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*. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000...
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31,...
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 Cash $ 30,000 $ 32,000 Accounts receivable (net) 48,000 52,000 Inventory 68,000 72,000 Plant assets (net) 210,000 218,000 Total assets 405,000 395,000 Liabilities 145,000 145,000 Shareholders' equity 260,000 250,000 Net...
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 Cash...
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 Cash $ 30,000 $ 32,000 Accounts receivable (net) 48,000 52,000 Inventory 68,000 72,000 Plant assets (net) 210,000 218,000 Total assets 405,000 395,000 Liabilities 145,000 145,000 Shareholders' equity 260,000 250,000 Net sales 340,000 400,000 Cost of goods sold 220,000 280,000 Net income 20,000 25,000 Required: Compute the asset turnover ratio for 2021.
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8 ASSETS: 20X7 20X8 Current assets: Cash $10,000 $12,000 Accounts receivable 20,000 25,000 Inventory 16,000 24,000 Prepaid insurance 4,000 3,000 50,000 64,000 Property & equipment 76,000 84,000 Total assets $126,000 $148,000 LIABILITIES AND STOCKHOLDERS EQUITY: Current liabilities: Accounts payable $15,000 $17,000 Other payables 3,000 7,000 18,000 24,000 Long term notes payable 35,000 40,000 Total liabilities 53,000 64,000 Stockholder's equity Capital...
Preparation of a Statement of Cash Flows, Analysis) The comparative balance sheets of Madrasah Corporation at...
Preparation of a Statement of Cash Flows, Analysis) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2020 appear below. Madrasah Corporation Balance Sheets Assets Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Cash $ 20,000 $ 13,000 $ 7,000 Inc. Accounts receivable 106,000 88,000 18,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated depreciation—equipment 17,000 11,000 6,000 Inc. Total $148,000 $112,000 Liabilities and Stockholders' Equity Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common...
Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Asset...
Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Assets Cash and Cash Equivalents 45,000 13,000 Accounts Receivable 91,000 88,000 Equipment 139,000 22,000 Accum. Deprec. – Equipment (17,000) (11,000) Total 258,000 112,000 Liabilities & Stockholders’ Equity Accounts Payable 20,000 15,000 Bonds Payable 100,000 0 Common Stock 100,000 80,000 Retained Earnings 38,000 17,000 Total 258,000 112,000 Additional Information (A) – Net income for 2017 was $44,000. (B) – New equipment was purchased in 2017 but not was sold...
III. Statement of Cash Flows: Comparative balance sheets of Shawnee Inc. as of December 31, 20x8...
III. Statement of Cash Flows: Comparative balance sheets of Shawnee Inc. as of December 31, 20x8 and 20x7 and information relating to activities for the year 20x8 are presented below: 12/31/x7 Cash Accounts Receivable Merchandise Inventory Long-term Investments Property & Equipment (Cost) Accumulated Depreciation Intangible Assets 12/31/x8 $71,200 69,500 29,000 22,300 99,500 (19,000) 7,500 280,000 $33,700 60,000 24,000 37,500 75,000 (11,500) 8,000 226,700 Accounts Payable Long-Term Note Payable Common Stock Additional Paid-in Capital Retained Earnings 33,500 26,000 35,000 117,000 68,500...
1) The accountant at Parker & Sisters gathered the following selected accounting information: Cash at bank...
1) The accountant at Parker & Sisters gathered the following selected accounting information: Cash at bank Short-term investments Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) Net credit sales Cost of goods sold 20X9 $ 40,000 27,000 35,000 62,000 7,000 61,000 16,000 11,000 80,000 270,000 165,000 20X8 $ 32,000 17,000 23,000 65,000 8,000 54,000 15,000 9,000 80,000 235,000 141,000 a) Calculate the acid-test ratio for 20X8 and 20X9. b) Calculate the...
2. Carver Inc Presented below is information related to CARVER INC. BALANCE SHEET DECEMBER 31,2004 S...
2. Carver Inc Presented below is information related to CARVER INC. BALANCE SHEET DECEMBER 31,2004 S 45,000 Notes payable (short-term) 50,000Ae Receivables S110,000 Accounts payable unpeit Less: Allowance 1.000 000Aceruad sabin 32.000 | ^^ 5,000 260,000 141,000 170,000 Capital stock (par $5 Prepaid insurance Land Equipment (net) Retained earnings 8,000 20,000 150,000 $488,000 $488,000 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2004 S1,400,000 Sales Cost of goods sold Inventory, Jan. 1, 2004 $200,000 Purchases Cost of goods available for...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands)...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000...
III. Statement of Cash Flows: Comparative balance sheets of Shawnee Inc. as of December 31, 20x8 and 20x7 and information relating to activities for the year 20x8 are presented below: 12/31/x7 Cash Accounts Receivable Merchandise Inventory Long-term Investments Property & Equipment (Cost) Accumulated Depreciation Intangible Assets 12/31/x8 $71,200 69,500 29,000 22,300 99,500 (19,000) 7,500 280,000 $33,700 60,000 24,000 37,500 75,000 (11,500) 8,000 226,700 Accounts Payable Long-Term Note Payable Common Stock Additional Paid-in Capital Retained Earnings 33,500 26,000 35,000 117,000 68,500...
1) The accountant at Parker & Sisters gathered the following selected accounting information: Cash at bank Short-term investments Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) Net credit sales Cost of goods sold 20X9 $ 40,000 27,000 35,000 62,000 7,000 61,000 16,000 11,000 80,000 270,000 165,000 20X8 $ 32,000 17,000 23,000 65,000 8,000 54,000 15,000 9,000 80,000 235,000 141,000 a) Calculate the acid-test ratio for 20X8 and 20X9. b) Calculate the...
2. Carver Inc Presented below is information related to CARVER INC. BALANCE SHEET DECEMBER 31,2004 S 45,000 Notes payable (short-term) 50,000Ae Receivables S110,000 Accounts payable unpeit Less: Allowance 1.000 000Aceruad sabin 32.000 | ^^ 5,000 260,000 141,000 170,000 Capital stock (par $5 Prepaid insurance Land Equipment (net) Retained earnings 8,000 20,000 150,000 $488,000 $488,000 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2004 S1,400,000 Sales Cost of goods sold Inventory, Jan. 1, 2004 $200,000 Purchases Cost of goods available for...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
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