Burns Corporation's net income last year was $99,200. Changes in
the company's balance sheet accounts for...
Burns Corporation's net income last year was $99,200. Changes in
the company's balance sheet accounts for the year appear below:
Increases
(Decreases)
Asset and Contra-Asset Accounts:
Cash and cash equivalents
$
20,700
Accounts receivable
$
13,300
Inventory
$
(16,300
)
Prepaid expenses
$
4,200
Long-term investments
$
11,000
Property, plant, and equipment
$
75,600
Accumulated depreciation
$
34,100
Liability and Equity Accounts:
Accounts payable
$
(19,600
)
Accrued liabilities
$
17,400
Income taxes payable
$
4,300
Bonds payable
$
(66,000...
2. Prepare a horizontal analysis for 2019 using 2018 as the base
year. (Decreases should be...
2. Prepare a horizontal analysis for 2019 using 2018 as the base
year. (Decreases should be indicated by a minus sign. Round your
percentage answers to 1 decimal place.)
FEDERER SPORTS APPAREL
Balance Sheet
December 31
Year
Increase (Decrease)
2019
2018
Amount
%
Assets
Cash
$2,327,500
$615,000
Accounts
receivable
1,487,500
1,155,000
Inventory
3,185,000
1,680,000
Buildings
12,600,000
12,600,000
Less:
Accumulated depreciation
(2,100,000)
(1,050,000)
Total
assets
$17,500,000
$15,000,000
Liabilities and Stockholders' Equity
Accounts
payable
$1,592,500
$1,890,000
Contingent liability
1,592,500
0
Common
stock...
[The following information applies to the questions
displayed below.]
The following accounts are taken from the...
[The following information applies to the questions
displayed below.]
The following accounts are taken from the financial statements
of Facebook Inc. at September 30, 2016. (Amounts are in
millions.)
Accounts Payable
$
2,600
Accounts Receivable
3,100
Cash
6,000
Common Stock
15,700
Equipment
7,900
Income Tax Expense
790
Interest Expense
50
Notes Payable (long-term)
3,000
Prepaid Rent
1,100
Retained Earnings
38,400
Service Revenue
7,000
Short-Term Investments
20,100
Software
21,500
Required:
Prepare a classified balance sheet at September 30, 2016.
(Enter your...
Megan Corporation's net income last year was $109,000. Changes
in the company's balance sheet accounts for...
Megan Corporation's net income last year was $109,000. Changes
in the company's balance sheet accounts for the year appear
below:
Increases
(Decreases)
Asset and Contra-Asset
Accounts:
Cash and cash equivalents
$
(11,800
)
Accounts receivable
$
(25,000
)
Inventory
$
8,500
Prepaid expenses
$
(14,700
)
Long-term investments
$
91,000
Property, plant, and
equipment
$
77,000
Accumulated depreciation
$
80,000
Liability and Equity
Accounts:
Accounts payable
$
0
Accrued liabilities
$
20,380
Income taxes payable
$
(13,080
)
Bonds payable...
Selected accounts from GermX Co.’s adjusted trial balance for
the year ended December 31 follow.
Trading...
Selected accounts from GermX Co.’s adjusted trial balance for
the year ended December 31 follow.
Trading securities (at cost)
$
5,000
Cash
$
10,000
Short-term stock investments (at cost)
23,000
Fair value adjustment—stock
(1,000
)
Equity method investments
70,000
Accounts receivable
2,000
Held-to-maturity securities (long-term)
13,000
Fair value adjustment—trading
500
Prepare the assets section of a classified balance sheet.
Hint: Fair Value Adjustment—Trading increases
trading securities; Fair Value Adjustment—Stock decreases
stock investments. (Amounts deducted should be indicated by
a minus...
Use the following information
for Taco Swell, Inc., (assume the tax rate is 30 percent):
...
Use the following information
for Taco Swell, Inc., (assume the tax rate is 30 percent):
2014
2015
Sales
$
18,573
$
17,136
Depreciation
1,801
1,876
Cost of goods
sold
4,679
4,847
Other expenses
1,016
894
Interest
865
996
Cash
6,277
6,886
Accounts
receivable
8,180
9,847
Short-term notes
payable
1,310
1,287
Long-term debt
20,740
24,986
Net fixed
assets
51,196
57,210
Accounts
payable
4,608
5,064
Inventory
14,521
15,428
Dividends
1,650
1,758
For 2015, calculate the cash flow from assets, cash flow...
Q1. Compute the missing amount for each of the following
separate companies a through d. (Losses...
Q1. Compute the missing amount for each of the following
separate companies a through d. (Losses
and amounts to be deducted should be indicated with a minus
sign.)
(a)
(b)
(c)
(d)
Equity,
December 31, 2014
$0
$0
$0
$0
Owner
investments during the year
96,500
88,368
206,183
Owner
withdrawals during the year
(50,000)
(11,000)
(56,000)
Net
income (loss) for the year
92,500
45,545
(3,000)
Equity, December 31, 2015
$98,500
$95,545
$106,183
Q2.
A sole proprietorship had the following assets...