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 1 year agoRelated Solutions
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2019
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$21,460
Accounts receivable
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43,660
Inventory
98,420
59,940
FV-OCI investments in shares
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62,160
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76,220
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128,020
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$37,740
Dividends payable
11,100
23,680
Notes payable
162,800
247,900
Common shares
196,100
92,500
Retained earnings
213,120
210,160
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December 31
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2019
Cash
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$ 29,000
Accounts receivable
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59,000
Inventory
133,000
81,000
FV-OCI investments in shares
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84,000
Land
65,000
103,000
Equipment
390,000
430,000
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Goodwill
124,000
173,000
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$873,000
Liabilities and Shareholders' Equity
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$ 51,000
Dividends payable
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32,000
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220,000
335,000
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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
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71,820
95,760
Land
74,100
117,420
Equipment
444,600
490,200
Accumulated
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Goodwill
141,360
197,220
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Liabilities and
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Accounts payable
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$58,140
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17,100
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250,800
381,900
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The following are income statement and comparative statement of financial position for Rabies Corporation for the...
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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)
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Buildings (Note
2)
1,640,000
Inventory
312,100
Investments—trading (Note 3)
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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...
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follows for the current year, 2020:
SWIFTY
CORPORATION
Statement of Financial Position
December 31, 2020
Current assets
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Current liabilities
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Investments
665,600
Long-term liabilities
998,400
Property, plant, and
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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
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$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:...
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The comparative statement of financial position of Monty Inc. as
at June 30, 2020, and a statement of comprehensive income for the
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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
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Equipment
177,000
159,000
Accumulated...
The comparative statement of financial position of Bramble Corporation as at December 31, 2020, follows: BRAMBLE...
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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
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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
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payable...............................................................................
90,000
52,000
Common
shares..........................................................................................
120,000
100,000
Retained
earnings.................................................................................
......
346,000 ...
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