Drax Corporation has the following financial statements:

The financial statements of Sun Corporation appear below: Sun Corporation Comparative Balance Sheets December 31, 2017...

The financial statements of Sun Corporation appear below: Sun Corporation Comparative Balance Sheets December 31, 2017 - 18 —————————————————————————————————— Assets                                                                         2018                 2017                                                                                                  Cash                                                                       $ 75,000          $ 150,000 Short-term investments                                            75,000             225,000 Accounts receivable (net)                                      150,000             112,500 Inventory                                                                225,000             262,500 Property, plant and equipment (net)                      975,000          1,125,000             Total assets                                              $1,500,000      $1,875,000 Liabilities and stockholders' equity Accounts payable                                                  $ 75,000          $ 112,500 Short-term...

The following are the financial statements of Nosker Company. A.Prepare a statement of cash flows using...

The following are the financial statements of Nosker Company. A.Prepare a statement of cash flows using the indirect method. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $35,550 $20,750 Accounts receivable 32,300 19,250 Inventory 26,000 20,100 Equipment 59,500 77,200 Accumulated depreciation—equipment (29,250 ) (23,600 )    Total $124,100 $113,700 Liabilities and Stockholders’ Equity Accounts payable $28,700 $ 16,050 Income taxes payable 7,050 8,350 Bonds payable 27,700 32,300 Common stock 17,750 14,150 Retained earnings 42,900 42,850    Total $124,100 $113,700...

Presented below are the financial statements of Vaughn Manufacturing. Vaughn Manufacturing Comparative Balance Sheets December 31...

Presented below are the financial statements of Vaughn Manufacturing. Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 59,500 $ 34,000 Accounts receivable 34,000 23,800 Inventory 47,600 34,000 Property, plant, and equipment 102,000 132,600 Accumulated depreciation (54,400 ) (40,800 ) Total $188,700 $183,600 Liabilities and Stockholders’ Equity Accounts payable $ 32,300 $ 25,500 Income taxes payable 11,900 13,600 Bonds payable 28,900 56,100 Common stock 30,600 23,800 Retained earnings 85,000 64,600 Total $188,700 $183,600 Vaughn Manufacturing Income Statement...

Problem 2 – Preparing Financial Statements The accountant for Farley Corporation prepared the following list from...

Problem 2 – Preparing Financial Statements The accountant for Farley Corporation prepared the following list from the company's accounting records for the year ended December 31, 20XX: Service revenue $18,500 Cash $ 3,000 Accounts receivable 2,500 A Farley, Drawing 5,000 Equipment 4,200 L Supplies expense 1,800 Accounts payable 1,200 L Rent expenses 3,400 Wages expense 5,000 L Farley, Capital 1/1/20XX 8,000 Office supplies 800 A Insurance expense 2,000 Required: Using the attached pages at the end of this document: 1....

Audio City, Inc., is developing its annual financial statements at December 31. The statements are complete...

Audio City, Inc., is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Current Year Previous Year Balance Sheet at December 31 Cash $ 62,600 $ 67,200 Accounts Receivable 15,400 20,500 Inventory 22,600 20,500 Equipment 225,000 151,000 Accumulated Depreciation—Equipment (61,500 ) (46,000 ) Total Assets $ 264,100 $ 213,200 Accounts Payable $ 8,100 $ 19,200 Salaries and Wages Payable...

XS Supply Company is developing its annual financial statements at December 31. The statements are complete...

XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash $ 34,960 $ 30,000 Accounts Receivable 35,800 28,400 Inventory 41,800 38,400 Equipment 127,000 104,000 Accumulated Depreciation—Equipment (30,800 ) (25,400 ) Total Assets $ 208,760 $ 175,400 Accounts Payable $ 36,800 $ 27,400 Salaries and Wages Payable 1,360...

The income statement for Piura Merchandising Corporation is as follows: Piura Merchandising Corporation Income Statement At...

The income statement for Piura Merchandising Corporation is as follows: Piura Merchandising Corporation Income Statement At December 31, 2015 Sales $ 1,575,000 Less: Cost of goods sold Beginning inventory $ 385,000 Purchases 705,000 Ending inventory (295,000) (795,000) Less: Depreciation expense (62,000) Less: Amortization of patent (15,000) Less: Wages expense (69,000) Less: Insurance expense (36,500) Income before taxes $ 597,500 Less: Income taxes (all current) (102,500) Net income $ 495,000 Other information is as follows: A. Accounts payable decreased by $20,000...

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear...

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 930,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company’s common stock at the...

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear...

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 930,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company’s common stock at the...

The controller of Infinity Stone Corporation has provided you with the following information: Infinity Stone Corporation...

The controller of Infinity Stone Corporation has provided you with the following information: Infinity Stone Corporation Income Statement For the Year Ended December 31, 2018                                            Net sales                                                                        $620,000                                            Operating expenses                                                    410,000                                            Income from operations                                           210,000                                            Other revenues and expenses                                                                                         Gain on sale of equipment                       $30,000                                                         Interest expense                                        8,000                                                                                                                                    $22,000                                            Income before income taxes                                  232,000 Net income                               ...