Homework Answers
1) Jan 1, 2020 Stockholder's equity = Assets-Liabilities = 4200-2520 = 1680
So answer is c) $1680
2) Statement of Cash flow
| Cash provided by operating activities | 320000 |
| Cash used in investing activities | -110000 |
| Cash provided by financing activities | 140000 |
| Beginning Cash balance | 90000 |
| Ending Cash balance | 440000 |
So answer is b) $440000
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3. Presented below are data for Antwerp Corp. 2020 2021 55.040 $4,200 Assets, Jan 1 Liabilities....
Presented below are data for Cullumber Company 2020 2021 Assets, January 1 $4220 $5100 Liabilities, January...
Presented below are data for Cullumber Company 2020 2021 Assets, January 1 $4220 $5100 Liabilities, January 1 2570 ? Stockholders' Equity, Jan. 1 ? ? Dividends 864 634 Common Stock 761 661 Stockholders' Equity, Dec. 31 ? ? Net Income 855 669 Stockholders' Equity at January 1, 2020 is
Presented below are data for Carla Vista Co. 2020 2021 Assets, January 1 $4220 $5100 Liabilities,...
Presented below are data for Carla Vista Co.
2020
2021
Assets, January 1
$4220
$5100
Liabilities, January 1
2530
?
Stockholders' Equity, Jan. 1
?
?
Dividends
857
649
Common Stock
776
678
Stockholders' Equity, Dec. 31
?
?
Net Income
847
665
Stockholders' Equity at January 1, 2020 is
$2466.
$1454.
$1041.
$1690.
Current Attempt in Progress Presented below are data for Sunland Company 2020 $8848 4858 2021 $9728...
Current Attempt in Progress Presented below are data for Sunland Company 2020 $8848 4858 2021 $9728 Assets, January 1 Liabilities, January 1 Stockholders' Equity, Jan. 1 Dividends Common Stock Stockholders' Equity, Dec. 31 Net Income 1622 1454 ? 1915 1225 1302 ? 1289 Stockholders' Equity at January 1, 2021 is $3990. 0 $4283. O $5737. O $5905.
Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given...
Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 520 $ 225 Accounts receivable 630 330 Inventory 780 420 Land 550 540 Building 700 700 Less: Accumulated depreciation (300 ) (280) Equipment 3,200 2,990 Less: Accumulated depreciation (439 ) (400...
BRIDGEPORT INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,450 Accounts...
BRIDGEPORT INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,450 Accounts receivable 94,830 $ 15,450 89,380 23,380 11,000 $32,000 Inc. 5,450 Inc. 19,450 Inc. 9,830 Inc. 42.830 Equipment Less: Accumulated Depreciation-Equipment 20,830 $164,280 Total $117,210 Liabilities and Stockholders' Equity Accounts payable $ 23,830 102,450 38,000 $ 16,380 81,380 Common stock 7.450 Inc. 21,070 Inc. 18,550 Inc. Retained earnings 19.450 Total $164.280 $117,210 Net income of $47,830 was reported, and dividends of $29,280 were paid in...
The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 2020 2019 Assets: Cash $279,900 $150,000 Accounts receivable, net $36,000 $40,000 Merchandise inventory $54,000 $60,000 Supplies o
The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 20202019Assets: Cash$279,900$150,000 Accounts receivable, net$36,000$40,000 Merchandise inventory$54,000$60,000 Supplies on hand$1,600$2,600 Prepaid expenses$2,900$2,800 Land$410,000$340,000 Equipment$380,000$440,000 Accumulated depreciation--equipment$(270,000)$(250,000) Total assets$894,400$785,400Liabilities and Stockholders' Equity: Accounts payable$72,000$80,000 Salaries payable$4,600$6,000 Accrued liabilities payable$2,400$2,000 Long-term notes payable$200,000$200,000 Common stock ($5 par)$362,500$300,000 ...
p3-1, p3-2, p3-3 Chapter 3 Basic Accounting Systems Accrual Bass 133 Uabilities Current liabilities Accounts receivable.............
p3-1, p3-2, p3-3
Chapter 3 Basic Accounting Systems Accrual Bass 133 Uabilities Current liabilities Accounts receivable.......... Accumulated depreciation-building................. ******** Accumulated depreciation equipment.............. Net loss. Total liabilities....... Stockholders' Equity Wages payable........... . Common stock. ............. Retained earnings... Total stockholders' equity.. . Total liabilities and stockholders' equity ....... $ 40.000 54,600 32.400 44,200 $172.000 $ 100 200,000 447000 655,100 5297/100 Problems Obj. 2 P3-1 Accrual basis accounting San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder....
The intangible assets section of Oriole Company at December 31, 2019, is presented below. Patents ($62,000...
The intangible assets section of Oriole Company at December 31,
2019, is presented below.
Patents ($62,000 cost less $6,200 amortization)
$55,800
Franchises ($43,000 cost less $17,200 amortization)
25,800
Total
$81,600
The patent was acquired in January 2019 and has a useful life of 10
years. The franchise was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2020.
Jan. 2
Paid $18,000 legal costs to successfully...
Part 5: Presented below is the balance sheet for Sabino Family Dentistry on January 1 of...
Part 5: Presented below is the balance sheet for Sabino Family Dentistry on January 1 of the current year. (15) Assets Cash Accounts receivable. Land Building Equipment. Total assets.. SABINO FAMILY DENTISTRY Balance Sheet January 1, 20_ Liabilities & Stockholders' Equity $ 33,000 Liabilities: 51,150 Accounts payable 313,500 Total liabilities 371.250 Owners' equity: 57,750 Capital stock... Total liabilities and $826650 owners' equity. $ 74.250 $ 74,250 752.400 $826.250 During the first few days of January, the following transactions occurred: Jan...
On January 1, 2019, Pina Colada Corp. had the following stockholders' equity accounts. Common Stock ($10...
On January 1, 2019, Pina Colada Corp. had the following
stockholders' equity accounts.
Common Stock ($10 par value,
80,500 shares issued and outstanding)
$805,000
Paid-in Capital in Excess of Par
Value-Common Stock
211,000
Retained Earnings
548,000
During the year, the following transactions occurred.
Jan. 15
Declared a $1.10 cash dividend per share to stockholders of
record on January 31, payable February 15.
Feb. 15
Paid the dividend declared in January.
Apr. 15
Declared a 10% stock dividend to stockholders of...
Presented below are data for Carla Vista Co.
2020
2021
Assets, January 1
$4220
$5100
Liabilities, January 1
2530
?
Stockholders' Equity, Jan. 1
?
?
Dividends
857
649
Common Stock
776
678
Stockholders' Equity, Dec. 31
?
?
Net Income
847
665
Stockholders' Equity at January 1, 2020 is
$2466.
$1454.
$1041.
$1690.
Current Attempt in Progress Presented below are data for Sunland Company 2020 $8848 4858 2021 $9728 Assets, January 1 Liabilities, January 1 Stockholders' Equity, Jan. 1 Dividends Common Stock Stockholders' Equity, Dec. 31 Net Income 1622 1454 ? 1915 1225 1302 ? 1289 Stockholders' Equity at January 1, 2021 is $3990. 0 $4283. O $5737. O $5905.
BRIDGEPORT INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,450 Accounts receivable 94,830 $ 15,450 89,380 23,380 11,000 $32,000 Inc. 5,450 Inc. 19,450 Inc. 9,830 Inc. 42.830 Equipment Less: Accumulated Depreciation-Equipment 20,830 $164,280 Total $117,210 Liabilities and Stockholders' Equity Accounts payable $ 23,830 102,450 38,000 $ 16,380 81,380 Common stock 7.450 Inc. 21,070 Inc. 18,550 Inc. Retained earnings 19.450 Total $164.280 $117,210 Net income of $47,830 was reported, and dividends of $29,280 were paid in...
p3-1, p3-2, p3-3
Chapter 3 Basic Accounting Systems Accrual Bass 133 Uabilities Current liabilities Accounts receivable.......... Accumulated depreciation-building................. ******** Accumulated depreciation equipment.............. Net loss. Total liabilities....... Stockholders' Equity Wages payable........... . Common stock. ............. Retained earnings... Total stockholders' equity.. . Total liabilities and stockholders' equity ....... $ 40.000 54,600 32.400 44,200 $172.000 $ 100 200,000 447000 655,100 5297/100 Problems Obj. 2 P3-1 Accrual basis accounting San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder....
The intangible assets section of Oriole Company at December 31,
2019, is presented below.
Patents ($62,000 cost less $6,200 amortization)
$55,800
Franchises ($43,000 cost less $17,200 amortization)
25,800
Total
$81,600
The patent was acquired in January 2019 and has a useful life of 10
years. The franchise was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2020.
Jan. 2
Paid $18,000 legal costs to successfully...
Part 5: Presented below is the balance sheet for Sabino Family Dentistry on January 1 of the current year. (15) Assets Cash Accounts receivable. Land Building Equipment. Total assets.. SABINO FAMILY DENTISTRY Balance Sheet January 1, 20_ Liabilities & Stockholders' Equity $ 33,000 Liabilities: 51,150 Accounts payable 313,500 Total liabilities 371.250 Owners' equity: 57,750 Capital stock... Total liabilities and $826650 owners' equity. $ 74.250 $ 74,250 752.400 $826.250 During the first few days of January, the following transactions occurred: Jan...
On January 1, 2019, Pina Colada Corp. had the following
stockholders' equity accounts.
Common Stock ($10 par value,
80,500 shares issued and outstanding)
$805,000
Paid-in Capital in Excess of Par
Value-Common Stock
211,000
Retained Earnings
548,000
During the year, the following transactions occurred.
Jan. 15
Declared a $1.10 cash dividend per share to stockholders of
record on January 31, payable February 15.
Feb. 15
Paid the dividend declared in January.
Apr. 15
Declared a 10% stock dividend to stockholders of...
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