Question
In: Accounting
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2.
|
Swasey Company |
|
Partial Comparative Balance Sheets |
|
At December 31, 20X1 and 20X2 |
|
1 |
20X1 |
20X2 |
|
|
2 |
Current Assets |
||
|
3 |
Accounts receivable |
745,000.00 |
677,000.00 |
|
4 |
Inventories |
295,000.00 |
315,000.00 |
|
5 |
Current liabilities |
||
|
6 |
Wages payable |
705,000.00 |
680,000.00 |
|
Swasey Company |
|
Income Statement |
|
For the Year Ended December 31, 20X2 |
|
1 |
Revenues |
3,120,000.00 |
|
2 |
Gain on sale of equipment |
100,000.00 |
|
3 |
Cost of goods sold |
(1,910,000.00) |
|
4 |
Depreciation expense |
(260,000.00) |
|
5 |
Interest expense |
(20,000.00) |
|
6 |
Net income |
$1,030,000.00 |
| Required: | |
| Compute operating cash flows using the indirect method. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative
balance sheets and the income statement for 20X2.
Swasey Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2
1
20X1
20X2
2
Current assets:
3
Cash
$235,500.00
$675,000.00
4
Accounts receivable
$753,000.00
$586,500.00
5
Inventories
303,000.00
316,000.00
6
Long-term assets:
7
Plant and equipment
2,193,000.00
2,151,000.00
8
Accumulated depreciation
(1,201,000.00)
(1,291,000.00)
9
Land
992,000.00
1,443,500.00
10
Total assets
$3,275,500.00
$3,881,000.00
11
Current liabilities:
12
Wages payable
$700,000.00
$511,000.00
13
Long-term liabilities:
14...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative
balance sheets and the income statement for 20X2.
Swasey Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2
1
20X1
20X2
2
Current assets:
3
Cash
$210,500.00
$645,500.00
4
Accounts receivable
$750,000.00
$583,000.00
5
Inventories
301,000.00
317,000.00
6
Long-term assets:
7
Plant and equipment
2,209,000.00
2,142,000.00
8
Accumulated depreciation
(1,193,000.00)
(1,257,000.00)
9
Land
998,000.00
1,444,500.00
10
Total assets
$3,275,500.00
$3,875,000.00
11
Current liabilities:
12
Wages payable
$699,000.00
$514,000.00
13
Long-term liabilities:
14...
Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2....
Tidwell Company has provided the following partial comparative
balance sheets and the income statement for 20X2.
Tidwell Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2
1
20X1
20X2
2
Current assets:
3
Accounts receivable
$346,000.00
$284,000.00
4
Inventories
122,000.00
147,000.00
5
Current liabilities:
6
Accounts payable
302,000.00
239,500.00
Tidwell Company
Income Statement
For the Year Ended December 31, 20X2
1
Revenues
$1,204,000.00
2
Gain on sale of equipment
49,000.00
3
Cost of goods sold
(655,000.00)
4
Depreciation expense...
Blaylock Company provided the following partial comparative balance sheets and the income statement for 2016. Blaylock...
Blaylock Company provided the following partial comparative
balance sheets and the income statement for 2016.
Blaylock Company
Comparative Balance Sheets
At December 31, 2015 and 2016
1
2015
2016
2
Current assets:
3
Accounts receivable
$750,000.00
$582,500.00
4
Inventories
300,000.00
320,000.00
5
Long-term assets:
6
Plant and equipment
2,200,000.00
2,150,000.00
7
Accumulated depreciation
(1,200,000.00)
(1,270,000.00)
8
Land
1,000,000.00
1,437,500.00
9
Current liabilities:
10
Wages payable
$700,000.00
$515,000.00
11
Long-term liabilities:
12
Bonds payable
0.00
385,000.00
13
Mortgage payable
100,000.00
0.00...
Back Cove Company has the following comparative balance sheets and income statement: &
Back Cove Company has the following comparative balance sheets
and income statement:
2017
2016
Cash
$10,000
$15,000
Receivables
11,000
10,000
Inventories
22,000
18,000
Other Assets (net)
20,000
30,000
$63,000
$73,000
Accounts Payable $10,000 $20,000
Capital Stock $20,000 16,000
Retained Earnings 33,000 37,000
$63,000
$73,000
Sales
$110,000
Cost of Sales 72,000
Gain on sale of Assets 2,000
Expenses 16,000
Income $ 24,000
Depreciation expense was $5,000. A machine with a
cost of $19,000 and book value...
Back Cove Company has the following comparative balance sheets and income statement: &
Back Cove Company has the following comparative balance sheets
and income statement:
2017
2016
Cash
$10,000
$15,000
Receivables
11,000
10,000
Inventories
22,000
18,000
Other Assets
(net)
20,000
30,000
$63,000
$73,000
Accounts
Payable
$10,000
$20,000
Capital
Stock
$20,000
16,000
Retained
Earnings
33,000
37,000
$63,000
$73,000
Sales
$110,000
Cost of
Sales
72,000
Gain on sale of
Assets
2,000
Expenses
16,000
Income
$ 24,000
Depreciation expense was $5,000 (included 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 and an income statement for Raceway Corporation follow. Balance Sheets As of...
The comparative balance sheets and an income statement for
Raceway Corporation follow.
Balance Sheets
As of December 31
Year 2
Year 1
Assets
Cash
$
71,084
$
41,770
Accounts receivable
30,368
22,270
Merchandise inventory
156,692
172,360
Prepaid rent
2,460
4,920
Equipment
260,140
287,240
Accumulated depreciation
(148,440
)
(239,840
)
Land
192,720
80,320
Total assets
$
565,024
$
369,040
Liabilities
Accounts payable (inventory)
$
61,746
70,040
Salaries payable
33,367
28,600
Stockholders’ equity
Common stock, $50 par value
251,500
198,500
Retained earnings...
The following income statement and balance sheets for Laser World are provided: LASER WORLD Income Statement...
The following income statement and balance sheets for Laser
World are provided: LASER WORLD Income Statement For the year-ended
December 31, 2021
LASER WORLD
Income Statement
For the year-ended December 31, 2021
Sales revenue
$
2,280,000
Cost of goods sold
1,560,000
Gross profit
720,000
Expenses:
Operating expenses
347,000
Depreciation expense
68,000
Loss on sale of land
4,900
Interest expense
21,000
Income tax expense
55,000
Total expenses
495,900
Net income
$
224,100
LASER WORLD
Balance Sheet
December 31
2021
2020
Assets...
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...
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