The following changes took place last year in Pavolik Company’s
balance sheet accounts:
Asset and
Contra-Asset...
The following changes took place last year in Pavolik Company’s
balance sheet accounts:
Asset and
Contra-Asset Accounts
Liabilities and
Stockholders' Equity Accounts
Cash
$
21
D
Accounts payable
$
65
I
Accounts receivable
$
25
I
Accrued liabilities
$
25
D
Inventory
$
60
D
Income taxes payable
$
30
I
Prepaid expenses
$
20
I
Bonds payable
$
212
I
Long-term investments
$
22
D
Common stock
$
100
D
Property, plant, and
equipment
$
410
I
Retained earnings...
A comparative balance sheet for Lomax Company containing data
for the last two years is as...
A comparative balance sheet for Lomax Company containing data
for the last two years is as follows:
Lomax Company
Comparative Balance Sheet
This Year
Last Year
Assets
Current assets:
Cash and cash equivalents
$
72,000
$
50,800
Accounts receivable
592,000
612,500
Inventory
609,200
421,000
Prepaid expenses
10,800
5,500
Total current assets
1,284,000
1,089,800
Property, plant, and
equipment
2,375,000
1,804,000
Less accumulated
depreciation
616,200
560,900
Net property, plant, and
equipment
1,758,800
1,243,100
Long-term investments
82,100
133,000
Loans to subsidiaries
121,000
70,500...
Refine Assumptions for PPE Forecast
Following are the income statement and balance sheet for Medtronic
PLC....
Refine Assumptions for PPE Forecast
Following are the income statement and balance sheet for Medtronic
PLC.
Consolidated Statement of Income ($ millions)
For Fiscal Year Ended
April 26, 2019
Net sales
$30,557
Costs and expenses
Cost of products sold
9,155
Research and development expenses
2,330
Selling, general, and administrative expense
10,418
Amortization of intangible assets
1,764
Restructuring charges, net
198
Certain litigation charges, net
166
Other operating expense, net
258
Operating profit (loss)
6,268
Other nonoperating income, net
(373)
Interest...
Consider the following financial statements for Industrial
Supply Company.
(Actual)
December 31,
Balance sheet
Year 1...
Consider the following financial statements for Industrial
Supply Company.
(Actual)
December 31,
Balance sheet
Year 1
Comments
Assets
Cash
$ 400,000
20% increase (assumption)
Accounts receivable
2,000,000
20% increase (assumption)
Inventories
4,400,000
20% increase (assumption)
Total current assets
$ 6,800,000
Fixed assets, net
$ 1,200,000
20% increase (assumption)
Total assets (A)
$ 8,000,000
Liabilities and Equity
Accounts payable (CL)
$ 1,200,000
20% increase (assumption)
Notes payable
1,500,000
Total current liabilities
$ 2,700,000
Long-term debt
500,000
No change (assumption)
Stockholders’ equity
4,800,000
Total liabilities and equity
$ 8,000,000...
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December 31
This...
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December 31
This Year
Last Year
Assets
Cash
$
9
$
15
Accounts receivable
340
240
Inventory
125
175
Prepaid expenses
10
6
Total current assets
484
436
Property, plant, and
equipment
610
470
Less accumulated
depreciation
93
85
Net property, plant, and
equipment
517
385
Long-term investments
16
19
Total assets
$
1,017
$
840
Liabilities and
Stockholders' Equity
Accounts payable
$
310
$
230
Accrued...
Following are the income statement and balance sheet for Cisco
Sytems for the year ended July...
Following are the income statement and balance sheet for Cisco
Sytems for the year ended July 30, 2016.
Cisco Sytems
Consolidated Statements of Income
Years Ended December ($ millions)
July 30,
2016
July 25,
2015
Revenue
Product
$37,254
$37,750
Service
11,993
11,411
Total revenue
49,247
49,161
Cost of sales
Product
14,161
15,377
Service
4,126
4,103
Total cost of sales
18,287
19,480
Gross margin
30,960
29,681
Operating expenses
Research and development
6,296
6,207
Sales and marketing
9,619
9,821
General and administrative...
Following are the income statement and balance sheet for Cisco
Sytems for the year ended July...
Following are the income statement and balance sheet for Cisco
Sytems for the year ended July 30, 2016.
Cisco Sytems
Consolidated Statements of Income
Years Ended December ($ millions)
July 30,
2016
July 25,
2015
Revenue
Product
$37,254
$37,750
Service
11,993
11,411
Total revenue
49,247
49,161
Cost of sales
Product
14,161
15,377
Service
4,126
4,103
Total cost of sales
18,287
19,480
Gross margin
30,960
29,681
Operating expenses
Research and development
6,296
6,207
Sales and marketing
9,619
9,821
General and administrative...
Will’s Widget Company (WWC) incorporated near the end of 2017.
Operations began in January of 2018....
Will’s Widget Company (WWC) incorporated near the end of 2017.
Operations began in January of 2018. WWC prepares adjusting entries
and financial statements at the end of each month. Balances in the
accounts at the end of January are as follows:
Account Title
Dr
Cr
Cash
21,170
Accounts Receivable
12,200
Allowance for Doubtful Accounts
1,750
Inventory (45 units)
3,825
Unearned Revenue (40 units)
5,200
Accounts Payable
3,000
Notes Payable
14,500
Contributed Capital
6,700
Retained Earnings - Feb 1, 2018
6,045...