EXERCISE 9-8Aa.EventAssets=Liab.+EquityRev.E.docx
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EXERCISE 9-8A a. Event Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow 1. 2. 3a. 3b. 4. 5. 6. 7. 8. 9. 10. EXERCISE 9-8A (cont.) b. Ozark Sales General Journal for 2016 Event Account Title Debit Credit 1. Cash Common Stock 2. Merchandise Inventory Accounts Payable 3a. Cash Sales Revenue Sales Tax Payable 3b. Cost of Goods Sold Merchandise Inventory 4. Warranty Expense Warranties Payable 5. Sales Tax Payable Cash 6. Cash Notes Payable 7. Warranty Payable Cash 8. Operating Expense Cash 9. Accounts Payable Cash 10. Interest Expense1 Interest Payable EXERCISE 9-8A b. (cont.) Ozark Sales T-Accounts for 2016 Assets = Liabilities + Stockholder’s Equity Cash Accounts Payable Common Stock 1. 5. 9. 2. 1. 3a. 7. Bal. Bal. 6. 8. 9. Sales Tax Payable Sales Revenue Bal. 284,600 5. 3a. 3a. 510,000 Bal. Bal. 510,000 Merchandise Inventory 2. 3b. Warranties Payable Cost of Goods Sold Bal. 7. 4. 3b. Bal. 4,000 Bal. 330,000 Interest Payable Operating Expenses 10. 8. Bal. 667 Bal. 78,000 Notes Payable Warranty Expense 6. 4. Bal. 50,000 Bal. 10,200 Interest Expense 10. Bal. 667 EXERCISE 9-8A (cont.) c. Ozark Sales Income Statement For the Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Margin Expenses Operating Expenses $78,000 Warranty Expense 10,200 Total Operating Expenses Operating Income Interest Expense Net Income EXERCISE 9-8A c. (cont.) Ozark Sales Balance Sheet As of December 31, 2016 Assets Cash Merchandise Inventory Total Assets Liabilities Accounts Payable Sales Tax Payable Warranties Payable Interest Payable Notes Payable Total Liabilities Stockholders’ Equity Common Stock Retained Earnings Total Stockholders’ Equity 141,133 Total Liabilities and Stockholders’ Equity $334,600 EXERCISE 9-8A c. (cont.) Ozark Sales Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows From Operating Activities: Inflow from Customers Inflow from Sales Tax Outflow to Purchase Inventory Outflow for Expenses1 Outflow for Sales Tax Net Cash Flow from Operating Activities Cash Flows From Investing Activities -0- Cash Flows From Financing Activities: Inflow from Stock Issue Inflow from Loan Net Cash Flow from Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance d. Current Liabilit.
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Please include a pie chart depicting the sizes of the various business
Resources:
Company annual report
Company 10-K filing
Company Investor Relations website
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What is the company’s respective industry market share of each line of business?
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RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
FIN 360
INVESTMENT POSTIVES
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RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
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Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
Principle Of Accounts School Based Assessments 2017 Guide
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The document is a student solutions manual for an introduction to financial accounting textbook. It contains solutions to problems and exercises from 14 chapters of the textbook. The solutions manual provides step-by-step workings and explanations to help students learn financial accounting concepts and practice applying them to problems. It also contains sample financial statements and transaction worksheets with numerical examples worked through.
alance sheet. Use the data from the following financial statements i.pdf
alance sheet. Use the data from the following financial statements in the popup window,
LOADING...
.
Complete the balance sheet. Hint: Find the accumulated depreciation for
2017
first.
Question content area bottom
Part 1
The accumulated depreciation for
2017
is
$enter your response here
.
(Round to the nearest dollar.)
Part 2
Complete the balance sheet for
2016
:
(Round to the nearest dollar.)
Balance Sheet 12/31/2016
ASSETS
LIABILITIES
Current assets
Current liabilities
Cash
$16,100
Notes payable
$13,800
Accounts receivable
$28,200
Accounts payable
$19,200
Inventories
$48,200
Total current liabilities
$
Total current assets
$
Long-term debt
$189,900
Fixed assets
$367,900
OWNERS' EQUITY
Accumulated depreciation (-)
$140,900
Retained earnings
$
Intangible assets
$82,100
Common stock
$131,800
TOTAL LIABILITIES AND
TOTAL ASSETS
$
OWNERS' EQUITY
$
Part 3
Complete the balance sheet for
2017
:
(Round to the nearest dollar.)
Balance Sheet 12/31/2017
ASSETS
LIABILITIES
Current assets
Current liabilities
Cash
$25,800
Notes payable
$11,800
Accounts receivable
$18,800
Accounts payable
$23,900
Inventories
$53,200
Total current liabilities
$
Total current assets
$
Long-term debt
$162,100
Fixed assets
$448,200
OWNERS' EQUITY
Accumulated depreciation (-)
$
Retained earnings
$
Intangible assets
$81,900
Common stock
$182,000
TOTAL LIABILITIES AND
TOTAL ASSETS
$
OWNERS' EQUITY
$
Balance Sheet 12/31/2016
ASSETS
LIABILITIES
Current assets
Current liabilities
Cash
$16,100
Notes payable
$13,800
Accounts receivable
$28,200
Accounts payable
$19,200
Inventories
$48,200
Total current liabilities
$
Total current assets
$
Long-term debt
$189,900
Fixed assets
$367,900
OWNERS' EQUITY
Accumulated depreciation (-)
$140,900
Retained earnings
$
Intangible assets
$82,100
Common stock
$131,800
TOTAL LIABILITIES AND
TOTAL ASSETS
$
OWNERS' EQUITY
$.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
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2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
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LONE PINE COMPANY
Comparat ...
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EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
Principle Of Accounts School Based Assessments 2017 Guide
The document provides guidance for completing a school-based assessment (SBA) in accounting. It includes sections like business description, aims of the SBA, transaction list, sample documents, journals, ledgers, trial balance, financial statements, ratios and recommendations. The document was created by Darien Guillen to help understand what the exam board and teacher expect for the SBA and guide the reader through completing it in detail.
Introduction to Financial Accounting Solutions
The document is a student solutions manual for an introduction to financial accounting textbook. It contains solutions to problems and exercises from 14 chapters of the textbook. The solutions manual provides step-by-step workings and explanations to help students learn financial accounting concepts and practice applying them to problems. It also contains sample financial statements and transaction worksheets with numerical examples worked through.
alance sheet. Use the data from the following financial statements i.pdf
alance sheet. Use the data from the following financial statements in the popup window,
LOADING...
.
Complete the balance sheet. Hint: Find the accumulated depreciation for
2017
first.
Question content area bottom
Part 1
The accumulated depreciation for
2017
is
$enter your response here
.
(Round to the nearest dollar.)
Part 2
Complete the balance sheet for
2016
:
(Round to the nearest dollar.)
Balance Sheet 12/31/2016
ASSETS
LIABILITIES
Current assets
Current liabilities
Cash
$16,100
Notes payable
$13,800
Accounts receivable
$28,200
Accounts payable
$19,200
Inventories
$48,200
Total current liabilities
$
Total current assets
$
Long-term debt
$189,900
Fixed assets
$367,900
OWNERS' EQUITY
Accumulated depreciation (-)
$140,900
Retained earnings
$
Intangible assets
$82,100
Common stock
$131,800
TOTAL LIABILITIES AND
TOTAL ASSETS
$
OWNERS' EQUITY
$
Part 3
Complete the balance sheet for
2017
:
(Round to the nearest dollar.)
Balance Sheet 12/31/2017
ASSETS
LIABILITIES
Current assets
Current liabilities
Cash
$25,800
Notes payable
$11,800
Accounts receivable
$18,800
Accounts payable
$23,900
Inventories
$53,200
Total current liabilities
$
Total current assets
$
Long-term debt
$162,100
Fixed assets
$448,200
OWNERS' EQUITY
Accumulated depreciation (-)
$
Retained earnings
$
Intangible assets
$81,900
Common stock
$182,000
TOTAL LIABILITIES AND
TOTAL ASSETS
$
OWNERS' EQUITY
$
Balance Sheet 12/31/2016
ASSETS
LIABILITIES
Current assets
Current liabilities
Cash
$16,100
Notes payable
$13,800
Accounts receivable
$28,200
Accounts payable
$19,200
Inventories
$48,200
Total current liabilities
$
Total current assets
$
Long-term debt
$189,900
Fixed assets
$367,900
OWNERS' EQUITY
Accumulated depreciation (-)
$140,900
Retained earnings
$
Intangible assets
$82,100
Common stock
$131,800
TOTAL LIABILITIES AND
TOTAL ASSETS
$
OWNERS' EQUITY
$.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
ECON 2302 Project· What is a negative externality Construct a g
ECON 2302 Project
· What is a negative externality? Construct a graph for the market for Steel showing the market price and quantity when the firms are dumping their industrial waste in the local waterways. What is the motivation for firms to pollute the local waterways?
· Explain how third parties are adversely affected from the pollution and how the negative externality can be internalized. Draw into the graph the appropriate shift of the supply curve which will remedy the negative externality and bring about the socially optimal level of output.
· What is a positive externality? Construct a graph for the market for vaccine shots showing the market price and quantity.
· Explain how third parties are benefiting from those who consume vaccine shots and how the positive externality can be internalized. Draw into the graph the appropriate shift of the demand curve which will remedy the positive externality.
1
Financial Statement Preparation Guidance Instructions
Financial Statement Entry Matrix (BUSN 5000)
The Financial Statement Entry Matrix below was developed in 2011 by Eddie Schwertz,
BUSN 5000 Course Lead for Webster University, to assist the online students with the
preparation of financial statements required for the Business Plan Term Project. It should be
used in conjunction with the Sample Business Plan B: Retail Business located in the Class
Resources area of the BUSN 5000 Online course and the Income Statement, Cash Flow
Statement, and Balance Sheet financial statements that follow the matrix on pages 3 to 5 of
this Word document file.
It is not possible to prepare instructions that answer all potential questions. However, an
attempt has been made to provide you with the situations you will likely most often
encounter during the preparation of the business plan for this course. It is recommended that
you print a copy of this help file for preparing the financial statements and a copy of the
Sample Business Plan B: Retail Business for reference as you use this matrix.
The Financial Statement Entry Matrix consists of four columns. The first column
identifies the financial statement item that appears on the three financial statements. In front
of each item is a bold upper-case letter. The purpose of the bold, highlighted capital letter
(e.g., A, B, C) is to assist you in locating the specific item on the financial statements and to
identify the relationships that exist between the item and the financial statements.
Note: While preparing financial statements, please remember in accounting that any
number shown in parentheses is a negative value. We recommend that you use
parentheses for negative numbers to emphasize that the number shown is a negative value.
Students should also round all figures to the nearest dollar.
2
Financial Statement Entry Matrix (BUSN 5000)
Financial Statement Item Income Statement Cash Flow Statement Balance Sheet
A. Net Sales Revenue Operating Activiti ...
Instructor’s solutions manual for College Accounting A Practical Approach, Ca...
Instructor’s solutions manual for College Accounting: A Practical Approach, Canadian 14th edition by Jeffrey Slater
Full download contact u84757@protonmail.com or https://qidiantiku.com/instructors-solutions-manual-for-college-accounting-a-practical-approach-canadian-14th-edition-by-jeffrey-slater.shtml
EXERCISE 2-15Aa. Life, Inc.Effect of Events on the Accounti.docx
EXERCISE 2-15A
a.
Life, Inc.
Effect of Events on the Accounting Equation
Assets
=
Stockholders’ Equity
Event
Cash
Prepaid Rent
=
Retained Earnings
1. Performed Services
2. Prepaid Rent
3. Used Rent
Totals
=
*
b.
Life, Inc.
Income Statement
For the Year Ended December 31, 2016
Revenue
Expense
Net Income
Life, Inc.
Balance Sheet
As of December 31, 2016
Assets
Cash
Prepaid Rent
Total Assets
Liabilities
Stockholders’ Equity
Retained Earnings
Total Stockholders’ Equity
Total Liab. and Stockholders’ Equity
EXERCISE 2-15A b. (cont.)
Life, Inc.
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash Flows From Operating Activities:
Cash Receipt from Revenue
Cash Payment for Rent
Net Cash Flow from Operating Activities
Cash Flows From Investing Activities
Cash Flows From Financing Activities:
Net Change in Cash
Plus: Beginning Cash Balance
Ending Cash Balance
c.
EXERCISE 2-19A
Hart Attorney At Law
Effect of Transactions on the Financial Statements for 2016
Balance Sheet
Income Statement
Statement of
Assets
=
Liabilities
+
S. Equity
Rev
Exp.
=
Net Inc.
Cash Flows
No.
Cash
+
Supplies
=
Accts. Payable
+
Unearn. Rev.
+
Retained
Earnings
1.
+
=
+
+
=
2.
+
=
+
+
=
3.
+
=
+
+
=
4.
+
=
+
+
=
5.
+
=
+
+
=
6.
+
=
+
+
=
7.
+
=
+
+
=
8.
+
=
+
+
=
Totals
51,600
+
200
=
400
+
9,000
+
42,400
81,000
33,600
=
47,400
51,600 NC
EXERCISE 2-27A
Net Income
Cash Flow from
Operating Activities
Event/Adj.
Direction of Change
Amount of Change
Direction of Change
Amount of Change
a. Event
Adj.
b. Event
Adj.
b. Event
No adj.
d. Event
Adj.
e. Event
No adj.
f. Event
No adj.
f. Event
No adj.
g. Event
No adj.
h. Event
No adj.
