BkesFor each account on this company's balance sheet, show the change in the accountduring 2021 and note whether this change was a source or use of cash. (If there is noaction select "None" from the dropdown options. Leave no cells blank - be certain toenter "0" wherever required. A negative answer should be indicated by a minus sign.)Current assetsCashAccounts receivableInventoryTotalFixed assetsNet plant and equipmentTotal assetsLiabilities and Owners' EquityCurrent liabilitiesAssetsAccounts payableNotes payableTotalLong-term debtOwners' equityCommon stock and paid-in surplusRetained earningsTotalTotal liabilities and owners' equity$$$$$$$$$$202013,2807,52042,40063,200256,800320,00040,00014,24054,24032,00040,000193,760233,760320,000Sources/Uses$$$$$$$2021$$$14,60019,20051,00084,800315,200400,00041,80021,60063,40024,00040,000272,600312,600400,000

Balance sheet is a primary financial statement for a company that shows all assets, liabilities and…

For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment $ $ $ S 2020 13,280 7,520 42,400 63,200 256,800 320.000 Sources/Uses $ $ $ $ 2021 14,600 19,200 51,000 84,800 315,200 400,000

For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment $ $ $ S 2020 13,280 7,520 42,400 63,200 256,800 320.000 Sources/Uses $ $ $ $ 2021 14,600 19,200 51,000 84,800 315,200 400,000

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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Instructions: Using the following adjusted trial balance, complete the following for 2019: Use the Jaymie Corporation example in Chapter 3 for guidance. In the absence of other guidance, assume the circumstances for your project are similar to the example shown. 1) Income statement 2) Statement of shareholders' equity 3) Balance sheet 4) In place of completing a full statement of cash flows, review the Statement of Cash Flows within Example 3.9 in the text and advise an error (or at least a questionable treatment) of an item presented by the authors that you have discovered. Create the financial statements using Excel and submit for grading via the assignment in Blackboard. Add your answer to item 4) within the same Excel workbook clearly identified as the response to item 4).…
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What are the cash balance and the total current assets balance?
ASSESSMENT -- Multiple Choice Problem The financial statements of PalomerTrading Ltd. are given below: 2018 P 10,470 2019 Cash and Cash Equivalents P 12,250 Receivables 9,065 8,055 Inventory 6,620 5,300 Prepaid Expenses 8,545 10,600 Total Current Assets 36,480 34,425 Other Assets 78,685 P 128,980 P 113,110 92,500 Total Assets Total current liabilities 36,150 42,335 Long-term liabilities 23,990 18,960 Psalm Palomer, Capital 68,840 51,815 Total Liabilities and Equity P 128,980 P 113,110 2019 Net Sales P 104,705 Cost of Goods Sold 32,275 Gross Profit 69,430 Selling Expenses 35,325 Administrative Expenses 12,815 Operating Income 21,290 Interest Expense 1,050 Net Income Р 20,240 Required: Compute for the indicated financial ratios for Palomer Trading financial statements. Choose the correct answer in each of the following. 1. Which statement best describes Palomer Trading's acid-test ratio? a. greater than 1 b. equal to 1 c. less than 1 d. none of the ave 2. Palomer Trading's inventory…
Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year. Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d Mellark's Baked Goods Balance Sheet as of December 31, 2021 Assets Current assets: Total current assets $ $ Data table Accounts payable Accounts receivable Accruals Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense Inventories Land Long-term debts Machinery Marketable securities Notes payable Paid-in capital in excess of par Preferred stock Retained earnings Sales revenue Vehicles $219 447 51 260 225 217 92 2,503 50 148 166 320 380 95 421 416 76 479 360 96 218 3,567 26 - X
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