Consider the following Assets Current assets Cash Accounts receiva.pdf
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Consider the following: Assets Current assets: Cash Accounts receivable Merch. inventory Supplies Prepaid insurance Total current assets Equipment: Furniture and fixtures $21,000 (6,000) Less accum. depr. Total equipment Total assets $13,125 18,450 55,950 2,250 1,575 Additional information: Santos Tier I Center Balance Sheet December 31, 20-- Liabilities Current liabilities: Accounts payable Sales tax payable Wages payable Total current liab. Noncurrent liab.: $91,350 Mortgage payable Total liabilities Stockholders' Equity Common stock 15,000 Retained earnings $106,350 Total liabilities and stockholders' equity Total stockholders' equity, January 1, 20-- $71,250 $10,500 825 300 $ 11,625 13,650 $ 25,275 40,000 41,075 $106,350 Consider the following: Additional Information: Total stockholders' equity, January 1,20=$71,250.
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The Balance Sheets of the General Fund and the Street and Highway Fu.pdf
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe
as of December 31, 2014, follow. These (beginning) balances have been entered in the proper
general ledger accounts, as of 1/1/2015.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
3–C - This portion of the continuous problem continues the General Fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical
effort required for the solution use control accounts for the budgetary accounts, revenues,
expenditures and encumbrances. Subsidiary accounts are not required. Budget information for
the City includes:
a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for
$11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures,
and $1,700,000 to be transferred to two debt service funds for the payment of principal and
interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the
Street and Highway Fund that provided for estimated revenues from the state government in the
amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the
ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2015. Make any computations to
the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues,
expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-
established.
(2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of
the 2014 levy that was expected to be collected more than 60 days after December 31. This
amount should be recognized as 2015 revenues..
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
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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 ...
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
Final Exam Take Home Problem (20 points)Based on the information p.docx
Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
Comparative Balance Sheet
For the Year Ended December 31, 2012
2012
2011
Assets
Cash
140,000
160,000
Accounts Receivables
400,000
380,000
Inventory
480,000
420,000
Fixed Assets (net of accumulated Depreciation)
1,860,000
1,720,000
Less: Accumulated Depreciation
(1,000,000)
(900,000)
Total
1,880,000
1,780,000
Liabilities & Owner’s Equity
Accounts Payable
240,000
260,000
Accrued expense
120,000
100,000
Bonds Payable
780,000
720,000
Capital Stock
420,000
420,000
Retained Earnings
320,000
280,000
Total
1,880,000
1,780,000
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.
.
How much is that doggy in the window the cost of holding dead inventory
This session by Tom Shay illustrates the cost of a small business holding onto inventory that is not selling. By selling this inventory, even at cost or below, and putting that money into inventory that is selling will increase the gross sales, profitability, and return on investment.
Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the follo.docx
Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the following information to answer the questions below: note: all sales are credit salesIncome Stmt info:20142015Sales $ 1,000,000$ 1,050,000less Cost of Goods Sold:400,000424,000Gross Profit600,000626,000Operating Expenses350,000365,750Earnings before Interest & Taxes250,000260,250Interest exp25,00025,500earnings before Taxes225,000234,750Taxes90,00093,900Net Income$ 135,000$ 140,850Balance Sheet info:12/31/1412/31/15Cash25,000$ 30,000Accounts Receivable50,000$ 51,000Inventory125,000$ 137,500Total Current Assets$ 200,000$ 218,500Fixed Assets (Net)$ 300,000$ 315,000Total Assets$ 500,000$ 533,500Current Liabilities$ 110,000$ 117,700Long Term Liabilities$ 180,000$ 183,000Total Liabilities$ 290,000$ 300,700Stockholder's Equity$ 210,000$ 232,800Total Liab & Equity:$ 500,000$ 533,500Compute each of the following ratios for 2014 and 2015 and indicate whether each ratio was getting "better" or "worse" from 2014 to 2015 and was "good" or "bad" compared to the Industry Avg in 2015 (round all numbers to 2 digits past the decimal place)20142015Getting Better or Getting Worse?2015 Industry Avg "Good" or "Bad" compared to Industry AvgProfit Margin0.11Current Ratio1.90Quick Ratio0.66Return on Assets.28Debt to Assets.50Receivables turnover18.00Avg. collection period*21.20Inventory Turnover**8.25Return on Equity0.55Times Interest Earned11.15*Assume a 360 day year**Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use)
Sheet2
Sheet3
BUSI 320 Comprehensive Problem 1
Use the following information to answer the questions below:
note: all sales are credit sales
Income Stmt info:
2013
2014
Sales
$ 1,050,000
$ 1,128,750
less Cost of Goods Sold:
325,000
346,125
Gross Profit
725,000
782,625
Operating Expenses
575,000
609,500
Earnings before Interest & Taxes
150,000
173,125
Interest exp
25,000
29,000
earnings before Taxes
125,000
144,125
Taxes
50,000
57,650
Net Income
$ 75,000
$ 86,475
Balance Sheet info:
12/31/2013
12/31/2014
Cash
60,000
$ 66,000
Accounts Receivable
80,000
$ 83,200
Inventory
110,000
$ 119,900
Total Current Assets
$ 250,000
$ 269,100
Fixed Assets (Net)
$ 300,000
$ 318,000
Total Assets
$ 550,000
$ 587,100
Current Liabilities
$ 130,000
$ 136,500
Long Term Liabilities
$ 150,000
$ 170,000
Total.
