Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 128,190 Accumulated Depreciation-Equipment Inventory 303,190 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated Depreciation-Buildings Buildings 180,781 15,170 363,190 483,190 448,890 268,190 493,190 ? 100,820 1,603,190 $ 292,170 242,990 48,190 101,552 483,190 203,190 153,190 91,110 1,473,190 124,190 270,370 1,643,190 Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 128,190 Accumulated Depreciation-Equipment Inventory 303,190 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated Depreciation-Buildings Buildings 180,781 15,170 363,190 483,190 448,890 268,190 493,190 ? 100,820 1,603,190 $ 292,170 242,990 48,190 101,552 483,190 203,190 153,190 91,110 1,473,190 124,190 270,370 1,643,190 Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

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

The income statement of Dolan Corporation for 2020 included the following items: Interest revenue $141,000 Salaries and wages expense 210,000 Insurance expense 21,200 The following balances have been excerpted from Dolan Corporation's balance sheets: December 31, 2020 December 31, 2019 Interest receivable $18,200 $15,000 Salaries and wages payable 17,800 8,400 Prepaid insurance 2,200 3,000 The cash received for interest during 2020 was
Financial Statements Prepare the Financial Statements for the fiscal year ended December 31, 2021 for MaBak Inc. Inc. Don't forget the statement dates and dollar signs. Complete the Horizontal and Vertical analysis. Round answers to the whole percent. Account Name Accounts Payable Accounts Receivable (net) Accrued Liabilities Administration Expense Bonds Payable Car (net) Cash Cost of Goods Sold Current Maturities of Long Term Debt Equipment (Net) Income Tax Expense Inventory Amount Account Name Investments - Long Term Land- not in use, to be sold in 5 Marketable Securities $ 42,000 30,000 3,000 30,000 Net Sales 20,000 Notes Payable - Long 32,000 Notes Receivable 50,000 20,000 Other Income Other Expense (interest) 12,250 Selling Expense 12,000 Supplies 4,400 Taxes Payable 40,000 Unearned Sales Revenue 12,000 25,000 5,000 135,000 13,000 2,000 7,600 4,000 44,000 7,500 17,750 13,000
Give answer with explanation
Folgers Inc. reported bond interest expense of $12,000 during 2020. The balance in Bond Interest Payable was $1,500 on 1/1/20 and $1,825 on 12/31/20. Also during 2020 $300 of Discount on Bonds Payable was amortized. What amount of cash was paid for interest during 2020?
Here are simplified financial statements for Phone Corporation in 2020: Net sales Cost of goods sold Other expenses INCOME STATEMENT (Figures in $ millions) Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes (at 21%) Net income Dividends Assets Cash and marketable securities Receivables Inventories Other current assets BALANCE SHEET (Figures in $ millions) Total current assets Net property, plant, and equipment Other long-term assets. Total assets Liabilities and shareholders' equity Payables Short-term debt Other current liabilities Total current liabilities Long-term debt and leases Other long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 13,600 4,310 4,162 2,668 $2,460 718 $1,750 368 a. Return on equity (use average balance sheet figures) b. Return on assets (use average balance sheet figures) c. Return on capital (use average balance sheet figures) d. Days in inventory (use start-of-year balance sheet…
REQUIRED: In the December 31, 2021 statement of financial position, how much should be reported as current liabilities?
PLEASE HELP ME
Please help me
According to the balance sheet of Free Inc, at the end of the 2020 fiscal year, the cash balance is $200,000, account available balance is $500,000, inventory balance is $750,000; the net fixed asset is $1,500,000. On the other side, the account payable is $250,000, the accrual $40,000, the notes payable is $300,000, long-term debt is $510,000, common stock is $1,200,000, retained earnings is $650,000. The net income is $900,000; the interest payment is $45,600; the tax rate is 25%. If the sales is $10,000,000, what is the operating margin?b. 13.26%c. 11.45%d. 10.66%
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
Presented below is the trial balance of Flounder Corporation at December 31, 2020. Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par Totals Debit $ 199,490 156,530 4,800,000 301,490 279,490 2,003,530 263,530 1,042,490 438,530 903,610 214,610 599,490 603,530 160,000 194,530 195,000 $12,355,850 Credit $ 8,103,530 93,530 458,530 66,610 138,490 99,530 152,000 28,530 83,610 902,490 1,002,490 60,000 1,003,530 80,490 82,490 $12,355,850 Prepare a…