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CPT 22 HW: Alisha Daniels ☑ W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW Question 10 of 10 < > education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby -/1 E The following are Stellar Corp.'s comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025. Comparative Balance Sheets 2025 2024 Increase (Decrease) Cash $820,300 $700,200 $120,100 Accounts receivable 1,123,500 1,157,100 (33,600) Inventory 1,863,400 1,704,800 158,600 Property, plant, and equipment 3,288,600 2,946,400 342,200 Accumulated depreciation (1,156,500) (1,050,000) (106,500) Investment in Myers Co. 310,200 273,100 37,100 Loan receivable 251,400 251,400 Total assets $6,500,900 $5,731,600 $769,300 SUPPORT Accounts payable $1,013,200 $951,600 $61,600 Income taxes payable 29,800 49,500 (19,700) CPT 22 HW: Alisha Daniels W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby Question 10 of 10 < - / 1 E Dividends payable 80,000 99,200 (19,200) Lease liability 402,600 402,600 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,498,300 1,498,300 Retained earnings 2,977,000 2,633,000 344,000 Total liabilities and stockholders' equity $6,500,900 $5,731,600 $769,300 Additional information: 1. 2. On December 31, 2024, Stellar acquired 25% of Myers Co.'s common stock for $273,100. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,400. Myers reported income of $148,400 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year. During 2025, Stellar loaned $302,100 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,700, plus interest at 10%, on December 31, 2025. 3. On January 2, 2025, Stellar sold equipment costing $60,400, with a carrying amount of $38,000, for $40,100 cash. 4. On December 31, 2025, Stellar entered into a capital lease for an office building. The present value of the annual rental SUPPORT payments is $402,600, which equals the fair value of the building. Stellar made the first rental payment of $60,600 when due on January 2, 2026. 5. Net income for 2025 was $424,000.

CPT 22 HW: Alisha Daniels ☑ W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW Question 10 of 10 < > education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby -/1 E The following are Stellar Corp.'s comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025. Comparative Balance Sheets 2025 2024 Increase (Decrease) Cash $820,300 $700,200 $120,100 Accounts receivable 1,123,500 1,157,100 (33,600) Inventory 1,863,400 1,704,800 158,600 Property, plant, and equipment 3,288,600 2,946,400 342,200 Accumulated depreciation (1,156,500) (1,050,000) (106,500) Investment in Myers Co. 310,200 273,100 37,100 Loan receivable 251,400 251,400 Total assets $6,500,900 $5,731,600 $769,300 SUPPORT Accounts payable $1,013,200 $951,600 $61,600 Income taxes payable 29,800 49,500 (19,700) CPT 22 HW: Alisha Daniels W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby Question 10 of 10 < - / 1 E Dividends payable 80,000 99,200 (19,200) Lease liability 402,600 402,600 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,498,300 1,498,300 Retained earnings 2,977,000 2,633,000 344,000 Total liabilities and stockholders' equity $6,500,900 $5,731,600 $769,300 Additional information: 1. 2. On December 31, 2024, Stellar acquired 25% of Myers Co.'s common stock for $273,100. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,400. Myers reported income of $148,400 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year. During 2025, Stellar loaned $302,100 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,700, plus interest at 10%, on December 31, 2025. 3. On January 2, 2025, Stellar sold equipment costing $60,400, with a carrying amount of $38,000, for $40,100 cash. 4. On December 31, 2025, Stellar entered into a capital lease for an office building. The present value of the annual rental SUPPORT payments is $402,600, which equals the fair value of the building. Stellar made the first rental payment of $60,600 when due on January 2, 2026. 5. Net income for 2025 was $424,000.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 4CE
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The following are Stellar Corp's comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025.

Cash

Accounts receivable

Inventory

Property, plant, and equipment

Accumulated depreciation

Investment in Myers Co.

Loan receivable

Total assets

Comparative Balance Sheets

2025

$820,300

1,123,500

1,863,400

3,288,600

(1,156,500)

310,200

251,400

$6,500,900

2024

$700,200

1,157,100

1,704,800

2,946,400

(1,050,000)

273,100

$5,731,600

Increase (Decrease)

$120,100

(33,600)

158,600

342,200.

