The comparative balance sheet of Whitman Co at December 31.pdf

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The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Excess of paid-in capital over par 758,000.00 558,000.00 18 Retained earnings 2,517,980.00 2,585,700.00 19 Total liabilities and stockholders equity $4,785,480.00 $4,219,020.00 The noncurrent asset, noncurrent liability, and stockholders equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT Buildings ACCOUNT Accumulated DepreciationBuildings ACCOUNT Equipment ACCOUNT Accumulated Depreciation Equipment ACCOUNT Bonds Payable ACCOUNT Common Stock $25 par ACCOUNT Paid-In Capital in Excess of ParCommon Stock ACCOUNT Retained Earnings Required: X Statement of Cash Flows.

12
Total assets
$4,785,480.00
$4,219,020.00
13
Liabilities and Stockholders Equity
14
Accounts payable (merchandise creditors)
$922,500.00
$958,320.00
15
Bonds payable
270,000.00
0.00
16
Common stock, $25 par
317,000.00
117,000.00
17
Excess of paid-in capital over par
758,000.00
558,000.00
18
Retained earnings
2,517,980.00
2,585,700.00
19
Total liabilities and stockholders equity
$4,785,480.00
$4,219,020.00
The noncurrent asset, noncurrent liability, and stockholders equity accounts for 20Y2 are as
follows:
ACCOUNT Land
ACCOUNT Buildings
ACCOUNT Accumulated DepreciationBuildings
ACCOUNT Equipment
ACCOUNT Accumulated Depreciation Equipment
ACCOUNT Bonds Payable
ACCOUNT Common Stock $25 par
ACCOUNT Paid-In Capital in Excess of ParCommon Stock
ACCOUNT Retained Earnings
Required:

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:.

26The comparative balance sheet of Whitman Co. at December 31, 20Y.pdf

chughakshit42

26 The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Dec. 31, 20Y2Dec. 31, 20Y1AssetsCash$ 915,430$ 985,750Accounts receivable (net)833,040759,810Inventories1,263,2901,162,600Prepaid expenses29,29034,790Land314,910476,020Buildings1,455,530897,120Accumulated depreciation-buildings(411,940)(384,480)Equipment512,640453,140Accumulated depreciation- equipment(140,980)(158,370)Total assets$4,771,210$4,226,380Liabilities and Stockholders' EquityAccounts payable (merchandise creditors)$ 906,530$ 956,620Bonds payable267,1900Common stock, $20 par314,000116,000Excess of paid-in capital over par755,000557,000Retained earnings2,528,4902,596,760Total liabilities and stockholders equity$4,771,210$4,226,380.

The statements of financial position of Amapa Ltd. are presented bel.pdf

ambikagarmentsjdp

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..

