Womack Corporation ended its fiscal year on September 30, 2021, with cash of $72 million, accounts receivable of $21 million, property and equipment of $30 million, and other long-term assets of $20 million. The company's liabilities consist of accounts payable of $35 million and long-term notes payable of $16 million. Womack Corporation has total stockholders' equity of $92 million, of this total, common stock is $30 million Solve for the company's ending retained earnings and then prepare Womack Corporation's balance sheet at September 30, 2021. Use a proper heading on the balance sheet Now prepare Womack Corporation's balance sheet at September 30, 2021. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Enter all amounts in millions. Classify the balance sheet by selecting the proper title on all applicable subtotal or total lines. If an input field is not used in the table leave the field empty, do not select a label or enter a zero.) Current assets: Assets Womack Corporation Balance Sheet September 30, 2021 (in millions)

Womack Corporation ended its fiscal year on September 30, 2021, with cash of $72 million, accounts receivable of $21 million, property and equipment of $30 million, and other long-term assets of $20 million. The company's liabilities consist of accounts payable of $35 million and long-term notes payable of $16 million. Womack Corporation has total stockholders' equity of $92 million, of this total, common stock is $30 million Solve for the company's ending retained earnings and then prepare Womack Corporation's balance sheet at September 30, 2021. Use a proper heading on the balance sheet Now prepare Womack Corporation's balance sheet at September 30, 2021. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Enter all amounts in millions. Classify the balance sheet by selecting the proper title on all applicable subtotal or total lines. If an input field is not used in the table leave the field empty, do not select a label or enter a zero.) Current assets: Assets Womack Corporation Balance Sheet September 30, 2021 (in millions)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 16P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...

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Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
Robbin Corporation ended its fiscal year on September 30, 2018, with cash of $77 million, accounts receivable of $25 million, property and equipment of $31 million, and other long-term assets of $19 million. The company's liabilities consist of accounts payable of $33 million and long-term notes payable of $23 million. Robbin Corporation has total stockholders' equity of $96 million; of this total, common stock is $26 million. Solve for the company's ending retained earnings and then prepare Robbin Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Begin by solving for the company’s ending retained earnings. (Enter your answer in millions.) Robbin Corporation’s ending retained earnings balance is $ million.
On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,000 shares of its common stock for $38 per share, receiving $950,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $250,000 cash, are used to liquidate the $1,200,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Instructions Show how the $1,200,000 of short-term debt should be presented on the December 31, 2020, balance sheet, including note disclosure.
As of December 31, 2021, Halaga Corporation reported the following items in its balance sheet: Cash- P520,000 Receivables- P240,000 Inventory- P350,000 Equipment- P850,000 Accounts payable- P325,650 Short-term notes payable- P524,500 Long-term debt- P1,049,850 Weighted average of outstanding shares in 2021- P250,000 Halaga Corporation contracted a third-party appraiser which has determined that the replacement value of its assets. This resulted to P14.22 calculation as its replacement value per share of the company.Based on the report of the appraiser, the property and plant have replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement cost of 70% of its value. According to the appraiser, the equipment was designed using an old technology, thus, the lower replacement cost. Other assets and liabilities are valued fairly.How much is the book value per share of Halaga Corporation as of December 31, 2021? a. Php 0.24 b. Php 14.22 c.…
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,470,000, $154,000 in the common stock account, and $2,790,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,720,000, $164,000 in the common stock account and $3,090,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $101,000 and the company paid out $159,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,100,000, and the firm reduced its net working capital investment by $139,000. What was the firm's 2022 operating cash flow, or OCF?
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,445,000, $149,000 in the common stock account, and $2,740,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,670,000, $159,000 in the common stock account and $3,040,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $98,500 and the company paid out $154,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,050,000, and the firm reduced its net working capital investment by $134,000. What was the firm's 2022 operating cash flow, or OCF? Note: A negative answer should be indicated by a minus sign. Do not round intermediate
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,460,000, $152,000 in the common stock account, and $2,770,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,700,000, $162,000 in the common stock account and $3,070,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $100,000 and the company paid out $157,000 in cash dividends during 2022. The firm's net capital spending for 2022 was $1,080,000, and the firm reduced its net working capital investment by $137,000. What was the firm's 2022 operating cash flow, or OCF? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Operating cash flow Prev 9 of 10 ▬▬▬ ‒‒‒ Next >
The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,420,000, $144,000 in the common stock account, and $2,690,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2022. The firm's net capital spending for 2022 was $1,000,000, and the firm reduced its net working capital investment by $129,000. What was the firm's 2022 operating cash flow, or OCF? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Operating cash flow $ 556,500
As of December 31, 2023, Ajax Corporation reported the following: Salaries payable $25,000; Treasury stock $400,000; Paid-in capital--share repurchase $27,000; Accounts Receivable $54,000; Other paid-in capital accounts $3,600,000; Retained earnings $3,010,000; and a debit balance in Accumulated other comprehensive income of $29,000. During 2024, half of the treasury stock was resold for $240,000; net income was $714,000; cash dividends declared were $750,000; and stock dividends of $450,000 were declared and distributed (no fractional shares). Hint: Use a T-account to help you organized these facts. What would total shareholders' equity be as of December 31, 2024?
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,470,000, $154,000 in the common stock account, and $2,790,000 in the additional paid-in surplus account. The December 31, 2019, balance sheet showed long-term debt of $1,720,000, $164,000 in the common stock account and $3,090,000 in the additional paid-in surplus account. The 2019 income statement showed an interest expense of $101,000 and the company paid out $159,000 in cash dividends during 2019. The firm's net capital spending for 2019 was $1,100,000, and the firm reduced its net working capital investment by $139,000. What was the firm's 2019 operating cash flow, or OCF? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) Operating cash flow