1. The following items are taken from the financial statements of Cullumber Company at December 31, 2022.
Land | $196,500 | ||
Accounts receivable | 21,300 | ||
Supplies | 10,100 | ||
Cash | 12,000 | ||
Equipment | 83,100 | ||
Buildings | 261,400 | ||
Land improvements | 46,250 | ||
Notes receivable (due in 2023) | 5,100 | ||
Accumulated depreciation—land improvements | 13,100 | ||
Common stock | 73,500 | ||
Retained earnings (December 31, 2022) | 502,000 | ||
Accumulated depreciation—buildings | 34,200 | ||
Accounts payable | 9,300 | ||
Mortgage payable | 90,150 | ||
Accumulated depreciation—equipment | 18,700 | ||
Interest payable | 3,800 | ||
Income taxes payable | 15,200 | ||
Patents | 47,100 | ||
Investments in stock (long-term) | 72,200 | ||
Debt investments (short-term) | 4,900 |
A) Prepare a classified balance sheet. Assume that $10,200 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)
2. These items are taken from the financial statements
of Pharoah Company at December 31, 2022.
Buildings | $95,220 | |
Accounts receivable | 11,340 | |
Prepaid insurance | 2,880 | |
Cash | 10,656 | |
Equipment | 74,160 | |
Land | 55,080 | |
Insurance expense | 702 | |
Depreciation expense | 4,770 | |
Interest expense | 2,340 | |
Common stock | 54,000 | |
Retained earnings (January 1, 2022) | 36,000 | |
Accumulated depreciation—buildings | 41,040 | |
Accounts payable | 8,550 | |
Notes payable | 84,240 | |
Accumulated depreciation—equipment | 16,848 | |
Interest payable | 3,240 | |
Service revenue | 13,230 |
A) Prepare a classified balance sheet. Assume that $12,240 of the note payable will be paid in 2023.
3. You are provided with the following information for Carla Vista Co., effective as of its April 30, 2022, year-end.
Accounts payable | $ 880 | |
Accounts receivable | 880 | |
Accumulated depreciation—equipment | 660 | |
Cash | 1,220 | |
Common stock | 17,400 | |
Cost of goods sold | 1,070 | |
Depreciation expense | 375 | |
Dividends | 340 | |
Equipment | 2,570 | |
Goodwill | 1,600 | |
Income tax expense | 155 | |
Income taxes payable | 130 | |
Insurance expense | 340 | |
Interest expense | 580 | |
Inventory | 950 | |
Investment in land | 14,240 | |
Land | 3,000 | |
Mortgage payable (long-term) | 3,300 | |
Notes payable (short-term) | 60 | |
Prepaid insurance | 50 | |
Retained earnings (beginning) | 2,000 | |
Salaries and wages expense | 700 | |
Salaries and wages payable | 240 | |
Sales revenue | 4,600 | |
Stock investments (short-term) | 1,200 |
a) Prepare an income statement for Carla Vista Co. for the year ended April 30, 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
b) Prepare a retained earnings statement for Carla Vista Co. for the year ended April 30, 2022. (List items that increase retained earnings first.
c) Prepare a classified balance sheet for Carla Vista Co. as of April 30, 2022. (List Current Assets in order of liquidity.)
4. Suppose the following information is available for Callaway Golf Company for the years 2022 and 2021. (Dollars are in thousands, except share information.)
2022 | 2021 | |||
---|---|---|---|---|
Net sales |
$ 1,129,000 | $ 1,136,000 | ||
Net income (loss) |
84,462 | 70,965 | ||
Total assets |
855,338 | 838,078 | ||
Share information | ||||
Shares outstanding at year-end |
69,500,000 | 71,270,000 | ||
Preferred dividends |
0 | 0 |
There were 78,130,000 shares outstanding at the end of 2020.
(a) What was the company’s earnings per share for each year?
(Round answers to 2 decimal places, e.g.
15.25.)
5. A list of financial statement items for Sunland
Company includes the following: accounts receivable $19,600;
prepaid insurance $3,640; cash $14,560; supplies $5,320; and debt
investments (short-term) $11,480.
a) Prepare the current assets section of the balance sheet listing
the items in the proper sequence. (List current assets
in order of liquidity.)
6. Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.)
