Landsbury Inc. Balance Sheet December 31, 2016 Assets Liabilities and Stockholders’ Equity Cash $20,000 Accounts payable...
| Landsbury Inc. | |||||||||||
| Balance Sheet | |||||||||||
| December 31, 2016 | |||||||||||
| Assets | Liabilities and Stockholders’ Equity | ||||||||||
| Cash | $20,000 | Accounts payable | $30,000 | ||||||||
| Accounts receivable | 21,200 | Notes payable (long-term) | 41,000 | ||||||||
| Investments | 32,000 | Common stock | 100,000 | ||||||||
| Plant assets (net) | 81,000 | Retained earnings | 23,200 | ||||||||
| Land | 40,000 | ||||||||||
| $194,200 | $194,200 | ||||||||||
| Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for-sale. | |||||||||||
| 2. | A tract of land was purchased for $18,000 cash. | ||||||||||
| 3. | Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash. | ||||||||||
| 4. | An additional $20,000 in common stock was issued at par. | ||||||||||
| 5. | Dividends of $8,200 were declared and paid to stockholders. | ||||||||||
| 6. | Net income for 2017 was $32,000 after allowing for depreciation of $11,000. | ||||||||||
| 7. | Land was purchased through the issuance of $30,000 in bonds. | ||||||||||
| 8. | At December 31, 2017, Cash was $32,000, Accounts Receivable was $41,600, and Accounts Payable remained at $30,000. | ||||||||||
1.) What is the total current assets?
2.)What is the book value of the building?
3.)What is the amount of total assets?
4.)what is the amount of total current liabilities?
5.) what is the amount of total long term liabilities?
6.) what is the amount of retained earnings at the end of the year?
Homework Answers
Balance Sheet.
Cash $37,000
Accounts receivable $41,600
Investment $20,400*
Plant asset $81,000
Less: Accumulated depreciation. ($11,000)
Book value of Plant asset(Building) $70,000
Land $53,000
Total assets: $222,000
Liabilities:
Accounts payable $30,000
Notes payable $25,000
Total liabilities: $55,000
Stockholders' Equity:
Common Stock $120,000
Retained earnings $ 47,000**
Total stockholders' equity = $167,000
Total liabilities & Stockholders' Equity = $222,000
*Sold investment's cost value calculation -
Selling price = $15,000
Less: Gain on sale = ($3,400)
Cost price = $11,600
Investment during 2019 = $32,000
Sale of Investment (book value) $11,600
Remaining value of Investment = $20,400
**Beginning $23,200
Add: Net Income $32,000
Less: Dividend ($8,200)
Ending retained earnings = $47,000.
Current assets: $78600
Total Current Liabilities: $30000
Total Long term liabilities: $25000
Add Answer to:
Landsbury Inc.
Balance Sheet
December 31, 2016
Assets
Liabilities and Stockholders’ Equity
Cash
$20,000
Accounts payable...
Problem 5-6 Lansbury Inc. had the following balance sheet at December 31, 2016 LANSBURY INC. BALANCE...
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 $3,400 for the firm. The company classifies its investments...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Wenco Balance Sheet as of December 31, 2016 & 2017 Assets: 2016 2017 Cash 2,000 5,120...
Wenco Balance Sheet as of December 31, 2016 & 2017 Assets: 2016 2017 Cash 2,000 5,120 Accounts receivable 10,000 11,000 Inventory 14,000 16,000 Total current assets 26,000 32,120 Property, plant and equipment 76,000 78,000 Accumulated depreciation (24,000) (30,000) Net property plant & equipment 52,000 48,000 Total assets $78,000 $80,120 Liabilities: Accounts payable 15,000 17,000 Salaries payable 1,000 0 Interest payable 0 0 Total current liabilities 16,000 17,000 Bonds payable 30,000 30,000 Total liabilities 46,000 47,000 Shareholders' Equity: Common stock 20,000...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000 Accounts receivable 163,000 Long-term debt 117,000 Inventory 75,000 Common stock ($10 par 30,000 3,000 shares outstanding) Plant and equipment 210,000 Additional paid-in capital 158,000 Retained earnings 143,000 $468,000 $468,000 a. Construct a new balance sheet showing the impact of a three-for-one split. If the current market price of the stock is $53, what is the price after the split Round the par value and...
what is the retained earning December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies...
what is the retained
earning
December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes receivable Automobiles $ 168,000 118,000 50,000 138,000 Accumulated depreciation—Automobiles Equipment Accumulated depreciation Equipment Land 18,000 120,000 78,000 $ 600,000 Liabilities $ 96,000 20,000 Accounts payable nterest payable Salaries payable Unearned revenue Long-term notes payable 19,000 30,000 138,000 303,000 Equity Common stock 20,000 Equity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Required Credit $ Debit...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank 7,000 Wages payable 7,000 Accounts receivable 35,000 Taxes payable 12,000 Inventory 30,500 Interest payable 15,000 Prepayments 3,300 Total current assets 87,800 Total current liabilities 62,500 Investments 25,000 Long-Term Liabilities Bank loan 335,000 Notes payable 15,000 Long-term liabilities 350,000 Property, Plant, and Equipment Total Liabilities 412,800 Land and building 156,000 Equipment 1,85,000 Less: Depreciation (63,000) 278,000 Stockholders’ Equity Intangible Assets Common stock 100,000 Goodwill 120,000...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of...
