Homework Answers
| Peter Jackson Corporation | |
| Balance Sheet | |
| As at December 31, 2018 | |
| $ in Millions | |
| Assets | |
| Current Assets | |
| Cash | $ 52 |
| Accounts receivable | $ 23 |
| Total current assets | $ 75 |
| Long term assets | $ 45 |
| Total assets | $ 120 |
| Liabilities | |
| Current liabilities: | |
| Accounts payable | $ 21 |
| Total current liabilities | $ 21 |
| Long term note payable | $ 31 |
| Total liabilities | $ 52 |
| Stockholders' Equity | |
| Common stock | $ 28 |
| Retained earnings | $ 40 |
| Total stockholders' equity | $ 68 |
| Total liabilities and stockholders' equity | $ 120 |
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erform: Instructions Prepare Jackson Corporation's balance sheet at December 31, 2018, complete with its proper heading....
erform: Instructions Prepare the company's income statement for the year ended December 31, 2018, complete with...
erform: Instructions Prepare the company's income statement for the year ended December 31, 2018, complete with an appropriate heading. a. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. b. Check your spelling carefully and do not abbreviate. (Always use cell references and formulas where appropriate to receive full credit If you copy/paste from the Instructions tab you will be marked wrong.) Total Points 1 The Financial Statements 2...
Instructions Complete the financial statements. a. Enter all amounts in millions. For example, an amount of...
Instructions Complete the financial statements. a. Enter all amounts in millions. For example, an amount of $1.2 million should be entered as 1.2, not 1,200,000. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) 1 The Financial Statements 2. Construct an income statement, statement of retained earnings, and balance sheet The partially completed financial statements (income statement, statement of retained earnings, and 4 balance sheet)...
Stockholders' Equity Prepare the stockholders' equity section of a balance sheet The financial statements of Ridgeline...
Stockholders' Equity Prepare the stockholders' equity section of a balance sheet The financial statements of Ridgeline Employment Services, Inc., reported the following accounts $1,600,000 100,000 660,000 200,000 1,000,000 Paid-in capital in excess of par $334,000 Total revenue:s Notes payable (short-term) Common stock, $0.01 par 600,000 shares issued Long-term debt 50,000 Accounts payable 6,000 Retained earnings Other current liabilities 25,000 Total expenses Use the blue shaded areas on the ENTERANSWERS tab for inputs Always use cell references and formulas where appropriate...
1. Prepare an income statement for Del Campo for 2019 and 2018 under both the cash...
1. Prepare an income statement for Del Campo for 2019 and 2018 under both the cash and the accrual basis of accounting. (Always use cell references and formulas, including $0 balances, where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Accrual Basis 2019 2018 Cash Basis 2019 2018 Operating expenses: Operating income 2. Compute operating cash flow for both years under cash and accrual bases. (Always use cell references and formulas...
At December 31, 2018, Diamond Corporation has cash of $55 million, accounts receivable of $19 million,...
At December 31, 2018, Diamond Corporation has cash of $55 million, accounts receivable of $19 million, and long-term assets of $42 million. The company owes accounts payable of $17 million and has a long-term note payable of $27 million. Diamond has common stock of $23 million and retained earnings of $49 million. Prepare Diamond Corporation's balance sheet at December 31, 2018, complete with its proper heading. Start with the heading and then complete the assets section of the statement and...
Instructions Using the straight-line method of depreciation, calculate the depreciation expense, accumulated depreciation balance, and book...
Instructions Using the straight-line method of depreciation, calculate the depreciation expense, accumulated depreciation balance, and book value for each of the four years of the van's useful life. a. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. (Always use cell references and formulas where appropriate to receive full credit. If you copy paste from the Instruction tab you will be marked wrong.) Total Points Total Points A B...
Financial Reporting Theory Cash vs. Accrual You are provided the following information for the Del Campo...
Financial Reporting Theory Cash vs. Accrual You are provided the following information for the Del Campo Consulting Associates. Assume that all supplies purchased were used in operations in the year of purchase. Rental payments pertain to rental space used in the year of payment. 2019 2018 Service revenue (accrual basis) $250,000 $185,000 Cash collected from clients 97,000 80,000 Operating expenses: Salary expense (accrual basis) 12,000 16,500 Purchased supplies for cash Purchased supplies on account 4,000 2,500 1,000 1,500 Depreciation expense...
W S1-15 (similar to) Question Help Tommer Corporation ended its fiscal year on September 30, 2018,...
W S1-15 (similar to) Question Help Tommer Corporation ended its fiscal year on September 30, 2018, with cash of $70 million, accounts receivable of $22 million, property and equipment of $33 million, and other long-term assets of $23 milion. The company's liabilities consist of accounts payable of $33 million and long-term nolos payable of $20 million. Tommer Corporation has total stockholders' equity of $05 million of this total, common stock is $25 million. Solve for the company's ending retained earnings...
Instructions For 2017 and 2018, calculate current ratio, quick (acid-test) ratio, inventory turnover and days' inventory...