EXERCISE 2-29A
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
EXERCISE 2-30A
a.
b.
c.
d.
e.
...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx
1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,600
$
352,000
$
352,000
a-1.
Prepare an income statement for the year ended December 31, 2015.
a-2.
Prepare a statement of retained earnings for the year ended December 31, 2015.
a-3.
Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)
b.
Does the company appear to be liquid?
No
Yes
c.
Has the company been profitable in the past?
No
Yes
2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,200
$
352,000
$
352,000
a.
Prepare all necessary closing entries at December 31, 2015.
1. Record the entry to close Lawn Care Revenue earned to income summary
2. REcord the entry to close all expense accounts to income summary
3. Record the entry to transfer net income earned in 2015 to retained earnings account
4. Record the entry to close dividends declared in 2015 to retained earnings account.
Prepare an after-closing trial balance dated December 31, 2015.
· Record the entry to close all expense accounts to income summary.
· Record the entry to close all expense accounts to income summary.
3) Cat Fancy, Inc., has provided the following information from its most current financial statements:
Total revenue
$
125,000
Total expenses
80,000
Total current assets
32,000
Total current liabilities
8,000
Total stockholders' equity, January 1, 2015
74,000
Total stockholders' equity, December 31, 2015
76,000
Compute the company’s net income per ...
Exercise 1-5Suppose the following information was taken from the.docx
Exercise 1-5
Suppose the following information was taken from the 2017 financial statements of pharmaceutical giant Bramble Corp. (All dollar amounts are in millions.)
Retained earnings, January 1, 2017
$46,836.3
Cost of goods sold
9,460.6
Selling and administrative expenses
8,592.7
Dividends
3,387.0
Sales revenue
38,203.8
Research and development expense
5,960.5
Income tax expense
2,691.2
After analyzing the data, prepare an income statement for the year ending December 31, 2017. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Income Statement
(in millions)
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2017. (List items that increase retained earnings first. Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Retained Earnings Statement
(in millions)
$
:
:
$
Exercise 1-11
Wildhorse Co. is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2017 income statement and balance sheet. (All dollars are in millions.)
Retained earnings
$4,800
Cost of goods sold
6,860
Selling and administrative expenses
3,640
Cash
340
Notes payable
40
Interest expense
340
Bonds payable
4,700
Inventory
740
Sales revenue
12,400
Accounts payable
1,070
Common stock
140
Income tax expense
430
In each case, identify whether the item is an asset, liability, stockholders’ equity, revenue, or expense.
Retained earnings
Cost of goods sold
Selling and administrative expenses
Cash
Notes payable
Interest expense
Bonds payable
Inventory
Sales revenue
Accounts payable
Common stock
Income tax expense
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare an income statement for Wildhorse Co. for the year ended December 31, 2017. (Enter amounts in millions, e.g. 45.)
Wildhorse Co.
Income Statement
(in millions)
$
$
$
Exercise 1-14
Wayne Holtz is the bookkeeper for Windsor, Inc.. Wayne has been trying to get the balance sheet of Windsor, Inc. to balance. It finally balanced, but now he’s not sure it is correct.
Windsor, Inc.
Balance Sheet
December 31, 2017
Assets
Liabilities and Stockholders’ Equity
Cash
$12,400
Accounts payable
$10,400
Supplies
15,100
Accounts receivable
(17,600
)
Equipment
34,400
Common stock
45,600
Dividends
13,600
Retained earnings
37,100
Total assets
$75,500
Total liabilities and stockholders’ equity
$75,500
Prepare a correct balance sheet. (List assets in order of liquidity.)
Windsor, Inc.
Balance Sheet
Assets
$
$
Liabilities and Stockholders' Equity
$
$
$
Exerc ...
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
Introductory Financial Accounting for Business 1st Edition Edmonds Solutions ...
Full download : https://goo.gl/pGctpg Introductory Financial Accounting for Business 1st Edition Edmonds Solutions Manual
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Financial accounting basics ppt @ bec-doms
The document discusses the accounting cycle process which involves analyzing transactions, recording journal entries, preparing adjusting entries, and generating financial statements on a monthly, quarterly, or annual basis. It provides an example for ABC Company for the month of January, showing the steps of preparing journal entries, a trial balance, income statement, retained earnings statement, and closing revenue and expense accounts. It also discusses how to prepare a post-closing trial balance, balance sheet, and statement of cash flows to complete the accounting cycle.
I apologize this 1 question has numerous parts. I didnt want to s.pdf
I apologize: this 1 question has numerous parts. I didn\'t want to split it up in to separate
questions and confuse others. Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balanoe sheet amounts at December 31, 2014, were
inventory, S53,900; total assets, $199,400; common stock, 588,000; and retained earnings,
344,392.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015
Sales Cost of goods sold S453,600 298,850 Gross profit Operating expenses Interest expense
158,750 98,800 4,600 Income before taxes Income taxes 53,350 21,492 Net income S 31,858
CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term
investments Accounts receivable, net Notes receivable (trade) S 18,000 9,200 32,200 000 38,150
2,800 151,300 Liabilities and Equity Accounts payable Accrued Income taxes payable Long-
term note payable, secured S 17,500 4,800 4,700 wages payable 5, Prepaid expenses Plant assets,
net by mortgage on plant assets Common stod Retained earnings 83,400 88,000 76,250 Total
assets S254,650 Total liabilities and equity S254,650 These are short-term notes receivable
arising from customer (trade) sales. Required: Compute the following: (1) current ratio, (2) acid-
test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days\' sales in inventory, (8)
debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10)
return on total assets, and (11) return on common stockholders\' equity Do not round
intermediate calculations.) Choose Numerator: | Choose Denominator: | = Current Ratio Current
ratio 2015 to 1
Solution
Answer to Part 1.
Current Ratio = Current Assets / Current Liabilities
Current Assets = Cash + Short Term Investments + Accounts Receivable, net + Notes
Receivable (Trade) + Merchandise Inventory + Prepaid Expenses
Current Assets = $16,000 + $9,200 + $32,200 + $5,000 + $38,150 + $2,800
Current Assets = $103,350
Current Liabilities = Accounts Payable + Accrued Wages Payable + Income Taxes Payable
Current Liabilities = $17,500 + $4,800 + $4,700
Current Liabilities = $27,000
Current Ratio = 103,350 / 27,000
Current Ratio = 3.83 to 1
Answer to Part 2.
Acid-Test Ratio = Quick Assets / Current Liabilities
Quick Assets = Current Assets – Merchandise Inventory – Prepaid Expenses
Quick Assets = $103,350 - $38,150 - $2,800
Quick Assets = $62,400
Acid-Test Ratio = 62,400 /27,000
Acid-Test Ratio = 2.31 to 1
Answer to Part 3.