Recommended
The Balance Sheets of the General Fund and the Street and Highway Fu.pdf
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe
as of December 31, 2014, follow. These (beginning) balances have been entered in the proper
general ledger accounts, as of 1/1/2015.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
3–C - This portion of the continuous problem continues the General Fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical
effort required for the solution use control accounts for the budgetary accounts, revenues,
expenditures and encumbrances. Subsidiary accounts are not required. Budget information for
the City includes:
a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for
$11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures,
and $1,700,000 to be transferred to two debt service funds for the payment of principal and
interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the
Street and Highway Fund that provided for estimated revenues from the state government in the
amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the
ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2015. Make any computations to
the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues,
expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-
established.
(2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of
the 2014 levy that was expected to be collected more than 60 days after December 31. This
amount should be recognized as 2015 revenues..
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 ...
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
Final Exam Take Home Problem (20 points)Based on the information p.docx
Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
Gulp-it-Down Coffee Co.
Comparative Balance Sheet
For the Year Ended December 31, 2012
2012
2011
Assets
Cash
140,000
160,000
Accounts Receivables
400,000
380,000
Inventory
480,000
420,000
Fixed Assets (net of accumulated Depreciation)
1,860,000
1,720,000
Less: Accumulated Depreciation
(1,000,000)
(900,000)
Total
1,880,000
1,780,000
Liabilities & Owner’s Equity
Accounts Payable
240,000
260,000
Accrued expense
120,000
100,000
Bonds Payable
780,000
720,000
Capital Stock
420,000
420,000
Retained Earnings
320,000
280,000
Total
1,880,000
1,780,000
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.
.
How much is that doggy in the window the cost of holding dead inventory
This session by Tom Shay illustrates the cost of a small business holding onto inventory that is not selling. By selling this inventory, even at cost or below, and putting that money into inventory that is selling will increase the gross sales, profitability, and return on investment.
Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the follo.docx
Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the following information to answer the questions below: note: all sales are credit salesIncome Stmt info:20142015Sales $ 1,000,000$ 1,050,000less Cost of Goods Sold:400,000424,000Gross Profit600,000626,000Operating Expenses350,000365,750Earnings before Interest & Taxes250,000260,250Interest exp25,00025,500earnings before Taxes225,000234,750Taxes90,00093,900Net Income$ 135,000$ 140,850Balance Sheet info:12/31/1412/31/15Cash25,000$ 30,000Accounts Receivable50,000$ 51,000Inventory125,000$ 137,500Total Current Assets$ 200,000$ 218,500Fixed Assets (Net)$ 300,000$ 315,000Total Assets$ 500,000$ 533,500Current Liabilities$ 110,000$ 117,700Long Term Liabilities$ 180,000$ 183,000Total Liabilities$ 290,000$ 300,700Stockholder's Equity$ 210,000$ 232,800Total Liab & Equity:$ 500,000$ 533,500Compute each of the following ratios for 2014 and 2015 and indicate whether each ratio was getting "better" or "worse" from 2014 to 2015 and was "good" or "bad" compared to the Industry Avg in 2015 (round all numbers to 2 digits past the decimal place)20142015Getting Better or Getting Worse?2015 Industry Avg "Good" or "Bad" compared to Industry AvgProfit Margin0.11Current Ratio1.90Quick Ratio0.66Return on Assets.28Debt to Assets.50Receivables turnover18.00Avg. collection period*21.20Inventory Turnover**8.25Return on Equity0.55Times Interest Earned11.15*Assume a 360 day year**Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use)
Sheet2
Sheet3
BUSI 320 Comprehensive Problem 1
Use the following information to answer the questions below:
note: all sales are credit sales
Income Stmt info:
2013
2014
Sales
$ 1,050,000
$ 1,128,750
less Cost of Goods Sold:
325,000
346,125
Gross Profit
725,000
782,625
Operating Expenses
575,000
609,500
Earnings before Interest & Taxes
150,000
173,125
Interest exp
25,000
29,000
earnings before Taxes
125,000
144,125
Taxes
50,000
57,650
Net Income
$ 75,000
$ 86,475
Balance Sheet info:
12/31/2013
12/31/2014
Cash
60,000
$ 66,000
Accounts Receivable
80,000
$ 83,200
Inventory
110,000
$ 119,900
Total Current Assets
$ 250,000
$ 269,100
Fixed Assets (Net)
$ 300,000
$ 318,000
Total Assets
$ 550,000
$ 587,100
Current Liabilities
$ 130,000
$ 136,500
Long Term Liabilities
$ 150,000
$ 170,000
Total.
