Blossom Company’s income statement for the year ended December
31, 2017, contained the following condensed information....
Blossom Company’s income statement for the year ended December
31, 2017, contained the following condensed information. Service
revenue $844,000 Operating expenses (excluding depreciation)
$628,000 Depreciation expense 60,000 Loss on sale of equipment
26,000 714,000 Income before income taxes 130,000 Income tax
expense 40,000 Net income $90,000 Blossom’s balance sheet contained
the following comparative data at December 31. 2017 2016 Accounts
receivable $37,000 $56,000 Accounts payable 43,000 29,000 Income
taxes payable 4,000 8,100 (Accounts payable pertains to operating
expenses.) Prepare the...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016,...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016, and the increases or decreases
in each account from 2016 to 2017. Also presented is selected
income statement information for the year ended December 31, 2017,
and additional information.
Selected balance sheet accounts
Assets
2017
2016
Increase (Decrease)
Accounts receivable
$33,700
$24,000
$9,700
Property, plant, and equipment
276,400
249,500
26,900
Accumulated depreciation—plant assets
(178,400)
(167,300)
(11,100)
Liabilities and stockholders’ equity
2017
2016
Increase...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of...
Asha Inc.’s financial statements for its year ended December 31,
20X8, follow:
Asha Inc.
Statement of financial
position
as at December 31, 20X8
20X8
20X7
Assets
Cash and cash equivalent
$94,000
$123,000
Accounts receivable (net)
114,000
111,500
FVOCI investments
15,000
12,000
Inventory
69,000
73,800
Prepaid expenses
15,000
11,700
Property, plant, and equipment (PPE), net
622,000
425,000
Trademark
48,000
63,000
$977,000
$820,000
Liabilities and shareholder equity
Accounts payable
$62,100
$57,500
Income taxes payable
21,100
19,000
Dividends payable
15,000
18,000
Bank loan...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
The following financial statements were prepared by Mystery Inc.
for the year ended December 31, 2018....
The following financial statements were prepared by Mystery Inc.
for the year ended December 31, 2018. Also presented are various
financial statement ratios for Mystery Inc as calculated from the
prior year's financial statements. Sales represent net credit
sales. The total assets and the receivables and inventory balances
at December 31, 2018, were the same as at December 31, 2017.
Mystery Inc.
Balance Sheet
December 31, 2018
Assets:
Liabilities and Capital
Cash
$
840,000
Accounts payables
$
660,000
Receivables
400,000...
The following information has been reported by Laporte Inc. on
its statements of financial position at...
The following information has been reported by Laporte Inc. on
its statements of financial position at December 31, 2016 and 2017,
and on its statement of earnings for the year ended December 31,
2017. Amounts are in millions of dollars:
Statements of Financial Position
2017
2016
Cash
$
104
$
75
Accounts receivable
41
31
Merchandise inventory
35
39
Long-term investments
-
25
Property, plant, and equipment
217
175
Accumulated depreciation
(85
)
(103
)
Total assets
$
312
$...
Awesome Inc. Statement of financial position As at December 31
20X8 20X7 Accounts receivable $ 160,000...
Awesome Inc. Statement of financial position As at December 31
20X8 20X7 Accounts receivable $ 160,000 $ 110,000 Inventory 62,000
50,000 Prepaid expenses 3,000 4,000 Investments at FVPL 18,000
40,000 Investments at FVOCI 18,000 13,000 Property, plant and
equipment (net) 80,000 100,000 Land 180,000 94,000 $ 521,000 $
411,000 Bank overdraft $ 9,000 $ 32,000 Accounts payable 30,000
20,000 Other current liabilities 45,000 60,000 Bank loans 37,000
50,000 Bonds payable 200,000 100,000 Share capital 30,000 10,000
Retained earnings 159,000 133,000...
Skysong Inc. had the following balance sheet at December 31,
2016.
SKYSONG INC.
BALANCE SHEET
DECEMBER...
Skysong Inc. had the following balance sheet at December 31,
2016.
SKYSONG INC.
BALANCE SHEET
DECEMBER 31, 2016
Cash
$7,400
Accounts payable
$15,500
Accounts receivable
13,600
Bonds payable
9,000
Investments
15,300
Common stock
36,700
Plant assets (net)
35,200
Retained earnings
27,200
Land
16,900
$88,400
$88,400
During 2017, the following occurred.
1.
Net income was $29,400.
2.
Depreciation expense was $8,400.
3.
Skysong liquidated its investment portfolio (comprised of
available-for-sale investments), realizing a $5,500 loss.
4.
Skysong issued $20,500 of common...
MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2018 and 2017
2018
2017
Assets
Cash
$
55,900...
MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2018 and 2017
2018
2017
Assets
Cash
$
55,900
$
56,300
Accounts receivable, net
13,800
16,800
Inventory
123,700
97,100
Total current assets
193,400
170,200
Equipment
68,500
57,500
Accum.
depreciation—Equipment
(31,000
)
(21,200
)
Total assets
$
230,900
$
206,500
Liabilities and
Equity
Accounts payable
$
33,000
$
35,200
Salaries payable
600
800
Total current liabilities
33,600
36,000
Equity
Common stock, no par value
165,900
153,100
Retained earnings
31,400
17,400
Total liabilities and
equity...
WINDSOR INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2017 AND 2016
December 31
Debit...
WINDSOR INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2017 AND 2016
December 31
Debit Accounts
2017
2016
Cash
$42,200
$33,900
Accounts Receivable
71,100
60,200
Inventory
30,100
24,100
Equity investments
22,500
38,700
Machinery
29,900
18,900
Buildings
67,800
56,400
Land
7,600
7,600
$271,200
$239,800
Credit Accounts
Allowance for Doubtful Accounts
$2,200
$1,500
Accumulated Depreciation—Machinery
5,700
2,300
Accumulated Depreciation—Buildings
13,600
9,000
Accounts Payable
34,700
24,500
Accrued Payables
3,500
2,600
Long-Term Notes Payable
21,100
30,700
Common Stock, no-par
150,000
125,000
Retained Earnings...