Days Collected Sales = Current Receivable / Net Sales * 365
Current Receivable = $32,200 + $5,000 = $37,200
Days Collected Sales = 37,200 / 453,600 * 100
Days Collected Sales = 29.93 days
Answer to Part 4.
Inventory Turnover Ratio = Cost of goods sold / Average Inventory
Average Inventory = (38,150 + 53,900) / 2
Average Inventory = $46,025
Inventory Turnover Ratio = 296,850 / 46,025
Inventory Turnover Ratio = 6.45 times
Answer to Part 5.
Days’ Sales in Inventory = Average Inventory / Cost of Goods Sol.
9706_w17_qp_21.pdf
This document consists of an accounting case study with multiple questions testing various accounting concepts and calculations. It includes:
1. Preparing an inventory valuation statement and income statement for a sole proprietor.
2. Calculating depreciation and the effect on profit of asset transactions for a limited company.
3. Explaining differences between share types and issues, and recording share capital transactions.
4. Calculating overhead absorption rates and product costs using a batch costing system.
5. Preparing quotes, calculating break-even, and advising on factory closure for a manufacturing business.
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
FIB - 1Question 1 (9 points)Question 1 UnsavedFor the FY 2.docx
FIB - 1
Question 1 (9 points)
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For the FY 2016, Alpha Company's balance sheet included the following current items: cash $40,000, accounts receivable $160,000, inventories $100,000, prepaid expenses $20,000, accounts payable $90,000, and accrued expenses $70,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
2. Working Capital
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For the FY 2016, Alpha Company had net sales of $950,000 and net income of $65,000, paid income taxes of $30,000, and had before tax interest expense of $15,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.)
1. Times Interest Earned Ratio
2. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
25,000
16,000
Net Sales (all credit)
80,000
71,000
Cost of Goods Sold
49,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
20,000
16,000
Net Sales (all credit)
72,000
71,000
Cost of Goods Sold
54,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the accounts receivable turnover ratio
2. average collection period accounts receivable
3. Gross Profit Margin
4. Profit Margin
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Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $300,000. The accounts receivable turnover for 2016 was 5.5. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
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The following financial information is for Alpha Corporat ...
Fo r t h e F i s c a l Ye a r e n d e d S e p te m b e r .docx
This document is the City of Austin's Comprehensive Annual Financial Report for the fiscal year ended September 30, 2017. It includes introductory information, the independent auditor's report, financial statements, notes to the financial statements, and various supplementary schedules. The financial statements present the City's financial position and results of operations for the fiscal year.
Fo r t h e F i s c a l Ye a r e n d e d S e p te m b e r .docx
Fo r t h e F i s c a l Ye a r e n d e d S e p te m b e r 3 0, 2 0 1 7
C i t y o f Au st i n , Texa s
Co m p re h e n s i ve A n n u a l F i n a n c i a l Re p o r t
F ro n t cove r p h o to g ra p hy p rov i d e d by S h u t te r sto c k .co m a n d p u rc h a s e d by t h e C i t y o f Au st i n
A b ove p h o to g ra p hy p rov i d e d by S h u t te r sto c k .co m a n d p u rc h a s e d by t h e C i t y o f Au st i n
Comprehensive
Annual
Financial
Report
City of Austin,
Texas
For the year ended
September 30, 2017
Prepared by:
Controller’s Office
Elaine Hart, CPA
Chief Financial Officer
Greg Canally
Deputy Chief Financial Officer
Diana Thomas, CPA
Controller
Members of the Government Finance Officers Association
of the United States and Canada
City Council
Steve Adler
Mayor
Term expires January 2019
Kathie Tovo
Mayor Pro Tem (District 9)
Term expires January 2019
Council Members District Term expiration
Ora Houston 1 January 2019
Delia Garza 2 January 2021
Sabino “Pio” Renteria 3 January 2019
Gregorio “Greg” Casar 4 January 2021
Ann Kitchen 5 January 2019
Jimmy Flannigan 6 January 2021
Leslie Pool 7 January 2021
Ellen Troxclair 8 January 2019
Alison Alter 10 January 2021
Spencer Cronk
City Manager
Exhibit Page
Letter of Transmittal -- i
City Organization Chart -- xi
Certificate of Achievement -- xii
Independent Auditors' Report -- 1
Management's Discussion and Analysis (Unaudited) -- 4
Basic Financial Statements
Government-wide Financial Statements:
Statement of Net Position A-1 18
Statement of Activities A-2 20
Fund Financial Statements:
Governmental Funds Balance Sheet B-1 22
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position B-1.1 23
Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances B-2 24
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and
Changes in Fund Balances to the Statement of Activities B-2.1 25
Proprietary Funds Statement of Net Position C-1 26
Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position C-2 32
Proprietary Funds Statement of Cash Flows C-3 34
Fiduciary Funds Statement of Fiduciary Net Position D-1 40
Fiduciary Funds Statement of Changes in Fiduciary Net Position D-2 41
Notes to Basic Financial Statements:
Note 1 Summary of Significant Accounting Policies -- 42
Note 2 Pooled Investments and Cash -- 55
Note 3 Investments and Deposits -- 56
Note 4 Property Taxes -- 61
Note 5 Capital Assets and Infrastructure -- 62
Note 6 Debt and Non-Debt Liabilities -- 70
Note 7 Retirement Plans -- 89
Note 8 Other Postemployment Benefits -- 96
Note 9 Derivative Instruments -- 98
Note 10 Deficits in Fund Balances and Net Position -- 103
Note 11 Interfund Balances and Transfers -- 104
Note 12 Selected Revenues -- 105
Note 13 Tax Abatements -.
1—Balance sheet computations.(Balance Sheet) Presented below i.docx
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1—Balance sheet computations.(Balance Sheet) Presented b.docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
Solution manual for College Accounting A Practical Approach 14th Edition by J...
Solution manual for College Accounting A Practical Approach 14th Edition by Jeffrey Slater
Full download contact u84757@protonmail.com or https://qidiantiku.com/solution-manual-for-college-accounting-a-practical-approach-14th-edition-by-jeffrey-slater.shtml
GRADE CONTROLLED TEST
This document provides information for a grade 10 accounting test, including:
- Three compulsory questions on concepts, financial statements, and notes to financial statements.
- A pre-adjustment trial balance and additional information for Zozo Traders to prepare an income statement.
- Extracts from a post-closing trial balance and additional information to prepare notes to the financial statements for Nicol Traders.
Discuss three (3) ways that large organizations are increasingly eng.docx
Discuss three (3) ways that large organizations are increasingly engaging in social entrepreneurship and the importance of stakeholder relationships in this effort.
Describe the concept of ‘Third Sector’ innovation and reflect on the motive of non-profit entrepreneurial organizations to service these social needs. Next explain how the concept of uneven global distribution of innovation influences this sector. Provide examples to support your rationale.
