1. You have a farmer's January 1 cost-basis balance sheet. There are some depreciable assets on...
1. You have a farmer's January 1 cost-basis balance sheet. There are some depreciable assets on this opening balance sheet. Clearly explain how you would determine the value of these assets the farmer still owns at the end of the year for his ending cost-basis balance sheet.
2. A farmer put in some new perimeter fencing around his pasture this year. The new fencing cost $25,000 and is expected to last 10 years. Which capital (financial) efficiency ratio will be impacted by the fencing cost? Explain why you chose that ratio.
6. When making accrual expense adjustments for accounts payable, the ending accounts payable is subtracted from the beginning accounts payable. When making the accrual adjustment for prepaid expenses, the beginning prepaid expenses is subtracted from the ending prepaid expenses. Clearly explain by the change in prepaid expenses is opposite to all the other accrual adjustments (ending minus beginning).
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1. You have a farmer's January 1 cost-basis balance sheet. There
are some depreciable assets on...
Liz Ross Corporation prepares a classified balance sheet that includes the following traditional sections: Current Assets...
Liz Ross Corporation prepares a classified balance sheet that includes the following traditional sections: Current Assets Long-term Investments Property, Plant & Equipment Intangibles Other Assets Current Liabilities Long-term Liabilities Stockholders' Equity In which section of the classified balance sheet would the following accounts appear? Some of the accounts may not appear in the balance sheet. Note Payable (due in 3 months) Accumulated Depreciation Investment in Government Bonds Accounts Receivable Accounts Payable Long-term Receivable From Employee Dividends Capital Stock Patent Supplies...
1. Construct an accrual basis Income Statement BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000...
1. Construct an accrual basis
Income Statement
BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000 Cash Operating Income 1525000 Accounts Receivable 180000 360000 Borrow on Oper. Loan 200000 Inventories 255000 880000 155000 Supplies 280000 Total Cash Receipts 1725000 Total Current Assets 940000 1715000 Cash Operating Expenses 1369120 46880 Interest Payments Family Living Withdrawals Machinery 880000 1030000 64000 Less: Acc. Depr. -175000 -300000 Payments on Oper. Loan Capital Purchases 150000 Real Estate 980000 980000 Total Assets 2625000 3425000 Total Cash...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 13 670 30 410 -Book 255 prences Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total...
Balance Sheet, Jan 1, 2019 Current Assets Cost Current Liabilities Cost Cash 13,000 Accounts Payable 35,000...
Balance Sheet, Jan 1, 2019 Current Assets Cost Current Liabilities Cost Cash 13,000 Accounts Payable 35,000 Corn Grain Inventory 20,000 Interest Payable 11,850 Wheat Inventory 10,000 Principal Farm Mortgage 20,000 Prepaid expenses 5,500 Principal Beef Loan 10,000 Feed on hand 80,000 Operating Loan 75,000 Market Livestock 32,000 Property Taxes Payable 15,000 Accounts Receivable 2,000 Supplies 4,000 Total current assets 166,500 Total current liabilities 166,850 Intermediate Assets Intermediate Liabilities Machinery 300,000 Beef Loan 100,000 Beef Breeding Stock 55,000 Titled Vehicles 26,000...
Prepare an income statement and the current assets section of the balance sheet for Case 1....
Prepare an income statement and the current assets section of
the balance sheet for Case 1. Assume that in Case 1 the other items
in the current assets section are as follows: Cash $ 4,000 ,
Receivables (net) $ 15,000 , Raw Materials $ 600 , and Prepaid
Expenses $ 400
case 1 data:
income statement blanks:
partial balance sheet blanks:
Direct materials used Direct labor Manufacturing overhead Total manufacturing costs $9,600 5,000 8,000 22600 1,000 Beginning work in process...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation $ 13 D $150 I $ 70 D $ 17 I $ 14 D $ 169 I $ 52 1 Liabilities and Stockholders' Equity Accounts Accounts payable $ 43 I Accrued liabilities $ 4D Income taxes payable $ 16 1 Bonds payable $ 134 I Common stock $ 56...
Income Statement Balance Sheet Sales $20,000,000 Assets: Cost of Goods Sold 8.000.000 Cash $ 5,000,000 12,000,000...