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...
Balance Sheet Problem Example: Comet Inc. reported the following assets, liabilities, and stockholders' equity accounts for...
Balance Sheet Problem Example: Comet Inc. reported the following assets, liabilities, and stockholders' equity accounts for the year ended December 31, 2019: Wages payable $ 70,000 Prepaid insurance 25,000 Accounts receivable 88,000 Common stock 625,000 Cash 55,000 Inventory 82,000 Buildings 750,000 Accounts payable 130,000 Long-term notes payable 250,000 Paid-in capital in excess of par value 25,000 Accumulated depreciation, building 50,000 Land 550,000 Retained earnings 400,000 Required: Prepare a classified balance sheet in good form.
JOSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 2017 2016 Current assets: Cash and...
JOSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 2017 2016 Current assets: Cash and cash equivalents $ 204 $ 133 Accounts receivable 267 157 Inventories 131 264 Prepaid insurance 12 42 Total current assets 614 596 Long term assets: Property, plant, and equipment 245 260 Less accumulated depreciation - 140 - 125 Property, plant, and equipment, net 105 135 Total assets $ 719 $ 731 Current liabilities: Accounts payable $ 97 $ 83 Wages payable 20 17 Current...
This problem (#4) is 3 pages. I will certainly upvote. Thanks for being organized. Problem 4...
This problem (#4) is 3 pages. I will certainly upvote. Thanks
for being organized.
Problem 4 Page 6 Chapter 05 Group work - STU.xlsx Lansbury Inc. had the following balance sheet at December 31, 2019 fend of the prior year). Assets Cash Landsbury Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity 20,000 Accounts payable 21,200 Notes payable (long-term) 32,000 Bonds payable 81.000 Common stock 40,000 Retained earnings 194,200 $ $ $ $ $ $ 30,000 41,000 Accounts receivable...
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 $3,400 for the firm. The company classifies its investments...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000 Accounts receivable 163,000 Long-term debt 117,000 Inventory 75,000 Common stock ($10 par 30,000 3,000 shares outstanding) Plant and equipment 210,000 Additional paid-in capital 158,000 Retained earnings 143,000 $468,000 $468,000 a. Construct a new balance sheet showing the impact of a three-for-one split. If the current market price of the stock is $53, what is the price after the split Round the par value and...
what is the retained
earning
December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes receivable Automobiles $ 168,000 118,000 50,000 138,000 Accumulated depreciation—Automobiles Equipment Accumulated depreciation Equipment Land 18,000 120,000 78,000 $ 600,000 Liabilities $ 96,000 20,000 Accounts payable nterest payable Salaries payable Unearned revenue Long-term notes payable 19,000 30,000 138,000 303,000 Equity Common stock 20,000 Equity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Required Credit $ Debit...
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...
Balance Sheet Problem Example: Comet Inc. reported the following assets, liabilities, and stockholders' equity accounts for the year ended December 31, 2019: Wages payable $ 70,000 Prepaid insurance 25,000 Accounts receivable 88,000 Common stock 625,000 Cash 55,000 Inventory 82,000 Buildings 750,000 Accounts payable 130,000 Long-term notes payable 250,000 Paid-in capital in excess of par value 25,000 Accumulated depreciation, building 50,000 Land 550,000 Retained earnings 400,000 Required: Prepare a classified balance sheet in good form.
This problem (#4) is 3 pages. I will certainly upvote. Thanks
for being organized.
Problem 4 Page 6 Chapter 05 Group work - STU.xlsx Lansbury Inc. had the following balance sheet at December 31, 2019 fend of the prior year). Assets Cash Landsbury Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity 20,000 Accounts payable 21,200 Notes payable (long-term) 32,000 Bonds payable 81.000 Common stock 40,000 Retained earnings 194,200 $ $ $ $ $ $ 30,000 41,000 Accounts receivable...
Most questions answered within 3 hours.
-
For the reaction CaI2+2AgNO3⟶2AgI+Ca(NO3)2 how many grams of
silver iodide, AgI, are produced from 56.5 g...
asked 1 minute ago -
Write an equation for hydrolysis via acid catalysis.
Using ethyl acetate, ethyl benzoate, ethyl formate or...
asked 9 minutes ago -
Only one graph is needed.
(a) Draw a Supply Curve and the Demand Curve for the...
asked 12 minutes ago -
Fill in the blanks and please show how you arrived at numerical
answers
. The...
asked 12 minutes ago -
91. If the half – life of a sample of radioactive
material is 60 days, what...
asked 19 minutes ago -
White light (380nm-750nm) strikes a diffraction grating (420
lines/mm) at normal incidence. What is the highest-order...
asked 29 minutes ago -
1) Explain what is meant by a good being "excludable."?
2) Explain what is meant by...
asked 28 minutes ago -
I need help with this question:
Describe in detail at least two factors that stimulated American...
asked 35 minutes ago -
Calculate the Boyle temperature for helium assuming it follows
the Berthelot equation of state.
asked 36 minutes ago -
Summarize Strategic Corporate Social Responsibility, 4th edition
2017 book, chapter one and two.
asked 36 minutes ago -
1. If the standard deviations for return on stock A and stock B
are 28% and...
asked 51 minutes ago -
Please use python to explain.
Assume that the variables x and
y refer to strings. Write...
asked 58 minutes ago