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Table 19-1 Brandon Company reported the following information for 20x6 and 20x7 20X7 data Net sales...
Use the following data to answer questions in this part: Balance sheet data Assets 20X7 20X6...
Use the following data to answer questions in this part: Balance sheet data Assets 20X7 20X6 Cash $2,900 $1,000 Accounts receivable 2,500 2,000 Inventory 7,400 8,000 Property, plant, equipment 9,200 9,000 Accumulated depreciation (2,900) (2,500) Total assets $19,100 $17,500 Liabilities and Equity Accounts payable $4,700 $4,500 Interest payable 1,500 1,000 Dividends payable 1,000 2,500 Long-term debt 4,350 3,700 Bank note 1,000 800 Common stock 3,300 3,000 Retained earnings 3,250 2,000 Total liabilities and equity $19,100 $17,500 Income statement for the...
Financial statements for Larned Company appear below: Larned Company Balance Sheet December 31, 20X6 and 20X5...
Financial statements for Larned Company appear below: Larned Company Balance Sheet December 31, 20X6 and 20X5 (dollars in thousands) 20X6 20X5 Current assets: Cash and marketable securities $130 $100 Accounts receivable, net 150 130 Inventory 100 100 Prepaid expenses 20 20 Total current assets 400 350 Noncurrent assets: 1,640 1,600 Plant & equipment, net Total assets $2,040 $1,950 20X6 20X5 Current liabilities: Accounts payable $290 $280 Accrued liabilities 110 80 ...
Use the following data to answer questions in this part: Balance sheet data 20X7 20X6 Cash...
Use the following data to answer questions in this part: Balance sheet data 20X7 20X6 Cash $2,900 $1,000 Accounts receivable 2,500 2,000 Inventory 7,400 8,000 Property, plant, equipment 9,200 9,000 Accumulated depreciation (2,900) (2,500) Total assets $19,100 $17,500 Accounts payable $4,700 $4,500 Interest payable 1,500 1,000 Dividends payable 1,000 2,500 Long-term debt 4,350 3,700 Bank note 1,000 800 Common stock 3,300 3,000 Retained earnings 3,250 2,000 Total liabilities and equity $19,100 $17,500 Income statement for the year 20X7 Sales $28,500...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing shares valued at $1,200,000. On this date, Sauce’s building and machinery had estimated remaining useful lives of 10 years and 5 years respectively. Both Victory and Sauce use straight-line depreciation. The separate-entity statements of financial position for Victory and Sauce just prior to the acquisition are presented below. Statements of Financial Position As of January 1, 20X7 Victory Co. Sauce...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing shares valued at $1,200,000. On this date, Sauce’s building and machinery had estimated remaining useful lives of 10 years and 5 years respectively. Both Victory and Sauce use straight-line depreciation. The separate-entity statements of financial position for Victory and Sauce just prior to the acquisition are presented below. Statements of Financial Position As of January 1, 20X7 Victory Co. Sauce...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8 ASSETS: 20X7 20X8 Current assets: Cash $10,000 $12,000 Accounts receivable 20,000 25,000 Inventory 16,000 24,000 Prepaid insurance 4,000 3,000 50,000 64,000 Property & equipment 76,000 84,000 Total assets $126,000 $148,000 LIABILITIES AND STOCKHOLDERS EQUITY: Current liabilities: Accounts payable $15,000 $17,000 Other payables 3,000 7,000 18,000 24,000 Long term notes payable 35,000 40,000 Total liabilities 53,000 64,000 Stockholder's equity Capital...
POSEY MANUFACTURING COMPANY AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X7 Consolidation Entries Posey Co....
POSEY MANUFACTURING COMPANY AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X7 Consolidation Entries Posey Co. Stargell Corp. DR CR Consolidated Income Statement Sales Other Income Less: COGS Less: Depr. & Amort. Expense Less: Other Expenses Goodwill Impairment Loss Gain on Bond Retirement Income from Stargell Corp. Consolidated Net Income NCI in Net Income Controlling Interest in NI Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Assets Cash Current Receivables Inventory Land Buildings...
Delamy Design Ltd. is a clothing designer, marketer, and distributor. The company reported the following in...
Delamy Design Ltd. is a clothing designer, marketer, and distributor. The company reported the following in recent balance sheets (amounts in thousands); September 30, 2017 December Assets Current Assets Cash Accounts Receivable Inventories Other Current Assets $ 76,124 33,576 27.636 $5,762 60,510 22,260 5,543 Total Current Assets Property, Equipment, and other long-term Assets 193,658 58,328 154,374 29,320 Total Assets $ 252,016 $ 213,694 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable Other Current Liabilities Income Taxes Payable 5 20,607 13,50...
Orange Ltd., a publicly traded company, has compiled their comparative Statement of Financial Position as follows...
Orange Ltd., a publicly traded company, has compiled their comparative Statement of Financial Position as follows for their December 31, 20X8 year-end. Orange Ltd Comparative Statement of Financial Position As at December 31, 20X8 20X8 20X7 Assets Current Assets Cash 42,485 22,000 Accounts receivable 163,794 181,000 Inventory 23,000 229,297 53,000 256,000 Non-current assets PP&E (net) 759,600 446,000 Patents 80,000 839,600 87,000 295,000 Total Assets 1,068,897 507,000 Liabilities and Equity Current liabilities Accounts payable...
Question 4 The following are comparative financial statements of Clementi Ltd: Clementi Ltd Comparative Income Statemen...
Question 4
The following are comparative financial statements of Clementi
Ltd:
Clementi Ltd Comparative Income Statements For the year ended 31
December
Sales
Cost of goods sold Gross profit Distribution expenses
Administrative expenses Total expenses
Profit before tax
Income tax expenses Net profit
832,500 340,000 283,500 212,500 549,000 127,500 154,350
46,920
76,002 29,920 230,352 76,840 318,648 50,660
61,200 10,370 257,448 40,290
20X7 20X6 20X5 $$$
417,000 153,900 263,100
76,200
34,200 110,400 152,700
23,505 129,195
20X7 20X6 $$$
Clementi Ltd
Comparative...
Delamy Design Ltd. is a clothing designer, marketer, and distributor. The company reported the following in recent balance sheets (amounts in thousands); September 30, 2017 December Assets Current Assets Cash Accounts Receivable Inventories Other Current Assets $ 76,124 33,576 27.636 $5,762 60,510 22,260 5,543 Total Current Assets Property, Equipment, and other long-term Assets 193,658 58,328 154,374 29,320 Total Assets $ 252,016 $ 213,694 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable Other Current Liabilities Income Taxes Payable 5 20,607 13,50...
Question 4
The following are comparative financial statements of Clementi
Ltd:
Clementi Ltd Comparative Income Statements For the year ended 31
December
Sales
Cost of goods sold Gross profit Distribution expenses
Administrative expenses Total expenses
Profit before tax
Income tax expenses Net profit
832,500 340,000 283,500 212,500 549,000 127,500 154,350
46,920
76,002 29,920 230,352 76,840 318,648 50,660
61,200 10,370 257,448 40,290
20X7 20X6 20X5 $$$
417,000 153,900 263,100
76,200
34,200 110,400 152,700
23,505 129,195
20X7 20X6 $$$
Clementi Ltd
Comparative...
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