Kerry Manufacturing Company is a German subsidiary of a U.S. company.pdf

feelinggift

Kerry Manufacturing Company is a German subsidiary of a U.S. company. Kerry records its operationsand prepares financial statements in euros. However, its functional currency is the British pound.Kerry was organized and acquired by the U.S. company on June 1, 20X4. The cumulative translationadjustment as of December 31, 20X6, was $79,860. The value of the subsidiary\'s retained earnings expressedin British pounds and U.S. dollars as of December 31, 20X7, was 365,000 pounds and $618,000, respectively.On March 1, 20X7, Kerry declared a dividend of 120,000 euros. The trial balance of Kerry in euros as ofDecember 31, 20X7, is as follows:DebitCreditCash240,000Accounts Receivable (net)2,760,000Inventory (at cost)3,720,000Marketable Securities (at cost)2,040,000Prepaid Insurance210,000Depreciable Assets8,730,000Accumulated Depreciation1,417,000Cost of Goods Sold17,697,000Selling, General, and Administrative Expense4,762,000Sales Revenue26,430,000Investment Income180,000Accounts Payable2,120,000Unearned Sales Revenue960,000Loans and Mortgage Payable5,872,000Common Stock1,500,000Paid-in Capital in Excess of Par210,000Retained Earnings1,470,000 Total40,159,00040,159,000The marketable securities were acquired on November 1, 20X6, and the prepaid insurance was acquired onDecember 1, 20X7. The cost of goods sold and the ending inventory are calculated by the weighted-averagemethod.The following items are measured in pound at the December 31, 20x7.EurosPoundsAccumulated depreciationDepreciable Assets8,730,0002,671,380Cost of Goods Sold17,697,0005,262,294Selling, General, Admin. Expense4,762,0001,415,886Accumulated Depreciation1,417,000773,915Sales Revenue26,430,0007,866,030On November 1, 20X6, Kerry received a customer prepayment valued at 3,000,000 euros. On February 1,300000020X7, 2,040,000 euros of the prepayment was earned. The balance remains unearned as of December 31,204000020X7.960000Relevant exchange rates are as follows:Pounds/Euro$/PoundJune 1, 20X40.31$1.60March 1, 20X60.3$1.64November 1, 20X60.305$1.65December 31, 20X60.31$1.68February 1, 20X70.302$1.67March 1, 20X70.3$1.66December 1, 20X70.29$1.64December 31, 20X70.288$1.6420X7 average0.297$1.66Required:Prepare a remeasured and translated trial balance of the Kerry ManufacturingCompany as of December 31, 20X7.ANS:Kerry Manufacturing CompanyTrial Balance TranslationDecember 31, 20X7RelevantRelevantExchangeExchangeBalance inRateBalance inRateBalance inAccountEuros(Pds/Euros)Pounds($/Pds)DollarsCash240,000Accounts Receivable (net)2,760,000Inventory (at cost)3,720,000Marketable Securities (at cost)2,040,000Prepaid Insurance210,000Depreciable Assets8,730,000Cost of Goods Sold17,697,000Selling, General, Admin. Expense4,762,000Exchange LossTotal Debits40,159,00012,183,00120,117,316Accumulated Depreciation1,417,000Sales Revenue26,430,000Investment Income180,000Accounts Payable2,120,000Unearned Sales Revenue960,000Loans and Mortgage Payable5,872,000Common Stock1,500,000Paid-in Capital in Excess of Par.

338  Chapter 22Analysis of Financial StatementsChapter 22An.docx

gilbertkpeters11344

338  Chapter 22/Analysis of Financial Statements Chapter 22/Analysis of Financial Statements  339 334 1. Information from Blain Company's balance sheet is as follows: Current assets: Cash $ 1,200,000 Marketable securities ............................. 3,750,000 Accounts receivable ............................... 28,800,000 Inventories ....................................... 33,150,000 Prepaid expenses .................................. 600,000 Total current assets $67,500,000 Current liabilities: ................................ Notes payable ..................................... $ 750,000 Accounts payable .................................. 9,750,000 Accrued expenses .................................. 6,250,000 Income taxes payable .............................. 250,000 Payments due within one year on long-term debt .... 1,750,000 Total current liabilities ......................... $18,750,000 What is Blain's current ratio? a. 0.26 to 1 b. 0.30 to 1 c. 1.80 to 1 d. 3.60 to 1 ANS: D DIF: Medium OBJ: LO 1 TOP: AICPA FN-Measurement MSC: AACSB Analytic 2. Millward Corporation's books disclosed the following information for the year ended December 31, 2008: Net credit sales .................................... $1,500,000 Net cash sales ...................................... 240,000 Accounts receivable at beginning of year ............ 200,000 Accounts receivable at end of year .................. 400,000 Millward's accounts receivable turnover is a. 3.75 times. b. 4.35 times. c. 5.00 times. d. 5.80 times. ANS: C DIF: Easy OBJ: LO 1 TOP: AICPA FN-Measurement MSC: AACSB Analytic TOP: AICPA FN-Measurement MSC: AACSB Analytic 3. Selected information from the accounting records of the Vassar Company is as follows: Net accounts receivable at December 31, 2007 .......... $ 900,000 Net accounts receivable at December 31, 2008 .......... 1,000,000 Accounts receivable turnover .......................... 5 to 1 Inventories at December 31, 2007 ...................... $1,100,000 Inventories at December 31, 2008 ...................... 1,200,000 Inventory turnover .................................... 4 to 1 What was Vassar's gross margin for 2008? a. $150,000 b. $200,000 c. $400,000 d. $500,000 ANS: A DIF: Medium OBJ: LO 1 TOP: AICPA FN-Measurement MSC: AACSB Analytic 4. The following data were abstracted from the records of Johnson Corporation for the year: Sales ................................................. $1,800,000 Bond interest expense ................................. 60,000 Income taxes .......................................... 300,000 Net income ............................................ 400,000 How many times was bond interest earned? a. 7.67 b. 11.67 c. 12.67 d. 13.67 ANS: C DIF: Easy OBJ: LO 1 TOP: AICPA FN-Measurement MSC: AACSB Analytic 5. Selected information for Henry Company is as follows: December 31 2007 2008 Common stock ................................ $600,0.

1nilB CHAPfER 12HOI4EWORK@lCHAPTER T2 HOMEWORKB..docx

hyacinthshackley2629

1nilB CHAPfER 12HOI\4EWORK @l CHAPTER T2 HOMEWORK B. Prablem 12-lA Statenent of cash flows (indirect method) L.O. 41 . Pl. P2, P3 Kazaam Company, a marchandiser, recenty comdeled its calendar-year2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receisbla roftect cash receipts f,om custonrers, (3) all prrchases of in\entory ara on cr€dit, (4) all debits to AccorJnts Payable relect cash payments for in/entory, and (5) Other Expensas are paid in adwrne and are initially dabitad to Pnpaid Exponser. The company's balance sheets ard income stat€ment blb\,- KAZAAM COMPAI,IY Comparatir,e B alarrco Sheets December 31, 2011 and 2010 2011 2010 $ 49,800 S 73,500 65,880 57,000 277,AOO 251,000 1,250 1,800 158,500 106,500 (35,875) (46,000) s 516,555 $443,800 $ 82,80s S 115,000 11,000 7,000 60,000 48,750 157,500 149,000 25,500 0 179,750 124,050 $ 516,555 $443,800 KAZAAM COMPANY hcome Statem€nt For Year Ended D€comber 31, 201 1 As3els Cash Accounts recei\EHe Marchandise insntory Prepaid expenses Equipment Accurn- depreciatN quipi"n€nt Total asssls LiabilitieBend Equity Accounts payabb Short-term notes payable Lorp-term notes payable C,ommon stock, $5 par raalue Paid-in capital in excess ofpar, cornmon stock R€tain€d eamings Total liabilities and Gquity Sales Cost of goods sold Gross profit Operating exp€nses Depreciatbn exp€nse Other expnses Other gains (losses) Loss on sale of€quipmant tr|come bebfe taxes tlcome taxes expanse Itlet incorns s 583,000 286,000 297,000 $ 20,000 134,000 154,0m 137,500 25,500 5,500 $ 1 12,000 l- _ __._, , -----,.__.- * - ,__., .-._-::::-:a Addllional hformafon on Yegr 2A11 Tnnsctions a. The loss on the cash sal€ of equiprylent was $5,50O (details in b). b, Sold equiprnent costing $47,250, with accumulated depreciation of$30,125, for 911,625 cash. c. Purchasod equipment costing $99,250 by paying $25,[email protected] cash and signing a long.term note payable br the balance- d. Borroued $4,000 cash by silnirE a short-t€rm note payabl€. e. Paid $63,@0 cesh to reducethe longiterm notes payabks. f. lssued 1,700 shar6 of cornmon stock br $20 cash per share. g. Daclarcd and paid cash dillderfrs of $ffi,300. Required: 1. Prcpare a compl€te statefitsnt of cash florvs; repon [s op€rating actirities using the indirect meth(/,. (Amounb to be deducted should be indicated with a minus sign. Omit the "3" sign in your response.) KAZAAM COMPANY Statement of Cash Flom 1t2 1nu13 CHAPTER 12HOMEWCIRK For Year Ended December 31, 201 1 fana- frs Cash forvs fiom operating actirities itbtincdns, '...,.., .,.. i .,, , 1v Adiustments to reconcile net income to net rua "on llGE-l]]]lil incstins activties Cash f,orls ftom fnancino actirities Cashbaid dl nde: .lw Ca*h'fioriorivedottshrt4eifi rde : r ..'ly C'6h frorni63drEstsf. , .l' Cash paid br d$d€rds tl.t ""sn li's-JElllTll l fnancins actirities Cash balance at beginning of2011 Cash balance at end of 201 1 $: _J.