Comparative financial statements for Bent Stew Enterprises are shown.pdf
Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
2014 2013
Assets
Current assets:
Cash $ 3,000 $ 800
Accounts receivable 8,500 6,000
Inventory 12,000 8,200
Prepaid expenses 1,400 900
Total current assets 24,900 15,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets $192,500 $186,200
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable $ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities 22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders equity:
Common stock 15,000 15,000
Additional paid-in capital 20,000 20,000
Retained earnings 14,700 8,000
Total stockholders equity 49,700 43,000
Total liabilities and stockholders equity $192,500 $186,200
Year Ended December 31
2014 2013
Sales $250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin 86,000 87,700
Operating expenses 64,000 54,000
Operating income 22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings $ 6,700 $ 20,660
Using horizontal analysis, how would you best describe the change in the companys operating
expenses from 2013 to 2014?.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx
Exercises
1. 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
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. 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?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.
5. 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
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.
a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.
7. 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 net-profit-margin ratio and the rates of re ...
The statements of financial position of Amapa Ltd. are presented bel.pdf
The statements of financial position of Amapa Ltd. are presented below:
Amapa Ltd.
Statements of Financial Position as at December 31
2021 2020
$ $ $
Non-current Assets
Property, plant & equipment, at cost 888,800 600,000
Less: Accumulated depreciation 138,800 36,000
750,000 564,000
Current Assets
Inventory 127,200 86,400
Trade receivables 102,000 56,400
Bank 2,400 26,400
231,600 169,200
TOTAL ASSETS 981,600 733,200
Equity
Ordinary share capital ($1 each) 788,400 582,000
Retained earnings 117,600 48,000
906,000 630,000
Non-current Liabilities
8% Loan notes - 24,000
Current Liabilities
Trade payables 45,600 56,400
Taxation 30,000 22,800
75,600 79,200
Total Liabilities and Equity 981,600 733,200
Additional information for year ended 2021 December 31:
(i) Net profit before tax amounted to $136,800.
(ii) Interest paid was $2,400.
(iii) Taxation paid was $22,800.
(iv) Dividends of $37,200 were paid.
(v) Depreciation for the year was $112,800.
(vi) Non-current assets which had cost $40,000 and had accumulated depreciation of $10,000
were sold at a profit of $7,200.
Required:
Prepare a statement of cash flows for Amapa Ltd. for the year ended 31 December 2021 in
accordance with IAS 7 Statement of Cash Flows, using the indirect method..
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
From Principles of Managerial Finance (14 ed)P4–6 Finding operati.pdf
From: Principles of Managerial Finance (14 ed)
P4–6 Finding operating and free cash flows (Please Show all Steps)
Consider the following balance sheets and selected data from the income statement of Keith
Corporation.
Keith Corporation Balance Sheets
December 31
Assets 2015 2014
Cash $ 1,500 $ 1,000
Marketable securities 1,800 1,200
Accounts receivable 2,000 1,800
Inventories 2,900 2,800
Total current assets $ 8,200 $ 6,800
Gross fixed assets $29,500 $28,100
Less: Accumulated depreciation 14,700 13,100
Net fixed assets $14,800 $15,000
Total assets $23,000 $21,800
Liabilities and stockholders’ equity
Accounts payable $ 1,600 $ 1,500
Notes payable 2,800 2,200
Accruals 200 300
Total current liabilities $ 4,600 $ 4,000
Long-term debt 5,000 5,000
Total liabilities $ 9,600 $ 9,000
Common stock $10,000 $10,000
Retained earnings 3,400 2,800
Total stockholders’ equity $13,400 $12,800
Total liab & stockholders’ equity $23,000 $21,800
Keith Corporation Income Statement Data (2015)
Depreciation expense $1,600
Earnings before interest and taxes (EBIT) 2,700
Interest expense 367
Net profits after taxes 1,400
Tax rate 40%
a. Calculate the firm’s net operating profit after taxes (NOPAT) for the year ended December 31,
2015, using Equation 4.1: NOPAT = EBIT * (1 - T)
b. Calculate the firm’s operating cash flow (OCF) for the year ended December 31, 2015, using
Equation 4.3: OCF = 3EBIT * (1 - T) 4 + Depreciation
c. Calculate the firm’s free cash flow (FCF) for the year ended December 31, 2015, using
Equation 4.4: FCF = OCF - Net fixed asset investment (NFAI)
- Net current asset investment (NCAI)
d. Interpret, compare, and contrast your cash flow estimates in parts b and c.
Solution.
Uop acc-290-final-exam-new
acc 290,uop acc 290,acc 290 entire course new,acc 290 final description,uop acc 290 week 1,uop acc 290 week 2,uop acc 290 week 3,uop acc 290 week 4,uop acc 290 week 5,acc 290 comprehensive bank,uop acc 290 tutorials,uop acc 290 assignments,acc 290 help
AshfordACC305Guidance ReportWeek TwoMake the follo.docx
Ashford
ACC305
Guidance Report
Week Two
Make the following changes to the exercises and problems.
