Condensed Fronolol dets of Bramble Corp. Followw..InventoryLong-term InvestmentsPlant assetsAccumulated depreciationTote!Lisbilities and Stockholders' EquityAccrued expenses payableBonds payablCommon stockRetained serningsSales revenusBramble Corp.Comparative Balance SheetsDecember 31TotalLISA112Net IncomeIncome tax expenseInterest expenseCost of goods soldOperating expenses, excluding depreciationDepreciation expenseLoss on disposal of plant casatsAdditional Information:20:22257.100$718,100Bramble Corp.Income StatementFor the Year Ended December 31, 2022548.900102.5002021$51140027.5007.500$392 300$178,200New plant assats costing $79,800 were purchased for cash during the year.Old plant essets having an original cost of $45,500 and accumulated depreciation of $35,000 ware sold for $3,000 ceah.Bonds payable matured and were paid off at face value for cash.A cash dividend of 523.600 was declared and paid during the year.Further analysis reveals that accounts payable pertain to marchan as creditors.Prepare a statement of cash flows for Bramble Corp using the direct method. [Show amounts that decrease cash flow with either a samex-15,000 or in parenthesis a. (15,0001)

Cash flows statement is one of the financial statement which shows all cash inflows and cash…

Assets Cash Accounts receivable Inventory Prepaid expenses Long-term Investments Plant assets Bramble Corp. Comparative Balance Sheets December 31 Accumulated depreciation Total 2022 $114,700 92,400 111,400 29,400 275,600 $718,100 2021 $48,900 33,100 101,200 25,500 (52600 )

Assets Cash Accounts receivable Inventory Prepaid expenses Long-term Investments Plant assets Bramble Corp. Comparative Balance Sheets December 31 Accumulated depreciation Total 2022 $114,700 92,400 111,400 29,400 275,600 $718,100 2021 $48,900 33,100 101,200 25,500 (52600 )

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance sheets for a company and additional information are provided below. A COMPANY Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $160,000 $116,000 Accounts receivable 70,000 88,000 Inventory 91,000 76,000 Investments 3,600 1,600 Long-term assets: Land 440,000 440,000 Equipment 750,000 630,000 Less: Accumulated depreciation (388,000) (228,000) Total assets $1,126,600 $1,123,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $95,200 $81,000 Interest payable 5,500 11,600 Income tax payable 7,500 4,600 Long-term liabilities: Notes payable 120,000 240,000 Stockholders' equity: Common stock 660,000 660,000 Retained earnings 238,400 126,400 Total liabilities and stockholders' equity $1,126,600 $1,123,600 Additional information for 2024: Net income is $112,000. Sales on account are $1,382,500. (All sales are credit sales.) Cost of goods…
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…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
Depreciation OMR 12000 Net Profit OMR 148000 The following accounts decreased during 2020: Accounts receivable OMR 20000 Inventory OMR18000 Rent payable OMR17000 Machinery OMR 25000 The following accounts increased during 2020: Notes receivable OMR 15000 Account payable OMR 18000 Bonds payable OMR 20000 What is the net cash flows from operating activities?
What is the net book value of asset
The comparative balance sheets for Naomi Corporation show the following information: 2021 2020 Cash $24,400 $20,700 Accounts receivable, net 43,300 20,300 Inventory 40,000 42,000 Investments 20,000 15,000 Building 160,000 100,000 Accumulated depreciation – building (27,700) (20,000) Equipment 61,500 50,000 Accumulated depreciation - equipment (10,000) (17,500) Total $311,500 $210,500 Accounts payable $17,000 $26,500 Salaries payable 21,000 17,000 Long-term notes payable 100,000 50,000 Common stock 110,000 90,000 Retained earnings 63,500 27,000 Total $311,500 $210,500 Additional data related to 2021 are as follows: $10,000 of the long-term note payable was paid by cash. Equipment that had cost $15,000 and had accumulated…
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts. Receivable $5,268,485 $10,268,485 Inventory $529,062 $696,685 Current Assets $8,371,777 $13,279,842 Less $2,574,230 $2,314,672 Gross Fixed Assets $16,251,665 $20,567,330 Accum.Depreciation Total Assets $7,460,897 $10,117,819 Accounts Payable Notes. Payable Current Liabilities Calculate the net working capital in 2022. Long Termi Debt Total Liabilities, None of these options are correct $10,572,740 $5,664,675 $8,854,338 $3,946,273 Total $17,162,545 $23,729,353 Liabilities and Equity Capital Surplus Retained. Earnings 2021 2022 $1,673,992 $2,438,271 Common Net Fixed Assets $8,790,768 $10,449,511 Stock ($0.50 $1,300,000 $1,600,000 par) $1,033,110 $1,987,233 $2,707,102 $4,425,504 $9,242,830 $11,468,302 $11,949,932 $15,893,806 $1,148,120 $1,800,969 $2,764,493 $4,434,578 $17,162,545 $23,729,353
SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
1.Presented below are the financial statements of KJ Electronics KJ Electronics Inc. Comparative Balance Sheets September 30 Assets 2021 2020 Current Assets Cash $92000 $42980 Short Term Investments 29500 22500 Accounts Receivable 56900 22300 Inventory 102,300 90220 Long Term Assets Long term Investments 96,300 103000 Equipment 198,000 215000 Accumulated depreciation- equipment (50000) (48000) Total $525,000 $448,000 Current Liabilities Accounts Payable $85,300 $30200 Accrued Expenses payable 26700 15000 Long Term Liabilities Bonds Payable 97,300 79,570 Stockholders’ Equity Common Stock 150,000 165500 Retained Earnings 165,700 157,730 Total $525,000 $448,000 KJ Electronics Inc. Income Statement For the Year Ended September 30, 2021 Sales Revenue Less: Sales Returns and Allowances Net…