Required financial statements (for questions 1 and 2):
Verizon Communications (FYE: December 31, 2017)
1.
The...
Required financial statements (for questions 1 and 2):
Verizon Communications (FYE: December 31, 2017)
1.
The allowance for doubtful account balance made up what percentage
of Verizon’s accounts receivable (gross) on the December
31, 2017 balance
sheet?
The estimated percentage (in 1 above)
increased to
5%:
a) What
would be the new allowance for doubtful accounts and accounts
receivable (net of allowance) on the December 31, 2017 balance
sheet?
b) What
impact would the change in percentage have on bad...
T/F The 3 main financial statements are the income statement,
balance sheet, and statement of cash...
T/F The 3 main financial statements are the income statement,
balance sheet, and statement of cash flow and the balance sheet
list assets and cash flows of the firm.
How are the different key financial statements interrelated
(Income Statement, Balance Sheet, Cash Flow Statement) ?
How are the different key financial statements interrelated
(Income Statement, Balance Sheet, Cash Flow Statement) ?
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total L&E
$5,240,000...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31,...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31,...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31, 2019
Sales $4,000,000
Operating costs 3,200,000
EBIT $ 800,000
Interest 120,000
Pre-tax earnings $ 680,000
Taxes (25%) 170,000
Net income 510,000
Dividends $ 190,000
Balance Sheet as of December 31, 2019
Cash $ 160,000
Accounts payable $ 360,000
Receivables 360,000
Line of credit 0
Inventories 720,000
Accruals 200,000
Total CA $1,240,000
Total CL $ 560,000
Fixed assets 4,000,000
Long-term bonds 1,000,000
Total Assets $5,240,000...
The financial statements for Waverley Ltd are provided
below:
Waverley Ltd
Comparative Balance Sheet
As at...
The financial statements for Waverley Ltd are provided
below:
Waverley Ltd
Comparative Balance Sheet
As at 30 June 2019 and 2020
2019
2020
Assets
Cash At Bank
167,000
215,000
Accounts Receivable
213,000
158,000
Inventory
68,000
73,000
Prepaid Rent
4,000
5,000
Buildings
320,000
350,000
Accumulated Depreciation – Buildings
(108,000)
(132,000)
Equipment
67,000
78,000
Accumulated Depreciation – Equipment
(25,000)
(26,000)
706,000
721,000
Liabilities
Accounts Payable
236,000
228,000
Dividend Payable
12,000
13,000
Salary Payable
18,000
20,000
Tax Payable
16,000
17,000
Bank Loan
158,000...
Here are the abbreviated financial statements for Planner’s
Peanuts:
INCOME STATEMENT, 2019
Sales
$
3,000
Cost...
Here are the abbreviated financial statements for Planner’s
Peanuts:
INCOME STATEMENT, 2019
Sales
$
3,000
Cost
2,300
Net income
$
700
BALANCE SHEET, YEAR-END
2018
2019
2018
2019
Assets
$
3,500
$
4,200
Debt
$
833
$
2,000
Equity
2,667
2,200
Total
$
3,500
$
4,200
Total
$
3,500
$
4,200
a. If sales increase by 20% in 2020 and the
company uses a strict percentage of sales planning model (meaning
that all items on the income and balance sheet...