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Brief Exercise 5-14 Monty Ltd. shows on its statement of financial position a patent. At its...
The comparative unclassified statement of financial position for Blossom Ltd. follows: BLOSSOM LTD. Statement of Financial...
The comparative unclassified statement of financial position for Blossom Ltd. follows: BLOSSOM LTD. Statement of Financial Position December 31 Assets 2018 Cash $51,000 Accounts receivable 88,000 Inventory 177,000 Long-term investments 70,000 Equipment 280,000 Accumulated depreciation (66,000) Total assets $600,000 2017 $27,000 60,000 194,500 145,000 154,000 (34,000) $546,500 Liabilities and Shareholders' Equity Accounts payable $37,000 Bank loan payable 125,000 Common shares 219,000 Retained earnings 219,000 Total liabilities and shareholders' equity $600,000 $ 49,500 185,000 175,000 137,000 $546,500 Additional information: 1. Net...
Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31...
Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 84,000 Accounts receivable 48,000 Inventory 67,200 Property, plant, and equipment 144,000 Accumulated depreciation (76,800 ) Total $266,400 2021 $ 48,000 33,600 48,000 187,200 (57,600 ) $259,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,600 16,800 40,800 43,200 120,000 $266,400 $ 36,000 19,200 79,200 33,600 91,200 $259,200 $580,800 420,000 160,800 Monty...
can you expain with steps? The comparative, unclassified statement of financial position for Sunland Ltd. shows...
can
you expain with steps?
The comparative, unclassified statement of financial position for Sunland Ltd. shows the following balances at December 31: Cash $0 Sunland Ltd. Statement of Financial Position December 31 Assets 2018 2017 $ 43,000 Accounts receivable 22,000 37,000 Inventory 35,000 57,000 Land 96,000 105,000 Buildings 523,000 259,000 Accumulated depreciation-buildings (72,000) (104,000) Equipment 75,000 38,000 Accumulated depreciation-equipment (12,000) (6,000) Total assets $710,000 $386,000 Liabilities and Shareholders' Equity Bank overdraft $0 $11,000 Accounts payable $ 42,000 $ 21,000 Income...
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD....
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 Cash $54,000 Accounts receivable 85,000 Inventory 182,000 Long-term investments 79,000 Equipment 265,000 Accumulated depreciation (65,000) Total assets $600,000 2017 $29,000 74,500 195,500 110,000 156,000 (33,000) 5532,000 Liabilities and Shareholders' Equity Accounts payable $36,000 Bank loan payable 126,000 Common shares 219,000 Retained eamings 219,000 Total liabilities and shareholders' equity $600,000 $ 45,000 184,000 171,000 132,000 $532,000 Additional...
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD....
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 Cash $54,000 Accounts receivable 85,000 Inventory 182,000 Long-term investments 79,000 Equipment 265,000 Accumulated depreciation (65,000) Total assets $600,000 2017 $29,000 74,500 195,500 110,000 156,000 (33,000) $532,000 Liabilities and Shareholders' Equity Accounts payable $36,000 Bank loan payable 126,000 Common shares 219,000 Retained earnings 219,000 Total liabilities and shareholders' equity $600,000 $ 45,000 184,000 171,000 132,000 $532,000 Additional...
Carla Vista Ltd., which follows ASPE, had the following comparative Statement of Financial Position: Carla Vista...
Carla Vista Ltd., which follows ASPE, had the following comparative Statement of Financial Position: Carla Vista Ltd. Comparative Statement of Financial Position March 31 Assets 2020 2021 $ 19,380 68,400 95,760 6,840 285,000 $ 13,680 45,600 79,800 4,560 239,400 (54,720) $ 328,320 (68,400) $ 406,980 Cash Accounts receivable Inventory Prepaid expenses Property, plant, and equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Interest payable Income taxes payable Bonds payable Common shares Retained earnings $ 39,900 3,420 25,080...
Exercise 22-18 Monty Tool Company's December 31 year-end financial statements contained the following errors. December 31,...
Exercise 22-18 Monty Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2017 $9,400 understated $2,200 understated December 31, 2018 $7,900 overstated Ending inventory Depreciation expense An insurance premium of $64,800 was prepaid in 2017 covering the years 2017, 2018, and 2019. The entire amount was charged to expense in 2017. In addition, on December 31, 2018, fully depreciated machinery was sold for $16,300 cash, but the entry was not recorded until 2019. There were no...
The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 18,000
$ 39,000
Term deposits (maturing in 60
days)
0
41,000
Accounts receivable
78,000
41,000
Inventory
104,000
73,000
Land
185,000
230,000
Buildings
902,000
525,000
Accumulated
depreciation—buildings
(137,000
)
(191,000
)
Equipment
104,000
74,000
Accumulated
depreciation—equipment
(38,000
)
(19,000
)
Total assets
$1,216,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
*Question 5 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement...
