The following information is taken from the accounting records of Sheridan Corporation, a Canadian public company, for the year ended December 31, 2023. Accounts receivable Retained earnings, January 1, 2023 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (18,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 202⁹) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) $86.500 262.000 102,500 1,188,500 734,500 130.000 74,500 200.000 18,400 121,000 4.400 380,000 18.500 162.000 180,000 72.000 148,000 46,000 15,000

The following information is taken from the accounting records of Sheridan Corporation, a Canadian public company, for the year ended December 31, 2023. Accounts receivable Retained earnings, January 1, 2023 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (18,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 202⁹) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) $86.500 262.000 102,500 1,188,500 734,500 130.000 74,500 200.000 18,400 121,000 4.400 380,000 18.500 162.000 180,000 72.000 148,000 46,000 15,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to two decimal places. 1. Compute the number of common shares. 2. Compute earnings per share.
The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
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