Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 6, Problem 6.5P
Prepare Stockholders’ Equity Section of
Account | Debit | Credit |
Loss on disposal of plant assets | $ 740 | |
Dividends | 790 | |
Cost of goods sold | 548,450 | |
Selling expenses | 70,515 | |
Dividend income | $ 65 | |
Advertising expense | 39,175 | |
Office salaries expense | 6,268 | |
Depreciation expense | 94,020 | |
loss on asset impairment | 3,250 | |
Accounting and legal fees | 15,600 | |
Interest income | 712 | |
Unrealized loss on available-for-sale bonds before tax | 450 | |
interest expense | 9,600 | |
Sales | 783,500 | |
Retained earnings: beginning balance | 368,900 | |
Accumulated other comprehensive loss: beginning balance | 5,700 | |
Common stock - no par: beginning balance | 85,800 |
Society Teas issued $5,400 of no-par common stock on April 1 of the current year.
Required
Prepare the stockholders’ equity section of the balance sheet at December 31 of the current year ignore taxes.
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Ritter Corporation's accountants prepared the following financial statements for year-end.
RITTER CORPORATION
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Expenses
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EBT
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RITTER CORPORATION
Balance Sheets
December 31
Liabilities and Equity
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a. Change in cash
b. Change in net working capital
c. Cash flow from assets
2022
$69
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2023
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a. What is the change in cash during the year 2023.
Note: Do not round Intermediate calculations.
b. Determine the change in net working capital in 2023.
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c. Determine the cash flow generated by the firm's assets during the year 2023.
Note: A negative answer should be Indicated by a minus sign. Do not round Intermediate calculations.
Given the following account information for Leong Corporation, prepare a statement of financial position in report form for the company as of December 31, 2012. All accounts have normal balances.
Equipment ¥ 40,000
Interest Expense 2,400
Interest Payable 600
Retained Earnings ?
Dividends 50,400
Land 137,320
Inventory 102,000
Bonds Payable 78,000
Notes Payable (due in 6 months) 14,400
Share capital–ordinary 60,000
Accumulated Depreciation - Eq. 10,000
Prepaid Advertising 5,000
Revenue…
Following is the balance sheet of Thornton Company for Year 3:
THORNTON COMPANY
Balance sheet
Assets
Cash
$ 15,050
Marketabhe securities
Accounts receivable
Inventory
Property and equipment
Accumulated depreciation
8,380
13,340
11,050
165,500
(12,300)
Total assets
$201,020
Liabilities and Stockholders' Equity
Accounts payable
Current notes payable
Mortgage payable
Bonds payable
Common stock
Retained earnings
8,750
3,200
4,100
21,840
113,300
49,830
Total liabilities and stockholders' equity
$201,020
The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,300.
Required
Compute each of the following: (Round your answer to 2 decimal places. For percentages, O.2345 should be entered as 23.45.)
a. Current ratio
b. Earnings per share
per share
c. Quick (acid-test) ratio
d. Return on investment
e. Return on equity
f. Debt to equity ratio
Chapter 6 Solutions
Intermediate Accounting (2nd Edition)
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