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
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62,160
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76,220
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$37,740
Dividends payable
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162,800
247,900
Common shares
196,100
92,500
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213,120
210,160
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2019
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$ 29,000
Accounts receivable
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59,000
Inventory
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81,000
FV-OCI investments in shares
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84,000
Land
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103,000
Equipment
390,000
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Goodwill
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173,000
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$873,000
Liabilities and Shareholders' Equity
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32,000
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335,000
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Winds Corporation follows:
WHISPERING WINDS CORPORATION
Statement of Financial Position
December
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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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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
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income 150,000 Comparative statement of financial positions for the
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104,000 57,000 Accounts payable 69,000 75,000 Accounts receivable
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The statement of financial position of Delacosta Corporation as at December 31, 2020, is as follows:...
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at December 31, 2020, is as follows:
DELACOSTA
CORPORATION
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Assets
Goodwill (Note
1)
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Buildings (Note
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Inventory
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Investments—trading (Note 3)
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Land
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Accounts
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170,000
Investments in
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87,000
Cash
175,900
Assets allocated
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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
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Statement of Financial Position
December 31, 2020
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Current liabilities
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Investments
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Long-term liabilities
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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
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MONTY INC.
Statement of Financial Position
June 30, 2020
June
30
Assets
2020
2019
Cash
$
20,000
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42,000
Accounts receivable
86,100
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Inventory
104,000
102,000
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87,200 Equipment 26,200 21,700 Less: Accumulated depreciation
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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
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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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