Homework Answers
Problem 10
Beginning Assets - Beginning Liabilities = Beginning equity
= $400,000 - $150,000
= $250,000
Net profit = Ending equity - Beginning equity - additional stock
= $460,000 - $250,000 - $130,000
= $80,000
Problem 11
The calculation of net income does not include dividends paid. Net income is calculated by reducing the revenues with the expenses incurred in that period. Dividends are reduced from the balance in the retained earnings.
Net income is $80,000
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Problem 10 - Financial statement interrelationships **** Also be sure to sign up for the WSJ...
Required: Use your knowledge of the financial statement equations and their interrelationships to fill in the...
Required: Use your knowledge of the financial statement equations and their interrelationships to fill in the missing amounts ota Revenues Tota Expenses Net Income Loss Tota Assets Tota Liabilities Stockholders Equity Company Vanilla Co Chocolate, Inc. Strawberry Co 20,100 (29,600) 60,200 33,200 66,200 38,200 101,000 130,400 60,200 30,200 10,100 40,100
Application Problem 5-6B a-b (Part Level Submission) Financial statement data for Metro Moving Company for 2020...
Application Problem 5-6B a-b (Part Level Submission) Financial statement data for Metro Moving Company for 2020 follow. METRO MOVING COMPANY Comparative Statement of Financial Position Dec. 31, 2020 Dec. 31, 2019 Assets Cash $68,600 549.100 Accounts receivable 95,500 59.900 Prepaid insurance 29,500 19,500 Total current assets 193,600 128,500 Property, equipment, and vehicles 400,000 345,000 Accumulated depreciation (110,400) (105,900) Total non-current assets 289,600 239.100 Total assets $483,200 $367,600 Liabilities and shareholders' equity Accounts payable $21,500 $18,600 Wages payable 3,000 4,000 Total...
vas San Mateo's net income? Tere is financial statement information on four not-for-profit clinics: I CILIU...
vas San Mateo's net income? Tere is financial statement information on four not-for-profit clinics: I CILIU 4.3 Here is for Pittman Rose Beckman Jaffe $100,000 $150,000 $80,000 50,000 a g $75,000 45,000 60,000 90,000 December 31, 2014: Assets Liabilities Equity December 31, 2015: Assets Liabilities Equity During 2015: Total revenues Total expenses 180,000 b 55,000 45,000 130,000 62,000 k 80,000 145,000 110,000 330,000 400,000 f 360,000 500,000 1 Fill in the missing values labeled a through I. Questions on the...
At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $15,000...
At the beginning of its current fiscal year, Willie Corp.’s
balance sheet showed assets of $15,000 and liabilities of $6,500.
During the year, liabilities decreased by $1,000. Net income for
the year was $2,450, and net assets at the end of the year were
$9,050. There were no changes in paid-in capital during the
year.
Required:
Calculate the dividends, if any, declared during the year. Indicate
the financial statement effect. (Enter decreases with a
minus sign to indicate a negative...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December...
The financial statements of Sol Company appear below: Sol COMPANY Comparative Statements of Financial Position December 31, 2017 ———————————————————————————————————————— Assets 2017 2016 Property, plant and equipment (net).................................................. $260,000 $300,000 Inventory............................................................................................ 50,000 70,000 Accounts receivable (net).................................................................. 50,000 30,000 Short-term investments..................................................................... 15,000 60,000 Cash................................................................................................... 25,000 40,000 Total assets ................................................................................ $400,000 $500,000 Equity and liabilities Share capital – ordinary.................................................................... $150,000 $150,000 Retained earnings.............................................................................. 110,000 70,000 Bonds payable................................................................................... 80,000 160,000...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial perforrmance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily...
Ratio Analysis Byers Company presents the following condensed income statement for 2019 and condensed December 31,...
Ratio Analysis Byers Company presents the following condensed income statement for 2019 and condensed December 31, 2019, balance sheet: Income Statement Sales (net) $267,000 Less: Cost of goods sold $160,000 Operating expenses 62,000 Interest expense 11,000 Income taxes 10,000 Total expenses (243,000) Net income $24,000 Balance Sheet Cash $10,000 Current liabilities $40,000 Receivables (net) 22,000 Bonds payable, 10% 110,000 Inventory 56,000 Common stock, $10 par 100,000 Long-term investments 30,000 Additional paid-in capital 95,000 Property and equipment (net) 282,000 Retained earnings...
