Homework Answers
The solution done by is correct, there is nothing to change, as it is given Assets = Liabilities + Stockholders' equity
So, In 31-Dec-16 Liabilities = Assets - Stockholders' equity
In 31-Dec-17 Stockholders' equity = Assets - Liabilities
In 31-Dec-18 Assets = Liabilities + Stockholders' equity
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u nchrous NAME: ACCT SECTION CHAPTER ONE INTRODUCTION TO FINANCIAL STATEMENTS LO11 AND LO 12 Question...
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted...
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (44,600) Net income $24,800 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity $4,250 31,800 3,650 4,600 11,000 $55,300 $10,100 Chapter 3 Quiz Calculator $10,100 Unearned fees Stockholders' Equity Common...
The following amounts (in thousands) were taken from the December 31 statements of financial position of...
The following amounts (in thousands) were taken from the
December 31 statements of financial position of Maple Leaf
Foods Inc.:
2015
2014
Total assets
$2,630,865
$2,876,490
Total liabilities
577,731
631,994
How much is Maple Leaf Foods’ shareholders’ equity at December
31, 2015, and 2014?
A.
2015
2014
Maple Leaf Foods’ shareholders’ equity
$
$
B.
Write Maple Leaf Foods’ accounting equation for each
year.
Equation:
Shareholders,' equity, Assets, Liabilities
=
Liabilities, Assets , Current liabilities
+
Assets, Shareholders' equity,...
her 0012 6o0 1. The following selected data were taken from the financial statements of the...
her 0012 6o0 1. The following selected data were taken from the financial statements of the Columbus Group for December 31, 2016, 2015, and 2014: tncobe000002.12w mniolod ooal holio 0 ub oo Dec.31, 2015 $2,700,000 1,000,000 no b Dec. 31, 2014 Dec. 31, 2016 $3,000,000 Total assets $2,400,000 Notes payable (9% interest) Common stock Preferred $7 stock, $100 par (no change during 1,000,000 1,000,000 400,000 400,000 400,000 200,000 200,000 200,000 year) Retained earnings 1,126,000 896,000 600,000 The 2016 net income...
Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows....
Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $63 on December 31, 2016. Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Retained earnings, January 1 Add net income for year $1,028,375 227,200 $873,425 178,900 $1,052,325 Total $1,255,575 Deduct dividends On preferred stock On common stock Total $7,700 16,250 $7,700 16,250 $23,950 $1,028,375 $23,950 Retained...
Current Ratio The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars, except...
Current Ratio The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars, except earnings per share.) 2016 Sales revenue $210,000 Cost of goods sold 125,000 Net income 8,300 Dividends 2,600 Earnings per share 4.15 Hi-Tech Instruments, Inc. Balance Sheet (Thousands of Dollars) Dec. 31, 2016 Dec. 31, 2015 Assets Cash 14,300 $18,000 Accounts receivable (net) 42,000 41,000 Inventory 39,500 43,700 Total current assets 95,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total assets 164,000...
Dividends per Share The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars,...
Dividends per Share The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars, except earnings per share.) 2016 Sales revenue Cost of goods sold Net income Dividends Earnings per share $210,000 125,000 8,800 3,100 4.40 Hi-Tech Instruments, Inc. Balance Sheet (Thousands of Dollars) Dec. 31, 2016 Dec. 31, 2015 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total current assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total assets...
The following data were taken from the financial statements of Starr Construction Inc. for December 31, 2016 and 2045:...
The following data were taken from the financial statements of Starr Construction Inc. for December 31, 2016 and 2045: Dec. 31, 2016 Dec. 31, 2015 Accounts payable and other liabilities $190,000 $178,000 Current maturities of bonds payable 260,000 270,000 Serial bonds payable, 10%, issued 2008, due in five years 1,280,000 1,610,000 Common stock, $5 par value 140,000 90,000 Paid-in capital in excess of par 1,040,000 760,000 Retained earnings 2,280,000 2,090,000 The income before income tax was $431,200 and $394,800 for...
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. Complete this question...
