Use the following Income Statement and Balance Sheet of firm X
to answers Questions (1) &...
Use the following Income Statement and Balance Sheet of firm X
to answers Questions (1) & (2)
Income Statement, 2016
Balance Sheet, 2016
Sales
5,000,000
Assets
Costs except Depr.
-3,500,000
Cash and Equivalents
1,096,000
EBITDA
1,500,000
Accounts Receivable
960,000
Depreciation
-10,900
Inventories
90,000
EBIT
1,489,100
Total Current Assets
2,146,000
Interest Expense (net)
-100,500
Property Plant & Equipment
2,190,000
Pretax Income
1,388,600
Total Assets
4,336,000
Income Tax
-486,010
Liabilities &Equity
Net Income
902,590
Accounts Payable
900,000
Debt
950,000
Total Liabilities
1,850,000...
Typewritten answers only, please, no handwritten
answers. Thank you.
The beginning account balances for Terry’s Auto...
Typewritten answers only, please, no handwritten
answers. Thank you.
The beginning account balances for Terry’s Auto Shop as of
January 1, 2018, follows:
Account Titles
Beginning Balances
Cash
$
6,040
Inventory
3,180
Common Stock
7,430
Retained Earnings
1,790
The following events affected the company during the 2018
accounting period:
Purchased merchandise on account that cost $4,260.
The goods in Event 1 were purchased FOB shipping point with
freight cost of $285 cash.
Returned $420 of damaged merchandise for credit on...
Balance Sheet
The following balance sheet contains errors.
ATLAS SERVICES CO.
Balance Sheet
For the Year...
Balance Sheet
The following balance sheet contains errors.
ATLAS SERVICES CO.
Balance Sheet
For the Year Ended May 31,
20Y5
Assets
Current assets:
Cash
$ 12,000
Accounts payable
47,900
Supplies
4,800
Prepaid insurance
17,400
Land
400,000
Total current assets
$482,100
Property, plant, and equipment:
Building
$ 225,000
Equipment
90,000
Total property, plant, and equipment
315,000
Total assets
$797,100
Liabilities
Current liabilities:
Accounts receivable
$ 40,800
Accumulated depreciation—building
54,600
Accumulated depreciation—equipment
32,400
Net loss
44,200
Total liabilities
$172,000
Stockholders’ Equity
Wages...
Consider the following company’s balance sheet and income
statement. Balance Sheet Assets Liabilities and Equity Cash...
Consider the following company’s balance sheet and income
statement. Balance Sheet Assets Liabilities and Equity Cash $
10,000 Accounts payable $ 31,000 Accounts receivable 72,000 Notes
payable 25,000 Inventory 53,000 Total current assets 135,000 Total
current liabilities 56,000 Fixed assets 81,000 Long-term debt
30,000 Equity 130,000 Total assets $ 216,000 Total liabilities and
equity $ 216,000 Income Statement Sales (all on credit) $ 290,000
Cost of goods sold 180,000 Gross margin 110,000 Selling and
administrative expenses 43,000 Depreciation 7,000 EBIT...
Balance Sheet
Below is the balance sheet for Labyrinth Services Co., which
contains errors.
Labyrinth Services...
Balance Sheet
Below is the balance sheet for Labyrinth Services Co., which
contains errors.
Labyrinth Services Co.
Balance Sheet
For the Year Ended August 31,
2019
Assets
Current assets:
Cash
$23,900
Accounts payable
32,600
Supplies
10,900
Prepaid insurance
19,500
Land
240,000
Total current assets
$326,900
Property, plant, and equipment:
Building
$502,200
Equipment
113,600
Total property, plant, and equipment
845,300
Total assets
$1,172,200
Liabilities
Current liabilities:
Accounts receivable
$54,300
Accumulated depreciation—building
206,800
Accumulated depreciation—equipment
33,600
Net income
186,100
Total liabilities
$480,800...
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Balance Sheet and Net Income Determination At the beginning...
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Balance Sheet and Net Income Determination At the beginning of
2012, Luxury Parking Services had the following balance sheet:
Assets
Liabilities
Cash
$10,440
Accounts Payable
$24,300
Accounts Receivable
26,460
Land
108,900
Total Liabilities
24,300
Stockholders' Equity
Common Stock
108,000
Retained Earnings
13,500
Total Stockholders' Equity
121,500
Total Assets
$145,800
Total Liabilities and Stockholders' Equity
$145,800
a. At the end of 2012, Luxury Services had the following assets and
liabilities:
Cash
$15,840
Accounts Receivable...
Typewritten answers only, please, no handwritten
answers. Thank you.
The beginning account balances for Terry’s Auto...
Typewritten answers only, please, no handwritten
answers. Thank you.
The beginning account balances for Terry’s Auto Shop as of
January 1, 2018, follows:
Account Titles
Beginning Balances
Cash
$
6,040
Inventory
3,180
Common Stock
7,430
Retained Earnings
1,790
The following events affected the company during the 2018
accounting period:
Purchased merchandise on account that cost $4,260.
The goods in Event 1 were purchased FOB shipping point with
freight cost of $285 cash.
Returned $420 of damaged merchandise for credit on...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation Balance Sheet Beginning Balance Ending...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation Balance Sheet Beginning Balance Ending Balance
Assets Cash $ 140,000 $ 120,000 Accounts receivable 450,000 530,000
Inventory 320,000 380,000 Plant and equipment, net 680,000 640,000
Investment in ABC, Inc. 250,000 280,000 Land (undeveloped) 180,000
170,000 Total assets $ 2,020,000 $ 2,120,000 Liabilities and
Stockholders' Equity Accounts payable $ 360,000 $ 310,000 Long-term
debt 1,500,000 1,500,000 Stockholders' equity 160,000 310,000 Total
liabilities and stockholders' equity $ 2,020,000 $ 2,120,000 Guyer...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation
Balance Sheet
Beginning
Balance
Ending...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation
Balance Sheet
Beginning
Balance
Ending
Balance
Assets
Cash
$
140,000
$
120,000
Accounts receivable
450,000
530,000
Inventory
320,000
380,000
Plant and equipment, net
680,000
680,000
Investment in ABC, Inc.
250,000
280,000
Land (undeveloped)
180,000
170,000
Total assets
$
2,020,000
$
2,160,000
Liabilities and Stockholders'
Equity
Accounts payable
$
360,000
$
310,000
Long-term debt
1,500,000
1,500,000
Stockholders' equity
160,000
350,000
Total liabilities and stockholders' equity
$
2,020,000
$
2,160,000
Guyer...