Homework Answers
| Balance Sheet | |||
| Notes payable | 600 | Cash | 5000 |
| Accounts payable | 4025 | Inventory | 9555 |
| Current liabilities | 4625 |
Accounts receivable (Current assets-cash-inventory) |
5892 |
| Long term debt | 15435 | Current assets | 20447 |
| Equity (balancing figure) | 33678 | Net fixed assets | 33291 |
| TOTAL | 53738 | TOTAL | 53738 |
| Income Statement | |
| Sales | 8085 |
| COGS | 1942 |
| Gross income | 6143 |
| Depreciation | 1085 |
| Other expenses | 515 |
| EBIT | 4543 |
| Interest | 579 |
| Net Income | 3964 |
| Dividend | 1011 |
| Amount transferred to Retained earnings | 2953 |
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Problem 8 (6 Marks) For BZ Inc. the following information is given to you from their...
Problem 6 (16 Marks) Consider the following financial statements for Yahi Inc. Balance Sheet 2017 2018...
Problem 6 (16 Marks) Consider the following financial statements for Yahi Inc. Balance Sheet 2017 2018 Assets Current assets $6,500 $5,000 Cash $31,500 $42,000 30,000 Accounts receivable 40,000 Inventory $75,000 $80,000 Total Fixed assets $393,750 Net plant and equipment 375,000 Total assets $450,000 $473,750 Liabilities and Owners Equity Current liabilities Accounts payable $50,000 $53,750 Notes payable 25,000 $26,250 $80,000 Total $75,000 Long-term debt Owners' equity $85,000 $89,250 Common stock Accumulated retained carnings $63,000 $60,000 230,000 241,500 Total $290,000 $304,500 Total...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $ 18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24.961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24,961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do not...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance Sheets December 31, 2018 - 19 Assets 2019 2018 Cash Short-term investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets S 50,000 50,000 100,000 150,000 650.000 $1.000.000 $ 100,000 150,000 75,000 175,000 750,000 $1.250,000 Liabilities and stockholders' equity Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50,000 100,000 200,000 375,000 275.000 $1.000.000...
PROBLEM SET 2 Bentley Corporation, Inc. Balance Sheets ($ 000s) Bentley Corporation, Inc. Income Statements ($...
PROBLEM SET 2 Bentley Corporation, Inc. Balance Sheets ($ 000s) Bentley Corporation, Inc. Income Statements ($ 000s) 2016 2017 2018 2016 2017 2018 Assets Current assets Cash Accounts receivable Inventory 36,349 193,387 219,568 449,304 41,086 187,147 237,785 466,018 37,416 184,659 244,002 466,077 Fixed assets Net plant and equipment Sales Cost of goods sold Other expenses Depreciation EBIT Interest Taxable income Taxes (21%) Net income Dividends Additions to retained earnings 2,378,654 1,427,192 475,731 190,292 285,439 40,913 244,526 46,878 197,648 89,200 108,448...
34 Extra Homework From the following information for 2019 for Logan, Inc. prepare Financial Statements. Assume...
34 Extra Homework From the following information for 2019 for Logan, Inc. prepare Financial Statements. Assume a December 31-year end. Accounts Payable $200,000 80,000 46,000 19,000 300,000 108,000 300,000 500,000 Accounts Recelvable Accumulated Depreciation Advertising Expense Building Cash Common Stock Cost of Goods Sold Equipment Interest Expense 5,000 118,000 28,000 10,000 50,000 75,000 171,000 825,000 60,000 100,000 18,000 9,000 40,000 Depreciation Expense Notes Payable, Long-Term Patent Rent Expense Retained Earnings Sales Salaries Payable Salary Expense Tax Expense Taxes Payable Utilities...
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...
Supaose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All...
Supaose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions. Common stack $2,850 Accumulated depreciation-ecuipment $2,680 Prepaid rent 165 Accounts payable 1,340 Equipment 6,650 Patents 2,380 Stock investments (long-term) 600 Notes payable (long-term) Debt investments (short-term) 1,860 Retained earnings 6,315 Income taxes payable 110 Accounts receivable 1,920 1,290 Inventory 1,300 Prepare a dessified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity.)...