Nov 13
Problem
Change Amount to:
Applicable Transaction
Ex 4-16
240000
Customers
10000
Interest on notes receivable
32000
Principle on note receivable
15000
Sale of investments
60000
Proceeds from note payable
-90000
Purchase of inventory
-20000
Interest on note payable
-40000
Purchase of equipment
30000
Salaries to employees
-42000
Principle on note payable
-52000
Payment of dividends to shareholders
Ex 4-19
Financing
Investing
Operating
270000
-25000
-12000
-9000
-55000
36000
Ex 4-22
950
Net income
210
Depreciation expense
Changed ending balance
685
Accounts receivable
670
Inventory
65
Prepaid insurance
2200
Plant and equipment
-810
Accumulated depreciation
270
Accounts payable
280
Payables for admin
230
Income taxes payable
820
Note payable
945
Common stock
485
Retained earnings
Ex 5-3
2011
2012
Installment Sales
390000
490000
Cost of Installment Sales
270000
290000
Cash collections on sales
during:
2011
240000
90000
2012
300000
Ex 5-10
($ in millions)
2011
2012
2013
Contract price
$340
$340
$340
Actual costs to date
70
150
200
Estimated costs to complete
150
90
0
Total estimated costs
220
240
200
Estimated gross profit (actual in 2013)
$120
$100
$140
Case 5-23
Net income
16000
Short term note
5000
Bonds interest rate
0.08
Cash balance
15000
Profit margin on sales
0.05
Return on assets
0.075
Gross profit margin
0.4
Inventory turnover ratio
6
Receivables turnover ratio
25
Acid test ratio
0.9
Current ratio
2
Return on shareholders equity
0.1
Debt to equity ratio
0.33
Times interest earned
12
Exercise 4-16
Bluebonnet Bakers
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities:
Collections from customers
Interest on note receivable
Purchase of inventory
Interest on note payable
Payment of salaries
Net cash flows from operating activities
$
Cash flows from investing activities:
Collection of note receivable
Sale of investments
Purchase of equipment
Net cash flows from investing activities
Cash flows from financing activities:
Proceeds from note payable
Payment of note payable
Payment of dividends
Net cash flows from financing activities
Net increase in cash
Cash and cash equivalents, January 1
Cash and cash equivalents, December 31
$
Exercise 4-19
Requirement 1 (Completed)
Financing
Investing
Operating
1.
Changed
2.
(
Changed
3.
(
4.
(
5.
Changed
6.
Changed
7.
Changed
8.
Changed
9.
(
__________
__________
__________
$
=
Requirement 2
Wainwright Corporation
Statement of Cash Flows
For the Month Ended March 31, 2011
Cash flows from operat ...
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as
follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$186,000.00
$180,000.00
4
Accounts receivable (net)
540,000.00
480,000.00
5
Inventories
924,000.00
900,000.00
6
Investments
0.00
120,000.00
7
Land
600,000.00
0.00
8
Equipment
1,680,000.00
1,440,000.00
9
Accumulated depreciation-equipment
(720,000.00)
(600,000.00)
10
Total assets
$3,210,000.00
$2,520,000.00
11
Liabilities and Stockholders Equity
12
Accounts payable
$408,000.00
$360,000.00
13
Accrued expenses payable
54,000.00
60,000.00
14
Dividends payable
36,000.00
30,000.00
15
Common stock, $4 par
840,000.00
720,000.00
16
Excess of paid-in capital over par
240,000.00
210,000.00
17
Retained earnings
1,632,000.00
1,140,000.00
18
Total liabilities and stockholders equity
$3,210,000.00
$2,520,000.00
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as
follows:
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used
for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use
the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
section, if required.
Statement of Cash Flows Shaded cells have feedback. 1. Cash flows from (used for) operating
activities: 2 Net income 3 Adjustments to reconcile net income to net cash flows from operating
activitie: 12 Cash flows from (used for) irnesting activities:.
The financial statements of Hainz Company appear below HAINZ COMPANY .pdf
The financial statements of Hainz Company appear below HAINZ COMPANY Comparative
Balance Sheet December 31, Assets Cash... Short-term investments Accounts receivable (net)...