(106,500)

37,100

251,400

$769,300

Accounts pavable

Income taxes payable

$1,013,200

29,800

$951,600

49,500

$61,600

(19,700)

  1. On December 31, 2024, Stellar acquired 25% of Myers Co's common stock for $273,100. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,400. Myers reported income of $148,400 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year.
  2. During 2025, Stellar loaned $302,100 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,700, plus interest at 10%, on December 31, 2025.
  3. On January 2, 2025, Stellar sold equipment costing $60,400, with a carrying amount of $38,000, for $40,100 cash.
  4. On December 31, 2025, Stellar entered into a capital lease for an office building. The present value of the annual rental payments is $402,600, which equals the fair value of the building. Stellar made the first rental payment of $60,600 when due on January 2, 2026. Net income for 2025 was $424.000.
  5. Net income for 2025 was $424,000.
  6. Stellar declared and paid the following cash dividends for 2025 and 2024.
CPT 22 HW: Alisha Daniels ☑ W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW Question 10 of 10 < > education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby -/1 E The following are Stellar Corp.'s comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025. Comparative Balance Sheets 2025 2024 Increase (Decrease) Cash $820,300 $700,200 $120,100 Accounts receivable 1,123,500 1,157,100 (33,600) Inventory 1,863,400 1,704,800 158,600 Property, plant, and equipment 3,288,600 2,946,400 342,200 Accumulated depreciation (1,156,500) (1,050,000) (106,500) Investment in Myers Co. 310,200 273,100 37,100 Loan receivable 251,400 251,400 Total assets $6,500,900 $5,731,600 $769,300 SUPPORT Accounts payable $1,013,200 $951,600 $61,600 Income taxes payable 29,800 49,500 (19,700)
Transcribed Image Text:CPT 22 HW: Alisha Daniels ☑ W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW Question 10 of 10 < > education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby -/1 E The following are Stellar Corp.'s comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025. Comparative Balance Sheets 2025 2024 Increase (Decrease) Cash $820,300 $700,200 $120,100 Accounts receivable 1,123,500 1,157,100 (33,600) Inventory 1,863,400 1,704,800 158,600 Property, plant, and equipment 3,288,600 2,946,400 342,200 Accumulated depreciation (1,156,500) (1,050,000) (106,500) Investment in Myers Co. 310,200 273,100 37,100 Loan receivable 251,400 251,400 Total assets $6,500,900 $5,731,600 $769,300 SUPPORT Accounts payable $1,013,200 $951,600 $61,600 Income taxes payable 29,800 49,500 (19,700)
CPT 22 HW: Alisha Daniels W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby Question 10 of 10 < - / 1 E Dividends payable 80,000 99,200 (19,200) Lease liability 402,600 402,600 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,498,300 1,498,300 Retained earnings 2,977,000 2,633,000 344,000 Total liabilities and stockholders' equity $6,500,900 $5,731,600 $769,300 Additional information: 1. 2. On December 31, 2024, Stellar acquired 25% of Myers Co.'s common stock for $273,100. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,400. Myers reported income of $148,400 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year. During 2025, Stellar loaned $302,100 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,700, plus interest at 10%, on December 31, 2025. 3. On January 2, 2025, Stellar sold equipment costing $60,400, with a carrying amount of $38,000, for $40,100 cash. 4. On December 31, 2025, Stellar entered into a capital lease for an office building. The present value of the annual rental SUPPORT payments is $402,600, which equals the fair value of the building. Stellar made the first rental payment of $60,600 when due on January 2, 2026. 5. Net income for 2025 was $424,000.
Transcribed Image Text:CPT 22 HW: Alisha Daniels W Question 10 of 10 - CPT 22 HW W Player ← CPT 22 HW education.wiley.com + W Player Ending inventory Cost of goods... b My Questions | bartleby Question 10 of 10 < - / 1 E Dividends payable 80,000 99,200 (19,200) Lease liability 402,600 402,600 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,498,300 1,498,300 Retained earnings 2,977,000 2,633,000 344,000 Total liabilities and stockholders' equity $6,500,900 $5,731,600 $769,300 Additional information: 1. 2. On December 31, 2024, Stellar acquired 25% of Myers Co.'s common stock for $273,100. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,400. Myers reported income of $148,400 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year. During 2025, Stellar loaned $302,100 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,700, plus interest at 10%, on December 31, 2025. 3. On January 2, 2025, Stellar sold equipment costing $60,400, with a carrying amount of $38,000, for $40,100 cash. 4. On December 31, 2025, Stellar entered into a capital lease for an office building. The present value of the annual rental SUPPORT payments is $402,600, which equals the fair value of the building. Stellar made the first rental payment of $60,600 when due on January 2, 2026. 5. Net income for 2025 was $424,000.
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