Instructions For 2017 and 2018, calculate current ratio, quick (acid-test) ratio, inventory turnover and days' inventory outstanding (DIO), accounts receivable turnover, days' sales in average receivables or days' sales outstanding (DSO), accounts payable turnover, days' payable outstanding (DPO), and cash conversion cycle (in days). a. Use the cost of goods sold in the formula for accounts payable turnover. b. Use a 365-day year for calculations as needed. c. Use cell references from prior calculations, if applicable. (Always use cell references...
Instructions For 2017 and 2018, calculate current ratio, quick (acid-test) ratio, inventory turnover and days' inventory...
Instructions For 2017 and 2018, calculate current ratio, quick (acid-test) ratio, inventory turnover and days' inventory outstanding (DIO), accounts receivable turnover, days' sales in average receivables or days' sales outstanding (DSO), accounts payable turnover, days' payable outstanding (DPO), and cash conversion cycle (in days). a. Use the cost of goods sold in the formula for accounts payable turnover. b. Use a 365-day year for calculations as needed. c. Use cell references from prior calculations, if applicable. (Always use cell references...
erform: Instructions Prepare the company's income statement for the year ended December 31, 2018, complete with an appropriate heading. a. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. b. Check your spelling carefully and do not abbreviate. (Always use cell references and formulas where appropriate to receive full credit If you copy/paste from the Instructions tab you will be marked wrong.) Total Points 1 The Financial Statements 2...
Instructions Complete the financial statements. a. Enter all amounts in millions. For example, an amount of $1.2 million should be entered as 1.2, not 1,200,000. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) 1 The Financial Statements 2. Construct an income statement, statement of retained earnings, and balance sheet The partially completed financial statements (income statement, statement of retained earnings, and 4 balance sheet)...
Stockholders' Equity Prepare the stockholders' equity section of a balance sheet The financial statements of Ridgeline Employment Services, Inc., reported the following accounts $1,600,000 100,000 660,000 200,000 1,000,000 Paid-in capital in excess of par $334,000 Total revenue:s Notes payable (short-term) Common stock, $0.01 par 600,000 shares issued Long-term debt 50,000 Accounts payable 6,000 Retained earnings Other current liabilities 25,000 Total expenses Use the blue shaded areas on the ENTERANSWERS tab for inputs Always use cell references and formulas where appropriate...
1. Prepare an income statement for Del Campo for 2019 and 2018 under both the cash and the accrual basis of accounting. (Always use cell references and formulas, including $0 balances, where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Accrual Basis 2019 2018 Cash Basis 2019 2018 Operating expenses: Operating income 2. Compute operating cash flow for both years under cash and accrual bases. (Always use cell references and formulas...
At December 31, 2018, Diamond Corporation has cash of $55 million, accounts receivable of $19 million, and long-term assets of $42 million. The company owes accounts payable of $17 million and has a long-term note payable of $27 million. Diamond has common stock of $23 million and retained earnings of $49 million. Prepare Diamond Corporation's balance sheet at December 31, 2018, complete with its proper heading. Start with the heading and then complete the assets section of the statement and...
Instructions Using the straight-line method of depreciation, calculate the depreciation expense, accumulated depreciation balance, and book value for each of the four years of the van's useful life. a. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. (Always use cell references and formulas where appropriate to receive full credit. If you copy paste from the Instruction tab you will be marked wrong.) Total Points Total Points A B...
Financial Reporting Theory Cash vs. Accrual You are provided the following information for the Del Campo Consulting Associates. Assume that all supplies purchased were used in operations in the year of purchase. Rental payments pertain to rental space used in the year of payment. 2019 2018 Service revenue (accrual basis) $250,000 $185,000 Cash collected from clients 97,000 80,000 Operating expenses: Salary expense (accrual basis) 12,000 16,500 Purchased supplies for cash Purchased supplies on account 4,000 2,500 1,000 1,500 Depreciation expense...
W S1-15 (similar to) Question Help Tommer Corporation ended its fiscal year on September 30, 2018, with cash of $70 million, accounts receivable of $22 million, property and equipment of $33 million, and other long-term assets of $23 milion. The company's liabilities consist of accounts payable of $33 million and long-term nolos payable of $20 million. Tommer Corporation has total stockholders' equity of $05 million of this total, common stock is $25 million. Solve for the company's ending retained earnings...
Instructions For 2017 and 2018, calculate current ratio, quick (acid-test) ratio, inventory turnover and days' inventory outstanding (DIO), accounts receivable turnover, days' sales in average receivables or days' sales outstanding (DSO), accounts payable turnover, days' payable outstanding (DPO), and cash conversion cycle (in days). a. Use the cost of goods sold in the formula for accounts payable turnover. b. Use a 365-day year for calculations as needed. c. Use cell references from prior calculations, if applicable. (Always use cell references...
Instructions For 2017 and 2018, calculate current ratio, quick (acid-test) ratio, inventory turnover and days' inventory outstanding (DIO), accounts receivable turnover, days' sales in average receivables or days' sales outstanding (DSO), accounts payable turnover, days' payable outstanding (DPO), and cash conversion cycle (in days). a. Use the cost of goods sold in the formula for accounts payable turnover. b. Use a 365-day year for calculations as needed. c. Use cell references from prior calculations, if applicable. (Always use cell references...
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