Below is the Income Statement for Lopez Company for the
year-ending December 31, 2017:
Sales (net)...
Below is the Income Statement for Lopez Company for the
year-ending December 31, 2017:
Sales (net)
$500,000
Cost of Goods Sold:
Beginning Inventory
$50,000
Net Purchases
300,000
Goods Available for Sale
350,000
Ending Inventory
40,000
Cost of Goods Sold
310,000
Gross Profit
$190,000
Expenses:
Wages
$35,000
Depreciation
30,000
Advertising
15,000
Administrative
5,000
$85,000
Income from Operations
$105,000
Gain on Sale of Equipment
50,000
Net Income
$155,000
The following balances were derived from the balance sheet:
December 31
December 31
2017...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts receivable 50,000 30,000
Inventory 50,000 70,000
Property, plant and equipment (net) 160,000 200,000
Total assets $300,000 $400,000
Liabilities and stockholders equity
Accounts payable $20,000 $30,000
Short term notes payable 40,000 90,000
Bonds payable 80,000 160,000
Common stock 60,000 45,000
Retained earnings 100,000 75,000
Total liabilities and stockholders equity $300,000 $400,000
Income statement (for the year ended December 31, 2007)
Net sales $360,000
Cost...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts receivable 50,000 30,000
Inventory 50,000 70,000
Property, plant and equipment (net) 160,000 200,000
Total assets $300,000 $400,000
Liabilities and stockholders equity
Accounts payable $20,000 $30,000
Short term notes payable 40,000 90,000
Bonds payable 80,000 160,000
Common stock 60,000 45,000
Retained earnings 100,000 75,000
Total liabilities and stockholders equity $300,000 $400,000
Income statement (for the year ended December 31, 2007)
Net sales $360,000
Cost...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash 30,000 35,000 -5,000
accounts receivable 55,000 45,000 10,000
inventory 65,000 45,000 20,000
preppaid expense 15,000 25,000 -10,000
land 70,000 40,000 30,000
right of use of asset 100,000 0 100,000
equipment 90,000 75,000 15,000
accumulated depreciation -18,000 -8,000 -10,000
total 407,000 257,000 150,000
Accounts payable 65,000 52,000 13,000
accrued expense 15,000 18,000 3,000
notes payable 0 23,000 -23,000
bonds payable 30,000 0 30,000
lease...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and 2017are shown.
Terry Company
Income
Statement
For the year Ended December
31, 2017
Sales
$
390,000
Cost of Goods Sold
235,000
_______
Gross Profit
$
155,000
Wages Expenses
$
63,000
Depreciation Expense
14,000
Other Operating Expenses
26,000
Income Tax Expense
17,000
120,000
______
________
Net Income
$
35,000
...
The financial statements of Elcamino Company appear below:
ELCAMINO COMPANY
Comparative Balance Sheet
December 31,
________________________________________________________...
The financial statements of Elcamino Company appear below:
ELCAMINO COMPANY
Comparative Balance Sheet
December 31,
________________________________________________________
Assets
2017 2016
Cash
..................................................................................................
$
25,000................................................................................................
$ 40,000
Debt investments
..............................................................................
20,000 60,000
Accounts receivable (net)
.................................................................
50,000 30,000
Inventory
...........................................................................................
140,000 170,000
Property, plant and equipment (net)
.................................................
170,000..............................................................................................
200,000
Total assets
................................................................................
$405,000 $500,000
Liabilities and stockholders' equity
Accounts payable
.............................................................................
$
25,000................................................................................................
$ 30,000
Short-term notes payable
.................................................................
40,000...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
390
$
190
Accounts receivable
450
240
Inventory
600
375
Land
600
560
Building
900
900
Less: Accumulated
depreciation
(300
)
(285
)
Equipment
2,750
2,450
Less: Accumulated
depreciation
(430
)...
Prepare a Cash Flow Statement for Rocket Corp. for the year
ended December 31, 2017.
Use...
Prepare a Cash Flow Statement for Rocket Corp. for the year
ended December 31, 2017.
Use the indirect method for the operating section. Use the balances
provided below. [25
marks]
Rocket Corporation
Statement of Financial Position
At December 31,
2017 2016
Cash $65,000 $29,000
Accounts Receivable 87,000 59,000
Inventory 133,000 81,000
Investments in shares (FV-OCI) 63,000 84,000
Land 65,000 103,000
Equipment 390,000 430,000
Accumulated depreciation (117,000) (86,000)
Goodwill 124,000 173,000
Total Assets $810,000 $873,000
Accounts payable 12,000 51,000
Dividends payable...
Dole Cole Company’s balance sheet is as follows: Dole Cole
Company Balance Sheet December 31 Assets...
Dole Cole Company’s balance sheet is as follows: Dole Cole
Company Balance Sheet December 31 Assets 2019 2018 RM RM Cash
15,000 16,000 Marketable securities 7,200 8,000 Accounts receivable
34,100 42,200 Inventories 82,000 50,000 Total current assets
138,300 116,200 Land and buildings 150,000 150,000 Machinery and
equipment 200,000 190,000 Furniture and fixtures 54,000 50,000
other 11,000 10,000 Total gross fixed assets 415,000 400,000 Less:
Accumulated depreciation 145,000 115,000 Net fixed assets 270,000
285,000 Total assets 408,300 401,200 Liabilities and Stockholders'...