1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021?

Presented below are data taken from the records of Wildhorse Company.     December 31,2020   December 31,2019 Cash   $15,200   $8,100 Current assets other than cash   84,700   60,600 Long-term investments   10,000   52,900 Plant assets   332,400   215,200     $442,300   $336,800           Accumulated depreciation   $20,100   $40,100 Current liabilities   39,600   22,100 Bonds payable   74,800   –0– Common stock   254,500   254,500 Retained earnings   53,300   20,100     $442,300   $336,800 Additional information: 1.   Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2.   Plant assets that cost $50,500 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings. 3.   Net income as reported on the…

Philly Corporation   Philly Corporation Income Statement   Comparative Account Information Relating to Operations For the Year Ended December 31, 2020   For the Year Ended December 31, 2020           2020 2019   Sales Revenue                 680,000     Accounts receivable -net           78,000             65,000   Cost of goods sold                 355,000     Prepaid insurance              5,000                6,000   Salaries expense                     50,000     Equipment         111,100          122,400   Depreciation expense equipment                       6,800     Accumulated Depreciation           13,800             14,600   Interest expense                       8,000     Land           56,000             36,000   Bad debt expense                       2,400     Accounts Payable            59,000             47,000   Loss on sale of equipment                       4,800     Interest payable                   600                1,500   Miscellaneous…

A comparative balance sheet and income statement is shown for Cruz, Incorporated.  CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets     Cash $ 89,000 $ 22,100 Accounts receivable, net 38,200 46,900 Inventory 80,000 88,000 Prepaid expenses 4,900 4,000 Total current assets 212,100 161,000 Furniture 98,800 113,300 Accumulated depreciation—Furniture (15,300) (8,600) Total assets $ 295,600 $ 265,700 Liabilities and Equity     Accounts payable $ 13,900 $ 19,600 Wages payable 8,200 4,600 Income taxes payable 1,400 2,600 Total current liabilities 23,500 26,800 Notes payable (long-term) 28,900 69,000 Total liabilities 52,400 95,800 Equity     Common stock, $5 par value 215,000 169,100 Retained earnings 28,200 800 Total liabilities and equity $ 295,600 $ 265,700     CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 454,900 Cost of goods sold 292,800 Gross profit 162,100…

Condensed financial data of Larkspur, Inc. follow. Larkspur, Inc.Comparative Balance SheetsDecember 31 Assets   2022   2021 Cash   $105,900     $47,000   Accounts receivable   92,700     33,100   Inventory   112,800     101,000   Prepaid expenses   29,200     25,500   Long-term investments   139,400     114,200   Plant assets   274,500     241,400   Accumulated depreciation   (46,800 )   (52,400 )    Total   $707,700     $509,800                 Liabilities and Stockholders’ Equity             Accounts payable   $111,900     $67,800   Accrued expenses payable   16,000     17,300   Bonds payable   117,200     149,500   Common stock   219,100     175,300   Retained earnings   243,500     99,900      Total   $707,700     $509,800     Larkspur, Inc.Income StatementFor the Year Ended December 31, 2022 Sales revenue       $392,600 Less:…

Quantitative Problem: Rosnan Industries' 2022 and 2021 balance sheets and income statements are shown below. Balance Sheets:   2022   2021 Assets     Cash and equivalents $ 100     $ 85   Accounts receivable   275       300   Inventories   375       250         Total current assets $ 750     $ 635   Net plant and equipment   2,300       1,490   Total assets $ 3,050     $ 2,125             Liabilities and Equity         Accounts payable $ 150     $ 85   Accruals   75       50   Notes payable   150       75         Total current liabilities $ 375     $ 210   Long-term debt   450       290         Total liabilities $ 825     $ 500   Common stock   1,225       1,225   Retained earnings   1,000       400         Total common equity $ 2,225     $ 1,625   Total liabilities and equity $ 3,050     $ 2,125   Income Statements:   2022   2021 Sales $ 2,405     $ 1,585   Operating costs excluding depreciation   1,250       1,000   EBITDA $…

KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets     Cash $ 81,500 $ 54,000 Accounts receivable, net 80,000 61,000 Inventory 73,800 101,500 Prepaid expenses 5,400 7,400 Total current assets 240,700 223,900 Equipment 134,000 125,000 Accumulated depreciation—Equipment (32,000) (14,000) Total assets $ 342,700 $ 334,900 Liabilities and Equity     Accounts payable $ 35,000 $ 45,000 Wages payable 7,000 17,000 Income taxes payable 4,400 5,800 Total current liabilities 46,400 67,800 Notes payable (long term) 32,000 70,000 Total liabilities 78,400 137,800 Equity     Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $ 342,700 $ 334,900    IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 728,000 Cost of goods sold 421,000 Gross profit 307,000 Operating expenses (excluding depreciation) 77,000 Depreciation expense 68,600   161,400…

Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,700 Accounts Payable 4,800 Debt 3,800 Other Liabilities 15,800 Total Liabilities 900 Paid-In Capital 2,400 3,700 5,000 11,100 6,000 Retained Earnings 22,900 Total Equity 28,900 40,000 Total Liabilities & 40,000 Equity Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Receive payment of $12,000 owed by a customer 2. Buy $15,000 worth of manufacturing supplies on credit 3. Purchase equipment for $44,000 in cash 4. Issue $80,000 in stock 5. Pay $4,000 owed to a supplier 6. Borrow $58,000 from a bank 7. Buy $15,000 worth of manufacturing supplies on credit What is the final amount in Accounts Payable?

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Condensed financial data of Concord Inc. follow. CONCORD INC.Comparative Balance SheetsDecember 31 Assets   2022   2021 Cash   $80,500     $48,700   Accounts receivable   87,900     38,600   Inventory   111,900     102,100   Prepaid expenses   29,400     27,900   Long-term investments   139,800     113,700   Plant assets   284,200     241,900   Accumulated depreciation   (47,700)     (49,100)      Total   $686,000     $523,800                 Liabilities and Stockholders’ Equity             Accounts payable   $106,000     $63,700   Accrued expenses payable   16,500     21,200   Bonds payable   117,100     149,500   Common stock   219,000     175,100   Retained earnings   227,400     114,300      Total   $686,000     $523,800     CONCORD INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue       $382,500 Less:              Cost of goods sold…