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Calculate the missing amounts. BULLDOG, INC. Income Statement Year ended Dec. 31, 2021 $ 38,000 Revenues Expenses Salaries 5,800 3,800 Advertising Utilities Net income Income Statement Stmt of Stockholders Equity> 2 Below are incomplete financial statements for Bulldog, Inc Required: Calculate the missing amounts 5 points Skipped Complete...
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for...
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) $ 5,000,000 Liabilities: Current liabilities $ 400,000 Mortgage note payable, 5%, ten-year note issued two years ago 3,600,000 Total liabilities $4,000,000 Stockholders' equity: Preferred $1 stock, $10 par (no change during year) $1,000,000 Common stock, $5 par (no change during year) 2,000,000 Retained earnings: Balance, beginning of year...
Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows....
Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $64 on December 31, 2016. Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Retained earnings, January 1 $4,221,375 $3,569,725 Add net income for year 976,800 731,200 Total $5,198,175 $4,300,925 Deduct dividends On preferred stock $12,600 $12,600 On common stock 66,950 66,950 Total $79,550 $79,550 Retained earnings,...
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (44,600) Net income $24,800 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity $4,250 31,800 3,650 4,600 11,000 $55,300 $10,100 Chapter 3 Quiz Calculator $10,100 Unearned fees Stockholders' Equity Common...
The following amounts (in thousands) were taken from the
December 31 statements of financial position of Maple Leaf
Foods Inc.:
2015
2014
Total assets
$2,630,865
$2,876,490
Total liabilities
577,731
631,994
How much is Maple Leaf Foods’ shareholders’ equity at December
31, 2015, and 2014?
A.
2015
2014
Maple Leaf Foods’ shareholders’ equity
$
$
B.
Write Maple Leaf Foods’ accounting equation for each
year.
Equation:
Shareholders,' equity, Assets, Liabilities
=
Liabilities, Assets , Current liabilities
+
Assets, Shareholders' equity,...
her 0012 6o0 1. The following selected data were taken from the financial statements of the Columbus Group for December 31, 2016, 2015, and 2014: tncobe000002.12w mniolod ooal holio 0 ub oo Dec.31, 2015 $2,700,000 1,000,000 no b Dec. 31, 2014 Dec. 31, 2016 $3,000,000 Total assets $2,400,000 Notes payable (9% interest) Common stock Preferred $7 stock, $100 par (no change during 1,000,000 1,000,000 400,000 400,000 400,000 200,000 200,000 200,000 year) Retained earnings 1,126,000 896,000 600,000 The 2016 net income...
Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $63 on December 31, 2016. Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Retained earnings, January 1 Add net income for year $1,028,375 227,200 $873,425 178,900 $1,052,325 Total $1,255,575 Deduct dividends On preferred stock On common stock Total $7,700 16,250 $7,700 16,250 $23,950 $1,028,375 $23,950 Retained...
Dividends per Share The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars, except earnings per share.) 2016 Sales revenue Cost of goods sold Net income Dividends Earnings per share $210,000 125,000 8,800 3,100 4.40 Hi-Tech Instruments, Inc. Balance Sheet (Thousands of Dollars) Dec. 31, 2016 Dec. 31, 2015 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total current assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total assets...
The following data were taken from the financial statements of Starr Construction Inc. for December 31, 2016 and 2045: Dec. 31, 2016 Dec. 31, 2015 Accounts payable and other liabilities $190,000 $178,000 Current maturities of bonds payable 260,000 270,000 Serial bonds payable, 10%, issued 2008, due in five years 1,280,000 1,610,000 Common stock, $5 par value 140,000 90,000 Paid-in capital in excess of par 1,040,000 760,000 Retained earnings 2,280,000 2,090,000 The income before income tax was $431,200 and $394,800 for...
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Calculate the missing amounts. BULLDOG, INC. Income Statement Year ended Dec. 31, 2021 $ 38,000 Revenues Expenses Salaries 5,800 3,800 Advertising Utilities Net income Income Statement Stmt of Stockholders Equity> 2 Below are incomplete financial statements for Bulldog, Inc Required: Calculate the missing amounts 5 points Skipped Complete...
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