Question
In: Accounting
a condensed balance sheet for Bradford Corporation prepared at the end of the year appears as...
a condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows. During the year the company earned a gross profit of 1116000 on sales of 2950000.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as...
A condensed balance
sheet for Bradford Corporation prepared at the end of the year
appears as follows.
Assets
Liabilities & Stockholders' Equity
Cash
$
104,000
Notes payable
(due in 6 months)
$
50,000
Accounts
receivable
110,000
Accounts
payable
81,000
Inventory
280,000
Long-term
liabilities
361,000
Prepaid
expenses
60,000
Capital stock,
$5 par
300,000
Plant &
equipment (net)
570,000
Retained
earnings
422,000
Other
assets
90,000
Total
$
1,214,000
Total
$
1,214,000
During the year, the
company earned a gross profit of $1,116,000...
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as...
A condensed balance sheet for Bradford Corporation prepared at
the end of the year appears as follows.
Assets
Liabilities & Stockholders' Equity
Cash
$
104,000
Notes payable (due in 6 months)
$
46,000
Accounts receivable
130,000
Accounts payable
80,000
Inventory
270,000
Long-term liabilities
308,000
Prepaid expenses
60,000
Capital stock, $5 par
300,000
Plant & equipment (net)
570,000
Retained earnings
490,000
Other assets
90,000
Total
$
1,224,000
Total
$
1,224,000
During the year, the company earned a gross profit of $1,116,000...
SB The following condensed balance sheet is... The following condensed balance sheet is presented for the...
SB The following condensed balance sheet is...
The following condensed balance sheet is presented for the
partnership of D, E, and F who share profits and losses in the
ratio of 5:3:2, respectively:
Cash
$
100,000
Other Assets
480,000
$
580,000
Liabilities
$
160,000
D, Capital
200,000
E, Capital
130,000
F, Capital
90,000
Total
$
580,000
The partners agreed to liquidate the partnership after selling the
other assets.
TB MC Qu. 16-12 Refer to the above information. If the
other......
Condensed balance sheet and income statement data for Swifty Corporation appear below: SWIFTY CORPORATION Balance Sheet...
Condensed balance sheet and income statement data for Swifty
Corporation appear below:
SWIFTY CORPORATION
Balance Sheet
December 31
2021
2020
2019
Cash
$ 27,500
$ 23,500
$ 18,500
Accounts receivable
50,500
50,000
48,500
Other current assets
94,500
95,500
65,000
Property, plant, and equipment (net)
530,000
471,500
401,000
$702,500
$640,500
$533,000
Current liabilities
$ 71,500
$ 77,500
$ 70,000
Long-term debt
77,500
84,500
46,500
Common shares
318,000
280,000
287,000
Retained earnings
235,500
198,500
129,500
$702,500
$640,500
$533,000
SWIFTY CORPORATION
Income Statement...
The comparative balance sheet of MARC22 CO, for 2021 and the preceding year ended December 31, 2020 appears below in condensed form:
Please prepare Cash Flow Statement using direct Method
of the Income Statement, using information from the attached
document.
The comparative balance sheet of MARC22 CO, for 2021 and the
preceding year ended December 31, 2020 appears below in condensed
form:
Year
Year
2021
2020
Cash
$ 45,000
$ 53,500
Accounts receivable (net)
51,300
58,000
Inventories
147,200
135,000
Investments
0
60,000
Equipment
493,000
375,000
Accumulated depreciation-equipment
(113,700)
(128,000)
$622,800
$553,500
Accounts payable
$ 61,500
$ 42,600
Bonds payable, due 2024
0...
Martinez Company owns a building that appears on its prior year-end balance sheet at its original...
Martinez Company owns a building that appears on its prior
year-end balance sheet at its original $572,000 cost less $429,000
accumulated depreciation. The building is depreciated on a
straight-line basis assuming a 20-year life and no salvage value.
During the first week in January of the current calendar year,
major structural repairs are completed on the building at a $68,350
cost. The repairs extend its useful life for 5 years beyond the 20
years originally estimated.
1. Determine the building’s...
The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance...
The following balance sheet for the Hubbard Corporation was
prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings
$
752,000
Land
256,000
Cash
62,000
Accounts receivable (net)
124,000
Inventory
244,000
Machinery
282,000
Patent (net)
102,000
Investment in equity securities
64,000
Total assets
$
1,886,000
Liabilities and Shareholders'
Equity
Accounts payable
$
217,000
Accumulated depreciation
257,000
Notes payable
504,000
Appreciation of inventory
82,000
Common stock (authorized and issued
102,000 shares of no par stock)
408,000
Retained...
The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance...
The following balance sheet for the Hubbard Corporation was
prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings
$
768,000
Land
304,000
Cash
78,000
Accounts receivable (net)
156,000
Inventory
276,000
Machinery
298,000
Patent (net)
118,000
Investment in equity securities
96,000
Total assets
$
2,094,000
Liabilities and Shareholders'
Equity
Accounts payable
$
233,000
Accumulated depreciation
273,000
Notes payable
536,000
Appreciation of inventory
98,000
Common stock (authorized and issued
118,000 shares of no par stock)
472,000
Retained...
The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance...
The following balance sheet for the Hubbard Corporation was
prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At
December 31, 2018
Assets
Buildings
$
760,000
Land
280,000
Cash
70,000
Accounts receivable (net)
140,000
Inventories
260,000
Machinery
290,000
Patent (net)
110,000
Investment in marketable equity
securities
80,000
Total assets
$
1,990,000
Liabilities and Shareholders' Equity
Accounts payable
$
225,000
Accumulated depreciation
265,000
Notes payable
520,000
Appreciation of inventories
90,000
Common stock, authorized and
issued
110,000 shares of no par stock
440,000...
Perry Magic Shoppe had the following condensed balance sheet at the end of operation for...
Perry Magic Shoppe had the following condensed balance sheet at the
end of operation for 2017:
Perry Magic Shoppe
Balance Sheet
December 31, 2017
Cash
$30,000
Current Liabilities
$25,000
Other current assets
60,000
Long-term Notes Payable
38,000
Total current assets
$90,000
Bonds Payable
50,000
Investments
$25,000
Capital Stock
147,000
Fixed assest (net)
90,000
Retained earnings
65,000
Land
$120,000
Total assets
$325,000
Total Liabilities and Equity
$325,000
During 2018, the following
occurred
Perry sold some of its investments for $12,300...
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