 - Prob. 22.12PCh. 22 - Prob. 22.13PCh. 22 - Prob. 22.14PCh. 22 - Prob. 1JCCh. 22 - Prob. 1FSACCh. 22 - Prob. 1SSCCh. 22 - Surfing the Standards Case 2: Cash Flow per Share...Ch. 22 - Basis for Conclusions Cases Basis for Conclusions...Ch. 22 - Basis for Conclusions Case 2: Indirect versus...
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