Homework Answers
a.
| Long term liabilities balance on 2017 | - | Long term liabilities balance on 2016 | = | New borrowing(payment) notes payable |
| 66000 | - | 90000 | = | 24000 |
b.
| Common stock balance on 2017 | - | Common stock balance on 2016 | = | New issuance (retirement) of common stock |
| 724000 | - | 772000 | = | 48000 |
c.
| Net income for 2017 | + | Retained earnings in 2016 | - | Retained earnings in 2017 | = | Cash dividends paid |
| 934400 | + | 748900 | - | 1490100 | = | 193200 |
Add Answer to:
Sherman Company reported the following financial statements for 2016 and 2017 E: (Click the icon to...
Motorsports of Philadelphia, Inc., reported the following financial statements for 2018: (Click the icon to view...
Motorsports of Philadelphia, Inc., reported the following financial statements for 2018: (Click the icon to view the income statement.) 3 (Click the icon to view the comparative balance sheets.) Read the requirement. a. Calculate the new borrowing or payment of long-term notes payable. Motorsports of Philadelphia had only one long-term note payable transaction during the year. The of long-term notes payable is $ | thousand. Reference Motorsports of Philadelphia, Inc. Income Statement Year Ended December 31, 2018 (In thousands) 700...
Liberty Corporation reported the following financial statements: (Click the icon to view the financial statements.) The...
Liberty Corporation reported the following financial statements: (Click the icon to view the financial statements.) The company has 2,500 shares of common stock outstanding. What is Liberty's earnings per share? (Round the earnings per share to two decimal places, X.XX) 2017 2016 Assets Current Assets: $4 Cash and Cash Equivalents 2,450 $ 2,094 Accounts Receivable 1,813 1,611 1,060 1,324 Merchandise Inventory 2,120 1,709 Prepaid Expenses 6,885 7,296 Total Current Assets 18,500 15,737 Other Assets 22,622 %24 25,796 $ Total Assets...
Superior Exercise Equipment, Inc. reported the following financial statements for 2018: Requirements 1.) Computer the amount...
Superior Exercise Equipment, Inc. reported the following
financial statements for 2018:
Requirements
1.) Computer the amount of Superior Exercise's acquisition of
plant assets. Assume the acquisition was for cash. Superior
Exercise disposed of plant assets at book value. The cost and
accumulated depreciation of the disposed asset was $45,700. No cash
was received upon disposal.
2.) Compute new borrowing or payment of long-term notes payable,
with Superior Exercise having only one long-term notes payable
transaction during the year.
3.) Computer...
The 2017 and 2016 balance sheets of Wallace Corporation follow. The 2017 income statement is also...
The 2017 and 2016 balance sheets of Wallace Corporation follow. The 2017 income statement is also provided. WallaceWallace had no noncash investing and financing transactions during 2017. During the year, the company sold equipment for $15,300, which had originally cost $13,600 and had a book value of $11,400. The company did not issue any notes payable during the year but did issue common stock for $35,000. The company purchased plant assets and long-term investments with cash. Wallace Corporation Income Statement...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current...
Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 19,000 $ 18,000 Accounts Receivable 52.000 49,000 Merchandise Inventory 81,000 85,000 Long-term Assets: Plant Assets 269,100 219,600 Accumulated Depreciation Plant Assets (45,100) 98,000 (36,600) 75,000 Investments Total Assets $ 474,000 $ 410,000 Liabilities Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: $ 78,000 $ 2,500 72,000 3,500 60,000 71,000 Notes Payable Total Liabilities 140,500 146,500 Stockholders' Equity Common Stock, no par...
Motorvehicles of Philadelphia, Inc., reported the following financial statements for 2018: (Click the icon to view...
Motorvehicles of Philadelphia, Inc., reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheets.) Calculate the following investing cash flows; enter all amounts in thousands. a. Acquisitions of plant assets (all were for cash). Motorvehicles of Philadelphia sold no plant assets during the year. b. Proceeds from the sale of investments. Motorvehicles of Philadelphia purchased no investments during the year. a. Compute the acquisitions of plant...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented below....
