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As an Optional Challenge problem: create a balance sheet at end of year 8 on the...
As an Optional Challenge problem: create a balance sheet at end of year 8 on the accrual basis of accounting. Remember that for each event above, asset entries must equal entries for liabilities and stockholders’ equity (A = L + E).
Solutions
Expert Solution
BALANCE SHEET
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $ 20,289
SHORT TERM MARKETABLE SECURITES 53,892
ACCOUNTS RECEIVABLE ,LESS ALLOWANCES OF $58 and 53 17,874
INVENTORIES 4,855
VENDOR NON -TRADE RECEIVABLES 17,799
OTHER CURRENT ASSETS 13,936
TOTAL CUURENT ASSETS = 128,645
LONG TERM MARKETABLE SECURITIES 194,714
PROPERT,PLANT AND EQUIPMENT 33,783
GOODWILL 5,717
ACCQUIRED INTANGIBLE ASSETS 2,298
OTHER NON-CURRENT ASSETS 10,162
TOTAL ASSETS = $ 375,319
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 49,049
ACCURED EXPENSES 25,744
DEFERRED REVENUE 7,548
COMMERICAL PAPER 11,977
CURRENT PORTION OF LONG TERM DEBT 6,496
TOTAL CUURENT LIABILITIES 100,814
DEFEERED REVENUE,NON -CURRENT 2,836
LONG -TERM DEBT 97,207
OTHER NON -CURRENT LIABILTIES 40,415
TOTAL LIABILITIES = 241,272
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS EQUITY
Common stock and additional paid in capital ,$0.00001 par value ;12,600,000 shares,authorized; 5,126,201 and 5,336,166 shares issued and outstanding Respectively. 35,867
RETAINED EARNINGS 98,330
ACCUMALATED OTHER COMPREHENSIVE INCOME(LOSS) (150)
Total shareholders equity = 134,047
Total liabilites and shareholders equity $ = 375,319
jeff jeffy answered 2 years agoRelated Solutions
Based on the information below create the year end income statement, balance sheet, and cash flow...
Based on the information below create the year end
income statement, balance sheet, and cash flow
statement.
On January 2, 2003, Alexander, together with a number of
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were issued, of which Alexander received 125,000 in exchange for
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January 15—Paid $7,500 in...
Balance sheet Beginning of Year End of Year Beginning of Year End of Year Cash 382...
Balance sheet
Beginning of Year
End of Year
Beginning of Year
End of Year
Cash
382
437
Accounts payable
1361
1043
Receivables
914
862
Long-term debt
3295
2982
Inventory
2039
2146
Common stock
750
820
Net fixed assets
5161
5379
Retained earnings
3090
3979
Total assets
8496
8824
Total Liab. & Equity
8496
8824
If the net income during the year was 900 and depreciation was
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(see slide 6 of chapter...
Problem 2 Balance Sheet Year 2 Year 1 Cash $ 32 $ 8 Net Accounts Receivable...
Problem 2
Balance Sheet
Year 2
Year 1
Cash
$ 32
$ 8
Net Accounts Receivable
76
50
DTA - NOL
1.6
12
Furniture
100
100
Accumulated Depreciation
(20)
(5)
Total Assets
$ 189.6
$ 165
Accounts Payable
$ 8
$ 10
Deferred Tax Liability
29.6
27
Bank Loan
$ 30
$ 53
Total Liabilities
$ 67.6
$ 90
Common Stock
$ 20
$ 20
Retained Earnings
102
55
Total Liabilities & Equity
$ 189.6
$ 165
Income Statement...
What is a “classified” balance sheet ? A balance sheet that classifies its year-end as 12/31....
What is a “classified” balance sheet ?
A balance sheet that classifies its year-end as 12/31.
A balance sheet that only displays total assets.
A balance sheet that separates assets and liabilities into
current and non-current sections.
A balance sheet that has a restricted audience.
2. Why doesn’t Cash Flow from Operations equal Net Income?
The income statement includes non-cash items
The income statement is based on accruals
All of the above
None of the above
Year-End Balance Sheet and Statement of Cash Flows–Indirect Method The balance sheet of Poodle Company at...
Year-End Balance Sheet and Statement of Cash Flows–Indirect
Method
The balance sheet of Poodle Company at the end of 2016 is
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December 31, 2016
Cash
$155,000
Accounts receivable
140,000
Total current assets
$295,000
Land
$100,000
Plant and equipment
700,000
Accumulated depreciation
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Investments
125,000
Total long-term assets
$750,000
Total assets
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Current liabilities
$325,000
Bonds payable
$100,000
Common stock
$500,000
Retained earnings
120,000
Total stockholders’ equity
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Total liabilities and
stockholders’...
Year-End Balance Sheet and Statement of Cash Flows–Indirect Method The balance sheet of Poodle Company at...
Year-End Balance Sheet and Statement of Cash Flows–Indirect
Method
The balance sheet of Poodle Company at the end of 2016 is
presented here, along with certain other information for
2017:
December 31, 2016
Cash
$155,000
Accounts receivable
140,000
Total current assets
$295,000
Land
$100,000
Plant and equipment
700,000
Accumulated depreciation
(175,000)
Investments
125,000
Total long-term assets
$750,000
Total assets
$1,045,000
Current liabilities
$325,000
Bonds payable
$100,000
Common stock
$500,000
Retained earnings
120,000
Total stockholders’ equity
$620,000
Total liabilities and
stockholders’...
Bohemian Manufacturing Company has the following end-of-year balance sheet: Bohemian Manufacturing Company Balance Sheet For the...
Bohemian Manufacturing Company has the following end-of-year
balance sheet:
Bohemian Manufacturing Company
Balance Sheet
For the Year Ended on December 31
Assets
Liabilities
Current Assets:
Current Liabilities:
Cash and equivalents
$150,000
Accounts payable
$250,000
Accounts receivable
400,000
Accrued liabilities
150,000
Inventories
350,000
Notes payable
100,000
Total Current Assets
$900,000
Total Current Liabilities
$500,000
Net Fixed Assets:
Long-Term Bonds
1,000,000
Net plant and equipment(cost minus depreciation)
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Total Debt
$1,500,000
Common Equity
Common stock
800,000
Retained earnings
700,000
Total Common Equity...
Problem 15-8 Baskin Company's net income last year was $98,000. Changes in the company's balance sheet...
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the company's balance sheet accounts for the year appear below:
Increases
(Decreases)
Debit balances:
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Accounts receivable
15,000
Inventory
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Prepaid expenses
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Long-term investments
10,000
Plant and equipment
40,000
Credit balances:
Accumulated depreciation
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Accounts payable
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Accrued liabilities
11,000
Taxes payable
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Bonds payable
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Common stock
10,000
Retained earnings
62,000
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Required:
A. Prepare...
The projected balance sheet as of the end of the first year of operations will show an owners' equity balance of?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals....
To create a common size balance sheet ____________ all items on the balance sheet by ____________....
To create a common size balance sheet ____________ all items on
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1.
multiply; owners equity
2.
multiply; total assets
3.
divide; owners equity
4.
divide; total assets
5.
multiply; debt
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