Concord Corporation is preparing its December 31, 2020, balance
sheet. The following items may be reported...
Concord Corporation is preparing its December 31, 2020, balance
sheet. The following items may be reported as either a current or
long-term liability.
1.
On December 15, 2020, Concord declared a cash dividend of $4.20
per share to stockholders of record on December 31. The dividend is
payable on January 15, 2021. Concord has issued 1,000,000 shares of
common stock, of which 50,000 shares are held in treasury.
2.
At December 31, bonds payable of $119,412,000 are outstanding.
The bonds...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with comparative data for the year
ended December 31, 2019. From the statement of cash flows for the
year ended December 31, 2020, you determine the
following:
Net income for the year ended December 31, 2020, was
$97,500.
Dividends paid during the year ended December 31, 2020, were
$65,500.
Accounts receivable decreased $11,000 during the year ended
December 31, 2020.
The cost of new buildings...
Following are selected balance sheet accounts of Del Conte Corp.
at December 31, 2021 and 2020,...
Following are selected balance sheet accounts of Del Conte Corp.
at December 31, 2021 and 2020, and the increases or decreases in
each account from 2020 to 2021. Also presented is selected income
statement information for the year ended December 31, 2021, and
additional information.
Selected Balance Sheet Accounts
2021
2020
Increase
(Decrease)
Assets
Accounts receivable
$
50,000
$
32,000
$
18,000
Property, plant, and equipment
293,000
255,000
38,000
Accumulated depreciation
(194,000
)
(175,000
)
19,000
Liabilities and Stockholders’ Equity...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with comparative data for the year
ended December 31, 2019. From the statement of cash flows for the
year ended December 31, 2020, you determine the
following:
Net income for the year ended December 31, 2020, was
$97,500.
Dividends paid during the year ended December 31, 2020, were
$65,500.
Accounts receivable decreased $11,000 during the year ended
December 31, 2020.
The cost of new buildings...
The current sections of Blossom Rentals balance sheets at
December 31, 2021, and 2020, are presented...
The current sections of Blossom Rentals balance sheets at
December 31, 2021, and 2020, are presented here. Blossom’ profit
for 2021 was $146,880. Depreciation expense was $23,040. 2021 2020
Current assets Cash $100,800 $95,040 Accounts receivable 105,600
85,440 Inventory 151,680 165,120 Prepaid expenses 25,920 21,120
Total current assets $384,000 $366,720 Current liabilities Accrued
expenses payable $14,400 $4,800 Accounts payable 81,600 88,320
Total current liabilities $96,000 $93,120 Prepare the net cash
provided by operating activities section of the company’s statement
of...
Indigo Inc. had the following balance sheet at December 31,
2019.
INDIGO INC.
BALANCE SHEET
DECEMBER...
Indigo Inc. had the following balance sheet at December 31,
2019.
INDIGO INC.
BALANCE SHEET
DECEMBER 31, 2019
Cash
$21,850
Accounts payable
$31,850
Accounts receivable
23,050
Notes payable (long-term)
42,850
Investments
33,850
Common stock
101,850
Plant assets (net)
81,000
Retained earnings
25,050
Land
41,850
$201,600
$201,600
During 2020, the following occurred.
1.
Indigo Inc. sold part of its debt investment portfolio for
$15,301. This transaction resulted in a gain of $3,701 for the
firm. The company classifies these investments as...
A comparative balance sheet for Corona Co is presented
below.
December 31
Assets
2020
2019
Cash...
A comparative balance sheet for Corona Co is presented
below.
December 31
Assets
2020
2019
Cash
$140,000
$ 50,000
Accounts receivable
160,000
140,000
Inventory
340,000
378,000
Land
140,000
220,000
Equipment
600,000
400,000
Accumulated depreciation–equipment
(160,000)
(90,000)
Total
$1,220,000
$1,098,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 70,000
$ 100,000
Bonds payable
300,000
100,000
Common stock ($1 par)
328,000
340,000
Retained earnings
522,000
558,000
Total
$1,220,000
$1,098,000
Additional information:
1. Net income for
2020 was $300,000; there were no gains or losses.
2. Cash...
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...
The following data are provided:
December 31
2021
2020
Cash
$ 1600000
$ 1020000
Accounts receivable...
The following data are provided:
December 31
2021
2020
Cash
$ 1600000
$ 1020000
Accounts receivable (net)
1400000
1200000
Inventories
2450000
2200000
Plant assets (net)
6000000
6600000
Accounts payable
1000000
800000
Income taxes payable
180000
110000
Bonds payable
1450000
1450000
10% Preferred stock, $50 par
1800000
1800000
Common stock, $10 par
2500000
1900000
Paid-in capital in excess of
par
1650000
1300000
Retained earnings
4150000
3600000
Net credit sales
13000000
Cost of goods sold
8500000
Operating expenses
2750000
Net income
1550000...