On January 1, 2017, Pinnacle Corporation exchanged $3,527,500 cash f.pdf

sivakumar19831

On January 1, 2017, Pinnacle Corporation exchanged $3,527,500 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the following balance sheet: Cash $ 284,000 Accounts payable $ 383,000 Accounts receivable 311,000 Long-term debt 3,060,000 Inventory 443,000 Common stock 1,500,000 Buildings (net) 1,920,000 Retained earnings 1,205,000 Licensing agreements 3,190,000 $ 6,148,000 $ 6,148,000 Pinnacle prepared the following fair-value allocation: Fair value of Strata (consideration transferred) $ 3,527,500 Carrying amount acquired 2,705,000 Excess fair value $ 822,500 to buildings (undervalued) $ 480,000 to licensing agreements (overvalued) (110,000 ) 370,000 to goodwill (indefinite life) $ 452,500 At the acquisition date, Strata’s buildings had a 10-year remaining life and its licensing agreements were due to expire in 5 years. At December 31, 2018, Strata’s accounts payable included an $86,600 current liability owed to Pinnacle. Strata Corporation continues its separate legal existence as a wholly owned subsidiary of Pinnacle with independent accounting records. Pinnacle employs the initial value method in its internal accounting for its investment in Strata. The separate financial statements for the two companies for the year ending December 31, 2018, follow. Credit balances are indicated by parentheses. Pinnacle Strata Sales $ (7,683,000 ) $ (3,328,000 ) Cost of goods sold 4,940,000 1,835,000 Interest expense 338,000 207,000 Depreciation expense 630,000 448,000 Amortization expense 638,000 Dividend income (35,000 ) Net income $ (1,810,000 ) $ (200,000 ) Retained earnings 1/1/18 $ (5,160,000 ) $ (1,560,000 ) Net income (1,810,000 ) (200,000 ) Dividends declared 600,000 35,000 Retained Earnings 12/31/18 $ (6,370,000 ) $ (1,725,000 ) Cash $ 282,000 $ 547,000 Accounts receivable 1,255,000 305,000 Inventory 1,295,000 1,565,000 Investment in Strata 3,527,500 Buildings (net) 6,060,000 2,084,000 Licensing agreements 1,914,000 Goodwill 408,000 Total assets $ 12,827,500 $ 6,415,000 Accounts payable $ (337,500 ) $ (950,000 ) Long-term debt (3,120,000 ) (2,240,000 ) Common stock (3,000,000 ) (1,500,000 ) Retained earnings 12/31/18 (6,370,000 ) (1,725,000 ) Total Liabilities and OE $ (12,827,500 ) $ (6,415,000 ) a. Prepare a worksheet to consolidate the financial information for these two companies. PINNACLE COMPANY AND SUBSIDIARY STRATA Consolidation Worksheet For Year December 31, 2018 Consolidation Entries Accounts Pinnacle Strata Debit Credit Consolidated Totals Sales $(7,683,000) $(3,328,000) Cost of goods sold 4,940,000 1,835,000 Interest expense 338,000 207,000 Depreciation expense 630,000 448,000 Amortization expense 638,000 Dividend income (35,000) Net income $(1,810,000) $(200,000) $0 Retained earnings 1/1/18 (5,160,000) (1,560,000) Net income (1,810,000) (200,000) 0 Dividends declared 600,000 35,000 Retained earnings 12/31/18 $(6,370,000) $(1,725,000) $0 Cash $282,000 $547,000 Accounts rec.

The adjusted trial balance for Tybalt Construction as of December 31.pdf

4babies2010

The accounting records for Eisner Manufacturing Company included the following cost information relating to its first year of operations: Direct materials Direct labor Fixed manufacturing overhead Variable manufacturing overhead $ 60,000 $ 80,000 100,000 $ 20,000 Assume the company produced 10,000 units of inventory and sold 6,000 of these units for $192,000. What amount of finished goods will be reported on the balance sheet at the end of the year under absorption costing? Under variable costing? A. $104,000, $64,000 B. $64,000, $104,000 C. $130,667, $64,000 D. $64,000, $130,667 Solution Calculate unit product cost and finished goods : So answer is a) $104000 ; $64000AbsorptionvariableDirect material66Direct labour88Variable manufacturing overhead22Fixed manufacturing overhead100Unit product cost2616Finished goods inventory40004000Finished goods inventory cost10400064000.

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 .

SSFinancialStatements

Scott Nunn

The document provides financial statements for Sapid Sweets for the year ending December 31, 2004. It includes a trial balance, income statement, statement of retained earnings, balance sheet, sources and uses of funds statement, statement of changes in financial position, and additional analysis. The trial balance shows accounts and balances for the year, and the financial statements provide details on revenues, expenses, assets, liabilities, and shareholders' equity for 2004.

4.(TCO E) During 20X3, Edwards Co. sold inventory to its paren.docx

cameroncourtney45

4. (TCO E) During 20X3, Edwards Co. sold inventory to its parent company, First Corp. First still owned the entire inventory purchased at the end of 20X3. Why must the gross profit on the sale be deferred when consolidated financial statements are prepared at the end of 20X3? (Points : 15) 6.(TCO C) Assume that on January 1, 20X2, investors form Acme Corp agree to consolidate the operations of ABC, Inc., and DEF Company in a deal valued at $2.0 billion. Acme organizes each former entity as an operating segment. Additionally, Acme two divisions—ABC Hot and ABC Cold—that, along with DEF, are treated as independent reporting units for internal performance evaluation and management reviews. ACME recognizes $215 million as goodwill at the merger date of January 1, 20X3 and allocates this entire amount to its reporting units. That information and each reporting unit's acquisition-date fair values are as follows. New Corp’s Acquisition-Date Fair Values Reporting Units Goodwill January 1, 20X3 ABC Hot $ 22,000,000 $750,000,000 ABC Cold 155,000,000 748,000,000 DEF Company 38,000,000 502,000,000 In December, 20X3, Acme Corp performed an analysis for each of its three reporting units to assess potential goodwill impairment. They examined the events that may affect the fair values of its reporting units. The analysis reveals that the fair value of each reporting unit likely exceeds its carrying amount except for ABC Cold. The goodwill impairment test then reveals that ABC Cold’s fair value has fallen to $70 million, well below its current carrying amount. Acme compared the implied fair value of ABC Cold’s goodwill to its carrying amount. Acme needs to determine the implied fair value of goodwill. The fair value of ABC Cold’s net assets as of December 31, 21X3 is shown below. ABC Cold December 31, 20X3, fair value $70,000,000 Fair values of ABC Cold net assets at December 31, 20X3: Current assets $ 5,000,000 Property 10,000,000 Equipment 5,000,000 Subscriber list 1,000,000 Patented technology 1,000,000 Current liabilities (4,000,000) Long-term debt (10,000,000) Required: (1) What is the implied fair value of goodwill for ABC Cold? (2) What is the carry value of the assets of ABC Cold before impairment? (3) What is the impairment loss of ABC Cold? (Points : 25) 7. (TCO A) Steven Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 20X1, the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 20X1, Nicole earned a net income of $120,000 and paid cash dividends of $40,000. Previously in 20X0, Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 20X0. Additional sales were made to Steven in 20X1 at a transfer price.

6. Ratio computation. The financial statements of the Lone.docx

ssuser774ad41

6. Ratio computation . The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparative Balance Sheets December 31, 20X2 and 20X1 ($000 Omitted) 20X2 20X1 Assets Current Assets Cash and Short-Term Investments $400 $600 Accounts Receivable (net) 3,000 2,400 Inventories 3,000 2,300 Total Current Assets $6,400 $5,300 Property, Plant, and Equipment Land $1,700 $500 Buildings and Equipment (net) 1,500 1,000 Total Property, Plant, and Equipment $3,200 $1,500 Total Assets $9,600 $6,800 Liabilities and Stockholders’ Equity Current Liabilities Accounts Payable $2,800 $1,700 Notes Payable 1,100 1,900 Total Current Liabilities $3,900 $3,600 Long-Term Liabilities Bonds Payable 4,100 2,100 Total Liabilities $8,000 $5,700 Stockholders’ Equity Common Stock $200 $200 Retained Earnings 1,400 900 Total Stockholders’ Equity $1,600 $1,100 Total Liabilities and Stockholders’ Equity $9,600 $6,800 LONE PINE COMPANY Statement of Income and Retained Earnings For the Year Ending December 31,20X2 ($000 Omitted) Net Sales* $36,000 Less : Cost of Goods Sold $20,000 Selling Expense 6,000 Administrative Expense 4,000 Interest Expense 400 Income Tax Expense 2,000 32,400 Net Income $3,600 Retained Earnings, Jan. 1 900 Ending Retained Earnings $4,500 Cash Dividends Declared and Paid 3,100 Retained Earnings, Dec. 31 $1,400 *All sales are on account. Instructions Compute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places when necessary: a. Quick ratio b. Current ratio c. Inventory-turnover ratio d. Accounts-receivable-turnover ratio e. Return-on-assets ratio f. Net-profit-margin ratio g. Return-on-common-stockholders’ equity h. Debt-to-total assets i. Number of times that interest is earned .

