bc The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2024:AccountsRevenuesCost of goods soldDepreciation expenseInvestment incomeDividends declaredRetained earnings, 1/1/24Current assetsCopyrightsRoyalty agreementsInvestment in StanzaLiabilitiesCommon stockAdditional paid-in capitalPenske$ (834,000)296,900235,000Not given80,000(746,000)594,0001,074,000644,000Not given(544,000)(600,000) ($20 par)(150,000)Stanza$ (500,000)125,000344,000060,000(314,000)688,000436,0001,188,0000(1,747,000)(200,000) ($10 par)(80,000)Note: Parentheses indicate a credit balance.On January 1, 2024, Penske acquired all of Stanza's outstanding stock for $816,000 fair value in cash and common stock. Penske apaid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $516,000 book vabut a fair value of $600,000.Required:a. As of December 31, 2024, what is the consolidated copyrights balance?b. For the year ending December 31, 2024, what is consolidated net income?

a. As of December 31, 2024, what is the consolidated copyrights balance?To determine the…

Answered: The following are selected account…

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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Use the following information for Company COLTIB to create the BalanceSheet for 2020 and 2021
Comparitive balance sheet of Hillard Co. as of Dec 31, 2020 and 2021 is as under: Assets 2020 2021 Liabilities Cash Accounts Receivable Inventory Fixed Assets Investments Sales Cost of Goods Sold Gross profit 16,425 12,300 Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit 16,100 163,000 13,500 221,325 28,025 10,600 Income statement for the year 2021 is as under: 18,400 206,300 9,200 272,525 829,400 614,450 214,950 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525
The following data were taken from the Statement of Affairs of Greenfield Corporation: What is the estimated amount holders of the accounts payable will receive upon?
The following financial information relates to HGR Co: Statement of financial position at the current date (extracts) Non-current assets Current assets Inventory Accounts receivable Total assets Current liabilities Overdraft Accounts payable $000 3,800 10,200 Required: Calculate: Current ratio and Quick Ratio and make comments. $000 8,160 8,775 14,000 $000 48,965 16,935 65,900
For Items 9-10 Following are selected financial and operating data taken from the financial statements of Alamona Corporation: Cash Notes and Accounts Receivable, net Merchandise Inventory Marketable Securities short-term Land and Buildings (net) Bonds Payable long-term Accounts Payable - trade Notes Payable - short-term As of December 31 2023 2022 80,000 640,000 400,000 1,200,000 720,000 1,200,000 240,000 80,000 2,720,000 2,880,000 2,160,000 2,240,000 560,000 880,000 160,000 320,000 Sales (20% cash, 80% credit sales) Cost of Goods Sold For the Year-Ended December 31 2023 18,400,000 8,000,000 2022 19,200,000 11,200,000 Compute for the following ratio: 9. Current ratio as of December 31, 2023 a. 0.5:1 b. 2.0:1 c. 2.6:1 d. 3.2:1 10. Quick (acid test) ratio as of December 31, 2023 a. 2.0 to 1 b. 0.5 to 1 c. 1 to 1 d. 0.7 to 1 Page 4 of 4
Compute the following ratiosat December 31, 2019: i.Current ratio ii.Acid-test Ratio iii.Account Receivables Turnover iv.Average collection period v.Inventory Turnover vi.Days in inventory vii.Profit margin viii.Debts to Asset ratio ix.Return on Assets x.Times Interest Earned
The following information is from the accounts of Neway Ltd for the years 2018 and 2019 Neway Ltd Summary of the statement of comprehensive income 2019 2018 $m $m Sales revenue 650 615 COGS 305 295 Gross profit Interest expense Other expenses (including depreciation) Profit 320 (13) (100) 345 (15) (120) 210 207 63 Depreciation expense Accounts payable at the end of the period Accounts receivable at the end of the period |Inventory held at the end of the period 85 30 25 34 46 65 57 Required: a) Prepare a statement of cash flows from operations for Neway Ltd. b) Prepare a statement that reconciles the profit with the cash flows from operations.
Subject : Accounting
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Crane Company has these comparative balance sheet data: CRANE COMPANYBalance SheetsDecember 31 2022 2021 Cash $ 27,105 $ 54,210 Accounts receivable (net) 126,490 108,420 Inventory 108,420 90,350 Plant assets (net) 361,400 325,260 $623,415 $578,240 Accounts payable $ 90,350 $ 108,420 Mortgage payable (15%) 180,700 180,700 Common stock, $10 par 252,980 216,840 Retained earnings 99,385 72,280 $623,415 $578,240 Additional information for 2022: 1. Net income was $27,900. 2. Sales on account were $382,300. Sales returns and allowances amounted to $29,000. 3. Cost of goods sold was $207,500. 4. Net cash provided by operating activities was $57,000. 5. Capital expenditures were $28,900, and cash dividends were $17,900. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal…
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
PROBLEM I The current asset section of the statement of financial position prepared by the accountant of II Company as of December 31, 2024 as follows: Current Assets: Cash Financial asset at fair value through profit or loss Accounts receivable Inventory Other current assets TOTAL CURRENT ASSETS 536,000 500,000 3,285,000 3,500,000 140,000 P7,961,000 The company determines its inventory at year-end by physical count. An examination of the accounts showed the following: a. On December 31, 2024, the company issued and recorded a check payable to a vendor dated January 15, 2025 in the amount of P80,000. b. The financial assets were purchased during the year 2024 for P500,000. Fair value at December 31 was P550,000. c. Accounts receivable includes selling price of goods invoiced to a customer on December 27, 2024. The goods cost P120,000 and were billed at 150% of cost. The goods were shipped FOB destination on December 27, 2024 and were received by the customer on January 5, 2025. d.…

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