Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 Operating income a. g. Gain (loss) from sale of investments $7,500 $(12,000) Net income (loss) b. (21,000) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets $ 90,000 $ 86,000 $102,000 Available-for-sale investments, at cost Valuation allowance for available-for-sale investments (11,000) h. 12,000 Available-for-sale investments, at fair value C. i. e. Stockholders' Equity Unrealized gain (loss) on available-for-sale investments Retained earnings d. f. (16,400) $220,000 $175,400 j.

Assume that Dennis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock 2. Discount on Bonds Payable 3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials 6. Equity Investments (long-term) 7. Unearned Rent Revenue 8. Work in Progress 9. Copyrights 10. Buildings 11. Notes Receivable (short-term) 12. Cash 13. Salaries and Wages Payable 14. Accumulated Depreciation-Buildings 15. Restricted Cash for Plant Expansion 16. Land Held for Future Plant Site 17. Allowance for Doubtful Accounts 18. Retained Earnings 19. Paid-in Capital in Excess of Par-Common Stock 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in on year) 22. Inventory (finished goods) 23. Accounts Receivable 24. Bonds Payab;e (due in 4 years) Prepare a classified balance sheet in good form. (No monetary amounts are necessary). (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds…

Statement of financial position balances as at 31 December 20X8 and 20 x 9 are provided below for Laurel Inc. Laurel Inc. additional information: Net earnings for 20x9 were $714,000. Equipment with an original cost of $404,000 and a NBV of $ 152,000 was sold for $152,000 during the year. Long-term investments were sold for $137,000 during the year. Short-term investments acquired are treasury bills with an original term of three months. Required: Prepare an SCF for 20x 9 using the indirect method. Note any assumptions made during your SCF preparation. (Deductible amounts and Cash outflows should be indicated with minus sign.) Laurel Inc. Statement of Cash Flows For the year ended 31 December 20 X9 \table[[\table[[Operating activities:], [ Net earninas]]],[Net earnings, Øs, 714,000,], [Adjustments for non-cash items:...]. [Depreciation expense, 0 254,000,]. [Amortization of patent,var ? €, 17,000,], [Gain on sale of long-term investment,diamond,(35,000), ], [Change in cash,..].…

On May 1, Year 3, Love Corporation declared a $94,200 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Date May 1 May 31 Balance Sheet Assets = Liabilities Common Stock LOVE CORPORATION Horizontal Statements Model Retained: Earnings Revenue: Income Statement Expense Net Income Statement of Cash Flow

Waterway Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital.Prepare the April 20 and June 1 entries for Waterway. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

At the beginning of its current fiscal year, Willie Corp's balance sheet showed assets of $14,600 and liabilities of $5,400. During the year, liabilities decreased by $1,000. Net income for the year was $3.100, and net assets at the end of the year were $9,900. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity Assets = Liabilities PIC RE Beginning: $ 14,600 $ 5,400 Changes: (1,000) + Ending:

Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $165,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15. View transaction list Journal entry worksheet

The current year financial statements for two competitors are presented below. Please analyze their financials. Note: if a ratio cannot be solved given the data provided, please leave it blank. There are a few ratios that cannot be solved given the information provided. Balance sheet: Cash Accounts receivable (net) Inventory Property & equipment (net) Other assets Total assets Current liabilities Long-term debt (interest rate: 15 %) Capital stock ($10 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Income statement: Sales revenue (1/2 on credit) Cost of goods sold Operating expenses Net income Other data: Per share stock price at end of current year Average income tax rate Dividends declared and paid in current year Profitability ratios: 1. 2. 3. 4. 5. 6. Ratio 7. 8. 9. 10. Return on equity Return on assets Gross profit percentage Net profit margin Earnings per share Quality of income Asset turnover ratios: Total asset turnover Fixed…

Shep Company's records show the following information for the current year. Beginning of year $ 50,800 $ 22,400 Total assets Total liabilities. End of year $ 81,000 $ 35,400 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. a. Additional common stock of $3,400 was issued and dividends of $7,400 were paid during the current year. b. Additional common stock of $15,100 was issued and no dividends were paid during the current year. c. No additional common stock was issued and dividends of $12,400 were paid during the current year. a. Net income (loss) b. Net income (loss) c. Net income (loss)

On May 1, Year 3, Love Corporation declared a $57,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Common Stock Retained Flow Date Assets Liabilities + Revenue Expense Net Income Earnings May 1 + May 31