I am adding a web link for you to review, here are a few web links on Social Entrepreneurship
1. From Forbes.com here is a list of several young social entrepreneurs.
http://www.forbes.com/special-report/2012/30-under-30/30-under-30_social.html
2.
From Stanford University:
Social Entrepreneurship: the case for Definition.
http://ssir.org/articles/entry/social_entrepreneurship_the_case_for_definition
.
Discuss this week’s objectives with your team sharing related rese.docx
Discuss
this week’s objectives with your team sharing related research, connections and applications made by individual team members.
Prepare
a 350- to 1,050- word Reflection from the learning that took place in your team forum with:
·
An introduction
·
A body that uses the objectives as headings (2.1, 2.2, 2.3, & 2.4 spelled out). After commenting on or defining the objectives (no names) include a couple of individual team member’s specific connections and/or applications by name.
·
A conclusion that highlights a few specifics from the body of the Reflection.
·
A reference page that lists the e-text plus at least two other sources.
.
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· What is a negative externality? Construct a graph for the market for Steel showing the market price and quantity when the firms are dumping their industrial waste in the local waterways. What is the motivation for firms to pollute the local waterways?
· Explain how third parties are adversely affected from the pollution and how the negative externality can be internalized. Draw into the graph the appropriate shift of the supply curve which will remedy the negative externality and bring about the socially optimal level of output.
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1
Financial Statement Preparation Guidance Instructions
Financial Statement Entry Matrix (BUSN 5000)
The Financial Statement Entry Matrix below was developed in 2011 by Eddie Schwertz,
BUSN 5000 Course Lead for Webster University, to assist the online students with the
preparation of financial statements required for the Business Plan Term Project. It should be
used in conjunction with the Sample Business Plan B: Retail Business located in the Class
Resources area of the BUSN 5000 Online course and the Income Statement, Cash Flow
Statement, and Balance Sheet financial statements that follow the matrix on pages 3 to 5 of
this Word document file.
It is not possible to prepare instructions that answer all potential questions. However, an
attempt has been made to provide you with the situations you will likely most often
encounter during the preparation of the business plan for this course. It is recommended that
you print a copy of this help file for preparing the financial statements and a copy of the
Sample Business Plan B: Retail Business for reference as you use this matrix.
The Financial Statement Entry Matrix consists of four columns. The first column
identifies the financial statement item that appears on the three financial statements. In front
of each item is a bold upper-case letter. The purpose of the bold, highlighted capital letter
(e.g., A, B, C) is to assist you in locating the specific item on the financial statements and to
identify the relationships that exist between the item and the financial statements.
Note: While preparing financial statements, please remember in accounting that any
number shown in parentheses is a negative value. We recommend that you use
parentheses for negative numbers to emphasize that the number shown is a negative value.
Students should also round all figures to the nearest dollar.
2
Financial Statement Entry Matrix (BUSN 5000)
Financial Statement Item Income Statement Cash Flow Statement Balance Sheet
A. Net Sales Revenue Operating Activiti ...
Instructor’s solutions manual for College Accounting A Practical Approach, Ca...
Instructor’s solutions manual for College Accounting: A Practical Approach, Canadian 14th edition by Jeffrey Slater
Full download contact u84757@protonmail.com or https://qidiantiku.com/instructors-solutions-manual-for-college-accounting-a-practical-approach-canadian-14th-edition-by-jeffrey-slater.shtml
EXERCISE 2-15Aa. Life, Inc.Effect of Events on the Accounti.docx
EXERCISE 2-15A
a.
Life, Inc.
Effect of Events on the Accounting Equation
Assets
=
Stockholders’ Equity
Event
Cash
Prepaid Rent
=
Retained Earnings
1. Performed Services
2. Prepaid Rent
3. Used Rent
Totals
=
*
b.
Life, Inc.
Income Statement
For the Year Ended December 31, 2016
Revenue
Expense
Net Income
Life, Inc.
Balance Sheet
As of December 31, 2016
Assets
Cash
Prepaid Rent
Total Assets
Liabilities
Stockholders’ Equity
Retained Earnings
Total Stockholders’ Equity
Total Liab. and Stockholders’ Equity
EXERCISE 2-15A b. (cont.)
Life, Inc.
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash Flows From Operating Activities:
Cash Receipt from Revenue
Cash Payment for Rent
Net Cash Flow from Operating Activities
Cash Flows From Investing Activities
Cash Flows From Financing Activities:
Net Change in Cash
Plus: Beginning Cash Balance
Ending Cash Balance
c.
EXERCISE 2-19A
Hart Attorney At Law
Effect of Transactions on the Financial Statements for 2016
Balance Sheet
Income Statement
Statement of
Assets
=
Liabilities
+
S. Equity
Rev
Exp.
=
Net Inc.
Cash Flows
No.
Cash
+
Supplies
=
Accts. Payable
+
Unearn. Rev.
+
Retained
Earnings
1.
+
=
+
+
=
2.
+
=
+
+
=
3.
+
=
+
+
=
4.
+
=
+
+
=
5.
+
=
+
+
=
6.
+
=
+
+
=
7.
+
=
+
+
=
8.
+
=
+
+
=
Totals
51,600
+
200
=
400
+
9,000
+
42,400
81,000
33,600
=
47,400
51,600 NC
EXERCISE 2-27A
Net Income
Cash Flow from
Operating Activities
Event/Adj.
Direction of Change
Amount of Change
Direction of Change
Amount of Change
a. Event
Adj.
b. Event
Adj.
b. Event
No adj.
d. Event
Adj.
e. Event
No adj.
f. Event
No adj.
f. Event
No adj.
g. Event
No adj.
h. Event
No adj.
EXERCISE 2-29A
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
EXERCISE 2-30A
a.
b.
c.
d.
e.
...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx
1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,600
$
352,000
$
352,000
a-1.
Prepare an income statement for the year ended December 31, 2015.
a-2.
Prepare a statement of retained earnings for the year ended December 31, 2015.
a-3.
Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)
b.
Does the company appear to be liquid?
No
Yes
c.
Has the company been profitable in the past?
No
Yes
2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,200
$
352,000
$
352,000
a.
Prepare all necessary closing entries at December 31, 2015.
1. Record the entry to close Lawn Care Revenue earned to income summary
2. REcord the entry to close all expense accounts to income summary
3. Record the entry to transfer net income earned in 2015 to retained earnings account
4. Record the entry to close dividends declared in 2015 to retained earnings account.
Prepare an after-closing trial balance dated December 31, 2015.
· Record the entry to close all expense accounts to income summary.
· Record the entry to close all expense accounts to income summary.
3) Cat Fancy, Inc., has provided the following information from its most current financial statements:
Total revenue
$
125,000
Total expenses
80,000
Total current assets
32,000
Total current liabilities
8,000
Total stockholders' equity, January 1, 2015
74,000
Total stockholders' equity, December 31, 2015
76,000
Compute the company’s net income per ...