6. Ratio computation. The financial statements of the Lone P.docx

luearsome

B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx

jasoninnes20

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 payments 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 ...

Chapter 3 The Matching Concept and the Adjusting Process

Reguler B Akuntansi

The document discusses the matching concept and adjusting process in accounting. It explains that under the accrual basis of accounting, revenues are reported in the period earned and expenses are reported in the period incurred, allowing proper matching of revenues and expenses. Adjusting entries are required at the end of each period to account for revenues and expenses in the appropriate periods. The document provides examples of adjusting entries for prepaid expenses, deferred revenues, and accrued expenses to ensure an accurate trial balance.

H F M A’s I n t r o d u c t i o n t o H o s p i t a l A c .docx

whittemorelucilla

H F M A’s I n t r o d u c t i o n t o H o s p i t a l A c c o u n t i n g162 604 Insurance expense 2,300 605 Repairs expense 4,100 606 Rent expense 2,800 607 Depreciation expense 9,400 608 Interest expense 1,400 609 Bad debt expense 11,600 610 Other expenses 7,200 Required: (1) Prepare, in general journal form, the necessary closing entries for the year ended December 31, 20X1. (2) Prepare, in good form, the 20X1 statement of operations for Gatorberg Hospital. P8.3. The following is the preadjusted trial balance of Grandtown Hospital at December 31, 20X1, the end of the hospital’s current fiscal year: Acct. No. Dr. Cr. 101 Cash $ 37,500 102 Temporary investments 30,000 103 Accrued interest receivable -0- 104 Accounts receivable 120,000 105 Allowance for uncollectible accounts $ -0- 106 Inventory 14,000 107 Prepaid insurance 3,600 120 Land 25,000 130 Buildings 250,000 131 Accumulated depreciation—buildings -0- 140 Equipment 140,000 141 Accumulated depreciation—equipment -0- 201 Accounts payable 37,400 203 Accrued interest payable -0- 204 Accrued salaries and wages payable -0- 205 Deferred rental income 2,700 250 Bonds payable 150,000 301 Hospital net assets 395,700 302 Revenue and expense summary -0- 401 Routine services revenue 171,200 402 Ancillary services revenue 110,300 403 Interest income -0- 404 Rental income -0- 406 Other operating revenues 23,500 501 Contractual adjustments 22,700 502 Charity care adjustments 31,100 601 Salaries and wages expense 155,600 C h a p t e r E i g h t : A c c o u n t i n g Cy c l e S u m m a r y 163 602 Supplies expense 33,100 603 Utilities expense 14,900 604 Insurance expense -0- 605 Repairs expense 6,400 607 Depreciation expense -0- 608 Interest expense 4,500 609 Bad debt expense -0- 610 Other expenses 2,400 Totals $890,800 $890,800 The following additional information is available: 1. The temporary investment consists of $30,000 (face value) of 8 percent bonds acquired by the hospital on November 1, 20X1. These bonds pay interest annually on November 1, commencing on November 1, 20X2. 2. Of the December 31, 20X1, accounts receivable, it is estimated that 14 percent will eventually prove uncollectible by reason of (1) charity care, 7 percent; (2) contractual adjustments, 4 percent; and (3) bad debts, 3 percent. 3. A two-year insurance premium of $3,600 was paid in advance by the hospital on January 1, 20X1. 4. The hospital building, which was acquired on January 1, 20X1, has an estimated useful life of 50 years and a 20 percent salvage value. 5. The equipment, which was acquired on January 1, 20X1, has an estimated useful life of 12 years and a $20,000 salvage value. 6. On January 1, 20X1, the hospital issued $150,000 of 20-year, 6 percent bonds at face value. These bonds pay interest semiannu- ally on January 1 and July 1, commencing July 1, 20X1. 7. Unpaid salaries and wages at December 31, 20X1, amounted to $12,300. 8. The hospital received one year’s rent of $2,700 ...

