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Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
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Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
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Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land CHEYENNE INC. BALANCE SHEET DECEMBER 31, 2019 $20,990 Accounts payable 22,190 Notes payable (long-term) 32,990 Common stock 81,000 Retained earnings 40,990 $198,160 $30,990 41,990 100,990 24,190 $198,160 During 2020, the following occurred. 1. 2. 3. Cheyenne Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company...
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290 Chapter 5 Balance Sheet and Statement of Cash Flows EASTWOOD COMPANY ADSTEDT BALANCE DECEMBER 31, 2012 Credits Debit $ 41,000 163,500 8.700 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid insurance Inventory Equity Investments long-term Land Construction in Proces building Patents Equipment Accumulated Depreciation Equipment Discount on Bonds Payable Accounts Payable Accrued Expenses Notes Payable Bonds Payable Common Stock Pald-in Capital in Excess of Per-Common Stock Retained Caming 8.000 208,500 330,000 A5.000 124.000 M.000 400,000 20.000 240,000 148.000 40,200...
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Problem 5-7 Bramble Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 $ 22,390 Accounts payable 23,590 Bonds payable 32,000 Common stock 83,390 Retained earnings 42,390 $203,760 $ 32,390 43,390 102,390 25,590 $203,760 During 2020, the following occurred. 1. 2. 3. 4. 5. 6. 7. Bramble liquidated its available-for-sale debt investment portfolio at a loss of $7,390. A tract of land was purchased for...
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E5-16B (LO5,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Gokhale Corporation is presented below December 31 Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciation-equipment 2017 2016 $109,500 123,000 270,000 106,500 390,000 $33,000 99,000 283,500 165,000 300,000 (103,500)(63,000) $817,500 Total Liabilities and Stockholders' Equit Accounts payable Bonds payable Common stock ($1 par) Retained earnings $895,500 $ 70,500 300,000 246,000 201,000 $817,500 51,000 225,000 321,000 298,500 $895,500 Total Additional information: 1. Net income for 2017 was...
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A comparative balance sheet for Rocher Company appears below ROCKER COMPANY Comparative Balance Sheet Dec 31, 2012 Dec 31, 2018 $11.000 $ 34,000 18.000 25.000 6.000 17 000 Accounts roonivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation Totalans 60 000 9.000 17.000 33 000 (15.000 $85.000 equipment $123.000 Liabilities and Stockholders' Equity Accounts payable $17.000 Bonds payable 30.000 Common stock 40.000 Rated earings 30.000 Totallaties and stockholders' equity $120.000 $ 7000 45.000 23.000 10.000 $85.000 Additional information 1 Net...
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Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2014. Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000,...
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Using the following Balance Sheet and additional information, prepare a Statement of Cash Flows for Charlie Company for 2018 on the following page: (30 points): CHARLIE COMPANY Comparative Balance Sheet Dec 31, 2018 Dec 31, 2017 Assets Cash $ 28,000 Accounts receivable 18,000 Prepaid expenses 7,000 Inventory 25,000 Long-term investments -0- Equipment 60,000 Accumulated depreciation equipment (18.000 Total assets $120,000 1 Liabilities and Stockholders' Equity $13,000 14,000 9,000 15,000 18,000 30,000 (14,000 585,000 Accounts payable Bonds payable Common stock Retained...
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Problem 5-6 Lansbury Inc. had the following balance sheet at December 31, 2016 LANSBURY INC. BALANCE SHEET DECEMBER 31, 2016 $20,000 Accounts payable Cash Accounts receivable Investments Plant assets (net) Land $30,000 41,000 100,000 23,200 $194,200 21,200 Notes payable (long-term) 32,000 Common stock 81,000 Retained earnings 40,000 $194,200 During 2017, the following occurred 1. Lansbury Inc. sold part of its investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Problem 5-6 Cheyenne Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land CHEYENNE INC. BALANCE SHEET DECEMBER 31, 2019 $20,990 Accounts payable 22,190 Notes payable (long-term) 32,990 Common stock 81,000 Retained earnings 40,990 $198,160 $30,990 41,990 100,990 24,190 $198,160 During 2020, the following occurred. 1. 2. 3. Cheyenne Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company...
290 Chapter 5 Balance Sheet and Statement of Cash Flows EASTWOOD COMPANY ADSTEDT BALANCE DECEMBER 31, 2012 Credits Debit $ 41,000 163,500 8.700 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid insurance Inventory Equity Investments long-term Land Construction in Proces building Patents Equipment Accumulated Depreciation Equipment Discount on Bonds Payable Accounts Payable Accrued Expenses Notes Payable Bonds Payable Common Stock Pald-in Capital in Excess of Per-Common Stock Retained Caming 8.000 208,500 330,000 A5.000 124.000 M.000 400,000 20.000 240,000 148.000 40,200...
Problem 5-7 Bramble Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2019 $ 22,390 Accounts payable 23,590 Bonds payable 32,000 Common stock 83,390 Retained earnings 42,390 $203,760 $ 32,390 43,390 102,390 25,590 $203,760 During 2020, the following occurred. 1. 2. 3. 4. 5. 6. 7. Bramble liquidated its available-for-sale debt investment portfolio at a loss of $7,390. A tract of land was purchased for...
E5-16B (LO5,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Gokhale Corporation is presented below December 31 Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciation-equipment 2017 2016 $109,500 123,000 270,000 106,500 390,000 $33,000 99,000 283,500 165,000 300,000 (103,500)(63,000) $817,500 Total Liabilities and Stockholders' Equit Accounts payable Bonds payable Common stock ($1 par) Retained earnings $895,500 $ 70,500 300,000 246,000 201,000 $817,500 51,000 225,000 321,000 298,500 $895,500 Total Additional information: 1. Net income for 2017 was...
A comparative balance sheet for Rocher Company appears below ROCKER COMPANY Comparative Balance Sheet Dec 31, 2012 Dec 31, 2018 $11.000 $ 34,000 18.000 25.000 6.000 17 000 Accounts roonivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation Totalans 60 000 9.000 17.000 33 000 (15.000 $85.000 equipment $123.000 Liabilities and Stockholders' Equity Accounts payable $17.000 Bonds payable 30.000 Common stock 40.000 Rated earings 30.000 Totallaties and stockholders' equity $120.000 $ 7000 45.000 23.000 10.000 $85.000 Additional information 1 Net...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2014. Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000,...
Using the following Balance Sheet and additional information, prepare a Statement of Cash Flows for Charlie Company for 2018 on the following page: (30 points): CHARLIE COMPANY Comparative Balance Sheet Dec 31, 2018 Dec 31, 2017 Assets Cash $ 28,000 Accounts receivable 18,000 Prepaid expenses 7,000 Inventory 25,000 Long-term investments -0- Equipment 60,000 Accumulated depreciation equipment (18.000 Total assets $120,000 1 Liabilities and Stockholders' Equity $13,000 14,000 9,000 15,000 18,000 30,000 (14,000 585,000 Accounts payable Bonds payable Common stock Retained...
Problem 5-6 Lansbury Inc. had the following balance sheet at December 31, 2016 LANSBURY INC. BALANCE SHEET DECEMBER 31, 2016 $20,000 Accounts payable Cash Accounts receivable Investments Plant assets (net) Land $30,000 41,000 100,000 23,200 $194,200 21,200 Notes payable (long-term) 32,000 Common stock 81,000 Retained earnings 40,000 $194,200 During 2017, the following occurred 1. Lansbury Inc. sold part of its investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments...