Here is financial information for Glitter Inc.
Prepare horizontal analysis.
December 31, 2022
December 31, 2021...
Here is financial information for Glitter Inc.
Prepare horizontal analysis.
December 31, 2022
December 31, 2021
Current assets
$106,000
$ 90,000
Plant assets (net)
400,000
350,000
Current liabilities
99,000
65,000
Long-term liabilities
122,000
90,000
Common stock, $1 par
130,000
115,000
Retained earnings
155,000
170,000
Instructions
Prepare a schedule showing a horizontal analysis for 2022, using
2021 as the base year.
Here is financial information for Glitter Inc. December 31, 2020
December 31, 2019 Current assets $123,400...
Here is financial information for Glitter Inc. December 31, 2020
December 31, 2019 Current assets $123,400 $100,000 Plant assets
(net) 394,350 330,000 Current liabilities 86,328 72,000 Long-term
liabilities 133,280 85,000 Common stock, $1 par 166,440 120,000
Retained earnings 131,702 153,000 Prepare a schedule showing a
horizontal analysis for 2020, using 2019 as the base year. (Enter
negative amounts and percentages using either a negative sign
preceding the number e.g. -45, -45% or parentheses e.g. (45),
(45%). Round percentages to 1...
December 31, 2020 December 31, 2019 Current assets $124,400
$100,000 Plant assets (net) 394,272 333,000 Current...
December 31, 2020 December 31, 2019 Current assets $124,400
$100,000 Plant assets (net) 394,272 333,000 Current liabilities
85,994 73,000 Long-term liabilities 132,675 87,000 Common stock, $1
par 166,750 115,000 Retained earnings 133,253 158,000 Prepare a
schedule showing a horizontal analysis for 2020, using 2019 as the
base year. (Enter negative amounts and percentages using either a
negative sign preceding the number e.g. -45, -45% or parentheses
e.g. (45), (45%). Round percentages to 1 decimal place, e.g.
12.3%.) GLITTER INC. Condensed...
PR 17-1B Horizontal analysis of income statement OBJ. 2 For
20Y2, Macklin Inc. reported a significant...
PR 17-1B Horizontal analysis of income statement OBJ. 2 For
20Y2, Macklin Inc. reported a significant increase in net income.
At the end of the year, John Mayer, the president, is presented
with the following condensed comparative income statement: Macklin
Inc. Comparative Income Statement For the Years Ended December 31,
20Y2 and 20Y1
Sales.................................................................
Costofgoodssold.....................................................
Grossprofit...........................................................
Sellingexpenses......................................................
Administrativeexpenses...............................................
Totaloperatingexpenses
..............................................
Incomefromoperations...............................................
Otherrevenue........................................................
Incomebeforeincometax .............................................
Incometaxexpense...................................................
Netincome...........................................................
Instructions 20Y2 $910,000 441,000 $469,000 $ 139,150 99,450
$238,600 $230,400 65,000 $295,400 65,000 $230,400...
The current sections of Sage Hill Inc.’s balance sheets at
December 31, 2021 and 2022, are...
The current sections of Sage Hill Inc.’s balance sheets at
December 31, 2021 and 2022, are presented here. Sage Hill Inc.’s
net income for 2022 was $175,950. Depreciation expense was
$31,050.
2022
2021
Current assets
Cash
$120,750
$ 113,850
Accounts receivable
92,000
102,350
Inventory
193,200
197,800
Prepaid expenses
31,050
25,300
Total current assets
$437,000
$439,300
Current liabilities
Accrued expenses payable
$ 17,250
$ 5,750
Accounts payable
97,750
105,800
Total current liabilities
$115,000
$ 111,550
Here is financial information for Larkspur, Inc.
December 31, 2017
December 31, 2016
Current assets
$...
Here is financial information for Larkspur, Inc.
December 31, 2017
December 31, 2016
Current assets
$ 108,500
$ 92,800
Plant assets (net)
402,800
352,500
Current liabilities
101,800
67,500
Long-term liabilities
124,500
92,800
Common stock, $1 par
132,500
117,500
Retained earnings
152,500
167,500
Prepare a schedule showing a horizontal analysis for 2017, using
2016 as the base year. (If amount and percentage are a
decrease show the numbers as negative, e.g. -55,000, -20% or
(55,000), (20%). Round percentages to 1 decimal place,...
An aging analysis of Sheridan Company’s accounts receivable at
December 31, 2020 and 2021, showed the...
An aging analysis of Sheridan Company’s accounts receivable at
December 31, 2020 and 2021, showed the following:
Accounts
Receivable
Number of Days
Outstanding
Estimated
%
Uncollectible
2021
2020
0–30 days
3%
$106,000
$130,000
31–60 days
6%
26,500
65,000
61–90 days
13%
53,000
39,000
Over 90 days
35%
79,500
26,000
Total
$265,000
$260,000
Additional information:
1.
At December 31, 2020, the unadjusted balance in Allowance for
Doubtful Accounts was a credit of $5,900.
2.
In 2021, $27,300 of accounts was written...
The following is summary of information presented on the
financial statements of a company on December...
The following is summary of information presented on the
financial statements of a company on December 31, 2015.
Account
2015
2014
Current Assets
$65,000
$50,000
Accounts Receivable
80,000
75,000
Merchandise Inventory
50,000
40,000
Current Liabilities
75,000
50,000
Long-term Liabilities
30,000
50,000
Common Stock
50,000
40,000
Retained Earnings
40,000
25,000
Net Sales Revenue
$525,000
$500,000
Cost of Goods Sold
400,000
395,000
Gross Profit
$125,000
$105,000
Selling Expenses
45,000
50,000
Net income before income tax expense
$80,000
$55,000
Income...
Biwott
Company
Balance Sheet
As of December 31, 2021
Assets
Cash
$ 60,000
Accounts
Receivable
60,000
Marketable...
Biwott
Company
Balance Sheet
As of December 31, 2021
Assets
Cash
$ 60,000
Accounts
Receivable
60,000
Marketable
Securities
80,000
Land
20,000
Equipment (net)
160,000
Total
$ 380,000
Liabilities and Stockholders' Eqiuity
Accounts Payable
$ 30,000
Taxes Pay. in 10
days
20,000
Bonds Pay. in 4
yrs.
80,000
Common Stock
125,000
Retained Earnings
125,000
Total
$ 380,000
What amount of quick
assets did Biwott Company hold at December 31, 2021?
a.
$120,000
b.
$140,000
c.
$200,000
d.
$220,000
Cook
Corporation
Balance Sheet
As...
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 ...