Inventory Property, plant and equipment (net) $ 40,000 60,000 30,000 0,000 260,000 300000
400.000 $500.000 20,000 20,000 40,000 60,000 ... Total assets... Liabilities and stockholders\'
equity Accounts payable Short-term notes payable. Bonds payable. $ 20,000 40,000 80,000
150,000 30,000 90,000 160,000 150,000 Common stock Retained earnings Total liabilities and
stockholders\' equity. $400,000 $500.000 HAINZ COMPANY Income Statement For the Year
Ended December 31, 2017 $400,000 t sales Cost of goods sold. Gross profit. Expenses 250,000
150,000 Operating expenses Interest expense $42,000 18,000 Total expenses 90,000 ncome
before income taxes... ncome tax expense et income $ 63.000 Weighted-average number of
shares of common stock outstanding during 2017 was 30.0 shares Cash dividends of $23,000
were declared and paid in 2017 Market value of common stock on December 31, 2017, was $21
per share
Solution
1 Current Ratio = Current Asset / Curret Liability = =140000/60000 = 2.33
2 Accounts receivable turnover ratio = the net credit sales/ average accounts
receivable = $400000/$35000 11.42857 times 3 accounts collection period
= 365/Accounts receivable turnover ratio =365/11.42857 31.9375 days 4
Inventoy Turnover Ratio = Cost of Goods Sold/Average Inventory = $2,50,000/$65000
3.846154 times 5 Average day to sell inventory = Inventory/Cost of Sales *365
=60000/250000*365 87.6 days 6 Times Interest Earned = (Income before taxes
and interest)/interest expense = ($90000+18000)/18000 6.00 times 7
Profit Margin = Net Income / Sales = 63000/400000 15.75% 8 Asset
Turnover = Sales or Revenues / Total Assets = $400000/400000 1 times
9 Debt to asset ration = Total Liability / Total asset = $140000/$400000 0.35
10 Return on asset ratio = Net Income/Averge total asset = 63000/450000 14%
WORKING total current assets = total assets - Net property, plant, equipment =
$400000-$260000 = $140000 Total current liabilities = [accounts payable + notes payable]
$20000 + 40000 = $60000 Average Account Receivable = (Opening Debtors+Closing
Debtors)/2 = ($30000+$40000)/2 = $35000 Average Inventory = (Opening Inventory+Closing
Inventory)/2 = ($70000+$60000)/2 = $65000 Long-term debt + Equity = Total liabilities and
equity – Total current liablities = $275.00 – 65 = $201.00 Total liability = Accounts Payable+
Notes Payable+Bonds Payable = $20000+40000+80000 = 140000 Average Total asset = (Total
opening asset+ total closing asset)/2 = ($400000+$500000)/2 = $4,50,000.
ACC-291-Week-5-ASSIGNMENT-WILEY-PLUS-Week five assignment wiley plus
ACC-291-Week-5-ASSIGNMENT-WILEY-PLUS
Individual WileyPLUS Assignment: Week Five Assignment
Resource: WileyPLUS
Complete Week Five Assignment in WileyPLUS:
• Exercise E13-1
• Exercise E13-8
• Exercise E14-1
• Problem P13-9A
• Problem P13-10A
• Problem P14-2A
Instructions for each section must be fully adhered to.Section.docx
Instructions for each section must be fully adhered to.
Section 1
Instructions for Exercise 13:
Prepare a statement of cash flows for 2011 using the indirect method.
13)
Here are comparative balance sheets for Taguchi Company.
TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets
2011 2010
Cash $ 73,000 $ 22,000
Accounts receivable 85,000 76,000
Inventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated depreciation
(66,000)
(32,000)
Total
$597,000
$555,000
Liabilities and Stockholders’ Equity
Accounts payable $ 39,000 $ 47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings
192,000
134,000
Total
$597,000
$555,000
Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.
Instructions for Exercise 14:
(A)
Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base.
(B)
Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012.
14)
The comparative condensed balance sheets of Conard Corporation are presented below.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
2012 2011
Assets
Current assets $ 74,000 $ 80,000
Property, plant, and equipment (net) 99,000 .
AnsConsolidated financial statements are the aggregated or combin.pdf
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Consolidated income statement
For the year ended 31/12/2020
Particulars
P
S
Total
Revenue:
Sales
2,804,200
2,100,000
4,904,200
Royalties
210,000
--
210,000
Dividends
100,800
--
100,800
3,115,000
2,100,000
5,215,000
Expenses:
Cost of sales
1,680,000
1,260,000
2,940,000
Other
784,000
575,400
1,359,400
2,464,000
1,835,400
4,299,400
Net income
651,000
264,600
915,600
Retained earnings statement
For the year ended 31/12/2020
P
S
Total
Opening retained earnings
3,353,000
897,400
4,250,400
Net income
651,000
264,600
915,600
Dividends declared
(420,000)
(126,000)
(546,000)
Closing retained earnings
3,584,000
1,036,000
4,620,000
Figures are added. P + S = Total.
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Solution
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,00.
2024.06.01 Introducing a competency framework for languag learning materials ...
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
678020731-Sumas-y-Restas-Para-Colorear.pdf
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Similar to Consider the following Assets Current assets Cash Accounts receiva.pdf
Comparative financial statements for Bent Stew Enterprises are shown.pdf
Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
2014 2013
Assets
Current assets:
Cash $ 3,000 $ 800
Accounts receivable 8,500 6,000
Inventory 12,000 8,200
Prepaid expenses 1,400 900
Total current assets 24,900 15,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets $192,500 $186,200
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable $ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities 22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders equity:
Common stock 15,000 15,000
Additional paid-in capital 20,000 20,000
Retained earnings 14,700 8,000
Total stockholders equity 49,700 43,000
Total liabilities and stockholders equity $192,500 $186,200
Year Ended December 31
2014 2013
Sales $250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin 86,000 87,700
Operating expenses 64,000 54,000
Operating income 22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings $ 6,700 $ 20,660
Using horizontal analysis, how would you best describe the change in the companys operating
expenses from 2013 to 2014?.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docx
Exercises
1. 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
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. 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?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.
