ZuoTi.Pro
Question

Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold 3,470,000 2,230,000 1,240,000 678,000 298,000 264,000 85,400 178,600 148,000 30,600 10,000 20,600 150,000 0.14 Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20X2 $ 385,800 20,600 175,000 $ 231,400 Retained earnings, balance, January 1, 20X2 Add: Earnings available to common stockholders, 20X2 Deduct: Cash dividends declared and paid in 20X2 Retained earnings, balance, December 31, 20X2

Comparative Balance Sheets For 20X1 and 20X2 Year-End 20X1 Year-End 20X2 Assets Current assets Cash Accounts receivable (net) Inventory Prepaid expenses $ 179,000 505,000 702,000 67,600 $1,453,600 94,000 $94,600 543,000 707,000 35,000 $ 1,379,600 85,600 Total current assets Investments (long-term securities) Gross plant and equipment Less: Accumulated depreciation Net plant and equipment $ 2,090,000 1,620,000 $ 2,630,000 1,918,000 470,000 $ 2,017,600 712,000 $2,177,200 Total assets Liabilities and Stockholders Equity Current liabilities: Accounts payable Notes payable Accrued expenses Total current liabilities $ 320,000 512,000 77,800 $ 909,800 $ 604,000 512,000 55,800 $1,171,800 Long-term liabilities Bonds payable, 20X2 Total liabilities 132,000 $1,041,800 184,000 $ 1,355,800 Stockholders equity: Preferred stock, $100 par value Common stock, $1 par value Capital paid in excess of par Retained earnings Total stockholders equity $ 90,000 150,000 350,000 385,800 $ 975,800 $2,017,600 $ 90,000 150,000 350,000 231,400 $ 821400 $ 2,177,200 Total liabilities and stockholders equitya. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.) CROSBY CORPORATION Statement of Cash Flows For the Year Ended December 31, 20X2 Cash flows from operating activities Adjustments to determine cashflow from operating activities Total adjustments Net cash flows from operating activities 0 0 Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities 0 Net cash flows from financing activities

please help me complete this exercise.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Lantilas Statemest Net halng acivites Sease m Inventon hraease m accounts Toral adsustments aid eaense 33600) ense m aceumed expenses s 2200 g 213000 vites 足Bhoo ease in plent ceqvipm ent( Sho0os) Net cash Phoss bnom hnves tinq acivites inemma aetivites ease tn bands pagable 520 nelennel Stoch diidend faid (5 1o.000) Cash Aaas nam oop thnon. Stock dividend. 00b et ncnease (3371600)

0 0
Add a comment
Know the answer?
Add Answer to:
please help me complete this exercise. Refer to the following financial statements for Crosby Corporation CROSBY...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year...

    Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 3,900,000 2,470,000 1,430,000 618,000 290,000 522,000 es Cost of goods sold Selling and administrative expense Depreciation expense Operating income Interest expense 434,900 127,000 307,900 10,000 297,900 Eamings before taxes Taxes Eamings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20X2 Retained earnings, balance,...

  • Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year...

    Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense $3,900,000 2,470,000 $1,430,000 618,000 290,000 $ 522,000 Earnings before taxes Taxes $ 434,900 127,000 S 307,900 Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share 297,900 150,000 Statement of Retained Earnings For the Year Ended December...

  • Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement 4.5 For the...

    Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement 4.5 For the Year Ended December 31, 20x2 $ 3,650,000 2,230,000 $1,420,000 654,000 273,000 $ 493,000 85,300 $ 407,700 186,000 $ 221,700 10,000 points Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Skipped eBook Тахев Earnings after taxes Preferred stock dividends 211,700 Earnings available to common stockholders Shares outstanding Earningo per share 150,000 1.41 Hint...

  • Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year...

    Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold 2,200,000 1,300,000 900,000 420,000 150,000 330,000 90,000 240,000 80,000 160,000 10,000 150,000 120,000 1.25 Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December...

  • Refer to the following financial statements for Crosby CROSBY CORPORATION Income Statement For the Year Ended...

    Refer to the following financial statements for Crosby CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold $4,110,000 2,680,000 $1,430,000 729,000 298,000 $ 403,000 80,700 S 322,300 210,000 $ 112,300 10,000 Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share 102,300 150,000 อ. 68 Statement of Retained Earnings For the...

  • Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year...

    Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales $ 3,570,000 Cost of goods sold 2,200,000 Gross profit $ 1,370,000 Selling and administrative expense 687,000 Depreciation expense 309,000 Operating income $ 374,000 Interest expense 80,200 Earnings before taxes $ 293,800 Taxes 170,000 Earnings after taxes $ 123,800 Preferred stock dividends 10,000 Earnings available to common stockholders $ 113,800 Shares outstanding 150,000 Earnings per share $ 0.76 Statement of...

  • Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year...

    Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20x2 Sales $ 3,990,000 Cost of goods sold 2,480.000 Gross profit $1,510,000 Selling and administrative expense 744,000 Depreciation expense 261.000 Operating income $ 505,000 Interest expense 87,300 Earnings before taxes $ 417.700 223,000 Earnings after taxes $ 194,700 Preferred stock dividends 10.000 Earnings available to common stockholders $ 184,700 Shares outstanding 150,000 Earnings per share 1.23 Statement of Retained Earnings Tor...

  • please i need help completing this table thank you Refer to the following financial statements for...

    please i need help completing this table thank you Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 3,990,000 2,480,000 1,510,000 744,000 261,000 505,000 87,300 417,700 223,000 194,700 10,000 184,700 150,000 1.23 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share...

  • 8 Refer to the following financial statements for Crosby Corporation: 4.5 points eBook CROSBY CORPORATION Income...

    8 Refer to the following financial statements for Crosby Corporation: 4.5 points eBook CROSBY CORPORATION Income Statement For the Year Ended December 31, 20x2 Sales $ Cost of goods sold Gross profit $ Selling and administrative expense Depreciation expense Operating income $ Interest expense Earnings before taxes $ Taxes Earnings after taxes $ Preferred stock dividends Earnings available to common stockholders $ Shares outstanding Earnings per share $ Print 3,550,000 2,288,888 1,270, eee 723,000 268, cee 279, eee 88,5ee 190,...

  • The Holtzman Corporation has assets of $452,000, current liabilities of $93,000, and long-term liabilities of $137,000....

    The Holtzman Corporation has assets of $452,000, current liabilities of $93,000, and long-term liabilities of $137,000. There is $33,800 in preferred stock outstanding; 20,000 shares of common stock have been issued. a. Compute book value (net worth) per share. (Round your answer to 2 decimal places.) Book value per share b. If there is $30,900 in earnings available to common stockholders, and Holtzman's stock has a P/E of 20 times earnings per share, what is the current price of the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT