Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 22, Problem 22.1P
Prepare Statement of
Shark Company Balance Sheet At December 31 |
||||
Assets | Ending | Beginning | ||
Current Assets | ||||
Cash | $ 1,000 | $ 5,000 | ||
5,500 | 3,000 | |||
Merchandise Inventory | 4,000 | 1,800 | ||
Total Current Assets | $10,500 | $ 9,800 | ||
Noncurrent Assets | ||||
Investments in Bonds | $30,000 | $10,000 | ||
Property, Plant, and Equipment - net | $50,000 | $60,000 | ||
Total Noncurrent Assets | $80,000 | $70,000 | ||
Total Assets | $90,500 | $79,800 | ||
Liabilities | ||||
Current Liabilities |
Accounts Payable | $ 3,200 | $ 4,400 |
Accrued Expenses | 6,700 | 6,550 |
Income Taxes Payable | 1,500 | 2,450 |
Total Current Liabilities | $11,400 | $13,400 |
Noncurrent Liabilities | ||
Notes Payable | $35,000 | $28,000 |
Total Noncurrent Liabilities | $35,000 | $28,000 |
Total Liabilities | $46,400 | $41,400 |
Shareholders’ Equity | ||
Common Stock, $1 par value | $10,000 | $ 9,000 |
Additional Paid-in Capital in Excess of Par - Common | 15,334 | 12,000 |
18,766 | 17,400 | |
Total Shareholders’ Equity | $44,100 | $38,400 |
Total Liabilities and Shareholders’ Equity | $90,500 | $79,800 |
Shark Company Income Statement For the Year Ended December 31 |
|
Sales | $56,000 |
Cost of Goods Sold | 33,600 |
Gross Profit | $22,400 |
Selling. General, and Administrative Expenses | $11,600 |
Depreciation Expense | 6,000 |
Total Operating Expenses | $ 17,600 |
Operating Income | $ 4,800 |
Interest Expense | $(2,100) |
Income before Tax | $ 2,700 |
Income Tax Expense | (1,334) |
Net Income | $ 1,366 |
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Check out a sample textbook solutionChapter 22 Solutions
Intermediate Accounting
Ch. 22 - Prob. 22.1QCh. 22 - Prob. 22.2QCh. 22 - Prob. 22.3QCh. 22 - Prob. 22.4QCh. 22 - Prob. 22.5QCh. 22 - How do firms reclassify gains and losses on the...Ch. 22 - Prob. 22.7QCh. 22 - Prob. 22.8QCh. 22 - Prob. 22.9QCh. 22 - Prob. 22.10Q
Ch. 22 - Prob. 22.11QCh. 22 - What approach is used in preparing the operating...Ch. 22 - Under the indirect method, do firms subtract bond...Ch. 22 - Do firms subtract pension expense from net income...Ch. 22 - Prob. 22.15QCh. 22 - Prob. 22.16QCh. 22 - Prob. 22.1MCCh. 22 - Prob. 22.2MCCh. 22 - Big Dollars Corporation's comparative financial...Ch. 22 - Prob. 22.4MCCh. 22 - Prob. 22.5MCCh. 22 - Sykes Corporation's comparative balance sheets at...Ch. 22 - Prob. 22.7MCCh. 22 - Prob. 22.8MCCh. 22 - Prob. 22.1BECh. 22 - Prob. 22.2BECh. 22 - Prob. 22.3BECh. 22 - Prob. 22.4BECh. 22 - Prob. 22.5BECh. 22 - Prob. 22.6BECh. 22 - Prob. 22.7BECh. 22 - Operating Activities Section, Indirect Method,...Ch. 22 - Prob. 22.9BECh. 22 - Prob. 22.10BECh. 22 - Prob. 22.11BECh. 22 - Prob. 22.12BECh. 22 - Prob. 22.13BECh. 22 - Operating Activities Section, Indirect Method,...Ch. 22 - Prob. 22.15BECh. 22 - Prob. 22.16BECh. 22 - Prob. 22.17BECh. 22 - Prob. 22.18BECh. 22 - Prob. 22.19BECh. 22 - Prob. 22.20BECh. 22 - Prob. 22.21BECh. 22 - Prob. 22.22BECh. 22 - Complex Transactions, Acquisitions and...Ch. 22 - Prob. 22.24BECh. 22 - Prob. 22.25BECh. 22 - Complex Transactions, Change in Accounts...Ch. 22 - Prob. 22.27BECh. 22 - Prob. 22.28BECh. 22 - Prob. 22.1ECh. 22 - Prob. 22.2ECh. 22 - Prob. 22.3ECh. 22 - Prob. 22.4ECh. 22 - Prob. 22.5ECh. 22 - Prob. 22.6ECh. 22 - Prob. 22.7ECh. 22 - Prob. 22.8ECh. 22 - Prob. 22.9ECh. 22 - Prob. 22.10ECh. 22 - Statement of Cash Flows, Indirect Method....Ch. 22 - Prob. 22.12ECh. 22 - Prob. 22.13ECh. 22 - Prob. 22.14ECh. 22 - Prob. 22.15ECh. 22 - Prob. 22.16ECh. 22 - Prepare Statement of Cash Flows, Direct Method....Ch. 22 - Prob. 22.2PCh. 22 - Prob. 22.3PCh. 22 - Prob. 22.4PCh. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Statement of Cash Flows, Indirect Method, Complex...Ch. 22 - Prob. 22.11PCh. 22 - Prob. 22.12PCh. 22 - Prob. 22.13PCh. 22 - Statement of Cash Flows, Direct Method, Complex...Ch. 22 - Prob. 1JCCh. 22 - Prob. 1FSCCh. 22 - Prob. 1SSCCh. 22 - Surfing the Standards Case 2: Cash Flow per Share...Ch. 22 - Basis for Conclusions Cases Basis for Conclusions...Ch. 22 - Basis for Conclusions Case 2: Indirect versus...
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