5. 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
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.
a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.
7. 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 net-profit-margin ratio and the rates of re ...
The statements of financial position of Amapa Ltd. are presented bel.pdf
The statements of financial position of Amapa Ltd. are presented below:
Amapa Ltd.
Statements of Financial Position as at December 31
2021 2020
$ $ $
Non-current Assets
Property, plant & equipment, at cost 888,800 600,000
Less: Accumulated depreciation 138,800 36,000
750,000 564,000
Current Assets
Inventory 127,200 86,400
Trade receivables 102,000 56,400
Bank 2,400 26,400
231,600 169,200
TOTAL ASSETS 981,600 733,200
Equity
Ordinary share capital ($1 each) 788,400 582,000
Retained earnings 117,600 48,000
906,000 630,000
Non-current Liabilities
8% Loan notes - 24,000
Current Liabilities
Trade payables 45,600 56,400
Taxation 30,000 22,800
75,600 79,200
Total Liabilities and Equity 981,600 733,200
Additional information for year ended 2021 December 31:
(i) Net profit before tax amounted to $136,800.
(ii) Interest paid was $2,400.
(iii) Taxation paid was $22,800.
(iv) Dividends of $37,200 were paid.
(v) Depreciation for the year was $112,800.
(vi) Non-current assets which had cost $40,000 and had accumulated depreciation of $10,000
were sold at a profit of $7,200.
Required:
Prepare a statement of cash flows for Amapa Ltd. for the year ended 31 December 2021 in
accordance with IAS 7 Statement of Cash Flows, using the indirect method..
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
From Principles of Managerial Finance (14 ed)P4–6 Finding operati.pdf
From: Principles of Managerial Finance (14 ed)
P4–6 Finding operating and free cash flows (Please Show all Steps)
Consider the following balance sheets and selected data from the income statement of Keith
Corporation.
Keith Corporation Balance Sheets
December 31
Assets 2015 2014
Cash $ 1,500 $ 1,000
Marketable securities 1,800 1,200
Accounts receivable 2,000 1,800
Inventories 2,900 2,800
Total current assets $ 8,200 $ 6,800
Gross fixed assets $29,500 $28,100
Less: Accumulated depreciation 14,700 13,100
Net fixed assets $14,800 $15,000
Total assets $23,000 $21,800
Liabilities and stockholders’ equity
Accounts payable $ 1,600 $ 1,500
Notes payable 2,800 2,200
Accruals 200 300
Total current liabilities $ 4,600 $ 4,000
Long-term debt 5,000 5,000
Total liabilities $ 9,600 $ 9,000
Common stock $10,000 $10,000
Retained earnings 3,400 2,800
Total stockholders’ equity $13,400 $12,800
Total liab & stockholders’ equity $23,000 $21,800
Keith Corporation Income Statement Data (2015)
Depreciation expense $1,600
Earnings before interest and taxes (EBIT) 2,700
Interest expense 367
Net profits after taxes 1,400
Tax rate 40%
a. Calculate the firm’s net operating profit after taxes (NOPAT) for the year ended December 31,
2015, using Equation 4.1: NOPAT = EBIT * (1 - T)
b. Calculate the firm’s operating cash flow (OCF) for the year ended December 31, 2015, using
Equation 4.3: OCF = 3EBIT * (1 - T) 4 + Depreciation
c. Calculate the firm’s free cash flow (FCF) for the year ended December 31, 2015, using
Equation 4.4: FCF = OCF - Net fixed asset investment (NFAI)
- Net current asset investment (NCAI)
d. Interpret, compare, and contrast your cash flow estimates in parts b and c.
Solution.
Uop acc-290-final-exam-new
acc 290,uop acc 290,acc 290 entire course new,acc 290 final description,uop acc 290 week 1,uop acc 290 week 2,uop acc 290 week 3,uop acc 290 week 4,uop acc 290 week 5,acc 290 comprehensive bank,uop acc 290 tutorials,uop acc 290 assignments,acc 290 help
AshfordACC305Guidance ReportWeek TwoMake the follo.docx
Ashford
ACC305
Guidance Report
Week Two
Make the following changes to the exercises and problems.
