Question

In: Accounting

3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to...

3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to 2020 activities are presented below.

                                                                                                                  December 31

                                                                                                          2020            2019

         Assets

         Cash                                                                                    $1,040,000    $   200,000

         Accounts receivable (net) 1,000,000      1,020,000

         Inventory 1,300,000      1,200,000

         Long-term investments(carried at cost) 400,000         600,000

         Plant assets 3,400,000      2,000,000

         Accumulated depreciation (800,000) (900,000)

         Patent                                                                                       180,000     200,000

                  Total assets                                                              $6,520,000   $ 4,320,000

         Liabilities and Stockholders' Equity

         Accounts payable and accrued liabilities $1,660,000    $1,440,000

         Notes payable                                                                          580,000                  —

         Common stock, $10 par 1,600,000 1,400,000

         Additional paid-in capital 800,000 500,000

         Retained earnings                                                             1,880,000      980,000

                  Total liabilities and stockholders' equity   $6,520,000    $4,320,000

Information relating to 2020 activities:

  • Net income for 2020 was $1,500,000.
  • Cash dividends of $________ were declared and paid in 2020.
  • Plant Assets costing $1,000,000 and having a carrying amount of $320,000 was sold in 2020 for $360,000.
  • A long-term investment was sold in 2020 for $320,000.
  • 20,000 shares of common stock were issued in 2020 for $___________.
  • Assume any other transactions involved cash entirely.

Be certain that you have justified and accounted for all the changes in the account line items.

Solutions

Expert Solution


Related Solutions

Below are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019,
Below are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019,      2020    2019    Increase(Decrease) Cash $  815,000  $  700,000    Accounts receivable 1,128,000  1,168,000    Inventory 1,850,000  1,715,000    Property, plant, and equipment 3,307,000  2,967,000    Accumulated depreciation (1,165,000) (1,040,000)   Investment in Myers Co. 310,000  275,000    Loan receivable    250,000      —         Total assets $6,495,000  $5,785,000    Accounts payable $1,015,000  $ 955,000    Income taxes payable 30,000  50,000    Dividends payable 80,000  100,000    Lease...
The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...
The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $822,600 $700,100 $122,500 Accounts receivable 1,139,300 1,157,900 (18,600 ) Inventory 1,835,600 1,726,700 108,900 Property, plant, and equipment 3,276,300 2,980,900 295,400 Accumulated depreciation (1,165,600 ) (1,047,400 ) (118,200 ) Investment in Myers Co. 312,200 272,500 39,700 Loan receivable 251,900 — 251,900    Total assets $6,472,300 $5,790,700 $681,600 Accounts...
The following are Waterway Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...
The following are Waterway Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $807,900 $696,100 $111,800 Accounts receivable 1,130,100 1,166,300 (36,200 ) Inventory 1,850,400 1,707,300 143,100 Property, plant, and equipment 3,324,100 2,995,100 329,000 Accumulated depreciation (1,163,100 ) (1,032,700 ) (130,400 ) Investment in Myers Co. 308,700 277,600 31,100 Loan receivable 250,800 — 250,800    Total assets $6,508,900 $5,809,700 $699,200 Accounts...
Bonita Industries's balance sheet accounts as of December 31, 2021 and 2020 and information relating to...
Bonita Industries's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below.        December 31,           2021        2020    Assets Cash $   442000 $   200000 Short-term investments      601000 — Accounts receivable (net) 1020000 1020000 Inventory 1360000 1180000 Long-term investments   398000   600000 Plant assets 3410000 2000000 Accumulated depreciation    (902000)    (902000) Patent     178000     199000       Total assets $6507000 $4297000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1680000 $1460000 Notes payable...
Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,100 $23,900 $10,200 Property, plant, and equipment 276,600 247,300 29,300 Accumulated depreciation—plant assets (179,700 ) (165,400 ) (14,300 ) Liabilities and stockholders’ equity 2020...
Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,100 $23,900 $10,200 Property, plant, and equipment 277,700 247,800 29,900 Accumulated depreciation—plant assets (176,500 ) (168,200 ) (8,300 ) Liabilities and stockholders’ equity 2020...
Following are selected balance sheet accounts of Sheridan Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Sheridan Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,000 $24,100 $9,900 Property, plant, and equipment 278,500 249,400 29,100 Accumulated depreciation—plant assets (176,300 ) (168,400 ) (7,900 ) Liabilities and stockholders’ equity 2020...
Following are selected balance sheet accounts of Headland Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Headland Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $33,800 $23,900 $9,900 Property, plant, and equipment 278,600 247,600 31,000 Accumulated depreciation—plant assets (177,600 ) (165,700 ) (11,900 ) Liabilities and stockholders’ equity 2020...
Simmons Corp Balance Sheet As of December 31, 2019 and June 30, 2020 Assets 2019 2020...
Simmons Corp Balance Sheet As of December 31, 2019 and June 30, 2020 Assets 2019 2020 Liabilities 2019 2020 Cash $700 Accounts payable $550 Accounts receivable 50 Salaries payable 50 Total current assets 750 Interest payable 0 Equipment 500 Total current liabs 600 Acc. depreciation (100) Notes payable 100 Equity Common stock 100 Retained earnings 350 Total assets $1,150 Total liabs and eq $1,150 During 2020 to date (June 30, 2020), Simmons had the following transactions: Provided services to customers...
Problem 23-01 The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and...
Problem 23-01 The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $812,400 $700,100 $112,300 Accounts receivable 1,135,500 1,158,500 (23,000 ) Inventory 1,844,800 1,713,900 130,900 Property, plant, and equipment 3,316,600 2,964,200 352,400 Accumulated depreciation (1,160,900 ) (1,040,300 ) (120,600 ) Investment in Myers Co. 309,500 274,000 35,500 Loan receivable 250,500 — 250,500    Total assets $6,508,400 $5,770,400...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT