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The following information is taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s fiscal year...
The following information is taken from the 2020 annual report
of Wildhorse, Inc. Wildhorse’s fiscal year ends December 31 of each
year. Wildhorse’s December 31, 2020, balance sheet is as
follows.
Wildhorse, Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of discount)
$1,426
Stockholders’ equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
The following information is
taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s
fiscal year ends December 31 of each year. Wildhorse’s December 31,
2020, balance sheet is as follows.
Wildhorse,
Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of
discount)
$1,426
Stockholders’
equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
Accounting, Analysis, and Principles The following information is taken from the 2020 annual report of Bugant, Inc. Bugant's fiscal year ends December 31 of each year. Bugant's December 31, 2020, balance sheet is as follows. $ 450 1,800 2,250 2,000 Bugant, Inc. Balance Sheet December 31, 2020 Assets Cash Inventory Total current assets Plant and equipment Accumulated depreciation Total assets Liabilities Bonds payable (net of discount) Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity (160) $4,090 $1,426...
The following information is taken from the 2017 annual report of Metlock, Inc. Metlock's fiscal year ends December 31 of each year, Metlock's December 31, 2017, balance sheet is as follows 3490 Metlock Inc Balance sheet December 31, 2017 Assets Cash Inventory Total current assets Plant and equipment Accumulated depreciation Total assets Liabilities Bonds payable (net of discount) Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 1.700 2.190 2.000 (1601 4,030 $1.426, $4.030 Note X: Long Term...
Prepare an income statement for the year ending December 31,
2018 and a balance sheet at December 31, 2018. Assume semiannual
compounding of the bond interest.
Compute debt assets ratio and times interest earned ratio for
2017 and 2018. Vaughn's net income in 2017 was $500 and interest
expense was $169.
The following information is taken from the 2017 annual report of Vaughn, Inc. Vugh's fiscal year ends December 31 of each year. Vaughs December 31, 2017, balance sheet is...
Presented below is the adjusted trial balance of Wildhorse Corporation at December 31, 2020. Debit Credit Cash $ ? 1,430 1,230 48,230 $ 4,230 1,180 10,230 730 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 2,230 9,230 10,230 25,230 10,230 9,230 1,630 1,430 1,130 Total $ ? $ ? Additional information: 1....
The following are financial statements of Wildhorse Co.. Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Net sales $2,239,000 Cost of goods sold 1.015.000 Selling and administrative expenses 910,000 75,000 Interest expense Income tax expense 73,000 $ 166,000 Net income Wildhorse Co. Balance Sheet December 31, 2022 Assets Current assets Cash $ 56,200 Debt investments 87,000 Accounts receivable (net) 168,300 Inventory 161,350 Total current assets 472,850 Plant assets (net) 572,000 $ 1,044,850 Total assets Liabilities and Stockholders'...
On January 1, 2020, Wildhorse Corporation issued 11% bonds with
a par value of $5,170,000, due in 10 years. The company incurred
$195,000 in costs associated with the issuance of the bonds, which
were capitalized. The bonds were issued at 102, and paid interest
on January 1 and July 1 each year. Wildhorse’s year-end was March
31. The company followed ASPE and chose to use the straight-line
method of amortization for bond discounts or premiums.
Current Attempt in Progress On...
Wildhorse Corporation reports the following amounts in its 2020 financial statements: At December 31, 2020 For the Year 2020 $1,100,000 550,000 Total assets Total liabilities Total stockholders' equity Interest expense Income tax expense Net income $ 20,000 136,500 157,500 Compute the December 31, 2020, balance in stockholders' equity. Total stockholders' equitys Compute the debt to assets ratio at December 31, 2020. Debt to assets ratio Compute times interest earned for 2020. (Round answer to 2 decimal places, e.g. 15.25.) Times...
Wildhorse Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2020, Wildhorse declared a cash dividend of $2.50 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Wildhorse has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. At December 31, bonds payable of $106,443,000 are outstanding. The bonds...