Trafalgar Industries, Inc. is a manufacturer of steel products
for customers such as Home Depot, Lowe’s,...
Trafalgar Industries, Inc. is a manufacturer of steel products
for customers such as Home Depot, Lowe’s, Chrysler, Ford, and
General Motors. In the year ended December 31, 2013, it reported
the following activities:
Net income
(loss)
$
(6,533
)
Purchase of
equipment
14,040
Payments on notes
payable to bank
207,469
Net proceeds from
stock issuance
762
Depreciation
26,150
Proceeds from sale
of equipment
12,520
Increase in accounts
receivable
1,970
Proceeds from notes
payable to bank
212,100
Required:
Based on this...
Modern Movables Corporation is a Virginia-based manufacturer of
furniture. In a recent quarter, it reported the...
Modern Movables Corporation is a Virginia-based manufacturer of
furniture. In a recent quarter, it reported the following
activities:
Net income
$
5,035
Purchase of equipment
961
Borrowings under line of credit (bank)
1,507
Proceeds from issuance of common stock
20
Cash received from customers
30,064
Payments to reduce notes payable (long-term)
55
Sale of investments
143
Proceeds from sale of equipment
7,494
Dividends paid
286
Interest paid
99
Required:
Based on this information, present the cash flows from investing
and...
Oering's Furniture Corporation is a Virginia-based manufacturer
of furniture. In a recent year, it reported the...
Oering's Furniture Corporation is a Virginia-based manufacturer
of furniture. In a recent year, it reported the following
activities:
Net income
$
5,148
Purchase of property, plant, and equipment
2,080
Borrowings under line of credit (bank)
1,129
Proceeds from issuance of stock
28
Cash received from customers
37,168
Payments to reduce long-term debt
49
Sale of marketable securities
233
Proceeds from sale of property and equipment
6,874
Dividends paid
286
Interest paid
108
Purchase of treasury stock (stock repurchase)
2,579...
The following selected account balances relate to the property,
plant, and equipment accounts of Blossom Inc.:...
The following selected account balances relate to the property,
plant, and equipment accounts of Blossom Inc.:
2018
2017
Accumulated
depreciation—buildings
$335,000
$300,000
Accumulated
depreciation—equipment
144,000
95,000
Depreciation
expense—buildings
35,000
35,000
Depreciation
expense—equipment
60,000
49,000
Land
100,000
60,000
Buildings
700,000
700,000
Equipment
300,000
240,000
Gain on disposal (equipment)
4,000
0
Additional information:
1.
Purchased $40,000 of land for cash.
2.
Purchased $75,000 of equipment for a $10,000 down payment,
financing the remainder with a bank loan. Equipment was also sold
during...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Olson-Jones Industries Inc. for
December 31,...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Olson-Jones Industries Inc. for
December 31, 20Y2 and 20Y1, is as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Assets
Cash
$115
$37
Accounts receivable (net)
65
47
Inventories
41
26
Land
94
104
Equipment
53
41
Accumulated depreciation-equipment
(14)
(7)
Total Assets
$354
$248
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$45
$37
Dividends payable
7
-
Common stock, $1 par
23
12
Paid-in capital: Excess of issue price...
Questions from Choice Hotels
Note: Use the ratios in your answers, and
explain what the ratios...
Questions from Choice Hotels
Note: Use the ratios in your answers, and
explain what the ratios mean. Note: Shareholder equity
remains negative at the end of 2017. The deficit is declining. The
large negative equity was caused by earlier purchases of Treasury
Stock. This will make the equity multiplier, return on equity, and
the debt to equity ratios meaningless.
1. To help improve our operations, comment on
how we are doing with respect to asset management. Are there any
areas...
Comparative statements of financial position for Bayshore
Industries, Inc., as of December 31, Year 2 and...
Comparative statements of financial position for Bayshore
Industries, Inc., as of December 31, Year 2 and Year 1, are
presented below.
Bayshore Industries, Inc.
Statements of Financial Position
December 31, Year 2 and Year 1
Year 2
Year 1
Change
Assets
Current assets
Cash and cash equivalents
$ 216,000
$ 144,000
$ 72,000
Trade receivables - net
3,434,000
1,971,000
1,463,000
Inventory
810,000
216,000
594,000
Prepaid expenses
18,000
--
18,000
Total current assets
4,478,000
2,331,000
2,147,000
Property and equipment
7,780,000
7,740,000
40,000
Minus:...
On July 1, Year 1, Danzer Industries Inc. issued $47,500,000 of
10-year, 11% bonds at a...
On July 1, Year 1, Danzer Industries Inc. issued $47,500,000 of
10-year, 11% bonds at a market (effective) interest rate of 13%,
receiving cash of $42,266,357. Interest on the bonds is payable
semiannually on December 31 and June 30. The fiscal year of the
company is the calendar year. Required: 1. Journalize the entry to
record the amount of cash proceeds from the issuance of the bonds.*
2. Journalize the entries to record the following:* a. The first
semiannual interest...
Haver Industries is a leading consumer products company. The
company’s adapted comparative balance sheets and income...
Haver Industries is a leading consumer products company. The
company’s adapted comparative balance sheets and income statements
(in $ millions) follow.
Haver Industries
Comparative Income Statements
For the Years Ended December 31
2016
2015
2014
2013
2012
Net sales revenue
$68,222
$56,741
$51,407
$43,377
$40,238
Cost of goods sold
33,125
27,872
25,076
22,141
20,989
Gross profit
35,097
28,869
26,331
21,236
19,249
Research & development expenses
2,075
1,940
1,802
1,665
-
Selling, general, & administrative expenses
19,773
16,460
14,702
11,718
12,052...
Exam 2 Softbyte Inc. Balance Sheet December 31, 2012 Assets Cash
$500,000 Accounts Receivable 700,000 Inventory...
Exam 2 Softbyte Inc. Balance Sheet December 31, 2012 Assets Cash
$500,000 Accounts Receivable 700,000 Inventory 300,000 Property,
Plant & Equipment 900,000 Accumulated Depreciation (100,000)
Total Assets $2,300,000
Liabilities & Equity Accounts Payable $300,000 Notes Payable
1,000,000 Common Stock 500,000 Retained Earnings 500,000 Total
Liabilities & Equity $2,300,000
Instructions: Open the balances in the T-accounts (general
ledger). Post the journal entries to the T-accounts (general
ledger). Prepare an income statement, statement of retained
earnings, balance sheet, and statement of cash...