The controllers of Shamrock, Inc. and Sheffield Corp. both ask you whether their companies can reclassify...
The controllers of Shamrock, Inc. and Sheffield Corp. both ask you whether their companies can reclassify short-term obligations as long-term. Here are the facts surrounding both companies’ short-term debt. Shamrock, Inc. On December 31, 2017, Shamrock, Inc. has $2,160,000 of short-term debt in the form of notes payable to Michaels State Bank due February 5, 2018. On January 28, 2018, Shamrock issued 21,600 shares of common stock at $75 per share. Shamrock used the proceeds of $1,620,000 from the stock...
Problem 3-35 Using ratios to construct financial statements [LO3-2] The following information is from Harrelson Inc.'s,...
Problem 3-35 Using ratios to construct financial statements [LO3-2] The following information is from Harrelson Inc.'s, financial statements. Sales (all credit) were $18.00 million for last year. Sales to total assets 1.20 times Total debt to total assets 45 % Current ratio 2.80 times Inventory turnover 6 times Average collection period 24 days Fixed asset turnover 5 times Complete the balance sheet: (Use a 360-day year. Do not round intermediate calculations. Input your answers in millions rounded to 2...
Problem 6 (16 Marks) Consider the following financial statements for Yahi Inc. Balance Sheet 2017 2018 Assets Current assets $6,500 $5,000 Cash $31,500 $42,000 30,000 Accounts receivable 40,000 Inventory $75,000 $80,000 Total Fixed assets $393,750 Net plant and equipment 375,000 Total assets $450,000 $473,750 Liabilities and Owners Equity Current liabilities Accounts payable $50,000 $53,750 Notes payable 25,000 $26,250 $80,000 Total $75,000 Long-term debt Owners' equity $85,000 $89,250 Common stock Accumulated retained carnings $63,000 $60,000 230,000 241,500 Total $290,000 $304,500 Total...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $ 18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24.961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24,961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do not...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance Sheets December 31, 2018 - 19 Assets 2019 2018 Cash Short-term investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets S 50,000 50,000 100,000 150,000 650.000 $1.000.000 $ 100,000 150,000 75,000 175,000 750,000 $1.250,000 Liabilities and stockholders' equity Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50,000 100,000 200,000 375,000 275.000 $1.000.000...
PROBLEM SET 2 Bentley Corporation, Inc. Balance Sheets ($ 000s) Bentley Corporation, Inc. Income Statements ($ 000s) 2016 2017 2018 2016 2017 2018 Assets Current assets Cash Accounts receivable Inventory 36,349 193,387 219,568 449,304 41,086 187,147 237,785 466,018 37,416 184,659 244,002 466,077 Fixed assets Net plant and equipment Sales Cost of goods sold Other expenses Depreciation EBIT Interest Taxable income Taxes (21%) Net income Dividends Additions to retained earnings 2,378,654 1,427,192 475,731 190,292 285,439 40,913 244,526 46,878 197,648 89,200 108,448...
34 Extra Homework From the following information for 2019 for Logan, Inc. prepare Financial Statements. Assume a December 31-year end. Accounts Payable $200,000 80,000 46,000 19,000 300,000 108,000 300,000 500,000 Accounts Recelvable Accumulated Depreciation Advertising Expense Building Cash Common Stock Cost of Goods Sold Equipment Interest Expense 5,000 118,000 28,000 10,000 50,000 75,000 171,000 825,000 60,000 100,000 18,000 9,000 40,000 Depreciation Expense Notes Payable, Long-Term Patent Rent Expense Retained Earnings Sales Salaries Payable Salary Expense Tax Expense Taxes Payable Utilities...
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...
Supaose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions. Common stack $2,850 Accumulated depreciation-ecuipment $2,680 Prepaid rent 165 Accounts payable 1,340 Equipment 6,650 Patents 2,380 Stock investments (long-term) 600 Notes payable (long-term) Debt investments (short-term) 1,860 Retained earnings 6,315 Income taxes payable 110 Accounts receivable 1,920 1,290 Inventory 1,300 Prepare a dessified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity.)...
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