Exercise 1-5Suppose the following information was taken from the.docx
Exercise 1-5
Suppose the following information was taken from the 2017 financial statements of pharmaceutical giant Bramble Corp. (All dollar amounts are in millions.)
Retained earnings, January 1, 2017
$46,836.3
Cost of goods sold
9,460.6
Selling and administrative expenses
8,592.7
Dividends
3,387.0
Sales revenue
38,203.8
Research and development expense
5,960.5
Income tax expense
2,691.2
After analyzing the data, prepare an income statement for the year ending December 31, 2017. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Income Statement
(in millions)
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2017. (List items that increase retained earnings first. Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Retained Earnings Statement
(in millions)
$
:
:
$
Exercise 1-11
Wildhorse Co. is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2017 income statement and balance sheet. (All dollars are in millions.)
Retained earnings
$4,800
Cost of goods sold
6,860
Selling and administrative expenses
3,640
Cash
340
Notes payable
40
Interest expense
340
Bonds payable
4,700
Inventory
740
Sales revenue
12,400
Accounts payable
1,070
Common stock
140
Income tax expense
430
In each case, identify whether the item is an asset, liability, stockholders’ equity, revenue, or expense.
Retained earnings
Cost of goods sold
Selling and administrative expenses
Cash
Notes payable
Interest expense
Bonds payable
Inventory
Sales revenue
Accounts payable
Common stock
Income tax expense
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare an income statement for Wildhorse Co. for the year ended December 31, 2017. (Enter amounts in millions, e.g. 45.)
Wildhorse Co.
Income Statement
(in millions)
$
$
$
Exercise 1-14
Wayne Holtz is the bookkeeper for Windsor, Inc.. Wayne has been trying to get the balance sheet of Windsor, Inc. to balance. It finally balanced, but now he’s not sure it is correct.
Windsor, Inc.
Balance Sheet
December 31, 2017
Assets
Liabilities and Stockholders’ Equity
Cash
$12,400
Accounts payable
$10,400
Supplies
15,100
Accounts receivable
(17,600
)
Equipment
34,400
Common stock
45,600
Dividends
13,600
Retained earnings
37,100
Total assets
$75,500
Total liabilities and stockholders’ equity
$75,500
Prepare a correct balance sheet. (List assets in order of liquidity.)
Windsor, Inc.
Balance Sheet
Assets
$
$
Liabilities and Stockholders' Equity
$
$
$
Exerc ...
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
Introductory Financial Accounting for Business 1st Edition Edmonds Solutions ...
Full download : https://goo.gl/pGctpg Introductory Financial Accounting for Business 1st Edition Edmonds Solutions Manual
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Financial accounting basics ppt @ bec-doms
The document discusses the accounting cycle process which involves analyzing transactions, recording journal entries, preparing adjusting entries, and generating financial statements on a monthly, quarterly, or annual basis. It provides an example for ABC Company for the month of January, showing the steps of preparing journal entries, a trial balance, income statement, retained earnings statement, and closing revenue and expense accounts. It also discusses how to prepare a post-closing trial balance, balance sheet, and statement of cash flows to complete the accounting cycle.
I apologize this 1 question has numerous parts. I didnt want to s.pdf
I apologize: this 1 question has numerous parts. I didn\'t want to split it up in to separate
questions and confuse others. Selected year-end financial statements of Cabot Corporation
follow. (All sales were on credit; selected balanoe sheet amounts at December 31, 2014, were
inventory, S53,900; total assets, $199,400; common stock, 588,000; and retained earnings,
344,392.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015
Sales Cost of goods sold S453,600 298,850 Gross profit Operating expenses Interest expense
158,750 98,800 4,600 Income before taxes Income taxes 53,350 21,492 Net income S 31,858
CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term
investments Accounts receivable, net Notes receivable (trade) S 18,000 9,200 32,200 000 38,150
2,800 151,300 Liabilities and Equity Accounts payable Accrued Income taxes payable Long-
term note payable, secured S 17,500 4,800 4,700 wages payable 5, Prepaid expenses Plant assets,
net by mortgage on plant assets Common stod Retained earnings 83,400 88,000 76,250 Total
assets S254,650 Total liabilities and equity S254,650 These are short-term notes receivable
arising from customer (trade) sales. Required: Compute the following: (1) current ratio, (2) acid-
test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days\' sales in inventory, (8)
debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10)
return on total assets, and (11) return on common stockholders\' equity Do not round
intermediate calculations.) Choose Numerator: | Choose Denominator: | = Current Ratio Current
ratio 2015 to 1
Solution
Answer to Part 1.
Current Ratio = Current Assets / Current Liabilities
Current Assets = Cash + Short Term Investments + Accounts Receivable, net + Notes
Receivable (Trade) + Merchandise Inventory + Prepaid Expenses
Current Assets = $16,000 + $9,200 + $32,200 + $5,000 + $38,150 + $2,800
Current Assets = $103,350
Current Liabilities = Accounts Payable + Accrued Wages Payable + Income Taxes Payable
Current Liabilities = $17,500 + $4,800 + $4,700
Current Liabilities = $27,000
Current Ratio = 103,350 / 27,000
Current Ratio = 3.83 to 1
Answer to Part 2.
Acid-Test Ratio = Quick Assets / Current Liabilities
Quick Assets = Current Assets – Merchandise Inventory – Prepaid Expenses
Quick Assets = $103,350 - $38,150 - $2,800
Quick Assets = $62,400
Acid-Test Ratio = 62,400 /27,000
Acid-Test Ratio = 2.31 to 1
Answer to Part 3.
Days Collected Sales = Current Receivable / Net Sales * 365
Current Receivable = $32,200 + $5,000 = $37,200
Days Collected Sales = 37,200 / 453,600 * 100
Days Collected Sales = 29.93 days
Answer to Part 4.
Inventory Turnover Ratio = Cost of goods sold / Average Inventory
Average Inventory = (38,150 + 53,900) / 2
Average Inventory = $46,025
Inventory Turnover Ratio = 296,850 / 46,025
Inventory Turnover Ratio = 6.45 times
Answer to Part 5.
Days’ Sales in Inventory = Average Inventory / Cost of Goods Sol.
