Question
In: Accounting
Question 1. Merino Plc 2019 and 2020 Balance Sheets included the following items: Merino Plc Comparative...
Question 1. Merino Plc 2019 and 2020 Balance Sheets included the following items:
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Merino Plc |
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Comparative Balance Sheets |
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As of December 31st, 2019 and 2020 |
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2020 |
2019 |
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Cash |
120,792 |
71,232 |
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Accounts Receivable |
43,512 |
52,080 |
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Merchandise Inventory |
392,784 |
313,320 |
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Equipment |
236,208 |
171,360 |
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TOTAL ASSETS |
793,296 |
607,992 |
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Accumulated Depreciation, Equipment |
108,192 |
68,544 |
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Accounts Payable |
86,184 |
79,800 |
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Taxes Payable |
10,080 |
15,120 |
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|
Common Shares |
463,680 |
369,600 |
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Retained Earnings |
125,160 |
74,928 |
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TOTAL LIABILITIES & EQUITY |
793,296 |
607,992 |
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Merino Plc Income Statement was as follows:
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Merino Plc |
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Income Statement |
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For The Year Ended December 31st, 2020 |
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Revenue: |
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Sales |
1,365.840 |
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Cost Of Goods Sold |
624,960 |
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Gross Profit |
740,880 |
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Depreciation Expenses: |
39,648 |
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Other Expense |
402,696 |
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Total Operating Expense |
442,344 |
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Profit from operations |
298,536 |
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Income Taxes |
100,464 |
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NET INCOME |
198,072 |
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Required:
Prepare the STATEMENT OF CASH FLOWS for the year ended December 31, 2020. Additional information includes the following:
- Equipment was purchased for $64,848 cash
- Issued 3,360 common shares for cash at $28 per share
- Declared and paid cash dividends during the year.
Solutions
ekkarill92 answered 7 months agoRelated Solutions
Pandemic Inc. provided the following comparative balance sheets for 2020 and 2019 and the 2020 income...
Pandemic Inc. provided the following comparative balance sheets
for 2020 and 2019 and the 2020 income statement. Additional
pertinent information is provided below.
- Fixed assets costing $8,000 with a book value of $3,000 were
sold for $6,000.
- Long term investments costing $5,000 were sold for $5,000.
-Redeemed $5,000 of the bond issuance.
- Sold stock___________.
-Paid dividends_________.
All other transactions involved cash.
Be certain you have accounted for all the changes in the account
line items somewhere in...
Comparative balance sheets: 2019 and 2020, an income statement for 2020 are provided below for Dandelion’s...
Comparative balance sheets: 2019 and 2020, an income
statement for 2020 are provided below for Dandelion’s
shop.
Balance Sheet
As of December 31st
Assets
2020
2019
Cash
$1,550
$1,100
Account Receivable
550
1,200
Inventory
1,800
1,300
Investment – Trading Securities
970
970
Fair Value Adjustment
70
0
Property Plant & Equipment
12,000
10,800
Accumulated Depreciation – PPE
(4,650)
(5,400)
Goodwill
$400
$600
Total
Assets
$12,690
$10,570
Liabilities
Accounts Payable
$200
$550
Accrued Wages
800
220
Convertible Bonds...
The comparative balance sheets of NCAA Corporation are the following: December 31 2020 2019 Cash $750,750...
The comparative balance sheets of NCAA Corporation are the
following:
December 31
2020
2019
Cash
$750,750
$487,500
Accounts receivable
526,500
390,000
Inventory
221,000
260,000
Investments
0
130,000
Building
0
975,000
Equipment
2,730,000
780,000
Patent
182,000
227,500
Totals
$4,410,250
$3,250,000
Allowance for doubtful accounts
$121,875
$162,500
Accumulated depreciation on equipment
104,000
260,000
Accumulated depreciation on building
0
227,500
Accounts payable
195,000
130,000
Dividends payable
0
227,500
Notes payable, short-term (nontrade)
243,750
325,000
Long-term notes payable
1,716,000
780,000
Common stock
1,225,250
845,000...
Aires Corporation Comparative Balance Sheets December 31, 2020 and 2019 Assets 2020 2019 Change Cash $...