Nov 13
Problem
Change Amount to:
Applicable Transaction
Ex 4-16
240000
Customers
10000
Interest on notes receivable
32000
Principle on note receivable
15000
Sale of investments
60000
Proceeds from note payable
-90000
Purchase of inventory
-20000
Interest on note payable
-40000
Purchase of equipment
30000
Salaries to employees
-42000
Principle on note payable
-52000
Payment of dividends to shareholders
Ex 4-19
Financing
Investing
Operating
270000
-25000
-12000
-9000
-55000
36000
Ex 4-22
950
Net income
210
Depreciation expense
Changed ending balance
685
Accounts receivable
670
Inventory
65
Prepaid insurance
2200
Plant and equipment
-810
Accumulated depreciation
270
Accounts payable
280
Payables for admin
230
Income taxes payable
820
Note payable
945
Common stock
485
Retained earnings
Ex 5-3
2011
2012
Installment Sales
390000
490000
Cost of Installment Sales
270000
290000
Cash collections on sales
during:
2011
240000
90000
2012
300000
Ex 5-10
($ in millions)
2011
2012
2013
Contract price
$340
$340
$340
Actual costs to date
70
150
200
Estimated costs to complete
150
90
0
Total estimated costs
220
240
200
Estimated gross profit (actual in 2013)
$120
$100
$140
Case 5-23
Net income
16000
Short term note
5000
Bonds interest rate
0.08
Cash balance
15000
Profit margin on sales
0.05
Return on assets
0.075
Gross profit margin
0.4
Inventory turnover ratio
6
Receivables turnover ratio
25
Acid test ratio
0.9
Current ratio
2
Return on shareholders equity
0.1
Debt to equity ratio
0.33
Times interest earned
12
Exercise 4-16
Bluebonnet Bakers
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities:
Collections from customers
Interest on note receivable
Purchase of inventory
Interest on note payable
Payment of salaries
Net cash flows from operating activities
$
Cash flows from investing activities:
Collection of note receivable
Sale of investments
Purchase of equipment
Net cash flows from investing activities
Cash flows from financing activities:
Proceeds from note payable
Payment of note payable
Payment of dividends
Net cash flows from financing activities
Net increase in cash
Cash and cash equivalents, January 1
Cash and cash equivalents, December 31
$
Exercise 4-19
Requirement 1 (Completed)
Financing
Investing
Operating
1.
Changed
2.
(
Changed
3.
(
4.
(
5.
Changed
6.
Changed
7.
Changed
8.
Changed
9.
(
__________
__________
__________
$
=
Requirement 2
Wainwright Corporation
Statement of Cash Flows
For the Month Ended March 31, 2011
Cash flows from operat ...
The comparative balance sheet of Iglesias Inc for December .pdf
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as
follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$186,000.00
$180,000.00
4
Accounts receivable (net)
540,000.00
480,000.00
5
Inventories
924,000.00
900,000.00
6
Investments
0.00
120,000.00
7
Land
600,000.00
0.00
8
Equipment
1,680,000.00
1,440,000.00
9
Accumulated depreciation-equipment
(720,000.00)
(600,000.00)
10
Total assets
$3,210,000.00
$2,520,000.00
11
Liabilities and Stockholders Equity
12
Accounts payable
$408,000.00
$360,000.00
13
Accrued expenses payable
54,000.00
60,000.00
14
Dividends payable
36,000.00
30,000.00
15
Common stock, $4 par
840,000.00
720,000.00
16
Excess of paid-in capital over par
240,000.00
210,000.00
17
Retained earnings
1,632,000.00
1,140,000.00
18
Total liabilities and stockholders equity
$3,210,000.00
$2,520,000.00
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as
follows:
Required:
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used
for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use
the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
section, if required.
Statement of Cash Flows Shaded cells have feedback. 1. Cash flows from (used for) operating
activities: 2 Net income 3 Adjustments to reconcile net income to net cash flows from operating
activitie: 12 Cash flows from (used for) irnesting activities:.
The financial statements of Hainz Company appear below HAINZ COMPANY .pdf
The financial statements of Hainz Company appear below HAINZ COMPANY Comparative
Balance Sheet December 31, Assets Cash... Short-term investments Accounts receivable (net)...
