Stuart Company Balance Sheet As of January 24, 2022 (amounts in thousands) Cash 8,400 Accounts Payable 4,700 Accounts Receivable Inventory 4,200 Property Plant & Equipment 17,200 Other Assets 2,800 2,800 3,400 Debt Other Liabilities Total Liabilities 7,100 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Borrow $52,000 from a bank Jan 26. Purchase equipment for $48,000 in cash Jan 27. Issue $85,000 in stock Jan 28. Buy $15,000 worth of manufacturing supplies on credit Jan 29. Receive payment of $10,000 owed by a customer What is the final amount in Total Assets? 900

Stuart Company Balance Sheet As of January 24, 2022 (amounts in thousands) Cash 8,400 Accounts Payable 4,700 Accounts Receivable Inventory 4,200 Property Plant & Equipment 17,200 Other Assets 2,800 2,800 3,400 Debt Other Liabilities Total Liabilities 7,100 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Borrow $52,000 from a bank Jan 26. Purchase equipment for $48,000 in cash Jan 27. Issue $85,000 in stock Jan 28. Buy $15,000 worth of manufacturing supplies on credit Jan 29. Receive payment of $10,000 owed by a customer What is the final amount in Total Assets? 900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…
Mvula Limited Statement of Financial Position as at: 28 February 2021 ASSETS Non-current assets Fixed/tangible assets Financial assets Fixed deposit Current assets Inventory Trade and other receivables Cash and cash equivalents Fixed deposit TOTAL ASSETS 4 320 350 EQUITY AND LIABILITIES Bay Holdings Limited: 30 June 2021.Required:Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors…
The most recent financial statements for Crosby, Incorporated, appear below. Sales for 2022 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest expense Taxable income Taxes (24%) CROSBY, INCORPORATED 2021 Income Statement Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory $31,335 69,745 $ 20,640 43,580 91,960 $747,000 582,000 18,000 FA $147,000 14,000 $ 133,000 31,920 $ 101,080 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Seved Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total $ 54,800 14,000 $ 68,800 MA000
Seminole Corporation reported the following items at December 31, 2021, and 2020: (Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Compute the company's (a) quick (acid-test) ratio and (b) days' sales outstanding for 2021. Evaluate each ratio value as strong or weak. All sales are on account with terms of net 30 days. (a) Enter the formula and calculate the quick (acid-test) ratio for 2021. (Abbreviation used: Cash* = Cash and cash equivalents. Round your final answer to two decimal places.) Cash* + Short-term investments + Net current receivables + Total current liabilities = Quick (acid-test) ratio $ Seminole's quick (acid-test) ratio is considered fairly weak. (b) Select the formula and calculate Seminole's days' sales outstanding for 2021. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) Accounts receivable turnover = + Days' sales outstanding Seminole's days'…
The comparative statements of financial position of Amman Inc. at the beginning and the end of the year 2020 appear as follows: Total Equipment Less: Accumulated Depreciation-Equip. Accounts receivable Cash Assets Note: Share capital-ordinary Retained earnings Accounts payable Total STATEMENT Equity and Liabilities Instructions: AMMAN INC. OF FINANCIAL POSITION Jan.1, 2020 Dec. 31, 2020 $39.000 (17,000) 91,000 45,000 $158,000 $100,000 38,000 20,000 $158,000 $22,000 (11,000) 88,000 13,000 $112,000 Prepare a statement of cash flows for the year 2020. $80,000 17,000 15,000 $112,000 Increase / Decease $17,000 Inc. 6,000 Inc. 3,000 Inc. 32,000 Inc. Net income of $ 34,000 was reported, and dividends of $ 13,000 were paid in 2020. New equipment was purchased, and none was sold. 20,000 Inc. 21,000 Inc. 5,000 Inc.
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATIONComparative Balance SheetsDecember 31 2020 2019 Cash $16,500 $17,400 Accounts receivable 25,300 22,100 Investments 20,150 15,850 Equipment 59,950 69,850 Accumulated depreciation—equipment (13,850 ) (10,300 ) Total $108,050 $114,900 Accounts payable $14,850 $11,150 Bonds payable 10,600 30,100 Common stock 49,500 45,500 Retained earnings 33,100 28,150 Total $108,050 $114,900 Additional information: 1. Net income was $18,550. Dividends declared and paid were $13,600. 2. Equipment which cost $9,900 and had accumulated depreciation of $1,600 was sold for $3,300. 3. No noncash investing and financing activities occurred during 2020. Prepare a statement of cash flows for 2020 using the…
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to Text
Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
Crane Company has these comparative balance sheet data: CRANE COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 27,105 $ 54,210 Accounts receivable (net) 126,490 108,420 Inventory 108,420 90,350 Plant assets (net) 361,400 325,260 $623,415 $578,240 Accounts payable $ 90,350 $ 108,420 Mortgage payable (15%) 180,700 180,700 Common stock, $10 par 252,980 216,840 Retained earnings 99,385 72,280 $623,415 $578,240 Additional information for 2022: 1. Net income was $27,900. 2. Sales on account were $382,300. Sales returns and allowances amounted to $29,000. 3. Cost of goods sold was $207,500. 4. Net cash provided by operating activities was $57,000. 5. Capital expenditures were $28,900, and cash dividends were $17,900. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…
Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2022: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. (d) Inventory turnover. enter inventory turnover in times rounded to 2 decimal places times (e)…