1. Using these data from the comparative balance sheet of Crane
Company, perform horizontal analysis. (If...
1. Using these data from the comparative balance sheet of Crane
Company, perform horizontal analysis. (If amount and
percentage are a decrease show the numbers as negative, e.g.
-55,000, -20% or (55,000), (20%). Round percentages to 0 decimal
places, e.g. 12%.)
Increase or (Decrease)
Dec. 31, 2022
Dec. 31, 2021
Amount
Percentage
Accounts receivable
$ 489,060
$ 429,000
$enter a dollar amount
enter percentages rounded to 0 decimal places
%
Inventory
$ 731,250
$ 625,000
$enter a dollar amount
enter...
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...
Pharoah Company provides you with the following balance sheet
information as of December 31, 2022.
Current...
Pharoah Company provides you with the following balance sheet
information as of December 31, 2022.
Current assets
$10,350
Current liabilities
$10,800
Long-term assets
23,850
Long-term liabilities
12,600
Total assets
$34,200
Stockholders’ equity
10,800
Total liabilities and stockholders’ equity
$34,200
In addition, Pharoah reported net income for 2022 of $14,400,
income tax expense of $2,880, and interest expense of $1,170.
Compute the current ratio and working capital for Pharoah for
2022. (Round current ratio to 2 decimal places, e.g.
2.75. Enter...
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...
Ivanhoe Company provides you with the following balance sheet
information as of December 31, 2017.
Current...
Ivanhoe Company provides you with the following balance sheet
information as of December 31, 2017.
Current assets
$12,100
Current
liabilities
$13,700
Long-term
assets
29,300
Long-term
liabilities
12,900
Total assets
$41,400
Stockholders’
equity
14,800
Total liabilities and stockholders’ equity
$41,400
In addition, Ivanhoe reported net income for 2017 of $19,000,
income tax expense of $3,400, and interest expense of $1,600.
Compute the current ratio and working capital for Ivanhoe for
2017. (Round current ratio to 2 decimal places, e.g.
2.75. Enter...
Exercise 18-09
Lendell Company has these comparative balance sheet data:
Lendell Company
Balance Sheets
December 31...
Exercise 18-09
Lendell Company has these comparative balance sheet data:
Lendell Company
Balance Sheets
December 31
2020
2019
Cash
$ 14,000
$ 29,000
Accounts receivable (net)
69,000
59,000
Inventory
59,000
49,000
Plant assets (net)
195,000
175,000
$337,000
$312,000
Accounts payable
$50,000
$59,000
Mortgage payable (15%)
100,000
100,000
Common stock, $10 par
135,000
115,000
Retained earnings
52,000
38,000
$337,000
$312,000
Additional information for 2020:
1.
Net income was $24,000.
2.
Sales on account were $403,000. Sales returns and allowances
amounted to...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with comparative data for the year
ended December 31, 2019. From the statement of cash flows for the
year ended December 31, 2020, you determine the
following:
Net income for the year ended December 31, 2020, was
$97,500.
Dividends paid during the year ended December 31, 2020, were
$65,500.
Accounts receivable decreased $11,000 during the year ended
December 31, 2020.
The cost of new buildings...
The comparative condensed balance sheets of Gurley Corporation
are presented below.
GURLEY CORPORATION
Comparative Condensed Balance...
The comparative condensed balance sheets of Gurley Corporation
are presented below.
GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31
2017
2016
Assets
Current assets
$ 74,500
$ 81,600
Property, plant, and equipment
(net)
97,500
91,000
Intangibles
28,200
39,000
Total assets
$200,200
$211,600
Liabilities and stockholders’ equity
Current liabilities
$ 41,800
$ 47,400
Long-term liabilities
141,800
151,200
Stockholders’ equity
16,600
13,000
Total liabilities and
stockholders’ equity
$200,200
$211,600
(a)
Prepare a horizontal analysis of the balance sheet data for
Gurley Corporation...
Selected information from the comparative financial statements
of Sky Company for the year ended December 31,...
Selected information from the comparative financial statements
of Sky Company for the year ended December 31, appears below:
2020
2019
Accounts receivable (net)
$270,000
$300,000
Inventory 210,000 240,000
Total
assets
1,800,000
1,200,000
Current
liabilities
210,000
165,000
Long-term
debt
600,000
450,000
Net credit
sales
1,995,000
1,050,000
Cost of goods
sold
1,350,000
795,000
Interest
expense
75,000
37,500
Income tax
expense
90,000
43,500
Net income
225,000
127,500
Required:
Compute the following ratios at December 31, 2020:
a. Inventory turnover for 2020.
b. ...
A comparative balance sheet for Carla Vista Corporation is
presented below.
December
31
Assets
2020
2019...
A comparative balance sheet for Carla Vista Corporation is
presented below.
December
31
Assets
2020
2019
Cash
$80,240
$25,960
Accounts receivable
96,760
77,880
Inventory
200,600
223,020
Land
83,780
129,800
Equipment
330,400
236,000
Accumulated depreciation–equipment
(87,320)
(49,560)
Total
$704,460
$643,100
Liabilities and Stockholders’ Equity
Accounts payable
$40,120
$55,460
Bonds payable
177,000
236,000
Common stock ($1 par)
193,520
193,520
Retained earnings
293,820
158,120
Total
$704,460
$643,100
Additional information:
1.
Net income for 2020 was $182,900; there were no gains or
losses.
2....