A firm's balance sheets as of the December 31, 2015 and 2016 show the following items:
2015:
Cash = $9,916,500; Account Receivable = $9,000,000; Inventory = $4,500,000; Gross Fixed Assets = $10,972,000; Accumulated Depreciation = $1,243,000; Retained Earnings = $1,967,500; Capital Surplus = $8,600,000; Common Stock ($0.50 par) = $4,500,000; Notes Payable = $8,921,000; Long term debt = $2,500,000; Accounts Payable = $6,657,000.
2016:
Cash = $11,098,000; Account Receivable = $7,600,000; Inventory = $5,200,000; Gross Fixed Assets = $13,774,000; Accumulated Depreciation = $1,675,000; Retained Earnings = $1,967,500; Capital Surplus = $11,300,000; Common Stock ($0.50 par) = $4,800,000; Notes Payable = $7,773,000; Long term debt = $1,500,000; Accounts Payable = $6,132,000.
Calculate the total proceeds from sale of new shares in 2016.
Common stock, 2016 = $4,800,000
Capital surplus, 2016 = $11,300,000
Common stock, 2015 = $4,500,000
Capital surplus, 2015 = $8,600,000
Proceeds from sale of new shares in 2016 = Common stock, 2016 +
Capital surplus, 2016 - Common stock, 2015 - Capital surplus,
2015
Proceeds from sale of new shares in 2016 = $4,800,000 + $11,300,000
- $4,500,000 - $8,600,000
Proceeds from sale of new shares in 2016 = $3,000,000
A firm's balance sheets as of the December 31, 2015 and 2016 show the following items:...
A firm's balance sheets as of the December 31, 2015 and 2016 show the following items: 2015: Cash = $9,916,500; Account Receivable = $9,000,000; Inventory = $4,500,000; Gross Fixed Assets = $10,972,000; Accumulated Depreciation = $1,243,000; Retained Earnings = $1,967,500; Capital Surplus = $8,600,000; Common Stock ($0.50 par) = $4,500,000; Notes Payable = $8,921,000; Long term debt = $2,500,000; Accounts Payable = $6,657,000. 2016: Cash = $11,098,000; Account Receivable = $7,600,000; Inventory = $5,200,000; Gross Fixed Assets = $13,774,000; Accumulated...
Question 17 A firm's balance sheets as of the December 31, 2015 and 2016 show the following items: 2015: Cash = $9,916,500; Account Receivable = $9,000,000; Inventory = $4,500,000; Gross Fixed Assets = $10,972,000; Accumulated Depreciation = $1,243,000; Retained Earnings = $1,967,500; Capital Surplus = $8,600,000; Common Stock ($0.50 par) = $4,500,000; Notes Payable = $8,921,000; Long term debt = $2,500,000; Accounts Payable = $6,657,000. 2016: Cash = $11,098,000; Account Receivable = $7,600,000; Inventory = $5,200,000; Gross Fixed Assets =...
Simon Company's year-end balance sheets follow. 2017 2016 2015 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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 25,138 $ 29,084 $ 75,087 53,520 90,668 70,029 8,13 7,871 235,849 214,285 $ 434,755 $ 374,789 $ 31,223 41,227 43,046 3,335 187,369 306,200 $ 107,171 $ 62,706 $ aces...
Simon Company's year-end balance sheets follow. 2017 2016 2015 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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,167 84,968 103,689 9,348 260,975 $ 487,147 $ 32,924 $ 58,794 78,468 8,643 241,125 $ 419,954 $ 34,307 45,742 48,233 3,774 211,044 343,100 $ 120,087 $ 69,553 $ 44,383...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500...
Question 27 Refer to the balance sheets and income statement below. Balance Sheet as of December 31, 2016 2017 2016 2017 Cash $4,251,500 $12,703,000 Acct. Payable $2,000,000 $1,000,000 Acct. Receivable $3,800,000 $3,600,000 Notes Payable $3,727,400 $4,330,800 Inventory $1,500,000 $200,000 Current Liabilities $5,727,400 $5,330,800 Current Asset $9,551,500 $16,503,000 Long Term Debt $1,509,000 $1,700,000 Total Liabilities $7,236,400 $7,030,800 Common Stock (0.50 par) $4,500,000 $6,000,000 Net Fixed...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 35,662 $ 42,962 $ 44,296 Accounts receivable, net 107,579 75,183 56,767 Merchandise inventory 131,281 97,382 62,302 Prepaid expenses 11,484 11,054 4,731 Plant assets, net 330,773 305,125 266,304 Total assets $ 616,779 $ 531,706 $ 434,400 Liabilities and Equity Accounts payable $ 153,578 $ 90,757 $ 56,194 Long-term notes payable secured by mortgages on plant assets 118,274 124,738 97,922 Common stock, $10 par value 162,500 162,500...
Bethesda Mining Company reports the following balance sheet information for 2015 and 2016. Prepare the 2015 and 2016 common-size balance sheets for Bethesda Mining. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) BETHESDA MINING COMPANY Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 47,858 % $ 60,783 % Accounts payable $ 190,422 %...
Bethesda Mining Company reports the following balance sheet information for 2015 and 2016. Prepare the 2015 and 2016 common-size balance sheets for Bethesda Mining. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) BETHESDA MINING COMPANY Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 67,906 % $ 85,508 % Accounts payable $ 186,422 %...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,923 $ 33,985 $ 32,679 Accounts receivable, net 85,935 58,886 45,369 Merchandise inventory 105,949 76,257 47,839 Prepaid expenses 9,270 8,833 3,743 Plant assets, net 258,832 242,650 210,670 Total assets $ 487,909 $ 420,611 $ 340,300 Liabilities and Equity Accounts payable $ 119,060 $ 71,083 $ 46,267 Long-term notes payable secured by mortgages on plant assets 92,644 93,838 75,206 Common stock, $10 par value 162,500 162,500...