Chapter 4, Problem 27ME

Presented below is the comparative balance sheet for Pearl Company Pearl Company Comparative Balance Sheet As of December 31 Assets Accounts receivable net Short-terminants Inventories Prepaid expenses Plant & ment Accumulated depreciation Liabies and Stockholdersity Accounts payable Accrued Bonds payable Common stock Retiredning (a) Cash Your answer is partially correct Accounts receivable (net) Assets Short-term investments Investories Prepaid expenses Plant and equipment Accumulated depreciation Total Accrued operes Bonds payable (h) Prepare a comparative balance sheet of Pearl Company showing the percent each item is of the total asets or total liabilities and stockholders' equity Round percentages to 2 decimal places.eg 2.25%) Common stock Retained earnings Total Cash Liabilities and Stockholders Equity Accounts payable Assets Account receivable Inet Investments Inventories Prepaid expenses Plant and equipment Accumulated depreciation Total Accuedes Bonds payable Common stock…

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable Net fixed assets Long-term debt Notes payable Dividends paid Cash and marketable securities Fincorp Inc. Income Statement Reinvested earnings 2018 $4,000 1,600 $ 500 300 500 150 400 300 400 5,000 2,000 1,000 410 800 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct an income statement for Fincorp for 2018 and 2019. (Enter your answers in thousands of dollars.) 2018 2019 $4,100 1,700 0 520 350 550 150 420 350 450 5,800 2,400…

Joseph Bright lists the following transactions for the period ended 30 September 2017. Classify EACH item as follows: i. Write either capital or revenue in the expenditure type column to indicate the type of expenditure involved or EACH item. ii. Insert a-check mark (√) in the appropriate column to indicate whether the item is reported-in the Statement of profit or loss or in the Statement of financial position. The first one is done as an example. Description CLASSIFICATION OF EXPENDITURE Expenditure Type Statement where item should be reported Statement of Profit Statement of Example Wages of the computer operators 1 Cost of customizing software for use in business 2 Installing thief detection equipment 3 Cost of paper used for printing receipts during the year 4 Cost of toner used by the computer printer 5 Cost of adding extra memory to the compute or loss Revenue financial position

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2016. INCOME STATEMENT OF QUICK BURGER CORP., 2016 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Taxes Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets. Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets 2016 BALANCE SHEET OF QUICK BURGER CORP., 2016 (Figures in $ millions) 2,340 1,379 126 1,093 4,938 $ 27,571 17,573 1,406 $ 8,592 24,681 2,808 2,987 35,414 521 8,071 2,825 $ 5,246 2015 Liabilities and Shareholders' Equity Current liabilities Debt due for repayment Accounts payable Total current liabilities 2,340 1,339 121 620 4,420 Long-term debt 22,839 Other long-term liabilities 2,657 Total liabilities 3,103 Total shareholders' equity 33,019 Total liabilities and…

The following table shows an abbreviated income statement and balance sheet for McDonald's Corporation for 2012. INCOME STATEMENT OF MCDONALD'S CORP., 2012 (Figures in $ millions) Net sales Costs Depreciation Earnings before interest and taxes (EBIT) Interest expense Pretax income Taxes Net income Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets Additional tax 2012 BALANCE SHEET OF MCDONALD'S CORP., 2012 (Figures in $ millions) Liabilities and Shareholders' 2,353 1,392 $ 139 1,106 4,990 24,694 2,821 3,000 35,505 27,584 17,586 1,419 8,579 534 8,045 2,648 5,397 2011 2,353 Debt due for repayment 1,352 Accounts payable equity Current liabilities 134 Total current liabilities 633 4,472 Long-term debt 22,852 Other long-term liabilities 2,670 Total liabilities 3,116 33,110 million Total shareholders' equity Total…

The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also.    WRIGHT COMPANYComparative Balance SheetsDecember 31, 2016 and 2015($ in 000s)   2016 2015 Assets           Cash $ 125    $ 110     Accounts receivable   151      155     Short-term investment   56      20     Inventory   155      150     Land   114      140     Buildings and equipment   740      560        Less: Accumulated depreciation   (211)     (155)             $ 1,130    $ 980              Liabilities           Accounts payable $ 46    $ 51     Salaries payable   4      7     Interest payable   5      4     Income tax payable   9      13     Notes payable   0      36     Bonds payable   332      260   Shareholders' Equity           Common stock   435      360     Paid-in capital—excess of par   200      180     Retained earnings   99…

Suppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $70. The company’s comparative balance sheet, at December 31, is presented here.

Based on the information below of FDNACCT Co., how much should be recorded as total assets in the Statement of Financial Position? Long-term Payable Notes Payable Property, Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Unearned Income Notes Receivable Prepaid Insurance Accrued Expense Accrued Revenue P500,000 120,000 821,000 59,000 65,000 133,000 75,000 15,345 248,000 58,700 37,890 159,840

The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 42 73 40 75 50 550 (115) 715 $ $ 2021 $ 28 2 5 9 0 160 2:22 250 126 135 715 $ $ 2020 30 75 15 70 60 400 (75) 575 35 5 3 12 30 100 200 100 90 $ 575