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3. From the following Balance Sheets of 'X' company prepare statement showing changers in working capital...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement (IS tab) for the year ended December 31; (b) the statement of owner's eqity (SOE tab) for the year ended December 31 [Note: Crowder capital at December 31 of the prior year was $255,000]; and (c) the balance sheet (BS tab) as of December 31. 2. Compute the profit margin for the year (profit margin tab) (use total revenues as the denominator). The adjusted...
3-13. (Working with a statement of cash flows) Prepare a statement of cash flows from the...
3-13. (Working with a statement of cash flows) Prepare a statement of cash flows from the following scrambled list of items. Increase in inventories Operating income Dividends Increase in accounts payable Interest expense Increase in common stock (par) Depreciation expense Increase in accounts receivable Increase in long-term debt Increase in short-term notes payable Increase in gross fixed assets Increase in paid in capital Income taxes Beginning cash $ 7,000 219,000 29,000 43,000 45,000 5,000 17,000 69,000 53,000 15,000 54.000 20,000...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided below. Surround Sound, Inc. Income Statement For the Year Ended December 31, 2018 Revenues Gain on sale of land $4,500,000 15,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 2.800,000 650,000 75,000 280,000 3.805.000 $710,000 Surround Sound, Inc. Balance Sheets December 31 2018 2017 Increase (or Decrease (D) Assets Current Assets: Cash Accounts receivable Inventory Long-Term...
Using the income statement and balance sheets of Niagara Company below, prepare a statement of cash flows for the year e...
Using the income statement and balance sheets of Niagara Company
below, prepare a statement of cash flows for the year ended
December 31, Year 9, using the direct method.
NIAGRARA COMPANY
Income statement For Year Ended Dec.31,
Year9
Sales
$1000
Cost of goods sold
(650)
Depreciation expense
(100)
Sales and general expense
(100)
Interest expense
(50)
Income tax expense
(40)
Net income
$60
NIAGARA COMPANY Balance Sheets December 31, Year 9 and Year 8 Year 8 Year 9 $ 60...
Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows—indirect method. MIGITSU...
Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows—indirect method. MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $75,000 $20,000 Accounts receivable 85,000 75,000 Inventories 172,000 192,000 Land 71,000 100,000 Equipment 262,000 200,000 Accumulated depreciation (67,000 ) (34,000 ) Total $598,000 $553,000 Liabilities and Stockholders’ Equity Accounts payable $35,000 $52,000 Bonds payable 151,000 209,000 Common stock ($1 par) 218,000 172,000 Retained earnings 194,000 120,000 Total $598,000 $553,000 Additional information: 1. Net income...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year Ended December 31, 2017 Sales $1,456,000 Cost of goods sold $1,068,000 Wages expense Advertising expense Depreciation expense 380,000 62,000 44,000 Interest expense 36,000 (50,000) Gain on sale of land 1,540,000 .. $ (84,000) Net loss POLAR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $98,000 $56,000 Accounts receivable 84,000 100,000 Inventory Prepaid advertising 214,000 226,000 20,000 26,000 720,000 Plant assets 444,000...
1. Based on the following data, what is the amount of working capital? Accounts payable....................$32,000 Accounts...
1. Based on the following data, what is the amount of working capital? Accounts payable....................$32,000 Accounts receivable....................64,000 Accrued liabilities....................7,000 Cash.........................................20,000 Intangible assets............................40,000 Inventory...............................................72,000 Long-term investments...............................100,000 Long-term liabilities.....................................75,000 Marketable securities.................................35,000 Notes payable (short-term)........................20,000 Property, plant, and equipment.................625,000 Prepaid expenses.........................................2,000 WHAT IS WORKING CAPITAL? a. $162,000 b. $134,000 c. $193,000 d. $62,000 2. Use the following data to determine the total dollar amount of assets to be classified as current assets. Cash..............................................$60,000 Prepaid insurance..........................40,000 Accounts receivable......................50,000 Inventory.........................................70,000 Land held for investment................80,000 Land................................................95,000...
Prepare the income statement, statement of retained earnings and balance sheet for the following company: Debits...