Inventory Property, plant and equipment (net) $ 40,000 60,000 30,000 0,000 260,000 300000
400.000 $500.000 20,000 20,000 40,000 60,000 ... Total assets... Liabilities and stockholders\'
equity Accounts payable Short-term notes payable. Bonds payable. $ 20,000 40,000 80,000
150,000 30,000 90,000 160,000 150,000 Common stock Retained earnings Total liabilities and
stockholders\' equity. $400,000 $500.000 HAINZ COMPANY Income Statement For the Year
Ended December 31, 2017 $400,000 t sales Cost of goods sold. Gross profit. Expenses 250,000
150,000 Operating expenses Interest expense $42,000 18,000 Total expenses 90,000 ncome
before income taxes... ncome tax expense et income $ 63.000 Weighted-average number of
shares of common stock outstanding during 2017 was 30.0 shares Cash dividends of $23,000
were declared and paid in 2017 Market value of common stock on December 31, 2017, was $21
per share
Solution
1 Current Ratio = Current Asset / Curret Liability = =140000/60000 = 2.33
2 Accounts receivable turnover ratio = the net credit sales/ average accounts
receivable = $400000/$35000 11.42857 times 3 accounts collection period
= 365/Accounts receivable turnover ratio =365/11.42857 31.9375 days 4
Inventoy Turnover Ratio = Cost of Goods Sold/Average Inventory = $2,50,000/$65000
3.846154 times 5 Average day to sell inventory = Inventory/Cost of Sales *365
=60000/250000*365 87.6 days 6 Times Interest Earned = (Income before taxes
and interest)/interest expense = ($90000+18000)/18000 6.00 times 7
Profit Margin = Net Income / Sales = 63000/400000 15.75% 8 Asset
Turnover = Sales or Revenues / Total Assets = $400000/400000 1 times
9 Debt to asset ration = Total Liability / Total asset = $140000/$400000 0.35
10 Return on asset ratio = Net Income/Averge total asset = 63000/450000 14%
WORKING total current assets = total assets - Net property, plant, equipment =
$400000-$260000 = $140000 Total current liabilities = [accounts payable + notes payable]
$20000 + 40000 = $60000 Average Account Receivable = (Opening Debtors+Closing
Debtors)/2 = ($30000+$40000)/2 = $35000 Average Inventory = (Opening Inventory+Closing
Inventory)/2 = ($70000+$60000)/2 = $65000 Long-term debt + Equity = Total liabilities and
equity – Total current liablities = $275.00 – 65 = $201.00 Total liability = Accounts Payable+
Notes Payable+Bonds Payable = $20000+40000+80000 = 140000 Average Total asset = (Total
opening asset+ total closing asset)/2 = ($400000+$500000)/2 = $4,50,000.
ACC-291-Week-5-ASSIGNMENT-WILEY-PLUS-Week five assignment wiley plus
ACC-291-Week-5-ASSIGNMENT-WILEY-PLUS
Individual WileyPLUS Assignment: Week Five Assignment
Resource: WileyPLUS
Complete Week Five Assignment in WileyPLUS:
• Exercise E13-1
• Exercise E13-8
• Exercise E14-1
• Problem P13-9A
• Problem P13-10A
• Problem P14-2A
Instructions for each section must be fully adhered to.Section.docx
Instructions for each section must be fully adhered to.
Section 1
Instructions for Exercise 13:
Prepare a statement of cash flows for 2011 using the indirect method.
13)
Here are comparative balance sheets for Taguchi Company.
TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets
2011 2010
Cash $ 73,000 $ 22,000
Accounts receivable 85,000 76,000
Inventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated depreciation
(66,000)
(32,000)
Total
$597,000
$555,000
Liabilities and Stockholders’ Equity
Accounts payable $ 39,000 $ 47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings
192,000
134,000
Total
$597,000
$555,000
Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.
Instructions for Exercise 14:
(A)
Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base.
(B)
Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012.
14)
The comparative condensed balance sheets of Conard Corporation are presented below.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
2012 2011
Assets
Current assets $ 74,000 $ 80,000
Property, plant, and equipment (net) 99,000 .
AnsConsolidated financial statements are the aggregated or combin.pdf
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Consolidated income statement
For the year ended 31/12/2020
Particulars
P
S
Total
Revenue:
Sales
2,804,200
2,100,000
4,904,200
Royalties
210,000
--
210,000
Dividends
100,800
--
100,800
3,115,000
2,100,000
5,215,000
Expenses:
Cost of sales
1,680,000
1,260,000
2,940,000
Other
784,000
575,400
1,359,400
2,464,000
1,835,400
4,299,400
Net income
651,000
264,600
915,600
Retained earnings statement
For the year ended 31/12/2020
P
S
Total
Opening retained earnings
3,353,000
897,400
4,250,400
Net income
651,000
264,600
915,600
Dividends declared
(420,000)
(126,000)
(546,000)
Closing retained earnings
3,584,000
1,036,000
4,620,000
Figures are added. P + S = Total.
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,000
8,750,000
Liabilities and shareholders equity:
Current liabilities:
Accounts payable
630,000
280,000
910,000
Noncurrent liabilities:
Loan payable
420,000
700,000
1,120,000
1,050,000
980,000
2,030,000
Shareholders equity:
Share capital
1,680,000
420,000
2,100,000
Retained earnings
3,584,000
1,036,000
4,620,000
5,264,000
1,456,000
6,720,000
6,314,000
2,436,000
8,750,000
Solution
Ans:
Consolidated financial statements are the aggregated or combined figure of statements between a
parent company and its subsidiaries.
Consolidated balance sheet
As on 31/12/2020
Assets
P
S
Total
Current assets:
Cash
70,000
28,000
98,000
Accounts receivable
210,000
224,000
434,000
Inventory
252,000
140,000
392,000
532,000
392,000
924,000
Noncurrent assets:
Land
140,000
--
140,000
Equipment
7,000,000
3,780,000
10,780,000
Amortization, equipment
(2,478,000)
(1,736,000)
(4,214,000)
Investment in S
1,120,000
--
1,120,000
5,782,000
2,044,000
7,826,000
Total assets
6,314,000
2,436,00.
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