Total Assets$944,500$596,400Accounts payable$130,000$87,500Mortgage payable65,00097,400Common stock266,500238,000Retained earnings483,000173,500Total Liabilities & Shareholders' Equity$944,500$596,400Required:Prepare the cash flows from investing and financing activities sections of the 2020 statement of cash flows. For those boxes in which you must enter subtractive or negative numbers use a minus sign.Caraba's CompanyStatement of Cash Flows (Partial)For the Year Ended December 31, 2020Investing Activities:Net cash used for investing activitiesFinancing Activities:Net cash used for financing activities%24%24 An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below:Caraba's CompanyIncome StatementFor the Year Ended December 31, 2020Sales$553,000Investment income26,000Gain on sale of investments3,500$582,500Less:Selling & administrative expenses$221,600Depreciation expense15,000Interest expense3,900Income taxes expense6,500247,000Net Income$335,500Comparative Balance SheetsDecember3120202019Cash$209,000$49,900Accounts receivable160,30063,700InvestmentS117,000126,100Equipment (net)146,20080,400Land312,000276,300T-kal ^ssstsE044 500

CFS is the statement prepared for the reporting of cash inflows and outflows during a specific…

An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below: Caraba's Company Income Statement For the Year Ended December 31, 2020 Sales $553,000 Investment income 26,000 Gain on sale of investments 3,500 $582,500 Less: Selling & administrative expenses $221,600 Depreciation expense 15,000 Interest expense 3,900 Income taxes expense 6,500 247,000 Net Income $335,500 Comparative Balance Sheets December 31 2020 2019 Cash $209,000 $49,900 Accounts receivable 160,300 63,700 Investments 117,000 126,100 Equipment (net) 146,200 80,400 Land 312,000 276,300

An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below: Caraba's Company Income Statement For the Year Ended December 31, 2020 Sales $553,000 Investment income 26,000 Gain on sale of investments 3,500 $582,500 Less: Selling & administrative expenses $221,600 Depreciation expense 15,000 Interest expense 3,900 Income taxes expense 6,500 247,000 Net Income $335,500 Comparative Balance Sheets December 31 2020 2019 Cash $209,000 $49,900 Accounts receivable 160,300 63,700 Investments 117,000 126,100 Equipment (net) 146,200 80,400 Land 312,000 276,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Below are the Income Statement and Balance Sheet for Longborg Corporation for the years ended 2020 and 2021. Calculate the leverage ratios in the table to the right for the year ended 2021. Longborg Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $60,200,300 $52,410,500 Cost of goods sold 44,850,700 39,050,800 Gross profit 15,349,600 13,359,700 Selling expenses 2,725,500 2,860,600 Administrative expenses 2,850,300 2,575,400 Total operating expenses 5,575,800 5,436,000 Income from operations 9,773,800 7,923,700 Interest Expense 385,200 425,600 Other income 125,000 105,000 Income before income tax 9,513,600 7,603,100 Income tax expense 3,329,800 2,661,000 Net income $6,183,800 $4,942,100…
The comparative statements of financial position of Amman Inc. at the beginning and the end of the year 2020 appear as follows: Total Equipment Less: Accumulated Depreciation-Equip. Accounts receivable Cash Assets Note: Share capital-ordinary Retained earnings Accounts payable Total STATEMENT Equity and Liabilities Instructions: AMMAN INC. OF FINANCIAL POSITION Jan.1, 2020 Dec. 31, 2020 $39.000 (17,000) 91,000 45,000 $158,000 $100,000 38,000 20,000 $158,000 $22,000 (11,000) 88,000 13,000 $112,000 Prepare a statement of cash flows for the year 2020. $80,000 17,000 15,000 $112,000 Increase / Decease $17,000 Inc. 6,000 Inc. 3,000 Inc. 32,000 Inc. Net income of $ 34,000 was reported, and dividends of $ 13,000 were paid in 2020. New equipment was purchased, and none was sold. 20,000 Inc. 21,000 Inc. 5,000 Inc.
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…
Condensed financial data of Bridgsport Company for 2020 and 2019 are presented below. BRIDGEPORT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,820 $1,150 Receivables 1,780 1,310 Inventory 1,600 1,930 Plant assets 1,930 1,710 Accumulated depreciation (1,200 ) [1,160 } Long-term investments (held-to-maturity) 1,320 1,400 $7,250 $6,340 Accounts payable $1190 SB80 Accrued liabilities 190 270 Bonds payable 1,430 1,520 Common stock 1,900 1,730 Retained carnings 2,540 1,940 $7,250 $6,340 BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,620 Gross margin 2,240 Selling and administrative expenses 920 Income from operations 1,320 Other revenuss and gains Gain on sale of investments B0 Income before tax 1,400 Income tax expense 540 Net income B60 Cash dividends 260 Income ratained in business $600 Additional information: During the year, $70 of common stock was issued in exchanga for plant…
Below are the Income Statement and Balance Sheet for Palmer Corporation for the years ended 2020 and 2021. Calculate the liquidity ratios in the table to the right for the year ended 2021. Palmer Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $5,750,900 $4,894,800 Cost of goods sold 3,646,700 3,195,600 Gross profit 2,104,200 1,699,200 Selling expenses 775,500 688,700 Administrative expenses 863,900 815,200 Total operating expenses 1,639,400 1,503,900 Income from operations 464,800 195,300 Other income 102,500 84,600 Income before income tax 567,300 279,900 Income tax expense 200,600 101,200 Net income $366,700 $178,700 Palmer Corporation…
Prepare a 2020 income statement for Crane Corporation based on the following information: Cost of goods sold Operating expenses Other expenses and losses Sales revenue Tax rate Sales Revenue $460,000 Cost of Goods Sold 104,000 32,500 725,000 30% CRANE CORPORATION Income Statement For the Year Ended December 31, 2020 725000 460,000 i
Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets 120,000 Current Liabilities 42,000 total liabilities 75,000 Profit after Tax 15,000 Select one: a. The correct answer not available b. 0.205 c. 0.137 d. 0.150 e. 0.125
The 2024 Income statement of Adrian Express reports sales of $18,957,000, cost of goods sold of $11,971,500, and net Income of $1,690,000. Balance sheet Information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and stockholders' Equity Current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four ratios are as follows: 25 days 60 days 2 to 1 35% ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 Req 1 Req 2 and 3 Complete this question by entering your answers in the tabs below. Ratios 2024 Average collection period Average days in inventory Current ratio Debt to equity ratio $ 690,000 1,580,000 1,980,000 4,890,000 $ 9,140,000 Average collection period Average days in inventory Current ratio Debt to equity ratio Required: 1. Calculate the four ratios listed above for Adrian Express In 2024 assuming all…
Explain the below income Statement.
The 2021 income statement of Adrian Express reports sales of $18,957,000, cost of goods sold of $11,971,500, and net income of $1,690,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets. Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Average collection period Average days in inventory Current ratio Debt to equity ratio Industry averages for the following four risk ratios are as follows: Risk Ratios Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days. 2 to 1 50% 2021 $ 690,000 1,580,000 1,980,000 4,890,000 $9, 140,000 365.0 days days to 1 % 2020 $ 850,000 1,090,000 1,490,000 4,330,000 $7,760,000 Required: 1. Calculate the four risk ratios listed above for Adrian Express in…
Carla Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $843,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 708,000 Income before income taxes 135,000 Income tax expense 40,000 Net income $95,000 Carla’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $36,000 $55,000 Accounts payable 43,000 33,000 Income taxes payable 4,200 8,200 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the indirect method.
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…