Question
In: Accounting
L&B Corporation comparitive Statement of Financial Position and Income Statement follows: L&B Corporation Statement of Financial...
L&B Corporation comparitive Statement of Financial Position
and Income Statement follows:
L&B Corporation
Statement of Financial Position
As At December 31
ASSETS
2019
2018
Cash $29500 $30000
Accounts Receivable 17000 12000
Capital Assets 138500 123500
Accumulated Depreciation (89000) (83500)
Total Assets 96000 82000
Liabilities and Shareholders' Equity
Bonds Payable
$24500 $23000
Dividends Payable 4000 2500
Common Shares 11000 9500
Contributed surplus 4500 1500
Retained Earnings 52000 45500
Total Liabilities and Shareholders' Equity2019 96000 82000
L&B Corporation
Income Statement
For the Year Ended December 31, 2019
Sales Revenue
77500
Cost of Goods Sold
53500
Gross Profit 24000
Depreciation Expense 16500
Gain on Sale of Equipment 6500
Net Income 14000
Additional Information:
During 2019, equipment costing 20,000 was sold for cash.
During 2019, $10,000 of bonds payable were issued in exchange for
capital assets. There was no amortization of bond discount or
premium.
Required
Prepare the 2019 Statement of Cash Flows using the indirect
method.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
A comparative statement of financial position for Ayayai Corporation follows: AYAYAI CORPORATION Statement of Financial Position...
A comparative statement of financial position for Ayayai
Corporation follows:
AYAYAI CORPORATION
Statement of Financial Position
December 31
Assets
2020
2019
Cash
$48,100
$21,460
Accounts receivable
64,380
43,660
Inventory
98,420
59,940
FV-OCI investments in shares
46,620
62,160
Land
48,100
76,220
Equipment
288,600
318,200
Accumulated depreciation—equipment
(86,580
)
(63,640
)
Goodwill
91,760
128,020
Total
$599,400
$646,020
Liabilities and Shareholders’ Equity
Accounts payable
$8,880
$37,740
Dividends payable
11,100
23,680
Notes payable
162,800
247,900
Common shares
196,100
92,500
Retained earnings
213,120
210,160
Accumulated...
P5.11 A comparative statement of financial position for Spencer Corporation follows: Spencer Corporation Statement of Financial...
P5.11 A comparative statement of financial position for Spencer
Corporation follows:
Spencer Corporation
Statement of Financial Position
December 31
Assets
2020
2019
Cash
$ 65,000
$ 29,000
Accounts receivable
87,000
59,000
Inventory
133,000
81,000
FV-OCI investments in shares
63,000
84,000
Land
65,000
103,000
Equipment
390,000
430,000
Accumulated depreciation—equipment
(117,000)
(86,000)
Goodwill
124,000
173,000
Total
$810,000
$873,000
Liabilities and Shareholders' Equity
Accounts payable
$ 12,000
$ 51,000
Dividends payable
15,000
32,000
Notes payable
220,000
335,000
Common shares
265,000
125,000
Retained...
A comparative statement of financial position for Whispering Winds Corporation follows: WHISPERING WINDS CORPORATION Statement of...
A comparative statement of financial position for Whispering
Winds Corporation follows:
WHISPERING WINDS CORPORATION
Statement of Financial Position
December
31
Assets
2020
2019
Cash
$74,100
$33,060
Accounts receivable
99,180
67,260
Inventory
151,620
92,340
FV-OCI investments in
shares
71,820
95,760
Land
74,100
117,420
Equipment
444,600
490,200
Accumulated
depreciation—equipment
(133,380
)
(98,040
)
Goodwill
141,360
197,220
Total
$923,400
$995,220
Liabilities and
Shareholders’ Equity
Accounts payable
$13,680
$58,140
Dividends payable
17,100
36,480
Notes payable
250,800
381,900
Common shares
302,100
142,500
Retained earnings
328,320...
The following are income statement and comparative statement of financial position for Rabies Corporation for the...
The following are income statement and comparative statement of
financial position for Rabies Corporation for the year ended
31/12/2019. Sales 1,915,000 C.G.S (965,000) gross income 950,000
Operating expenses (721,000) income from operating 229,000 Other
gain or losses ( 2,000) Interest expenses (12,000) Tax (65,000) net
income 150,000 Comparative statement of financial positions for the
year ended 31/12/2019 ASSETS 2019 2018 L. S. Equity 2019 2018 Cash
104,000 57,000 Accounts payable 69,000 75,000 Accounts receivable
82,000 36,000 Accrued expenses 15,700 16000...
The statement of financial position of Delacosta Corporation as at December 31, 2020, is as follows:...