Aires Corporation Comparative Balance Sheets December 31, 2020
and 2019 Assets 2020 2019 Change Cash $ 21,000 $ 54,000 Accounts
receivable (net) 421,000 480,000 Inventory 310,000 340,000 Prepaid
expenses 17,000 15,000 Long Term Investments 70,000 80,000 Land
400,000 300,000 Equipment 1,730,000 1,590,000 Accumulated
depreciation-equipment (610,000) (600,000) Patent 40,000 50,000
Total assets $2,399,000 $2,309,000 Liabilities Accounts payable $
328,000 $ 335,000 Accrued liabilities 171,000 170,000 Income taxes
payable 22,000 34,000 Bonds payable 410,000 700,000 Long-term note
payable 130,000 0 Total liabilities...
The comparative balance sheets for Pronghorn Corporation show the following information. December 31 2020 2019 Cash...
The comparative balance sheets for Pronghorn Corporation show
the following information.
December 31
2020
2019
Cash
$33,400
$12,900
Accounts receivable
12,200
10,000
Inventory
11,800
9,100
Available-for-sale debt investments
–0–
2,900
Buildings
–0–
29,800
Equipment
45,200
20,200
Patents
5,000
6,300
$107,600
$91,200
Allowance for doubtful accounts
$3,000
$4,600
Accumulated depreciation—equipment
2,000
4,500
Accumulated depreciation—building
–0–
5,900
Accounts payable
5,000
2,900
Dividends payable
–0–
4,900
Notes payable, short-term (nontrade)
3,000
4,000
Long-term notes payable
31,000
25,000
Common stock
43,000
33,000
Retained earnings...
The comparative balance sheets for Cullumber Corporation show the following information. December 31 2020 2019 Cash...
The comparative balance sheets for Cullumber Corporation show
the following information.
December 31
2020
2019
Cash
$33,600
$12,900
Accounts receivable
12,300
10,100
Inventory
12,200
8,900
Available-for-sale debt investments
–0–
3,000
Buildings
–0–
29,600
Equipment
45,200
19,900
Patents
5,100
6,200
$108,400
$90,600
Allowance for doubtful accounts
$2,900
$4,400
Accumulated depreciation—equipment
2,000
4,500
Accumulated depreciation—building
–0–
6,100
Accounts payable
5,100
3,000
Dividends payable
–0–
4,900
Notes payable, short-term (nontrade)
2,900
4,000
Long-term notes payable
31,000
25,000
Common stock
43,000
33,000
Retained earnings...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $1,700,000.
HAMES INC.
Balance Sheets
December 31, 2020 and 2019
2020
2019
Assets
Cash
$
63,000
$
57,000
Accounts receivable
285,000
266,000
Merchandise inventory
261,000
247,000
Total current assets
$
609,000
$
570,000
Land
109,000
82,000
Plant and equipment
375,000
330,000
Less: Accumulated depreciation
(195,000
)
(180,000
)
Total assets
$
898,000
$
802,000
Liabilities...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $590,000.
Assets
2020
2019
Cash
$21,000
$19,000
Accounts receivable
78,000
72,000
Merchandise inventory
103,000
99,000
Total current assets
$202,000
$190,000
Land
50,000
40,000
Plant and equipment
125,000
110,000
Less: Accumulated depreciation
(65,000)
(60,000)
Total assets
$312,000
$280,000
Liabilities
Short-term debt
$18,000
$17,000
Accounts payable
$64,800
$75,000
Other accrued liabilities
$20,000
$18,000
Total current liabilities
$102,800...
3) If you were preparing comparative balance sheets as of April 30, 2020 and April 2019...
3) If you were preparing comparative balance sheets as of April
30, 2020 and April 2019 for a small, local retailer, which specific
balance sheet accounts would you expect to see changes
in? Identify which of these accounts you would
anticipate to increase or decrease. Which of the 3
categories of financial ratios (liquidity, solvency,
profitability), would be affected by these changes in the Balance
Sheet accounts? Indicate whether the category or
categories would improve or deteriorate identifying which ratios
within each of...
Sunland Company’s comparative balance sheets are presented below. Sunland Company Comparative Balance Sheets December 31 2019...
Sunland Company’s comparative balance sheets are presented
below.
Sunland Company
Comparative Balance Sheets
December 31
2019
2018
Cash
$ 15,000
$ 10,200
Accounts receivable
21,400
23,800
Land
19,800
26,400
Buildings
70,100
70,100
Accumulated
depreciation—buildings
(15,300
)
(10,800
)
Total
$111,000
$119,700
Accounts payable
$ 12,800
$ 27,800
Common stock
74,600
73,400
Retained earnings
23,600
18,500
Total
$111,000
$119,700
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$17,700.
2.
No noncash investing and financing activities occurred during...
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