-
Condensed financial data of Fairfield Company for 2010 and 2009
are presented below:
Comparative Balance Sheet
as at December 31, 2010 and 2009
2010
2009
Cash
$2,150
$1,110
Receivables
1,750
1,300
Inventory
1,600
1,900
Plant Assets
1,910
1,700
Accumulated Depreciation
(1,200)
(1,170)
Long-term investments (Held-to-Maturity)
1,300
1,470
$7,510
$6,310
Accounts Payable
$1,250
$800
Income Tax Payable
Accrued Liabilities
90
200
10
250
Bonds Payable
1,400
1,650
Capital Stock
1,910
1,700
Retained Earnings
2,660
1,900
$7,510
$6,310
Income Statement...
-
Selected financial statement information and additional data for Pharoah Enterprises is presented below: Pharoah Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash $171,360 $133,280 Accounts Receivable 266,560 342,720 Inventory 437.920 380,800 Total Current Assets 875,840 856,800 Property, Plant, and Equipment Less: Accumulated Depreciation 1,389.920 (533,120) 856.800 $1,732,640 1,256,640 (495,040) 761,600 $1,618,400 Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities $209,440 57,120 95,200 361,760 $114.240 76,160 85,680...
-
Problem 125Selected financial statement information and additional data for
Johnston Enterprises is presented below:Johnston
EnterprisesBalance Sheet and Income Statement DataDecember 31,2017December 31,2016Current Assets: Cash$179,520$118,700 Accounts Receivable233,400308,800 Inventory395,200344,100 Total
Current Assets808,120771,600Property, Plant, and Equipment1,280,3001,147,000Less: Accumulated Depreciation(464,100)(437,000)Total Assets1,624,3201,481,600Current Liabilities: Accounts Payable$190,100$100,300 Notes Payable48,30067,000 Income Taxes Payable84,30075,300Total Current Liabilities322,700242,600Bonds Payable350,000387,300Total Liabilities672,700629,900Stockholders' Equity: Common Stock510,000467,500 Retained Earnings441,620384,200Total Stockholders' Equity951,620851,700Total Liabilities & Stockholders' Equity1,624,3201,481,600Sales Revenue$1,629,300$1,523,000Less Cost of Goods Sold757,500711,000Gross Profit871,800812,000Expenses: Depreciation Expense152,400135,200 Salaries and Wages
Expense384,200354,100 Interest Expense31,30031,300 Loss on Sale of
Equipment11,2000Income Before Taxes292,700291,400Less Income Tax Expense117,080116,560Net Income175,620174,840Additional Information:During the year, Johnston sold equipment with an original...
-
As of Dec. 31,2012Dec. 31,2011 S 958,245 s 745,800 35,400 175,840 30,860 $1,087,900 1,358,700 120,400 S2,567,000 Cash and short-term investments Accounts Receivable (net) Inventories Prepaid Expenses and other current assets 25,850 195,650 5,300 $1,325,045 1,478,320 125,600 $2,928,965 Total Current Assets Plant, Property and Equipment, net Intangible Assets Total Assets Short-term borrowings Current portion of long-term debt Accounts payable Accrued liabilities Income taxes payable 5 38,108 40,000 325,900 705,891 15,600 $1.225,499 430,000 $1,655,499 $ 911,501 $2.928.965 $2.567.000 $ 25,190 45,000 285,400...
-
Selected financial statement information and additional data for Ivanhoe Co. is presented below. Cash Accounts receivable (net) Inventory Land Equipment TOTAL December 31 2019 2020 $41,000 $78,500 86,000 145,000 169,000 200,000 59,000 20,000 502,000 785,000 $857,000 $1,228,500 Accumulated depreciation Accounts payable Notes payable - short-term Notes payable - long-term Common stock Retained earnings TOTAL $83,000 $114,000 48,000 85,000 65,000 28,000 167,000 300,000 422,000 488,000 72,000 213,500 $857,000 $1,228,500 Additional data for 2020: 1. Net income was $223,000. 2. Depreciation was...
