Problem 22-16 (IAA) Lunar Company provided the following information: 2019 2020 3,000,000 2,200,000 1,500,000 4,500,000 1,500,000 6,000,000 Cash and cash equivalents Inventory Equipment (net). Land Current liabilities (all monetary) Noncurrent liabilities (all monetary) Share capital Retained earnings Sales Inventory, January 1 Purchases 4,250,000 3,000,000 1,400,000 4,500,000 2,000,000 6,500,000 3,000,000 3,000,000 1,650,000 8,000,000 2,200,000 5,200,000 3,000,000 1,700,000 100,000 500,000 350,000 700,000 Inventory, December 31 Distribution and administrative expenses Depreciation Income tax Cash dividend Additional information The pertinent index numbers are: January January 100 100 120 200 1, 2018 1, 2019 December 31, 2019 December 31, 2020 * The land and equipment were acquired on January 1, 2018. The entity was organized on January 1, 2018. The cash dividend was paid December 31, 2020. Required: 1. Prepare a comparative statement of financial position of December 31, 2020 restated to 2020 price level. 2. Prepare an income statement for 2020 restated to 2020 price level. 3. Compute the gain or loss on purchasing power for 2020.

Question 66 Using Financial Statements for 2018-2019. Net asset value per share of preferred stock for 2019 is $685.71. TRUE OR FALSE?

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 155,100 74,800 87,000 2,400 171,800 88,000 72,800 1,200 Accounts receivable Inventory Prepaid rent Long-term assets: Land 440,000 732,00ө (406, ө00) $1,085,300 440, ө0ө 630,000 252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 91,000 6,900 6,400 $ 77,800 13,800 4, 200 115,000 230,000 Common stock 660,000 206,000 $1,085,300 660,000 166,000 $1,151,800 Retained earnings Total liabilities and stockholders' equity Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. %24 %24 %24

Question The management of Flames Technologies Ltd (FTL) provided the following information relating to its operations for the year ended December 31, 2020: Sales $1,610,000 $50,000 Sales returns It began the 2020 year with inventory at cost, $248,000 and valued at retail, $441,600 During the year the company made purchases at cost, $964,000 and valued at retail $1,363,800; freight charges were $30,500. Purchase returns at cost were $30,200 and valued at retail at $49,600 The management of FTL also provided information pertaining to markups and markdowns as shown below: The company had additional markups of $93,200 Markup cancellations during the year amounted to $10,800 Markdowns during the year amounted to $39,200 Markdown cancellations during the year amounted to $10,500 Normal shortages due to theft amounted to $58,200 On 31 December 2020, a major fire destroyed all the company's inventory in its warehouse, and in order to make an insurance claim, the management team of FTL has…

Maya company has seen slow but steady growth over the past 10 years. Maya company started small, and all of the employees were family members. However, the business is now big enough that it is important to start setting up a more sophisticated internal control structure, including segregation of duties. What are the three specific functions that must be kept separate?

LOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2019 and 2020   2020 2019 Gross sales $ 19,000 $ 15,000 Sales returns and allowances   1,000   100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold   12,000   9,000 Gross profit $ 6,000 $ 5,900 Operating expenses:         Depreciation $ 700 $ 600 Selling and administrative   2,200   2,000 Research   550   500 Miscellaneous   360   300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense   560   500 Income before taxes $ 1,630 $ 2,000 Provision for taxes   640   800 Net income $ 990 $ 1,200     LOGIC COMPANYComparative Balance SheetDecember 31, 2019 and 2020   2020 2019 Assets         Current assets:         Cash $ 12,000 $ 9,000 Accounts receivable   16,500   12,500 Merchandise inventory   8,500   14,000 Prepaid expenses   24,000   10,000 Total current assets $ 61,000 $ 45,500 Plant and…

Pls stepwise with explanation and correct only.