Problem 23-3
Shamrock Company has not yet prepared a formal statement of cash
flows for the...
Problem 23-3
Shamrock Company has not yet prepared a formal statement of cash
flows for the 2017 fiscal year. Comparative balance sheets as of
December 31, 2016 and 2017, and a statement of income and retained
earnings for the year ended December 31, 2017, are presented as
follows.
SHAMROCK COMPANY
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2017
($000 OMITTED)
Sales revenue
$3,800
Expenses
Cost of goods sold
$1,210
Salaries and benefits
720
Heat, light,...
On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired
90% of Marcus Co. (MC),...
On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired
90% of Marcus Co. (MC), a foreign company for FC 623,200. At the
acquisition date, the carrying value of MC’s net assets equaled
their fair value except for the equipment, which had a carrying
value of FC 800,000 and a fair value of FC 880,000. At the
acquisition date, MC’s equipment had a remaining useful life of 10
years. There was an FC 4,000 impairment of the goodwill which...
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...
1) Brankov Company has current assets
of $95,000 and current liabilities of $110,000. The
company decides to...
1) Brankov Company has current assets
of $95,000 and current liabilities of $110,000. The
company decides to issue stock and receives cash of
$100,000. After this transaction, the company's current ratio will
be: (Round your final answer to two decimal places.)
A)
1.77. B)
1.86. C)
0.91. D)
0.86.
2) Which of the following lists the
accounts in order of
liquidity?
Furniture, Cash, Accounts Receivable, Inventory
Cash, Inventory, Accounts Receivable, Furniture
Cash, Accounts Receivable, Inventory, Furniture
Furniture, Cash, Inventory, Accounts Receivable
3) If adjusting...
Traynor Exerise Equipment, INC. reported the following financial
statements for 2018:
Traynor Exercise Equipment, INC.
Income...
Traynor Exerise Equipment, INC. reported the following financial
statements for 2018:
Traynor Exercise Equipment, INC.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue : $716000
Cost of Good Sold: $348000
Gross Profit: $368000
Operating Expenses:
Depreciation Expense: $52000
Other Operating Expenses: $185000
Total Operating Expenses: $237000
Net Income: $131000
1.
Compute the amount of Traynor ?Exercise's acquisition of plant
assets. Assume the acquisition was for cash.Traynor Exercise
disposed of plant assets at book value. The cost and accumulated...
The accountant of Roger Company has provided the
following balance to Jim Poole, the bookkeeper. Please...
The accountant of Roger Company has provided the
following balance to Jim Poole, the bookkeeper. Please prepare for
Jim, a balance sheet for December 31, 2013.
Building $40,000
Mortgage note payable
$60,000
Merchandise inventory 14,000
Common stock 40,000
Cash 30,000
Retained
earnings 28,000
Land 42,000
Accounts
receivable 6,000
Accounts payable 18,000
Salaries payable 6,000
Prepaid rent 20,000
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as of December...
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as of December 31, 2016
Cash
$ 180,000
Accounts payable
$ 360,000
Receivables
360,000
Notes payable
156,000
Inventories
720,000
Line of credit
0
Total current assets
$1,260,000
Accruals
180,000
Fixed assets
1,440,000
Total current liabilities
$ 696,000
Common stock
1,800,000
Retained earnings
204,000
Total assets
$2,700,000
Total liabilities and equity
$2,700,000
Income Statement for December 31, 2016
Sales
$3,600,000
Operating costs
3,279,720
EBIT
$ 320,280
Interest
18,280
Pre-tax earnings
$ 302,000
Taxes...
Problem 12-09
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as...
Problem 12-09
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as of December 31, 2016
Cash
$ 180,000
Accounts payable
$ 360,000
Receivables
360,000
Notes payable
156,000
Inventories
720,000
Line of credit
0
Total current assets
$1,260,000
Accruals
180,000
Fixed assets
1,440,000
Total current liabilities
$ 696,000
Common stock
1,800,000
Retained earnings
204,000
Total assets
$2,700,000
Total liabilities and equity
$2,700,000
Income Statement for December 31, 2016
Sales
$3,600,000
Operating costs
3,279,720
EBIT
$ 320,280
Interest
18,280
Pre-tax earnings...
The following is the adjusted trial balance of Wilson Trucking
Company.
Account Title
Debit
Credit
Cash...
The following is the adjusted trial balance of Wilson Trucking
Company.
Account Title
Debit
Credit
Cash
$
8,000
Accounts receivable
17,500
Office supplies
3,000
Trucks
172,000
Accumulated depreciation—Trucks
$
36,000
Land
85,000
Accounts payable
12,000
Interest payable
4,000
Long-term notes payable
53,000
Common stock
20,000
Retained earnings
155,000
Dividends
20,000
Trucking fees earned
130,000
Depreciation expense—Trucks
23,500
Salaries expense
61,000
Office supplies expense
8,000
Repairs expense—Trucks
12,000
Totals
$
410,000
$
410,000
The Retained Earnings account balance is $155,000...
The financial records of Manchester
Corporation were destroyed by fire at the end of 2017. Fortunately,...
The financial records of Manchester
Corporation were destroyed by fire at the end of 2017. Fortunately,
the controller had kept the following statistical data related to
the income statement and the balance sheet in addition to the
published balance sheet of the year 2017:
The beginning merchandise inventory was $92,000 and decreased
20% during the current year.
Sales discounts amount to $17,000.
Interest expense was $20,000.
The income tax is $106,000.
Cost of goods sold amounts to $500,000.
Administrative expenses...