-
Consider the following
financial data for Mary’s Computer Stores:
Statement of Financial Position as of December 31,
2012
Cash & equivalents
$
104,500
Accounts payable
$
86,500
Accounts receivable
105,500
Short-term bank note
191,000
Inventories
356,500
Accruals
97,500
Total current assets
$
566,500
Total short-term liab.
$
375,000
Long-term debt
258,000
Net fixed assets
605,500
Common equity
539,000
Total assets
$
1,172,000
Total liabilities & equity
$
1,172,000
Profit & Loss Statement for the Year Ended December
31, 2012
Net...
-
I. Condensed financial data of Mennan Company appear below: MENNAN COMPANY Comparative Balance Sheet December 31 2010 2009 Assets Cash $ 61,000 $ 35,000 Accounts receivable 75,000 53,000 Inventories 118,000 132,000 Prepaid expenses 21,000 25,000 Investments 100,000 75,000 Plant assets 325,000 250,000 Accumulated depreciation _(65,000) _(60.000) Total $635,000 $510,000 Liabilities and Stockholders' Equity Accounts payable $ 98,000 $ 75,000 Accrued expenses payable 24,000 24,000 Bonds payable 120,000 160,000 Common stock 275,000 170,000 Retained earnings 118.000 81.000 Total $635,000 $510,000 MENNAN...
-
Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Mango's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). $ 14,084 11,425 17,755 2,142 24,231 69,637 132, 264 20,957 12,728 $ 235,586 MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash Short-term...
-
Determining Net Cash Flow from Operating Activities Presented below are selected statement of financial position information and the statement of earnings information for Burch Company. Selected Statement of Financial Position Information Dec. 31, 2018 Dec. 31, 2017 Cash $17,500 $20,000 10,500 8,000 18,000 21,000 Accounts receivable Inventory Accounts payable Income taxes payable 10,000 15,000 1,000 2,500 Burch Company Statement of Earnings For the year ended December 31, 2018 Sales Cost of goods sold Depreciation expense $250,000 (160,000) (15,000) (35,000) (12,000)...
-
Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2018.Additional data for 2018 1 Net income was $220,200. 2 Depreciation was $31,600. 3 Land was sold at its original cost. 4 Dividends of $81,600 were paid. 5 Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase.7. Common stock was issued to pay a $67,200 long-term note payable.
Selected financial statement information and additional data for Pharoah Enterprises is presented below: Pharoah Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash $171,360 $133,280 Accounts Receivable 266,560 342,720 Inventory 437.920 380,800 Total Current Assets 875,840 856,800 Property, Plant, and Equipment Less: Accumulated Depreciation 1,389.920 (533,120) 856.800 $1,732,640 1,256,640 (495,040) 761,600 $1,618,400 Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities $209,440 57,120 95,200 361,760 $114.240 76,160 85,680...
Problem 125Selected financial statement information and additional data for
Johnston Enterprises is presented below:Johnston
EnterprisesBalance Sheet and Income Statement DataDecember 31,2017December 31,2016Current Assets: Cash$179,520$118,700 Accounts Receivable233,400308,800 Inventory395,200344,100 Total
Current Assets808,120771,600Property, Plant, and Equipment1,280,3001,147,000Less: Accumulated Depreciation(464,100)(437,000)Total Assets1,624,3201,481,600Current Liabilities: Accounts Payable$190,100$100,300 Notes Payable48,30067,000 Income Taxes Payable84,30075,300Total Current Liabilities322,700242,600Bonds Payable350,000387,300Total Liabilities672,700629,900Stockholders' Equity: Common Stock510,000467,500 Retained Earnings441,620384,200Total Stockholders' Equity951,620851,700Total Liabilities & Stockholders' Equity1,624,3201,481,600Sales Revenue$1,629,300$1,523,000Less Cost of Goods Sold757,500711,000Gross Profit871,800812,000Expenses: Depreciation Expense152,400135,200 Salaries and Wages
Expense384,200354,100 Interest Expense31,30031,300 Loss on Sale of
Equipment11,2000Income Before Taxes292,700291,400Less Income Tax Expense117,080116,560Net Income175,620174,840Additional Information:During the year, Johnston sold equipment with an original...