On July 1 2021 Truman Company acquired a 70 percent intere.pdf

aashisha5

On July 1, 2021, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $809,550 in cash and equity securities. The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $346,950 both before and after Trumans acquisition. In reviewing its acquisition, Truman assigned a $126,000 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years. The following financial information is available for these two companies for 2021. In addition, the subsidiarys income was earned uniformly throughout the year. The subsidiary declared dividends quarterly. Truman Atlanta Revenues $ (725,470 ) $ (476,000 ) Operating expenses 414,000 315,000 Income of subsidiary (47,530 ) 0 Net income $ (359,000 ) $ (161,000 ) Retained earnings, 1/1/21 $ (916,000 ) $ (568,000 ) Net income (above) (359,000 ) (161,000 ) Dividends declared 140,000 70,000 Retained earnings, 12/31/21 $ (1,135,000 ) $ (659,000 ) Current assets $ 515,420 $ 338,000 Investment in Atlanta 832,580 0 Land 397,000 294,000 Buildings 755,000 662,000 Total assets $ 2,500,000 $ 1,294,000 Liabilities $ (865,000 ) $ (315,000 ) Common stock (95,000 ) (300,000 ) Additional paid-in capital (405,000 ) (20,000 ) Retained earnings, 12/31/21 (1,135,000 ) (659,000 ) Total liabilities and stockholders' equity $ (2,500,000 ) $ (1,294,000 ) What is the excess fair-value assigned to patent and goodwill? How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? How did Truman derive the Investment in Atlanta account balance at the end of 2021? Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2021. At year-end, there were no intra-entity receivables or payables..

2002 - Second Annual Analysts & Investors Meeting The New Jet Family(Dois P...

Embraer RI

The document is a report from an independent public accountant reviewing the condensed consolidated financial statements of Embraer - Empresa Brasileira de Aeronáutica S.A. as of March 31, 2000. The accountant conducted their review in accordance with Brazilian accounting standards and determined that the financial statements were prepared in accordance with Brazilian GAAP and CVM regulations. The accountant was not aware of any needed material modifications to the financial statements for them to be in conformity with Brazilian accounting principles.

Expeditors International of Washington, 2nd03qer

finance39

Expeditors International of Washington, Inc. announced an 18% increase in net earnings for the second quarter of 2003 compared to the same period in 2002. Net revenues rose 14% and total revenues and operating income increased 17% and 14% respectively. For the six month period, net earnings increased 16% while net revenues and total revenues rose 15% and 20% respectively, with operating income up 15%. The company's Chairman and CEO attributed the positive results to the hard work of employees and highlighted continued progress in streamlining operations in Europe.

Villa Alhambra Financial Statements 10-31-2011.pdf

VillaAlhambra

The document is the financial statements for Villa Alhambra of Coral Gables Condominium Association Inc. for the period ending October 31, 2011. It provides a balance sheet showing the association's assets, liabilities, and fund balances as of October 31, 2011 compared to the prior month. It also provides an income statement comparing the association's actual revenues and expenses for October 2011 to the monthly budget, as well as year-to-date actuals compared to the annual budget. Notes provide additional context on FDIC insurance coverage and the intended use of the financial information.

Exercises Financial Accounting - Cash Flow

Fabiola Kristi

The document provides financial information for AAA Company and BBB Inc. including comparative balance sheets, income statements, and notes. It asks to prepare statements of cash flows for both companies using direct and indirect methods. For AAA Company, additional information includes bond premium amortization. For BBB Inc., additional information provides details on various cash flow transactions for the year.

danaher 06-1Q-10Q

finance24

This document is Danaher Corporation's quarterly report filed with the SEC for the quarter ended March 31, 2006 on Form 10-Q. Some key details: - Danaher reported net earnings of $215.7 million on sales of $2.14 billion for the quarter. - Total assets increased to $9.35 billion as of March 31, 2006 from $9.16 billion as of December 31, 2005. - Cash flows from operating activities for the quarter were $337.2 million.

