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...
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...
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...
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...
Item 4A.
Krech Corporation's comparative balance sheet appears below:
Comparative Balance Sheet
Ending Balance
Beginning Balance...
Item 4A.
Krech Corporation's comparative balance sheet appears below:
Comparative Balance Sheet
Ending Balance
Beginning Balance
Assets:
Current
assets:
Cash and
cash equivalents
$
31,000
$
28,000
Accounts
receivable
18,000
20,000
Inventory
58,000
56,000
Prepaid
expenses
12,000
10,000
Total
current assets
119,000
114,000
Property, plant, and equipment
374,000
354,000
Less
accumulated depreciation
190,000
165,000
Net
property, plant, and equipment
184,000
189,000
Total
assets
$
303,000
$
303,000
Liabilities and stockholders' equity:
Current
liabilities:
Accounts
payable
$
13,000
$
9,000
Accrued...
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...
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...
The balance sheet and income statement shown below are for Big D
Café:
Balance Sheet (millions...
The balance sheet and income statement shown below are for Big D
Café:
Balance Sheet (millions of $)
Assets
Cash and
securities
2,500
Accounts
receivable
11,500
Inventories 16,000
Total current
assets
30,000
Net plant and
equipment
20,000
Total assets 50,000
Liabilities and Equity
Accounts
payable
9,500
Notes
payable
7,000
Accruals 5,500
Total current
liabilities
22,000
Long-term
debt 15,000
Total
liabilities
37,000
Common
stock
2,000
Retained
earnings 11,000
Total common
equity 13,000
Total liabilities and
equity 50,000
Income Statement (millions of $)
Sales
87,500
Operating costs except...