As of Dec. 31,2012Dec. 31,2011 S 958,245 s 745,800 35,400 175,840 30,860 $1,087,900 1,358,700 120,400 S2,567,000 Cash and short-term investments Accounts Receivable (net) Inventories Prepaid Expenses and other current assets 25,850 195,650 5,300 $1,325,045 1,478,320 125,600 $2,928,965 Total Current Assets Plant, Property and Equipment, net Intangible Assets Total Assets Short-term borrowings Current portion of long-term debt Accounts payable Accrued liabilities Income taxes payable 5 38,108 40,000 325,900 705,891 15,600 $1.225,499 430,000 $1,655,499 $ 911,501 $2.928.965 $2.567.000 $ 25,190 45,000 285,400...
Selected financial statement information and additional data for Ivanhoe Co. is presented below. Cash Accounts receivable (net) Inventory Land Equipment TOTAL December 31 2019 2020 $41,000 $78,500 86,000 145,000 169,000 200,000 59,000 20,000 502,000 785,000 $857,000 $1,228,500 Accumulated depreciation Accounts payable Notes payable - short-term Notes payable - long-term Common stock Retained earnings TOTAL $83,000 $114,000 48,000 85,000 65,000 28,000 167,000 300,000 422,000 488,000 72,000 213,500 $857,000 $1,228,500 Additional data for 2020: 1. Net income was $223,000. 2. Depreciation was...
Consider the following
financial data for Mary’s Computer Stores:
Statement of Financial Position as of December 31,
2012
Cash & equivalents
$
104,500
Accounts payable
$
86,500
Accounts receivable
105,500
Short-term bank note
191,000
Inventories
356,500
Accruals
97,500
Total current assets
$
566,500
Total short-term liab.
$
375,000
Long-term debt
258,000
Net fixed assets
605,500
Common equity
539,000
Total assets
$
1,172,000
Total liabilities & equity
$
1,172,000
Profit & Loss Statement for the Year Ended December
31, 2012
Net...
I. Condensed financial data of Mennan Company appear below: MENNAN COMPANY Comparative Balance Sheet December 31 2010 2009 Assets Cash $ 61,000 $ 35,000 Accounts receivable 75,000 53,000 Inventories 118,000 132,000 Prepaid expenses 21,000 25,000 Investments 100,000 75,000 Plant assets 325,000 250,000 Accumulated depreciation _(65,000) _(60.000) Total $635,000 $510,000 Liabilities and Stockholders' Equity Accounts payable $ 98,000 $ 75,000 Accrued expenses payable 24,000 24,000 Bonds payable 120,000 160,000 Common stock 275,000 170,000 Retained earnings 118.000 81.000 Total $635,000 $510,000 MENNAN...
Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Mango's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). $ 14,084 11,425 17,755 2,142 24,231 69,637 132, 264 20,957 12,728 $ 235,586 MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash Short-term...
Determining Net Cash Flow from Operating Activities Presented below are selected statement of financial position information and the statement of earnings information for Burch Company. Selected Statement of Financial Position Information Dec. 31, 2018 Dec. 31, 2017 Cash $17,500 $20,000 10,500 8,000 18,000 21,000 Accounts receivable Inventory Accounts payable Income taxes payable 10,000 15,000 1,000 2,500 Burch Company Statement of Earnings For the year ended December 31, 2018 Sales Cost of goods sold Depreciation expense $250,000 (160,000) (15,000) (35,000) (12,000)...
Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2018.Additional data for 2018 1 Net income was $220,200. 2 Depreciation was $31,600. 3 Land was sold at its original cost. 4 Dividends of $81,600 were paid. 5 Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase.7. Common stock was issued to pay a $67,200 long-term note payable.