Q1 2009 Earning Report of Health Grades, Inc.

earningreport earningreport

This document is Health Grades, Inc.'s quarterly report on Form 10-Q for the quarter ended March 31, 2009 filed with the SEC. It includes Health Grades' condensed consolidated balance sheets, statements of income, and statements of cash flows for the quarters ended March 31, 2009 and 2008. It also includes notes to the financial statements describing Health Grades' accounting policies and recently adopted accounting pronouncements. The financial statements show that for the quarter ended March 31, 2009, Health Grades had revenue of $12.4 million, net income of $1.6 million, and cash and cash equivalents of $14.8 million.

chg, (11).pdf

RumayshaDevi

Liam AB acquired 80% ownership of Theo AB on January 1 for $10 million. This implied the total fair value of Theo AB was $12.5 million. The book value of Theo's net assets was $10 million, so $2.5 million was allocated to goodwill. In 2014, Theo had net income of $1.5 million, with 20% or $300,000 belonging to the noncontrolling interest. After consolidating the financial statements, the combined entity had sales of $97.5 million and net income of $4.3 million for the year.

danaher 06-3Q-10Q

finance24

This document is a Form 10-Q quarterly report filed by Danaher Corporation with the Securities and Exchange Commission for the quarter ended September 29, 2006. The summary provides key financial information including operating results, balance sheet details, and cash flow statements. Danaher reported quarterly net earnings of $268.1 million on sales of $2.44 billion. Total assets were $12 billion and stockholders' equity was $6.15 billion. For the nine months, net earnings were $798.3 million on sales of $6.94 billion. Cash provided by operating activities was $1.08 billion, while cash used for acquisitions was $2.17 billion for the period.

50875543 solutions

ehab ghazala

The document provides a comprehensive problem solution involving journal entries for various transactions of Winterschid Company throughout the year. It includes entries for equipment disposal, accounts receivable collection and bad debts, interest revenue and expense accruals, building and equipment depreciation, patent amortization, unearned rent, and payroll expenses. The document also provides Winterschid Company's income statement, owner's equity statement, balance sheet, and trial balance for the year ended December 31, 2010.

Assign 1 sem 3 11 12-revised

nazrinazlan

This document contains 10 problems related to engineering management concepts including financial ratios, cash flows, present worth, investment analysis, and compound interest. The problems involve calculating financial ratios from balance sheet data, comparing loans with different interest rates, constructing cash flow diagrams, using the rule of 72 to estimate interest rates, and applying cash flow formulae to investment analysis questions. The total marks for the assignment are 135, split between the two sections.

Blige Inc.Comparative Balance SheetDecember 31, 2014 and 2013.docx

moirarandell

Blige Inc. Comparative Balance Sheet December 31, 2014 and 2013 Dec. 31, 2014 Dec. 31, 2013 Assets Current assets Cash $199,380 $240,410 Temporary investments 301,760 398,400 Accounts receivable (net) 211,700 197,100 Inventories 160,600 116,800 Prepaid expenses 37,712 48,080 Total current assets $911,152 $1,000,790 Long-term investments 695,168 468,163 Property, plant, and equipment (net) 1,080,000 972,000 Total assets $2,686,320 $2,440,953 Liabilities Current liabilities $293,920 $633,353 Long-term liabilities Mortgage note payable, 8%, due 2019 $400,000 $0 Bonds payable, 8%, due 2015 500,000 500,000 Total long-term liabilities $900,000 $500,000 Total liabilities $1,193,920 $1,133,353 Stockholders' Equity Preferred $0.70 stock, $20 par $180,000 $180,000 Common stock, $10 par 210,000 210,000 Retained earnings 1,102,400 917,600 Total stockholders' equity $1,492,400 $1,307,600 Total liabilities and stockholders' equity $2,686,320 $2,440,953 Required: Determine the following measures for 2014, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital $ [removed] 2. Current ratio [removed] 3. Quick ratio [removed] 4. Accounts receivable turnover [removed] 5. Number of days' sales in receivables [removed] days 6. Inventory turnover [removed] 7. Number of days' sales in inventory [removed] days 8. Ratio of fixed assets to long-term liabilities [removed] 9. Ratio of liabilities to stockholders' equity [removed] 10. Number of times interest charges are earned [removed] 11. Number of times preferred dividends are earned [removed] 12. Ratio of net sales to assets [removed] 13. Rate earned on total assets [removed] % 14. Rate earned on stockholders' equity [removed] % 15. Rate earned on common stockholders' equity [removed] % 16. Earnings per share on common stock $ [removed] 17. Price-earnings ratio [removed] 18. Dividends per share of common stock $ [removed] 19. Dividend yield [removed] % .

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