*Question 5 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $54,000 $29,000 Accounts receivable 85,000 74,500 Inventory 182,000 195,500 Long-term investments 79,000 110,000 Equipment 265,000 156,000 (65,000) $600,000 $532,000 Accumulated depreciation (33,000) Total assets Liabilities and Shareholders' Equity Accounts payable Bank loan payable S36,000 $45,000 126,000 184,000 219,000 171,000 Common shares Retained eamings 132,000 219,000 $532,000 Total liabilities and shareholders' equity $600,000 Additional information: Net...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
The comparative unclassified statement of financial position for Blossom Ltd. follows: BLOSSOM LTD. Statement of Financial Position December 31 Assets 2018 Cash $51,000 Accounts receivable 88,000 Inventory 177,000 Long-term investments 70,000 Equipment 280,000 Accumulated depreciation (66,000) Total assets $600,000 2017 $27,000 60,000 194,500 145,000 154,000 (34,000) $546,500 Liabilities and Shareholders' Equity Accounts payable $37,000 Bank loan payable 125,000 Common shares 219,000 Retained earnings 219,000 Total liabilities and shareholders' equity $600,000 $ 49,500 185,000 175,000 137,000 $546,500 Additional information: 1. Net...
Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 84,000 Accounts receivable 48,000 Inventory 67,200 Property, plant, and equipment 144,000 Accumulated depreciation (76,800 ) Total $266,400 2021 $ 48,000 33,600 48,000 187,200 (57,600 ) $259,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,600 16,800 40,800 43,200 120,000 $266,400 $ 36,000 19,200 79,200 33,600 91,200 $259,200 $580,800 420,000 160,800 Monty...
can
you expain with steps?
The comparative, unclassified statement of financial position for Sunland Ltd. shows the following balances at December 31: Cash $0 Sunland Ltd. Statement of Financial Position December 31 Assets 2018 2017 $ 43,000 Accounts receivable 22,000 37,000 Inventory 35,000 57,000 Land 96,000 105,000 Buildings 523,000 259,000 Accumulated depreciation-buildings (72,000) (104,000) Equipment 75,000 38,000 Accumulated depreciation-equipment (12,000) (6,000) Total assets $710,000 $386,000 Liabilities and Shareholders' Equity Bank overdraft $0 $11,000 Accounts payable $ 42,000 $ 21,000 Income...
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 Cash $54,000 Accounts receivable 85,000 Inventory 182,000 Long-term investments 79,000 Equipment 265,000 Accumulated depreciation (65,000) Total assets $600,000 2017 $29,000 74,500 195,500 110,000 156,000 (33,000) 5532,000 Liabilities and Shareholders' Equity Accounts payable $36,000 Bank loan payable 126,000 Common shares 219,000 Retained eamings 219,000 Total liabilities and shareholders' equity $600,000 $ 45,000 184,000 171,000 132,000 $532,000 Additional...
* Question 6 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 Cash $54,000 Accounts receivable 85,000 Inventory 182,000 Long-term investments 79,000 Equipment 265,000 Accumulated depreciation (65,000) Total assets $600,000 2017 $29,000 74,500 195,500 110,000 156,000 (33,000) $532,000 Liabilities and Shareholders' Equity Accounts payable $36,000 Bank loan payable 126,000 Common shares 219,000 Retained earnings 219,000 Total liabilities and shareholders' equity $600,000 $ 45,000 184,000 171,000 132,000 $532,000 Additional...
Carla Vista Ltd., which follows ASPE, had the following comparative Statement of Financial Position: Carla Vista Ltd. Comparative Statement of Financial Position March 31 Assets 2020 2021 $ 19,380 68,400 95,760 6,840 285,000 $ 13,680 45,600 79,800 4,560 239,400 (54,720) $ 328,320 (68,400) $ 406,980 Cash Accounts receivable Inventory Prepaid expenses Property, plant, and equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Interest payable Income taxes payable Bonds payable Common shares Retained earnings $ 39,900 3,420 25,080...
Exercise 22-18 Monty Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2017 $9,400 understated $2,200 understated December 31, 2018 $7,900 overstated Ending inventory Depreciation expense An insurance premium of $64,800 was prepaid in 2017 covering the years 2017, 2018, and 2019. The entire amount was charged to expense in 2017. In addition, on December 31, 2018, fully depreciated machinery was sold for $16,300 cash, but the entry was not recorded until 2019. There were no...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 18,000
$ 39,000
Term deposits (maturing in 60
days)
0
41,000
Accounts receivable
78,000
41,000
Inventory
104,000
73,000
Land
185,000
230,000
Buildings
902,000
525,000
Accumulated
depreciation—buildings
(137,000
)
(191,000
)
Equipment
104,000
74,000
Accumulated
depreciation—equipment
(38,000
)
(19,000
)
Total assets
$1,216,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
*Question 5 The comparative unclassified statement of financial position for Sunland Ltd. follows: SUNLAND LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $54,000 $29,000 Accounts receivable 85,000 74,500 Inventory 182,000 195,500 Long-term investments 79,000 110,000 Equipment 265,000 156,000 (65,000) $600,000 $532,000 Accumulated depreciation (33,000) Total assets Liabilities and Shareholders' Equity Accounts payable Bank loan payable S36,000 $45,000 126,000 184,000 219,000 171,000 Common shares Retained eamings 132,000 219,000 $532,000 Total liabilities and shareholders' equity $600,000 Additional information: Net...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
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