Easton Company is projecting a cash balance of $41,000 in its
December 31, 2012, balance sheet....
Easton Company is projecting a cash balance of $41,000 in its
December 31, 2012, balance sheet. Easton’s schedule of expected
collections from customers for the first quarter of 2013 shows
total collections of $150,000. The schedule of expected payments
for direct materials for the first quarter of 2013 shows total
payments of $30,000. Other information gathered for the first
quarter of 2013 is: sale of equipment $4,000; direct labor $60,000,
manufacturing overhead $35,000, selling and administrative expenses
$45,000; and purchase...
Deitz Corporation is projecting a cash balance of $33,900 in its
December 31, 2019, balance sheet....
Deitz Corporation is projecting a cash balance of $33,900 in its
December 31, 2019, balance sheet. Deitz’s schedule of expected
collections from customers for the first quarter of 2020 shows
total collections of $209,050. The schedule of expected payments
for direct materials for the first quarter of 2020 shows total
payments of $48,590. Other information gathered for the first
quarter of 2020 is sale of equipment $3,390; direct labor $79,100,
manufacturing overhead $39,550, selling and administrative expenses
$50,850; and purchase...
Krause Industries’ balance sheet at December 31, 2019, is
presented below.
KRAUSE INDUSTRIES
Balance Sheet
December...
Krause Industries’ balance sheet at December 31, 2019, is
presented below.
KRAUSE INDUSTRIES
Balance Sheet
December 31, 2019
Assets
Current Assets
Cash
$7,500
Accounts receivable
73,500
Finished goods inventory (1,500
units)
26,840
Total current assets
107,840
Property, Plant, and Equipment
Equipment
$40,780
Less: Accumulated depreciation
10,490
30,290
Total
assets
$138,130
Liabilities and Stockholders' Equity
Liabilities
Notes payable
$25,730
Accounts payable
47,150
Total liabilities
72,880
Stockholders' Equity
Common stock
$39,110
Retained earnings
26,140
Total stockholders'
equity
65,250
Total
liabilities and stockholders'...
Marigold Corp. prepares monthly cash budgets. Here are relevant
data from operating budgets for 2017.
January...
Marigold Corp. prepares monthly cash budgets. Here are relevant
data from operating budgets for 2017.
January
February
Sales
$360,400
$401,700
Purchases
121,900
131,000
Salaries
83,000
81,600
Administrative expenses
71,700
74,300
Selling expenses
78,400
86,600
All sales and purchases are on account. Budgeted collections and
disbursement data are given below. All other expenses are paid in
the month incurred except for administrative expenses, which
include $1,100 of depreciation per month.
Other data.
1.
Collections from customers: January $336,800; February
$378,600.
2....
Colter Company prepares monthly cash budgets. Relevant data from
operating budgets for 2017 are as follows:...
Colter Company prepares monthly cash budgets. Relevant data from
operating budgets for 2017 are as follows: January February Sales
$375,120 $416,800 Direct materials purchases 125,040 130,250 Direct
labor 93,780 104,200 Manufacturing overhead 72,940 78,150 Selling
and administrative expenses 82,318 88,570 All sales are on account.
Collections are expected to be 50% in the month of sale, 30% in the
first month following the sale, and 20% in the second month
following the sale. Sixty percent (60%) of direct materials
purchases...
A comparative balance sheet for Coronado Corporation is
presented below.
December 31
Assets
2017
2016
Cash...
A comparative balance sheet for Coronado Corporation is
presented below.
December 31
Assets
2017
2016
Cash
$ 72,880
$ 22,000
Accounts receivable
84,590
68,710
Inventory
182,590
191,710
Land
73,590
112,710
Equipment
262,590
202,710
Accumulated Depreciation-Equipment
(71,590
)
(44,710
)
Total
$604,650
$553,130
Liabilities and Stockholders' Equity
Accounts payable
$ 36,590
$ 49,710
Bonds payable
150,000
200,000
Common stock ($1 par)
214,000
164,000
Retained earnings
204,060
139,420
Total
$604,650
$553,130
Additional information:
1.
Net income for 2017 was $130,180. No gains...
Danner Company expects to have a cash balance of $59,040 on
January 1, 2017. Relevant monthly...
Danner Company expects to have a cash balance of $59,040 on
January 1, 2017. Relevant monthly budget data for the first 2
months of 2017 are as follows.
Collections from customers: January $111,520, February
$196,800.
Payments for direct materials: January $65,600, February
$98,400.
Direct labor: January $39,360, February $59,040. Wages are paid
in the month they are incurred.
Manufacturing overhead: January $27,552, February $32,800.
These costs include depreciation of $1,968 per month. All other
overhead costs are paid as incurred....
Waterway Corporation
Balance Sheet
December 31, 2016 and December 31, 2017
2016
Dr.
Cr.
2017
Assets...
Waterway Corporation
Balance Sheet
December 31, 2016 and December 31, 2017
2016
Dr.
Cr.
2017
Assets
Cash
$120,900
$274,350
Accounts Receivable
286,750
279,000
Inventory
185,000
185,000
Investments
114,700
80,600
Equipment
372,000
461,900
Accummulated Depreciation
(137,950)
(164,300)
Total
$941,400
$1,116,550
Liabilities and Stockholders' Equity
Accounts Payable
$234,050
$207,700
Bonds Payable
185,000
130,000
Common Stock
248,000
303,000
Retained Earnings
274,350
475,850
Total
$941,400
-
-
$1,116,550
Additional Information:
1. Net income for 2017
$248,000
2. Investments were sold at a loss of...
A comparative balance sheet for Grouper Corporation is presented
below.
December 31
Assets
2017
2016
Cash...
A comparative balance sheet for Grouper Corporation is presented
below.
December 31
Assets
2017
2016
Cash
$ 72,850
$ 22,000
Accounts receivable
84,910
69,060
Inventory
182,910
192,060
Land
73,910
113,060
Equipment
262,910
203,060
Accumulated
Depreciation-Equipment
(71,910
)
(45,060
)
Total
$605,580
$554,180
Liabilities and
Stockholders' Equity
Accounts payable
$ 36,910
$ 50,060
Bonds payable
150,000
200,000
Common stock ($1 par)
214,000
164,000
Retained earnings
204,670
140,120
Total
$605,580
$554,180
Additional information:
1.
Net income for 2017 was
$130,820. No gains...
A comparative balance sheet for Talkington Corporation is
presented below.
December
31
Assets
2017
2016
Cash...
A comparative balance sheet for Talkington Corporation is
presented below.
December
31
Assets
2017
2016
Cash
$68,000
$22,000
Accounts receivable
82,000
66,000
Inventory
170,000
189,000
Land
71,000
110,000
Equipment
280,000
200,000
Accumulated depreciation–equipment
(74,000)
(42,000)
Total
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$34,000
$47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or
losses.
2.
Cash...