The financial statements of Hainz Company appear below: HAINZ COMPANY Comparative Balance Sheet December 31 Assets...
The financial statements of Hainz Company appear below: HAINZ COMPANY Comparative Balance Sheet December 31 Assets 2019 Cash $20,000 Short-term investments 20,000 Accounts receivable (net) 40,000 Inventory 60,000 Property, plant and equipment (net) 260,000 Total assets $400,000 Liabilities and stockholders' equity Accounts payable $20,000 Short-term notes payable 40,000 Bonds payable 80,000 Common stock 150,000 Retained earnings 110,000 Total liabilities and stockholders' equity $400,000 2018 $40,000 60,000 30,000 70,000 300,000 $500,000 $30,000 90,000 160,000 150,000 70,000 $500,000 HAINZ COMPANY Income Statement...
Problem 1-34 Interrelationships among financial statements Prat Corp. started the 2018 accounting period with $30,000 of...
Problem 1-34 Interrelationships among financial statements Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liahili and $13.000 of common stock. During the year, the Retained Earnings account increased by $7. The bookkeeper reported that Pratt paid cash expenses of $26.000 and paid a $2.000 cash dividend to the stockholders, but she could not find a record of the amount of cash that Pratt received for pe ing services. Pratt also paid $3,000 acquired...
Required: Use your knowledge of the financial statement equations and their interrelationships to fill in the missing amounts ota Revenues Tota Expenses Net Income Loss Tota Assets Tota Liabilities Stockholders Equity Company Vanilla Co Chocolate, Inc. Strawberry Co 20,100 (29,600) 60,200 33,200 66,200 38,200 101,000 130,400 60,200 30,200 10,100 40,100
Application Problem 5-6B a-b (Part Level Submission) Financial statement data for Metro Moving Company for 2020 follow. METRO MOVING COMPANY Comparative Statement of Financial Position Dec. 31, 2020 Dec. 31, 2019 Assets Cash $68,600 549.100 Accounts receivable 95,500 59.900 Prepaid insurance 29,500 19,500 Total current assets 193,600 128,500 Property, equipment, and vehicles 400,000 345,000 Accumulated depreciation (110,400) (105,900) Total non-current assets 289,600 239.100 Total assets $483,200 $367,600 Liabilities and shareholders' equity Accounts payable $21,500 $18,600 Wages payable 3,000 4,000 Total...
vas San Mateo's net income? Tere is financial statement information on four not-for-profit clinics: I CILIU 4.3 Here is for Pittman Rose Beckman Jaffe $100,000 $150,000 $80,000 50,000 a g $75,000 45,000 60,000 90,000 December 31, 2014: Assets Liabilities Equity December 31, 2015: Assets Liabilities Equity During 2015: Total revenues Total expenses 180,000 b 55,000 45,000 130,000 62,000 k 80,000 145,000 110,000 330,000 400,000 f 360,000 500,000 1 Fill in the missing values labeled a through I. Questions on the...
At the beginning of its current fiscal year, Willie Corp.’s
balance sheet showed assets of $15,000 and liabilities of $6,500.
During the year, liabilities decreased by $1,000. Net income for
the year was $2,450, and net assets at the end of the year were
$9,050. There were no changes in paid-in capital during the
year.
Required:
Calculate the dividends, if any, declared during the year. Indicate
the financial statement effect. (Enter decreases with a
minus sign to indicate a negative...
The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial perforrmance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily...
The financial statements of Hainz Company appear below: HAINZ COMPANY Comparative Balance Sheet December 31 Assets 2019 Cash $20,000 Short-term investments 20,000 Accounts receivable (net) 40,000 Inventory 60,000 Property, plant and equipment (net) 260,000 Total assets $400,000 Liabilities and stockholders' equity Accounts payable $20,000 Short-term notes payable 40,000 Bonds payable 80,000 Common stock 150,000 Retained earnings 110,000 Total liabilities and stockholders' equity $400,000 2018 $40,000 60,000 30,000 70,000 300,000 $500,000 $30,000 90,000 160,000 150,000 70,000 $500,000 HAINZ COMPANY Income Statement...
Problem 1-34 Interrelationships among financial statements Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liahili and $13.000 of common stock. During the year, the Retained Earnings account increased by $7. The bookkeeper reported that Pratt paid cash expenses of $26.000 and paid a $2.000 cash dividend to the stockholders, but she could not find a record of the amount of cash that Pratt received for pe ing services. Pratt also paid $3,000 acquired...
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