Prepare the income statement, statement of retained earnings and balance sheet for the following company: Debits Credits Cash $15,500 Accounts Receivable 4,500 Equipment 45,000 Accumulated depreciation $5,000 Accounts Payable 4,000 Unearned revenue 1,200 Salaries Payable 2,000 Interest payable 1,200 Notes Payable 20,000 Capital Stock 30,000 Revenue 32,800 Salaries expense 17,000 Advertising expense 5,000 Fuel expense 2,000 Depreciation expense 5,000 Interest expense 1,200 Dividends 1,000 $96,200 $96,200
The comparative balance sheets for jay Park Corporation appear below: JAY PARK CORPORATION Comparative Balance Sheet...
The comparative balance sheets for jay Park Corporation appear below: JAY PARK CORPORATION Comparative Balance Sheet Dec. 31, 2021 Dec. 31, 2020 Assets Cash.................................................................... $ 23,000.................................................................. $ 12,000 Accounts receivable.............................................. 18,000.......................................................... 14,000 Prepaid expenses................................................. 6,000............................................................ 9,000 Inventory.............................................................. 27,000.......................................................... 18,000 Long-term investment in bonds............................. -0- .................................................................... 18,000 Equipment............................................................ 60,000.......................................................... 30,000 Accumulated depreciation—equipment.................. (18,000)............................................................... (14,000) Total assets.................................................. $ 116,000................................................................ $ 87,000 Liabilities and Shareholders' Equity Accounts payable................................................. $ 21,000.................................................................. $...
I need to create a statement of cash flow from the following information. The balance sheet...
I need to create a statement of cash flow from the following information. The balance sheet accounts of Rockwall Corporation at the beginning and end of 2016 are: 31-Dec-16 1-Jan-16 Cash $99,435 $110,700 Accounts Receivable $424,600 $380,900 Inventory $635,740 $576,475 Prepaid Expenses $20,000 $12,000 Investment in subsidiary $200,000 $0 Held to Maturity Debt Securities $16,460 $14,850 Land $100,000 $100,000 Buildings $525,000 $400,000 Equipment $381,000 $290,000 Patents $86,000 $70,000 Trademarks $25,000 $35,000 Bond Discount and issue costs $1,165 $6,075 Total Debits...
3-13. (Working with a statement of cash flows) Prepare a statement of cash flows from the following scrambled list of items. Increase in inventories Operating income Dividends Increase in accounts payable Interest expense Increase in common stock (par) Depreciation expense Increase in accounts receivable Increase in long-term debt Increase in short-term notes payable Increase in gross fixed assets Increase in paid in capital Income taxes Beginning cash $ 7,000 219,000 29,000 43,000 45,000 5,000 17,000 69,000 53,000 15,000 54.000 20,000...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided below. Surround Sound, Inc. Income Statement For the Year Ended December 31, 2018 Revenues Gain on sale of land $4,500,000 15,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 2.800,000 650,000 75,000 280,000 3.805.000 $710,000 Surround Sound, Inc. Balance Sheets December 31 2018 2017 Increase (or Decrease (D) Assets Current Assets: Cash Accounts receivable Inventory Long-Term...
Using the income statement and balance sheets of Niagara Company
below, prepare a statement of cash flows for the year ended
December 31, Year 9, using the direct method.
NIAGRARA COMPANY
Income statement For Year Ended Dec.31,
Year9
Sales
$1000
Cost of goods sold
(650)
Depreciation expense
(100)
Sales and general expense
(100)
Interest expense
(50)
Income tax expense
(40)
Net income
$60
NIAGARA COMPANY Balance Sheets December 31, Year 9 and Year 8 Year 8 Year 9 $ 60...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year Ended December 31, 2017 Sales $1,456,000 Cost of goods sold $1,068,000 Wages expense Advertising expense Depreciation expense 380,000 62,000 44,000 Interest expense 36,000 (50,000) Gain on sale of land 1,540,000 .. $ (84,000) Net loss POLAR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $98,000 $56,000 Accounts receivable 84,000 100,000 Inventory Prepaid advertising 214,000 226,000 20,000 26,000 720,000 Plant assets 444,000...
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