These items are taken from the financial statements of Crane Company at December 31, 2022. Buildings $133,308 Accounts receivable 15,876 Prepaid insurance 4,032 Cash 14,918 Equipment 103,824 Land 77,112 Insurance expense 983 Depreciation expense 6,678 Interest expense 3,276 Common stock 75,600 Retained earnings (January 1, 2022) 50,400 Accumulated depreciation-buildings 57,456 Accounts payable 11,970 Notes payable 117,936 Accumulated depreciation-equipment 23,587 Interest payable 4,536 Service revenue 18,522
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- Assets Current assets Net fixed assets INCOME STATEMENT, 2022 (Figures in $ millions) Revenue Cost of goods sold Depreciation Interest expense 2021 $ 101 2022 $ 195 910 1,010 $ 2,005 1,085 405 251 Req A and B Req C and D BALANCE SHEET AT END OF YEAR (Figures in $ millions) Liabilities and Shareholders' Equity Current liabilities Long-term debt Req E Complete this question by entering your answers in the tabs below. a&b. What is shareholders' equity in 2021 and 2022? c&d. What is net working capital in 2021 and 2022? e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income. f. What is cash provided by operations during 2022? g.Net fixed assets increased from $910 million to $1,010 million during 2022. What must have been South Sea's gross investment in fixed assets during 2022? Answer is complete but not entirely correct. h. If South Sea reduced its outstanding accounts payable by $46 million during the year, what must have happened to its other current…On June 30, 2021, Streeter Company reported the following account balances: Receivables Inventory Buildings (net) Equipment (net) Total assets $ 88,200 Current liabilities 75,250 Long-term liabilities 87,500 Common stock 29,400 Retained earnings $ 280,350 Total liabilities and equities $ (16,100) (74,250) (90,000) (100,000) $ (280,350) On June 30, 2021, Princeton Company paid $315,200 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $19,900 in legal fees. Princeton also agreed to pay $66,400 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $23,700. In determining its offer, Princeton noted the following pertaining to Streeter: • It holds a building with a fair value $44,900 more than its book value. • It has developed a customer list appraised…Carla Vista Corporation began operations on January 1, 2027. The following information is available for Carla Vista on December 31, 2027. Accounts receivable$1, 060Accounts payable$1, 420Equipment12, 880Cash2, 400Dividends2, 180Notes payable5, 750Supplies 2,050Common stock7, 940 Retained earningsNet income5, 460 Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List items that increase retained earnings first.) Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List Items that increase retained earnings first.) CARLA VISTA CORPORATION Retained Earnings Statement
- An extract from a printing company's 2021 financial statements follows: Balance sheet As of December 31, 2021 As of December 31, 2020 Total assets 57,699 54,013 Total liabilities 37,682 37,919 Total stockholders' equity 20,017 16,096 What was the company's debt-to- assets ratio for 2021? O A. 0.75 B. 0.65 O C.3.32 O D. 0.50The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
- Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ SThe income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400
- The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600On June 30, 2021, Streeter Company reported the following account balances: Receivables $ 51,050 Current liabilities $ (11,800 ) Inventory 85,750 Long-term liabilities (52,000 ) Buildings (net) 83,400 Common stock (90,000 ) Equipment (net) 33,600 Retained earnings (100,000 ) Total assets $ 253,800 Total liabilities and equities $ (253,800 ) On June 30, 2021, Princeton Company paid $325,900 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $15,200 in legal fees. Princeton also agreed to pay $58,600 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $17,700. In determining its offer, Princeton noted the following pertaining to Streeter: It holds a building with a fair value $43,400 more than its…The following is summary of information presented on the financial statements of a company on December 31, 2019. Account 2019 2018 Current Assets $ 69 comma 000$69,000 $ 53 comma 000$53,000 Accounts Receivable 83 comma 00083,000 80 comma 00080,000 Merchandise Inventory 53 comma 00053,000 41 comma 00041,000 Current Liabilities 77 comma 00077,000 49 comma 00049,000 Longminus−term Liabilities 30 comma 00030,000 52 comma 00052,000 Common Stock 54 comma 00054,000 44 comma 00044,000 Retained Earnings 44 comma 00044,000 29 comma 00029,000 Net Sales Revenue $ 527 comma 000$527,000 $ 508 comma 000$508,000 Cost of Goods Sold 405 comma 000405,000 396 comma 000396,000 Gross Profit $ 122 comma 000$122,000 $ 112 comma 000$112,000 Selling Expenses 45 comma 00045,000 58 comma 00058,000 Net Income Before Income Tax Expense $ 77 comma 000$77,000 $ 54 comma 000$54,000 Income Tax…