9706_w17_qp_21.pdf
This document consists of an accounting case study with multiple questions testing various accounting concepts and calculations. It includes:
1. Preparing an inventory valuation statement and income statement for a sole proprietor.
2. Calculating depreciation and the effect on profit of asset transactions for a limited company.
3. Explaining differences between share types and issues, and recording share capital transactions.
4. Calculating overhead absorption rates and product costs using a batch costing system.
5. Preparing quotes, calculating break-even, and advising on factory closure for a manufacturing business.
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
FIB - 1Question 1 (9 points)Question 1 UnsavedFor the FY 2.docx
FIB - 1
Question 1 (9 points)
Question 1 Unsaved
For the FY 2016, Alpha Company's balance sheet included the following current items: cash $40,000, accounts receivable $160,000, inventories $100,000, prepaid expenses $20,000, accounts payable $90,000, and accrued expenses $70,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
2. Working Capital
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Question 2 (6 points)
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For the FY 2016, Alpha Company had net sales of $950,000 and net income of $65,000, paid income taxes of $30,000, and had before tax interest expense of $15,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.)
1. Times Interest Earned Ratio
2. Profit Margin
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Question 3 (8 points)
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
25,000
16,000
Net Sales (all credit)
80,000
71,000
Cost of Goods Sold
49,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
20,000
16,000
Net Sales (all credit)
72,000
71,000
Cost of Goods Sold
54,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the accounts receivable turnover ratio
2. average collection period accounts receivable
3. Gross Profit Margin
4. Profit Margin
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Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $300,000. The accounts receivable turnover for 2016 was 5.5. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
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The following financial information is for Alpha Corporat ...
Fo r t h e F i s c a l Ye a r e n d e d S e p te m b e r .docx
This document is the City of Austin's Comprehensive Annual Financial Report for the fiscal year ended September 30, 2017. It includes introductory information, the independent auditor's report, financial statements, notes to the financial statements, and various supplementary schedules. The financial statements present the City's financial position and results of operations for the fiscal year.
Fo r t h e F i s c a l Ye a r e n d e d S e p te m b e r .docx
Fo r t h e F i s c a l Ye a r e n d e d S e p te m b e r 3 0, 2 0 1 7
C i t y o f Au st i n , Texa s
Co m p re h e n s i ve A n n u a l F i n a n c i a l Re p o r t
F ro n t cove r p h o to g ra p hy p rov i d e d by S h u t te r sto c k .co m a n d p u rc h a s e d by t h e C i t y o f Au st i n
A b ove p h o to g ra p hy p rov i d e d by S h u t te r sto c k .co m a n d p u rc h a s e d by t h e C i t y o f Au st i n
Comprehensive
Annual
Financial
Report
City of Austin,
Texas
For the year ended
September 30, 2017
Prepared by:
Controller’s Office
Elaine Hart, CPA
Chief Financial Officer
Greg Canally
Deputy Chief Financial Officer
Diana Thomas, CPA
Controller
Members of the Government Finance Officers Association
of the United States and Canada
City Council
Steve Adler
Mayor
Term expires January 2019
Kathie Tovo
Mayor Pro Tem (District 9)
Term expires January 2019
Council Members District Term expiration
Ora Houston 1 January 2019
Delia Garza 2 January 2021
Sabino “Pio” Renteria 3 January 2019
Gregorio “Greg” Casar 4 January 2021
Ann Kitchen 5 January 2019
Jimmy Flannigan 6 January 2021
Leslie Pool 7 January 2021
Ellen Troxclair 8 January 2019
Alison Alter 10 January 2021
Spencer Cronk
City Manager
Exhibit Page
Letter of Transmittal -- i
City Organization Chart -- xi
Certificate of Achievement -- xii
Independent Auditors' Report -- 1
Management's Discussion and Analysis (Unaudited) -- 4
Basic Financial Statements
Government-wide Financial Statements:
Statement of Net Position A-1 18
Statement of Activities A-2 20
Fund Financial Statements:
Governmental Funds Balance Sheet B-1 22
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position B-1.1 23
Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances B-2 24
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and
Changes in Fund Balances to the Statement of Activities B-2.1 25
Proprietary Funds Statement of Net Position C-1 26
Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position C-2 32
Proprietary Funds Statement of Cash Flows C-3 34
Fiduciary Funds Statement of Fiduciary Net Position D-1 40
Fiduciary Funds Statement of Changes in Fiduciary Net Position D-2 41
Notes to Basic Financial Statements:
Note 1 Summary of Significant Accounting Policies -- 42
Note 2 Pooled Investments and Cash -- 55
Note 3 Investments and Deposits -- 56
Note 4 Property Taxes -- 61
Note 5 Capital Assets and Infrastructure -- 62
Note 6 Debt and Non-Debt Liabilities -- 70
Note 7 Retirement Plans -- 89
Note 8 Other Postemployment Benefits -- 96
Note 9 Derivative Instruments -- 98
Note 10 Deficits in Fund Balances and Net Position -- 103
Note 11 Interfund Balances and Transfers -- 104
Note 12 Selected Revenues -- 105
Note 13 Tax Abatements -.
1—Balance sheet computations.(Balance Sheet) Presented below i.docx
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1—Balance sheet computations.(Balance Sheet) Presented b.docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
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- 2. 2. 3a.
- 3. 3b. 4. 5.
- 4. 6. 7.
- 5. 8. 9. 10.
- 6. EXERCISE 9-8A (cont.) b. Ozark Sales General Journal for 2016 Event Account Title Debit Credit
- 7. 1. Cash Common Stock 2. Merchandise Inventory Accounts Payable 3a. Cash Sales Revenue Sales Tax Payable
- 8. 3b. Cost of Goods Sold Merchandise Inventory 4. Warranty Expense Warranties Payable 5. Sales Tax Payable Cash
- 9. 6. Cash Notes Payable 7. Warranty Payable Cash 8. Operating Expense Cash
- 10. 9. Accounts Payable Cash 10. Interest Expense1 Interest Payable EXERCISE 9-8A b. (cont.) Ozark Sales T-Accounts for 2016
- 11. Assets = Liabilities + Stockholder’s Equity Cash Accounts Payable Common Stock 1. 5. 9. 2. 1. 3a. 7. Bal. Bal. 6. 8.
- 12. 9. Sales Tax Payable Sales Revenue Bal. 284,600 5. 3a. 3a. 510,000 Bal. Bal. 510,000 Merchandise Inventory 2. 3b. Warranties Payable
- 13. Cost of Goods Sold Bal. 7. 4. 3b. Bal. 4,000 Bal. 330,000 Interest Payable Operating Expenses
- 14. 10. 8. Bal. 667 Bal. 78,000 Notes Payable Warranty Expense 6. 4.