The statement of financial position of Delacosta Corporation as
at December 31, 2020, is as follows:
DELACOSTA
CORPORATION
Statement of Financial Position
December 31, 2020
Assets
Goodwill (Note
1)
$70,000
Buildings (Note
2)
1,640,000
Inventory
312,100
Investments—trading (Note 3)
100,000
Land
950,000
Accounts
receivable
170,000
Investments in
shares (FV-OCI) (Note 4)
87,000
Cash
175,900
Assets allocated
to trustee for plant expansion
Cash
120,000
Treasury notes, at cost and
fair value
138,000
$3,763,000
Equities
Notes payable
(Note 4)
$600,000
Common shares,...
The statement of financial position of Swifty Corporation follows for the current year, 2020: SWIFTY CORPORATION...
The statement of financial position of Swifty Corporation
follows for the current year, 2020:
SWIFTY
CORPORATION
Statement of Financial Position
December 31, 2020
Current assets
$504,400
Current liabilities
$395,200
Investments
665,600
Long-term liabilities
998,400
Property, plant, and
equipment
1,788,800
Shareholders' equity
1,840,800
Intangible assets
275,600
$3,234,400
$3,234,400
The following additional information is available:
1.
The current assets section
includes the following: cash $156,000; accounts receivable
$176,800, less $10,400 allowance for doubtful accounts; inventory
$187,200; and unearned revenue $5,200. The cash...
The comparative statement of financial position of Blue Spruce Corporation as at December 31, 2020, follows:...
The comparative statement of financial position of Blue Spruce
Corporation as at December 31, 2020, follows:
The comparative statement of financial position of Monty Inc. as
at June 30, 2020, and a statement of comprehensive income for the
2020 fiscal year follow:
MONTY INC.
Statement of Financial Position
June 30, 2020
June
30
Assets
2020
2019
Cash
$
20,000
$
42,000
Accounts receivable
86,100
74,100
Inventory
104,000
102,000
Prepaid expenses
2,100
5,600
FV-OCI investments
47,100
45,200
Equipment
177,000
159,000
Accumulated...
The comparative statement of financial position of Bramble Corporation as at December 31, 2020, follows: BRAMBLE...
The comparative statement of financial position of Bramble
Corporation as at December 31, 2020, follows: BRAMBLE CORPORATION
Statement of Financial Position December 31 December 31 Assets 2020
2019 Cash $ 54,000 $ 14,700 Accounts receivable 89,600 88,600
Equipment 26,700 21,300 Less: Accumulated depreciation (10,300 )
(10,900 ) Total $ 160,000 $ 113,700 Liabilities and Shareholders’
Equity Accounts payable $ 19,600 $ 15,800 Common shares 100,000
80,100 Retained earnings 40,400 17,800 Total $ 160,000 $ 113,700
Net income of $36,100 was...
The comparative statement of financial position of Blue Spruce Corporation as at December 31, 2020, follows:...
The comparative statement of financial position of Blue Spruce
Corporation as at December 31, 2020, follows: BLUE SPRUCE
CORPORATION Statement of Financial Position December 31 December 31
Assets 2020 2019 Cash $ 53,500 $ 11,900 Accounts receivable 89,600
87,200 Equipment 26,200 21,700 Less: Accumulated depreciation
(9,800 ) (10,800 ) Total $ 159,500 $ 110,000 Liabilities and
Shareholders’ Equity Accounts payable $ 20,300 $ 15,500 Common
shares 100,000 79,600 Retained earnings 39,200 14,900 Total $
159,500 $ 110,000 Net income of...
The following information relates to Baxter Corporation, who follows ASPE: Baxter Corporation Statement of Financial Position...
The following information relates to Baxter Corporation, who
follows ASPE:
Baxter Corporation
Statement of Financial Position
As at
December
31
2019
2018
Cash..........................................................................................................
$ 92,000 $
27,000
Accounts
receivable......................................................................................
90,500
76,900
Inventory....................................................................................................
152,500
181,800
Land………………………………………………………………………………………………………..........
50,000
40,000
Buildings.....................................................................................................
350,000
299,000
Accumulated depreciation,
buildings................................................... .....
(35,000)
(13,000)
.......................
$700,000
$611,700
Accounts
payable......................................................................................
$ 90,000 $
84,000
Unearned
revenue........................................................................................
54,000
63,000
Long-term loans
payable...............................................................................
90,000
52,000
Common
shares..........................................................................................
120,000
100,000
Retained
earnings.................................................................................
......
346,000 ...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 3) You are rolling a 12 sided die 8 times. a) What is the size for...
- explain the difference between quantitative and qualitative research strategies. Provide an example of a crime based...
- use postorder and inorder tree traversals to make preorder traversal. #!/usr/bin/env python3 # encoding: UTF-8 """Turning...
- 1. Write an if-else statement to describe an object. Print "Balloon" if isBalloon is true and...
- An investor is considering purchasing a Treasury bond with a 20 year maturity, an 8% coupon...
- Write a program that copies the contents of one file to a destination file. This program...
- how to conduct a marketing mix for 3d crest white strips
ADVERTISEMENT