The condensed financial statements of Ivanhoe Company for the years 2016 and 2017 are presented below. IVANHOE COMPANY Balance Sheets December 31 (in thousands) 2017 2016 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 630 560 Inventory 600 530 Prepaid expenses 130 160 Total current assets 1,690 1,610 Property, plant, and equipment (net) 410 380 Investments 170 170 Intangibles and other assets 530 510 Total assets $2,800 $2,670 Current liabilities $980 $950 Long-term liabilities 620 520 Stockholders’...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 97,300...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 97,300 $ 61,000 Accounts receivable, net 90,500 68,000 Inventory 80,800 112,000 Prepaid expenses 6,100 8,800 Total current assets 274,700 249,800 Equipment 141,000 132,000 Accum. depreciation—Equipment (35,500 ) (17,500 ) Total assets $ 380,200 $ 364,300 Liabilities and Equity Accounts payable $ 42,000 $ 55,500 Wages payable 7,700 18,400 Income taxes payable 5,100 7,200 Total current liabilities 54,800 81,100 Notes payable (long term) 47,000 77,000 Total...
Motorsports of Philadelphia, Inc., reported the following financial statements for 2018: (Click the icon to view the income statement.) 3 (Click the icon to view the comparative balance sheets.) Read the requirement. a. Calculate the new borrowing or payment of long-term notes payable. Motorsports of Philadelphia had only one long-term note payable transaction during the year. The of long-term notes payable is $ | thousand. Reference Motorsports of Philadelphia, Inc. Income Statement Year Ended December 31, 2018 (In thousands) 700...
Liberty Corporation reported the following financial statements: (Click the icon to view the financial statements.) The company has 2,500 shares of common stock outstanding. What is Liberty's earnings per share? (Round the earnings per share to two decimal places, X.XX) 2017 2016 Assets Current Assets: $4 Cash and Cash Equivalents 2,450 $ 2,094 Accounts Receivable 1,813 1,611 1,060 1,324 Merchandise Inventory 2,120 1,709 Prepaid Expenses 6,885 7,296 Total Current Assets 18,500 15,737 Other Assets 22,622 %24 25,796 $ Total Assets...
Superior Exercise Equipment, Inc. reported the following
financial statements for 2018:
Requirements
1.) Computer the amount of Superior Exercise's acquisition of
plant assets. Assume the acquisition was for cash. Superior
Exercise disposed of plant assets at book value. The cost and
accumulated depreciation of the disposed asset was $45,700. No cash
was received upon disposal.
2.) Compute new borrowing or payment of long-term notes payable,
with Superior Exercise having only one long-term notes payable
transaction during the year.
3.) Computer...
Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 19,000 $ 18,000 Accounts Receivable 52.000 49,000 Merchandise Inventory 81,000 85,000 Long-term Assets: Plant Assets 269,100 219,600 Accumulated Depreciation Plant Assets (45,100) 98,000 (36,600) 75,000 Investments Total Assets $ 474,000 $ 410,000 Liabilities Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: $ 78,000 $ 2,500 72,000 3,500 60,000 71,000 Notes Payable Total Liabilities 140,500 146,500 Stockholders' Equity Common Stock, no par...
Motorvehicles of Philadelphia, Inc., reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheets.) Calculate the following investing cash flows; enter all amounts in thousands. a. Acquisitions of plant assets (all were for cash). Motorvehicles of Philadelphia sold no plant assets during the year. b. Proceeds from the sale of investments. Motorvehicles of Philadelphia purchased no investments during the year. a. Compute the acquisitions of plant...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
Most questions answered within 3 hours.
-
Ask Your Teacher A toy gun uses a spring to project a 5.6-g soft
rubber sphere...
asked 6 minutes ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 10 minutes ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******
Question - PERSONAL DEVELOPMENT ESSAY and Detailed...
asked 13 minutes ago -
A certain rifle bullet has a mass of 5.25 g. Calculate the de
Broglie wavelength of...
asked 37 minutes ago -
Research new software products that assist in project
communication management. Write a paper summarizing your findings,...
asked 36 minutes ago -
the figure below to the left shows a beaker completely filled
with water. then a block...
asked 34 minutes ago -
what is the duistribution channels of HUL in india and how they
distribute?
how is this...
asked 41 minutes ago -
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 53 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 1 hour ago -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 56 minutes ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 58 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 1 hour ago