The accountant for Becker Company wants to develop a balance
sheet as of December 31, 2016....
The accountant for Becker Company wants to develop a balance
sheet as of December 31, 2016. A review of the asset records has
revealed the following information:
a. Asset A was purchased on July 1, 2014, for $30,000 and has
been depreciated on the straight-line basis using an estimated life
of six years and a residual value of $3,000.
b. Asset B was purchased on January 1, 2015, for $69,300. The
straight-line method has been used for depreciation purposes.
Originally,...
The following are Marin Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with...
The following are Marin Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with a column showing the
increase (decrease) from 2016 to 2017.
COMPARATIVE BALANCE SHEETS
2017
2016
Increase
(Decrease)
Cash
$813,400
$705,900
$107,500
Accounts receivable
1,123,400
1,156,600
(33,200
)
Inventory
1,863,500
1,731,800
131,700
Property, plant, and equipment
3,302,300
2,988,100
314,200
Accumulated depreciation
(1,162,900
)
(1,033,700
)
(129,200
)
Investment in Myers Co.
307,100
276,600
30,500
Loan receivable
252,200
—
252,200
Total assets
$6,499,000
$5,825,300
$673,700
Accounts...
The current sections of Scoggin Inc.’s balance sheets at
December 31, 2016 and 2017, are presented...
The current sections of Scoggin Inc.’s balance sheets at
December 31, 2016 and 2017, are presented here.
Scoggin’s net income for 2017 was $154,700. Depreciation expense
was $23,300.
2017
2016
Current assets
Cash
$102,700
$97,700
Accounts receivable
109,400
80,000
Inventory
158,200
173,000
Prepaid expenses
26,900
25,900
Total current assets
$397,200
$376,600
Current liabilities
Accrued expenses payable
$15,000
$9,300
Accounts payable
84,000
95,600
Total current
liabilities
$99,000
$104,900
Prepare the net cash provided by operating activities section of
the company’s statement...
On May 1, 2016, Lion, Inc. purchased equipment for $110,000
cash. Lion estimates that the equipment...
On May 1, 2016, Lion, Inc. purchased equipment for $110,000
cash. Lion estimates that the equipment will have a salvage value
of $8,000 and a useful life of 7 years. Lion is on a calendar year
basis ending December 31.
Required:
Compute the depreciation expense under each of the following
methods for 2016 and 2017.
Straight line method for 2016 and 2017
Sum of the years digits method for 2016 and 2017
Double Declining balance method for 2016 and 2017
Rodriquez Corporation’s comparative balance sheets are presented
below.
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2017...
Rodriquez Corporation’s comparative balance sheets are presented
below.
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2017
2016
Cash
$17,000
$17,500
Accounts receivable
25,000
22,400
Investments
19,850
16,050
Equipment
60,050
69,750
Accumulated depreciation—equipment
(13,750
)
(10,400
)
Total
$108,150
$115,300
Accounts payable
$14,750
$11,250
Bonds payable
10,400
30,000
Common stock
49,500
45,200
Retained earnings
33,500
28,850
Total
$108,150
$115,300
Additional information:
1.
Net income was $18,450. Dividends declared and paid were
$13,800.
2.
Equipment which cost $9,700 and had accumulated depreciation...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and 2017are shown.
Terry Company
Income
Statement
For the year Ended December
31, 2017
Sales
$
390,000
Cost of Goods Sold
235,000
_______
Gross Profit
$
155,000
Wages Expenses
$
63,000
Depreciation Expense
14,000
Other Operating Expenses
26,000
Income Tax Expense
17,000
120,000
______
________
Net Income
$
35,000
...
MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2016 and 2015
2016
2015
Assets
Cash
$
30,400...
MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2016 and 2015
2016
2015
Assets
Cash
$
30,400
$
30,550
Accounts receivable,
net
10,050
12,150
Inventory
90,100
70,150
Total current
assets
130,550
112,850
Equipment
49,900
41,500
Accum.
depreciation—Equipment
(22,500
)
(15,300
)
Total assets
$
157,950
$
139,050
Liabilities
and Equity
Accounts
payable
$
23,900
$
25,400
Salaries
payable
500
600
Total current
liabilities
24,400
26,000
Equity
Common stock, no par
value
110,000
100,000
Retained
earnings
23,550
13,050
Total liabilities
and equity...
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...
Simon Company's year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
34,695...
Simon Company's year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
34,695
$
42,227
$
44,876
Accounts receivable, net
103,666
73,898
57,488
Merchandise inventory
131,643
97,650
62,474
Prepaid expenses
11,634
10,755
4,840
Plant assets, net
324,594
298,084
274,722
Total assets
$
606,232
$
522,614
$
444,400
Liabilities and
Equity
Accounts payable
$
153,971
$
87,439
$
56,901
Long-term notes payable secured
by
mortgages on plant assets
113,972
116,595
101,159
Common stock, $10 par value
163,500
163,500...
The current sections of Shamrock, Inc.’s balance sheets at
December 31, 2016 and 2017, are presented...
The current sections of Shamrock, Inc.’s balance sheets at
December 31, 2016 and 2017, are presented here. Shamrock, Inc.’s
net income for 2017 was $ 153,612. Depreciation expense was $
27,108.
2017
2016
Current assets
Cash
$ 105,420
$ 99,396
Accounts receivable
80,320
89,356
Inventory
168,672
172,688
Prepaid expenses
27,108
22,088
Total current assets
$ 381,520
$ 383,528
Current liabilities
Accrued expenses payable
$ 15,060
$ 5,020
Accounts payable
85,340
92,368
Total current liabilities
$ 100,400
$ 97,388
Prepare the...