The current sections of Flint Corporation’s balance sheets at
December 31, 2021 and 2022, are presented...
The current sections of Flint Corporation’s balance sheets at
December 31, 2021 and 2022, are presented here. Flint Corporation’s
net income for 2022 was $215,900. Depreciation expense was
$35,700.
2022
2021
Current assets
Cash
$52,700
$ 75,650
Accounts receivable
72,250
58,650
Inventory
66,300
52,700
Prepaid expenses
14,450
16,150
Total current assets
$205,700
$203,150
Current liabilities
Accrued expenses payable
$ 5,100
$ 13,600
Accounts payable
74,800
61,200
Total current liabilities
$79,900
$ 74,800
Prepare the net cash provided by operating activities...
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below. ROTHLISBERGER COMPANY...
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below. ROTHLISBERGER COMPANY Comparative
Balance Sheets December 31 Assets 2020 2019 Cash $ 57,900 $ 49,200
Accounts receivable 42,100 63,700 Inventory 150,600 147,000 Prepaid
expenses 13,500 23,800 Land 105,000 136,800 Buildings 200,000
200,000 Accumulated depreciation—buildings ( 60,500 ) ( 33,200 )
Equipment 229,700 157,300 Accumulated depreciation—equipment (
42,200 ) ( 36,700 ) Total $ 696,100 $ 707,900 Liabilities and
Stockholders’ Equity Accounts payable $ 46,500 $ 39,500...
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below.
ROTHLISBERGER COMPANY...
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below.
ROTHLISBERGER COMPANY Comparative Balance Sheets December 31
Assets 2017 2016 Cash $59,900 $46,500 Accounts receivable 43,400
62,100 Inventory 148,100 145,600 Prepaid expenses 15,000 24,600
Land 96,500 130,300 Buildings 198,700 198,700 Accumulated
depreciation—buildings (56,200 ) (31,200 ) Equipment 230,300
156,600 Accumulated depreciation—equipment (44,300 ) (36,200 )
Total $691,400 $697,000 Liabilities and Stockholders’ Equity
Accounts payable $46,200 $39,000 Bonds payable 260,000 291,200
Common stock, $1 par 189,500 158,300...
Comparative balance sheets for International Company are
presented below.
INTERNATIONAL COMPANY
Comparative Balance Sheets
December 31...
Comparative balance sheets for International Company are
presented below.
INTERNATIONAL COMPANY
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$72,390
$22,170
Accounts receivable
84,130
76,470
Inventory
180,110
188,840
Land
75,720
101,410
Equipment
250,630
200,400
Accumulated depreciation—equipment
(65,830
)
(41,180
)
Total
$597,150
$548,110
Liabilities and Stockholders’ Equity
Accounts payable
$33,340
$46,050
Bonds payable
149,100
200,490
Common stock ($1 par)
213,680
164,500
Retained earnings
201,030
137,070
Total
$597,150
$548,110
Additional information:
1.
Net income for 2017 was $135,850.
2.
Cash...
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...
SAFFORDVILLE COMPANY
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$102,700
$ 33,400
Accounts receivable...
SAFFORDVILLE COMPANY
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$102,700
$ 33,400
Accounts receivable
60,800
37,000
Inventory
126,900
102,650
Investments
79,500
107,000
Equipment
315,000
205,000
Accumulated depreciation—equipment
(44,500)
(40,000)
Total
$640,400
$445,050
Liabilities and Stockholders’ Equity
Accounts payable
$ 57,700
$ 48,280
Accrued expenses payable
15,100
18,830
Bonds payable
145,000
70,000
Common stock
250,000
200,000
Retained earnings
172,600
107,940
Total
$640,400
$445,050
SAFFORDVILLE COMPANY
Income Statement
For the Year Ended December 31, 2017
Sales revenue
$297,500
Gain on...
Exercise 12-7 Shown below are comparative balance sheets for
Mitch Company. Mitch Company Comparative Balance Sheets...
Exercise 12-7 Shown below are comparative balance sheets for
Mitch Company. Mitch Company Comparative Balance Sheets December 31
Assets 2017 2016 Cash $ 68,000 $ 22,000 Accounts receivable 88,000
76,000 Inventory 167,000 189,000 Land 80,000 100,000 Equipment
260,000 200,000 Accumulated depreciation—equipment (66,000 )
(32,000 ) Total $597,000 $555,000 Liabilities and Stockholders’
Equity Accounts payable $ 39,000 $ 43,000 Bonds payable 150,000
200,000 Common stock ($1 par) 216,000 174,000 Retained earnings
192,000 138,000 Total $597,000 $555,000 Additional information: 1.
Net income...
Presented below are the 2021 income statement and comparative
balance sheets for Santana Industries.
SANTANA INDUSTRIES...
Presented below are the 2021 income statement and comparative
balance sheets for Santana Industries.
SANTANA INDUSTRIES
Income Statement
For the Year Ended December 31, 2021
($ in thousands)
Sales revenue
$
16,850
Service revenue
6,000
Total revenue
$
22,850
Operating expenses:
Cost of goods sold
8,500
Selling expense
3,700
General and administrative expense
2,800
Total operating expenses
15,000
Operating income
7,850
Interest expense
280
Income before income taxes
7,570
Income tax expense
2,900
Net income
$
4,670
Balance Sheet Information...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below: Debit Credit Cash 10,500 Accounts
receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment
300,000 Accumulated depreciation - equipment 125,000 Accounts
payable 30,000 Notes payable - due in three months 30,000 Salaries
payable 4,000 Interest payable 1,000 Common stock 200,000 Retained
earnings 50,000 Sales revenue 400,000 Costs of goods sold 180,000
Salaries expense 120,000 Rent expense 15,000 Depreciation expense
30,000 Interest expense 2,000 Advertising expense 2,500...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below:
Debit...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below:
Debit
Credit
Cash
10,500
Accounts receivable
150,000
Prepaid rent
5,000
Inventory
25,000
Equipment
300,000
Accumulated depreciation - equipment
125,000
Accounts payable
30,000
Notes payable - due in three months
30,000
Salaries payable
4,000
Interest payable
1,000
Common stock
200,000
Retained earnings
50,000
Sales revenue
400,000
Costs of goods sold
180,000
Salaries expense
120,000
Rent expense
15,000
Depreciation expense
30,000
Interest expense
2,000
Advertising expense
2,500...