Suppose Lightspeed Industries has the following results related
to cash flows for 2017: Net Income of...
Suppose Lightspeed Industries has the following results related
to cash flows for 2017: Net Income of $9,200,000 Increase in
Accounts Payable of $700,000 Increase in Accounts Receivable of
$500,000 Decrease in Debt of $400,000 Depreciation Expenses of
$1,500,000 Dividends Paid of $800,000 Decrease in Inventory of
$400,000 Purchases of Property, Plant, & Equipment of
$9,400,000 Other Adjustments from Financing Activities of $600,000
Other Adjustments from Investing Activities of $300,000 Other
Adjustments from Operating Activities of $100,000 Create a
statement of...
Suppose Lightspeed Industries has the following results related
to cash flows for 2017: Net Income of...
Suppose Lightspeed Industries has the following results related
to cash flows for 2017: Net Income of $9,200,000 Increase in
Accounts Payable of $700,000 Increase in Accounts Receivable of
$500,000 Decrease in Debt of $400,000 Depreciation Expenses of
$1,500,000 Dividends Paid of $800,000 Decrease in Inventory of
$400,000 Purchases of Property, Plant, & Equipment of
$9,400,000 Other Adjustments from Financing Activities of $600,000
Other Adjustments from Investing Activities of $300,000 Other
Adjustments from Operating Activities of $100,000 Create a
statement of...
Suppose Torche Corporation has the following results related to
cash flows for 2019:
Net Income of...
Suppose Torche Corporation has the following results related to
cash flows for 2019:
Net Income of $8,500,000
Decrease in Accounts Payable of $400,000
Increase in Accounts Receivable of $800,000
Increase in Debt of $100,000
Depreciation Expenses of $2,000,000
Dividends Paid of $300,000
Increase in Inventory of $300,000
Purchases of Property, Plant, & Equipment of $5,400,000
Other Adjustments from Financing Activities of -$700,000
Other Adjustments from Investing Activities of $600,000
Other Adjustments from Operating Activities of $500,000
Create a statement of...
The financial statements of Flathead Lake Manufacturing Company
are shown below.
Income Statement 2017
Sales
$...
The financial statements of Flathead Lake Manufacturing Company
are shown below.
Income Statement 2017
Sales
$
9,300,000
Cost of Goods Sold
5,750,000
Depreciation Expense
550,000
Gross Profit
$
3,000,000
Selling and Administrative Expenses
2,200,000
EBIT
$
800,000
Interest Expense
200,000
Income before Tax
$
600,000
Taxes
375,000
Net Income
$
225,000
Flathead Lake Manufacturing
Comparative Balance Sheets
2017
2016
Cash
$
50,000
$
40,000
Accounts Receivable
570,000
600,000
Inventory
530,000
460,000
Total Current Assets
$
1,150,000
$
1,100,000
Fixed Assets...
8.Jean and John Inc had the following balance sheets on August
31, 2019:
Jean Inc.
John...
8.Jean and John Inc had the following balance sheets on August
31, 2019:
Jean Inc.
John Inc.
John Inc.
(carrying value)
(carrying value)
(fair value)
Cash
$1,200,000
$300,000
$300,000
Accounts Receivable
$ 400,000
$ 64,000
$ 64,000
Inventory
$ 240,000
$ 80,000
$ 60,000
Plant and Equipment (net)
$ 860,000
$256,000
$300,000
Trademark
$ 20,000
$ 36,000
Total Assets
$2,700,000
$720,000
Accounts Payable
$1,500,000
$300,000
$300,000
Bonds Payable
$ 600,000
$240,000
$210,000
Common Shares
$ 500,000
$ 60,000
Retained Earnings...
19. Benito Company reported the following information for the
financial year ended 30/06/2020:
Profit from ordinary...
19. Benito Company reported the following information for the
financial year ended 30/06/2020:
Profit from ordinary activities before income tax expense
$986,000
Cash received from customers / Accounts receivables
80,000
Paid to suppliers / Accounts payable
80,000
Cash received from the sale of Land
28,000
Obtained a loan from Good Bank
60,000
Purchase a motor vehicle for cash
80,000
Share issues
120,000
Salary & wages paid
16,000
Dividend paid
14,000
Annual leave paid
20,000
Interest received from an investment
4,000...
he following questions:
20x1 &n
he following questions:
20x1 20x2
Net Income $825,000 $930,000
Depreciation Expense 130,000 165,000
Inventory 1,200,000 1,640,000
Gross Fixed Assets 4,500,000 4,850,000
Dividends Paid 110,000 110,000
Accounts Receivable 700,000 810,000
Issued Common Stock 1,500,000 0
Accounts Payable 400,000 430,000
Long-Term Debt 1,100,000 1,600,000
Accruals 150,000 140,000
Net Fixed Assets 2,000,000 2,550,000
Cash 400,000 1,005,000
QUESTION 3
Match the following:
- a.
b. c.
d.
Operating activity...
On January 1, Year 1, Jacklin Corporation (JC) acquired
60 percent (60,000 shares of $2 par...
On January 1, Year 1, Jacklin Corporation (JC) acquired
60 percent (60,000 shares of $2 par common stock) of Mantz
Corporation (MC) for $2,500,000 in cash. The acquisition date fair
value of the noncontrolling interest’s shares (40 percent) was $40
per share. JC uses the Initial Value Method for its internal
accounting.
At the time of the acquisition MC has the following
asset and liability accounts:
Book Value Fair Value Difference
Current Assets $ 500,000 $ 500,000 $ 0
PPE...
Question No: 2
The financial statements of Ahmed Company appear below:
Ahmed Company
Comparative Balance Sheet...
Question No: 2
The financial statements of Ahmed Company appear below:
Ahmed Company
Comparative Balance Sheet
December 31,
————————————————————————————————
Assets
2019
2018
Cash
$ 250,000 $ 400,000
Short-term
investments
150,000 600,000
Accounts receivable
(net)
500,000 300,000
Inventory 500,000
700,000
Property, plant and equipment
(net)
2,600,000 3,000,000
Total
assets
$4,000,000 $5,000,000
Liabilities and stockholders' equity
Accounts
payable
$ 200,000 $ 300,000
Short-term notes
payable
300,000 900,000
Bonds payable 900,000 1,600,000
Common stock 1,500,000 1,500,000
Retained
earnings ...
Accounts payable-trade .......4,350,00
Accounts receivable-trade ......3,100,00
Bank loan, short-term borrowings..... 1,500,000
Processing formulas ......300,000
Land held...
Accounts payable-trade .......4,350,00
Accounts receivable-trade ......3,100,00
Bank loan, short-term borrowings..... 1,500,000
Processing formulas ......300,000
Land held for speculation...... 2,500,000
Land ......5,000,000
Change fund .....30,000
Prepaid advertising ......80,000
Unused office supplies .......20,000
Notes payable-trade ......2,500,000
Notes receivable ........1,000,000
Copyright ........300,000
Tools...... 100,000
Building...... 8,000,000
Machinery...... 5,000,000
Office furniture...... 1,800,000
Computer software ......500,000
Bonds payable .......5,000,000
Time deposit due december 31, 2023...... 5,000,000
Premium on bonds payable..... 500,000
Cash in PNB#001 .......2,300,000
Cash in PNB#002 .......(150,000)
Jenny, capital..... 17,880,000
Accumulates depreciation, building..........