- 15. Bal. 50,000 Bal. 10,200 Interest Expense 10. Bal. 667
- 16. EXERCISE 9-8A (cont.) c. Ozark Sales Income Statement For the Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Margin
- 17. Expenses Operating Expenses $78,000 Warranty Expense 10,200 Total Operating Expenses Operating Income
- 18. Interest Expense Net Income EXERCISE 9-8A c. (cont.) Ozark Sales Balance Sheet As of December 31, 2016
- 19. Assets Cash Merchandise Inventory Total Assets Liabilities Accounts Payable Sales Tax Payable
- 20. Warranties Payable Interest Payable Notes Payable Total Liabilities Stockholders’ Equity Common Stock
- 21. Retained Earnings Total Stockholders’ Equity 141,133 Total Liabilities and Stockholders’ Equity $334,600 EXERCISE 9-8A c. (cont.) Ozark Sales Statement of Cash Flows For the Year Ended December 31, 2016
- 22. Cash Flows From Operating Activities: Inflow from Customers Inflow from Sales Tax Outflow to Purchase Inventory Outflow for Expenses1 Outflow for Sales Tax Net Cash Flow from Operating Activities
- 23. Cash Flows From Investing Activities -0- Cash Flows From Financing Activities: Inflow from Stock Issue Inflow from Loan Net Cash Flow from Financing Activities
- 24. Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance d. Current Liabilities: Accounts Payable $ Sales Tax Payable Warranty Payable Interest Payable Notes Payable Total Current Liabilities $
- 25. EXERCISE 9-10A a. Clay - March Gross Earnings Deductions: Federal Income Tax ($3,600 x %) FICA Tax - SS ($3,600 x %) FICA Tax - Medicare ($3,600 x %) Total Deductions Net Pay Philip – March Gross Earnings
- 26. Deductions: Federal Income Tax ($x %) FICA Tax - SS ($x %) FICA Tax - Medicare ($ x %) Total Deductions Net Pay EXERCISE 9-10A b. Clay - December Gross Earnings Deductions: Federal Income Tax
- 27. FICA Tax - SS FICA Tax - Medicare Total Deductions Net Pay Philip – December Gross Earnings Deductions: Federal Income Tax FICA Tax - Medicare Total Deductions Net Pay
- 28. c. d. Amount appearing on W-2 for 2016 Clay Box 1 Wages, tips, and other compensation Box 2 Federal income tax withheld Box 3 Social Security wages Box 4 Social Security tax withheld Box 5 Medicare wages and tips Box 6 Medicare tax withheld EXERCISE 9-10A d. (cont.)
- 29. Amount appearing on W-2 for 2017 Philip Box 1 Wages, tips, and other compensation Box 2 Federal income tax withheld Box 3 Social Security wages Box 4 Social Security tax withheld Box 5 Medicare wages and tips Box 6 Medicare tax withheld
- 30. EXERCISE 10-4A a. Effect of Transactions on Financial Statements Balance Sheet Income Statement Statement of No.
- 31. Assets = Liab. + S. Equity Rev. Exp. = Net Inc. Cash Flow 1. 2.
- 32. b. (1) Revenue
- 33. Expenses Operating Expenses Interest Expense Total Expenses Net Income $ 5,000
- 34. (2) Cash Flows From Operating Activities: Inflow from Customers Outflow for Expenses Net Cash Flow from Operating Activities (3) Cash Flows From Financing Activities: Inflow from Issue of Note Outflow to Repay Note Net Cash Flow from Financing Activities c. EXERCISE 10-5A
- 35. Month Amount Borrowed (Repaid) Balance End of Month Interest Rate Interest Expense January .06/12 February .065/12 March .06/12 Date Account Titles Debit Credit
- 36. 2016 Jan. 1 Cash Line of Credit Payable Jan. 31 Interest Expense Cash Feb. 1 Cash
- 37. Line of Credit Payable Feb. 28 Interest Expense Cash March 1 Line of Credit Payable Cash March 31 Interest Expense
- 38. Cash EXERCISE 10-6A a. Doyle Company General Journal Date Account Titles Debit Credit 2016 Jan. 1 Cash
- 39. Bonds Payable Jan. 1 Land Cash Dec. 31 Cash Lease Revenue Dec. 31 Interest Expense ($500,000 x 7%)
- 40. Cash Dec. 31 Lease Revenue Interest Expense Retained Earnings 2017 Dec. 31 Cash Lease Revenue
- 41. Dec. 31 Interest Expense Cash Dec. 31 Lease Revenue Interest Expense Retained Earnings EXERCISE 10-6A a. (cont.)
- 42. Doyle Company Assets = Liabilities + Stockholders’ Equity Cash Bonds Payable Retained Earnings 2016 2016 2016 1/1 1/1 1/1
- 47. 12/31 cl Bal. -0- 10-23 EXERCISE 10-6A b. (cont.) Doyle Company Financial Statements 2016 2017 Income Statements for the Year Ended Decebmer 31
- 49. Net Income $ 90,000 $ 90,000 Balance Sheets as of December 31 Assets Cash Land
- 51. Stockholders’ Equity Common Stock Retained Earnings Total Stockholders’ Equity Total Liab. and Stockholders’ Equity
- 52. $590,000 $680,000 Statements of Cash Flows for the Year Ended December 31 Cash Flows From Operating Activities: Receipts from Revenue Paid for Interest
- 53. Net Cash Flow from Operating Act. Cash Flows From Investing Activities: Paid to Purchase Land
- 54. Cash Flows From Financing Activities: Proceeds from Bond Issue Net Change in Cash Plus: Beginning Cash Balance
- 55. Ending Cash Balance EXERCISE 10-7A Bell Corp. General Journal Date Account Titles Debit Credit 2016
- 56. Jan.1 Cash Bonds Payable Dec. 31 Interest Expense* Cash 2017 Dec. 31 Interest Expense
- 57. Cash EXERCISE 10-8A Nivan Co. Date Account Titles Debit Credit 2016 Jan. 1 Cash Bonds Payable
- 58. 2020 Dec. 31 Loss on Bond Redemption Bonds Payable Cash EXERCISE 10-19A a. Face Value −
- 59. Bond Price = Discount b. Carrying Value x Effective Rate = Interest Expense c. Compute the Ending Balance in the Discount Account Face Value x Stated Rate = Cash Payment Interest Expense − Cash Payment = Amortization
- 60. Beginning Discount − Amortization = Ending Discount Bond Carrying Value as of December 31, 2016 Bond Payable (Face Value) Discount on Bonds Payable Carrying Value d. Account Titles Debit Credit Interest Expense Bond Discount
- 61. Cash EXERCISE 10-20A a. Date Cash Payment Interest Expense Discount Amortization Carrying Value January 1, 2016 76,888 December 31, 2016 December 31, 2017 December 31, 2018
- 62. December 31, 2019 December 31, 2020 Totals 32,000 35,112 3,112 b. Bond liability $ Less: Bond discount Carrying value $ c. d. EXERCISE 10-25A a.
- 63. Current Total Current Total Situation Assets Assets LiabilitiesLiabilities Currently Using bonds Using stock If Bonds If Stock CurrentlyAre IssuedIs Issued Current ratio Debt to assets ratio (1) (2) (3) (4) (5) b. Bonds Stock EBIT Interest expense Pretax earnings Tax expense (40%) (21,600) (24,000) Net earnings Dividends Additional retained earnings $ $