December 31, Balance Sheet Data 2017 $ 84,000 2018 $ 78,000 Trade accounts receivable-net Inventory 150,000...
The following data have been extracted from the financial statements of Prentiss, Inc., a calendar-year merchandising corporation: December 31, Balance Sheet Data 2017 2018 Trade accounts receivable-net 78,000 140,000 (98,000) 84,000 150,000 (95,000) Inventory Accounts payable-merchandise (credit) Total sales for 2018 were $1,200,000 and for 2017 were $1,100,000. Cash sales were 20 % of total sales each year Cost of goods sold was $840,000 for 2018. Variable general and administrative (G&A) expenses for 2018 were $120,000. These expenses are the...
Blossom Co. Balance Sheet (Partial) As of December 31, 2017 Cash $17,000 Accounts payable $27,000 Accounts receivable $38,000 Notes payable 13,000 Less: Allowance for doubtful accounts 1,000 37,000 Unearned revenue 2,000 Inventory 61,000 Total current liabilities $42,000 Prepaid expenses 5,000 Total current assets $120,000 The following errors in the corporation's accounting have been discovered: 1. Keane collected $3,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000 Accumulated depreciation (200,000) (180,000) 20,000 Deferred tax asset 30,000 40,000 (10,000) Liabilities and stockholders’ equity: Accounts payable 400,000 420,000 (20,000) Interest payable 8,000 6,000 2,000 Accrued expenses payable 10,000 7,000 3,000...
GANDER, INC. Balance Sheet As of December 31, 2018 Cash $62,106 Accounts payable $44,616 Accounts receivable $24,948 Notes payable $46,200 Inventories $130,360 Interest payable $2,310 Plant assets (net) $150,000 Common stock $250,000 Retained earnings $24,288 Total Assets $367,414 Total Liabilities & Equity $367,414 During 2018, the following occurred: Customer sales on account $400,000. Received payments from customers in cash $380,000. Purchased merchandise on credit $220,000. Paid cash to vendors $230,000. Costs related to merchandise sold $170,000. Operating expenses were paid...
Waterway Corporation Balance Sheet December 31 2018 2017 Cash $19,500 $14,400 Accounts Receivable 29,300 19,900 Inventory 14,900 10,100 Total Current Assets 63,700 44,400 Property, Plant & Equipment 78,100 68,100 Total Assets $141,800 $112,500 Accounts Payable $20,800 $9,600 Unearned Revenue 14,900 9,500 Note Payable (due 2021) 49,900 49,900 Total Liabilities 85,600 69,000 Common Shares 19,200 19,200 Retained Earnings 37,000 24,300 Shareholders’ Equity 56,200 43,500 Total Liabilities & Equity $141,800 $112,500 Waterway Corporation Income Statement For the year ending December 31 2018...
prepare cash budget, income statement and balance sheet
December 31, 2017 Accounts Receivable Inventory 112.500 57.000 12.000 Account Payable Working Capital Line Note Payable Prop, Plant Equip Acum Depr 200,000 300,000 100,000 300,000 Common Stock Retained Earnings Net PPBE $ Total Assets 0 .500 $ 1.500 You are the Business Manager of Garden Sales, Inc and the bank has asked you to prepare a cash and earnings budget forecast and Pro-Forma Balance Sheet and Income Statement for the next quarter....
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below. Extra Surplus Company Balance Sheet December 31, 2017 Assets Cash Accounts Receivable Inventory Property and Equipment, Net $ 20,000 10,000 24,000 40,000 $94,000 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 20,000 10,000 40,000 24,000 $ 94,000 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales $39,000 Cost of Goods Sold...
CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equitv Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 22,100 46,900 88,000 4,000 161,000 113,300 38,200 80,000 4,900 212,100 98,800 (15,300) (8,600) $295,600 $265,700 $ 13,900 19,600 4,600 2,600 26,800 69,000...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets 5,000 $ 9,600 3,900 5,100 Accumulated Depreciation—Plant Assets 105,350 84,350 (29,350) (18,350) 90,600 $ 75,000 $ Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,000 $ 4,500 Long-term Liabilities: 9,000 12,000 17,000 16,500 Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 27,000 46,600 73,600 90,600 $ 23,000 35,500 58,500 75,000 Total Stockholders'...