Using the following accounts, prepare a classified balance sheet at the year, December 31, 2020: Accounts Payable, P80,000; Accounts Receivable, P110,000; Accumulated Depreciation – Equipment, P70,000; Cash, P20,000; Owner’s Investment, P100,000; Equipment, P300,000; Franchise, P20,000; Investments (long term), P50,000; Merchandise Inventory, P60,000; Notes Payable (long-term), P40,000; Owner’s Capital, P?; Wages Payable, P10,000. Assume that this is the entity’s first year of operations.
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Using the following accounts, prepare a classified balance sheet at the year, December 31, 2020: Accounts Payable, P80,000; Accounts
Receivable, P110,000;
P300,000; Franchise, P20,000; Investments (long term), P50,000; Merchandise Inventory, P60,000; Notes Payable (long-term), P40,000;
Owner’s Capital, P?; Wages Payable, P10,000. Assume that this is the entity’s first year of operations.
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- Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…The following item has been extracted from the ledger of Jonaz Trading for the year ending September 30, 2020. Cash 12,100Account receivable 27,700Inventory 1 October 2019 55,200Supplies 6,200Machine 120,000Accumulated Depreciation- Machine 36,000Lorry 180,000Accumulated Depreciation- Lorry 72,000Notes Payable 40,000Account payable 48,500Loan 56,000Owner’s Capital 88,000Drawings 5,000Sales 758,800Sales Return and Allowances 15,800Purchases 489,200Purchase returns and Allowances 16,500Salaries and Wages Expense 136,000Advertising Expense 22,100Utilities Expense 14,000Maintenance and Repair Expense 12,100Rent Expense 18,000Prepaid Insurance 2,400 Additional information as at 30 September 2020: • Stock on 30 September 2020 was valued at RM70,000.• Supplies on hand at 30 September 2020 total RM540• Invoice representing RM7,500 sales in September has not been recorded.• The insurance policy is for a year ending 30 April 2021.• Machine and lorry were depreciated at 10% of the cost each year.…Presented below is selected information pertaining to the Cassie Inc:Cash balance, January 1, 2020- P13,000Accounts receivable, January 1, 2020- P19,000Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000Total assets, January 1, 2020- P75,000Cash investment added, July 1, 2020-P5,000Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000Accounts receivable, December 31, 2020- P36,000Merchandise taken for personal use during 2020- P11,000Total liabilities, December 31, 2020- P41,000How much is the net income for 2020?
- The current sections of rita Company's Statement of Financial Position as at 31 December 2019 and 2020, are presented below. rita net income for 2020 was RM203,000. Depreciation expense was RM25,000. 2019 2020 (RM) (RM) Current asset Cash 115,000 99,000 Accounts receivable 105,000 89,000 154,000 172,000 Inventory Prepaid expense 27,000 21.000 Total current assets 401,000 381.000 Current liabilities Accrued expenses payable Accounts payable 15,000 5,000 85.000 93.000 Total current liabilities 100,000 98,000 Prepare the net cash provided by operating activities section of the company's Statement of Cash Flows for the year ended 31 December 2020, using the indirect method.Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 CULLUMBER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from…Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,820 $1,130 Receivables 1,730 1,280 Inventory 1,590 1,870 Plant assets 1,940 1,690 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,450 $7,160 $6,240 Accounts payable $1,200 $920 Accrued liabilities 190 230 Bonds payable 1,430 1,530 Common stock 1,930 1,710 Retained earnings 2,410 1,850 $7,160 $6,240 WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,840 Cost of goods sold 4,630 Gross margin 2,210 Selling and administrative expenses 930 Income from…
- Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income tax payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock$1 par value 200,000 Notes receivable 445,700 Preferred stock $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 14,70,000 Retained earnings 713,897 Equity Investment (trading-cost) 111,000 Income tax receivable 97,630 Accumulated depreciation-Building 270,200 Goodwill 125,000 Building 16,40,000 Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Fair value of equity investments (trading) is…Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,180 Receivables 1,780 1,280 Inventory 1,610 1,920 Plant assets 1,880 1,660 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,310 1,400 $7,120 $6,250 Accounts payable $1,170 $880 Accrued liabilities 190 240 Bonds payable 1,390 1,540 Common stock 1,910 1,730 Retained earnings 2,460 1,860 $7,120 $6,250 FLOUNDER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,020 Cost of goods sold 4,780 Gross margin 2,240 Selling and administrative expenses 910 Income from…Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on December 31, 2020. Additional information revealed the following: Accounts payable, January 1, 2020, P600,000 and Accounts payable, December 31, 2020, P800,000. Under the accrual basis, how much is the total purchases for the year ended December 31, 2020? P2,500,000 P3,900,000 P2,300,000 P2,700,000
- Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,150 Receivables 1,780 1,330 Inventory 1,620 1,890 Plant assets 1,930 1,700 Accumulated depreciation (1,200 ) (1,180 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,230 $6,310 Accounts payable $1,210 $920 Accrued liabilities 210 240 Bonds payable 1,370 1,530 Common stock 1,860 1,670 Retained earnings 2,580 1,950 $7,230 $6,310 WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,970 Cost of goods sold 4,680 Gross margin 2,290 Selling and administrative expenses 940 Income from…Condensed financial data of Martinez Company for 2020 and 2019 are presented below. MARTINEZ COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1,130 Receivables 1,740 1,290 Inventory 1,610 1,870 Plant assets 1,930 1,710 Accumulated depreciation (1,210 ) (1,150 ) Long-term investments (held-to-maturity) 1,290 1,440 $7,140 $6,290 Accounts payable $1,180 $900 Accrued liabilities 190 240 Bonds payable 1,410 1,590 Common stock 1,920 1,690 Retained earnings 2,440 1,870 $7,140 $6,290 MARTINEZ COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,650 Gross margin 2,230 Selling and administrative expenses 940 Income from…In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?