Common stock |
$2,250 |
Accumulated depreciation—equipment |
$2,150 | |||
---|---|---|---|---|---|---|
Prepaid rent |
150 |
Accounts payable |
1,230 | |||
Equipment |
7,100 |
Patents |
2,270 | |||
Stock investments (long-term) |
710 |
Notes payable (long-term) |
770 | |||
Debt investments (short-term) |
1,980 |
Retained earnings |
10,050 | |||
Income taxes payable |
110 |
Accounts receivable |
1,770 | |||
Cash |
1,490 |
Inventory |
1,090 |
a) Prepare a classified balance sheet in good form as of
December 31, 2022. (List Current Assets in order of
liquidity.)
1. The following items are taken from the financial statements of Cullumber Company at December 31,...
The following items are taken from the financial statements of Carla Vista Co. at December 31, 2022. Land $195,000 Accounts receivable 22,100 Supplies 9,200 Cash 11,950 Equipment 82,800 Buildings 264,000 Land improvements 46,400 Notes receivable (due in 2023) 6,500 Accumulated depreciation—land improvements 12,000 Common stock 76,000 Retained earnings (December 31, 2022) 493,000 Accumulated depreciation—buildings 33,100 Accounts payable 10,400 Mortgage payable 101,550 Accumulated depreciation—equipment 19,000 Interest payable 3,000 Income taxes payable 14,500 Patents 47,800 Investments in stock (long-term) 71,600 Debt investments...
please help The following items are taken from the financial statements of Carla Vista Co. at December 31, 2022 Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation--buildings Accounts payable Mortgage payable Accumulated depreciation equipment Interest payable Income taxes payable Patents $195,000 21.800 10,200 11,950 82,800 263,200 45,850 5,500 12.200 77.500 509,000 33.800 9.100 81,300 18.900 3.400 15.600 46.800 Patents Investments in stock...
The following items are taken from the financial statements of Sheridan Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $197,500 21,500 10,400 11,900 82,900 261,000 46,400 5,200 13,500 80,000 490,000 32,800 10,400 95,500 18,900 3,800 15,200 47,100...
These items are taken from the financial statements of Cullumber Company at December 31, 2022. $88,872 10,584 2,688 9,946 69,216 51,408 655 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 4,452 2,184 50,400 33,600 38,304 7,980 78,624 15,725 3,024 12,348 Prepare a classified balance sheet. Assume that $11,424 of the note payable will be...
The following items are taken from the financial statements of Sunland Company at December 31, 2022 $196,500 Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-Iand improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) 22,100 10,200 12.000 82,000 261,200 46,350 5,300 13,300 73,500 511,000 33,000 9.900 80,650 18,700 3,900 15.100 46,600 72,800...
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600...
The following items are taken from the financial statements of Carmen Co. at December 31, 2022. Land $195,600 Accounts receivable 21,700 Supplies 9,200 Cash 11,840 Equipment 82,400 Buildings 261,200 Land improvements 45,780 Notes receivable (due in 2023) 5,300 Accumulated depreciation—land improvements 12,600 Common stock 75,000 Retained earnings (December 31, 2022) 495,000 Accumulated depreciation—buildings 32,600 Accounts payable 9,500 Mortgage payable 93,600 Accumulated depreciation—equipment 18,720 Interest payable 3,600 Income taxes payable 14,700 Patents 46,700 Investments in stock (long-term) 71,500 Debt investments (short-term)...
These items are taken from the financial statements of Carla Vista Ltd. at December 31, 2018: Accounts payable $22,050 Interest expense $5,300 Accounts receivable 18,780 Interest payable 3,800 Accumulated depreciation—buildings 53,600 Land 185,970 Accumulated depreciation—equipment 20,470 Long-term investments 30,970 Service revenue 187,040 Mortgage payable 102,000 Buildings 137,800 Operating expenses 159,680 Cash 28,040 Prepaid insurance 1,400 Common shares 138,000 Retained earnings, January 1 118,520 Equipment 70,100 Supplies 1,840 Income tax expense 5,600 at $32,500 of the mortgage payable will be paid...
Question 3 View Policies Current Attempt in Progress These items are taken from the financial statements of Carla Vista Co. at December 31, 2022 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue $101,568 12,096 3,072 11.366 79,104 58.752 749 5,088 2.496 57,600 38,400 43,776 9,120 89,856 17,971 3,456 14,112 Prepare a classified balance sheet. Assume...
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600...