Income Statement Balance Sheet Sales $20,000,000 Assets: Cost of Goods Sold 8.000.000 Cash $ 5,000,000 12,000,000 Marketable Securities 12,500,000 Selling and Administrative 1,600,000 Accounts Receivable, net 2,500,000 Depreciation Expense 3.000.000 Inventory 30,000,000 7,400,000 Prepaid Expenses 5,000,000 Interest 2.000.000 Plant & Equipment 30.000.000 5,400,000 Taxes (25%) 1.350.000 Total Assets 85,000,000 4,050,000 Common Stock Div. 600,000 Liabilities and Equity $3,450,000 Accounts Payable $20,000,000 Notes Payable 5,000,000 Accrued Expenses 5,000,000 Bonds Payable 25,000,000 Common Stock 5,000,000 Capital in Excess of Par 10,000,000 Retained...
Partial information from Fabray Company’s balance sheet is as follows: Current Assets Current Liabilities Cash $1,200,000...
Partial information from Fabray Company’s balance sheet is as follows: Current Assets Current Liabilities Cash $1,200,000 Notes Payable $750,000 Marketable Securities $3,750,000 Accounts Payable $9,750,000 Accounts Receivable $28,800,000 Accrued Expenses $6,250,000 Inventories $33,150,000 Income Taxes Payable $250,000 Prepaid Expenses $600,000 Total Current Liabilities $17,000,000 Total Current Assets $67,500,000 What is Fabray’s current ratio? 0.25 3.0 1.8 3.97
For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows Balance Sheet Liabilities Current Ass...
For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows Balance Sheet Liabilities Current Assets $19,200 Accounts payable 10,000 Notes payable 28,000 Bonds payable 14,300 Cash $16,100 25,500 50,600 Accounts receivable Inventory Prepaid expenses Capital Assets Shareholders' Equity $75,000 132,900 Plant and equipment (gross) Less: Accumulated amortization $283,000 54,400 Retained earnings Common stock Net plant and equipment 228,600 Total assets $300,100 Total liabilities and shareholders' equity $300,100 Sales for 20XY were $302,000, with cost of goods sold being...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 13 670 30 410 $1.498 $1,321 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities...
1. Construct an accrual basis
Income Statement
BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000 Cash Operating Income 1525000 Accounts Receivable 180000 360000 Borrow on Oper. Loan 200000 Inventories 255000 880000 155000 Supplies 280000 Total Cash Receipts 1725000 Total Current Assets 940000 1715000 Cash Operating Expenses 1369120 46880 Interest Payments Family Living Withdrawals Machinery 880000 1030000 64000 Less: Acc. Depr. -175000 -300000 Payments on Oper. Loan Capital Purchases 150000 Real Estate 980000 980000 Total Assets 2625000 3425000 Total Cash...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 13 670 30 410 -Book 255 prences Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total...
Prepare an income statement and the current assets section of
the balance sheet for Case 1. Assume that in Case 1 the other items
in the current assets section are as follows: Cash $ 4,000 ,
Receivables (net) $ 15,000 , Raw Materials $ 600 , and Prepaid
Expenses $ 400
case 1 data:
income statement blanks:
partial balance sheet blanks:
Direct materials used Direct labor Manufacturing overhead Total manufacturing costs $9,600 5,000 8,000 22600 1,000 Beginning work in process...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation $ 13 D $150 I $ 70 D $ 17 I $ 14 D $ 169 I $ 52 1 Liabilities and Stockholders' Equity Accounts Accounts payable $ 43 I Accrued liabilities $ 4D Income taxes payable $ 16 1 Bonds payable $ 134 I Common stock $ 56...
Income Statement Balance Sheet Sales $20,000,000 Assets: Cost of Goods Sold 8.000.000 Cash $ 5,000,000 12,000,000 Marketable Securities 12,500,000 Selling and Administrative 1,600,000 Accounts Receivable, net 2,500,000 Depreciation Expense 3.000.000 Inventory 30,000,000 7,400,000 Prepaid Expenses 5,000,000 Interest 2.000.000 Plant & Equipment 30.000.000 5,400,000 Taxes (25%) 1.350.000 Total Assets 85,000,000 4,050,000 Common Stock Div. 600,000 Liabilities and Equity $3,450,000 Accounts Payable $20,000,000 Notes Payable 5,000,000 Accrued Expenses 5,000,000 Bonds Payable 25,000,000 Common Stock 5,000,000 Capital in Excess of Par 10,000,000 Retained...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 13 670 30 410 $1.498 $1,321 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities...
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